Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $200,000 cash along with $20,000 in office equipment in the company. 2 The company prepaid $9,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $9,000. 3 The company made credit purchases of office equipment for $2,600 and office supplies for $1,200. 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 $7,700 project for a client, who must pay within 30 days. 12 The company paid $3,800 cash to settle the account payable created on March 3. 19 The company paid $7,700 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $7,700. 22 The company received $4,000 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $3,890 on credit. 29 Brooks withdrew $7,400 cash from the company for personal use. 30 The company purchased $600 of additional office supplies on credit. 31 The company paid $1,300 cash for this month's utility bill.
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $200,000 cash along with $20,000 in office equipment in the company. 2 The company prepaid $9,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $9,000. 3 The company made credit purchases of office equipment for $2,600 and office supplies for $1,200. 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 $7,700 project for a client, who must pay within 30 days. 12 The company paid $3,800 cash to settle the account payable created on March 3. 19 The company paid $7,700 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $7,700. 22 The company received $4,000 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $3,890 on credit. 29 Brooks withdrew $7,400 cash from the company for personal use. 30 The company purchased $600 of additional office supplies on credit. 31 The company paid $1,300 cash for this month's utility bill.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter1: Business Transactions (ptrans)
Section: Chapter Questions
Problem 3R: On June 1 of the current year, Wilson Wood opened Woodys Web Services. This sole proprietorship had...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College