Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March:. March
1- Brooks invested $150,000 cash along with $22,000 in office equipment in the company.
2- The company prepaid $6,000 in cash for six months' rent for an office.
3- The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days.
6- The company completed services for a client and immediately received $4,000 cash.
9- The company completed a $7,500 project for a client, who must pay within 30 days.
12- The company paid $4,200 cash to settle the account payable created on March 3.
19- The company paid $5,000 cash for the premium on a 12-month insurance policy.
22- The company received $3,500 cash as partial payment for the work completed on March 9.
25- The company completed work for another client for $3,820 on credit.
29- Brooks withdrew $5,100 cash from the company for personal use.
30- The company purchased $600 of additional office supplies on credit.
31- The company paid $500 cash for this month's utility bill.
Required:
1. Prepare general journal entries to record these transactions using the following titles: Cash 101; Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128): Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); D. Brooks, Capital (301); D Brooks, Withdrawals (302); Services Revenue (403), and Utilities Expense (690).
2. Post the Journal entries from part 1 to the ledger accounts.
3. Prepare a trial balance as of the end of March.