Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements.
Mar.1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock.
Mar. 2 The company prepaid $6,000 cash for six months’ rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts.
Mar. 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days.
Mar. 6 The company completed services for a client and immediately received $4,000 cash.
Mar. 9 The company completed a $7,500 project for a client, who must pay within 30 days.
Mar. 12 The company paid $4,200 cash to settle the account payable created on March 3.
Mar. 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts.
Mar. 22 The company received $3,500 cash as partial payment for the work completed on March 9.
Mar. 25 The company completed work for another client for $3,820 on credit.
Mar. 29 The company paid $5,100 cash in dividends.
Mar. 30 The company purchased $600 of additional office supplies on credit.
Mar. 31 The company paid $500 cash for this month’s utility bill.
Need help with these 3 questions: (It says my answers are not complete, but I thought they were correct) Really need help, thank you!
Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate.
VENTURE CONSULTANTS
Income Statement
For Month Ended March 31, 2017
Revenues:selected answer correct
Services revenueselected answer correct $11,320
not attempted
Total revenues $11,320
Expenses:selected answer correct
Utilities expenseselected answer correct 500
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not attempted
Total expenses 500
Net incomeselected answer correct $10,820
Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the retained earnings.

VENTURE CONSULTANTS
Statement of Retained Earnings
For Month Ended March 31, 2017
Retained earnings, March 1, 2017
Add: Net incomeselected answer correct 10,820 10,820
10,820
Less: Dividendsselected answer correct 5,100
5,100
Retained earnings, March 31, 2017
$5,720
Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate.
VENTURE CONSULTANTS
Balance Sheet
March 31, 2017
Assets:selected answer correct
Cashselected answer correct $136,700
Accounts receivableselected answer correct 7,820
Office suppliesselected answer correct 1,800
Prepaid rentselected answer correct 6,000
Prepaid insuranceselected answer correct 5,000
Office equipmentselected answer correct 25,000
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Total Assets $182,320
Liabilities:selected answer correct
Accounts payableselected answer correct
not attempted
Total Liabilities
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Common stockselected answer correct 172,000
Retained earningsselected answer correct 5,720
not attempted
Total 177,720
$177,720