Denzel Brooks opens a Web consulting business called Venture

Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March. March 1 Brooks invested $160,000 cash along with $30,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $7,000 cash for six months\' rent for an office. (Hint Debit Prepaid Rent for $7,000.) 3 The company made credit purchases of office equipment for $2,700 and office supplies for $1,300. 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 $10,400 project for a client, who must pay within 30 days. 12 The company paid $4,000 cash to settle the account payable created on March 3 19 The company paid $4,600 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $4,600.) 22 The company received $4,900 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $3.840 on credit 29 The company paid $7100 cash in dividends. 30 The company purchased $600 of additional office supplies on credit. 31 The company paid $500 cash for this month\'s utility bill.

Solution

Calculations:

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Trial Balance
	Debit	Credit
Common Stock		190,000
Cash*	145,700
Office Equipment*	32,700
Prepaid Rent	7,000
Prepaid Insurance	4,600
Accounts Payable*		600
Office Supplies*	1,900
Accounts Receivable*	9,340
Services Revenue*		18,240
Dividend	7,100
Utility Expesnes	500
	208,840	208,840