Usetutoringspotscode to get 8% OFF on your first order!

  • time icon24/7 online - support@tutoringspots.com
  • phone icon1-316-444-1378 or 44-141-628-6690
  • login iconLogin

Denzel Brooks_Journal entries, Ledger accounts and Trial Balance

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.

Prepare Journal entries, Ledger accounts and Trial Balance

You can leave a response, or trackback from your own site.

Leave a Reply

Powered by WordPress | Designed by: Premium WordPress Themes | Thanks to Themes Gallery, Bromoney and Wordpress Themes