Denzel Brooks_Journal entries, Ledger accounts and Trial Balance

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Description

Denzel Brooks opens a
Web consulting business called Venture Consultants and completes the
following transactions in March.

March 1

Brooks invested
$180,000 cash along with $22,000 in office equipment in exchange for common
stock.

2

The company prepaid
$7,500 cash for six months’ rent for an office. (Hint: Debit Prepaid Rent for
$7,500.)

3

The company made
credit purchases of office equipment for $2,800 and
office supplies for $1,300. Payment is due within 10 days.

6

The company completed
services for a client and immediately received $6,000 cash.

9

The company completed
a $12,100 project for a client, who must pay within 30 days.

12

The company paid
$4,100 cash to settle the account payable created on March 3.

19

The company paid
$7,000 cash for the premium on a 12-month insurance policy. (Hint: Debit
Prepaid Insurance for $7,000.)

22

The company received
$5,400 cash as partial payment for the work completed on March 9.

25

The company completed
work for another client for $5,170 on credit.

29

The company paid
$4,900 cash in dividends.

30

The company purchased
$500 of additional office supplies on credit.

31

The company paid $900
cash for this month’s utility bill.

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