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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 $30,000 of office equipment in the company in exchange for its common stock
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2 The company prepaid $8,000 cash for six months’ rent for an office. (Hint: Debit Prepaid Rent for $8,000.)
3 The company made credit purchases of office equipment for $3,300 and office supplies for $1,400. 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 $9,200 project for a client, who must pay within 30 days.
12 The company paid $4,700 cash to settle the account payable created on March 3.
19The company paid $7,500 cash for the premium on a 12-month insurance policy.
22 The company received $4,300 cash as partial payment for the work completed on March 9.
25 The company completed work for another client for $3,590 on credit.
29 The company paid $4,900 cash for dividends.
30 The company purchased $1,700 of additional office supplies on credit.
31 The company paid $500 cash for this month’s utility bill.
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