Reference no: EM131769496
Problem - Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March:
March 1 Brooks invested $190,000 cash along with $21,000 of office equipment in the company in exchange for its common stock.
March 2 The company prepaid $8,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $8,000.)
March 3 The company made credit purchases of office equipment for $2,900 and office supplies for $1,200. Payment is due within 10 days.
March 6 The company completed services for a client and immediately received $4,500 cash.
March 9 The company completed a $12,100 project for a client, who must pay within 30 days.
March 12 The company paid $4,100 cash to settle the account payable created on March 3.
March 19 The company paid $6,700 cash for the premium on a 12-month insurance policy.
March 22 The company received $3,500 cash as partial payment for the work completed on March 9.
March 25 The company completed work for another client for $4,790 on credit.
March 29 The company paid $5,300 cash for dividends.
March 30 The company purchased $2,000 of additional office supplies on credit.
March 31 The company paid $1,500 cash for this month's utility bill.
Requirement - Prepare general journal entries to record these transactions.