Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March. March 1-Brooks invested $150,000 cash along with $22,000 in office equipment in the company.
March 2-The company prepaid $6,000 cash for six months rent for and office. (Hint: Debit Prepaid Rent for $6,000.)
March 3-The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment due within 10 days.
March 6-The company completed services for a client and immediately received $4,000 cash.
March 9-The company completed a $7,500 project for a client who must pay within 30 days.
March 12-The company paid $4,200 cash to settle the accounts payable created on March 3.
March 19-The company paid $5,000 cash for the premium on a 12 month insurance policy. (Hint: Debit Prepaid Insurance for $5,000.)
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 $3,280 on credit.
March 29-Brooks withdrew $5,100 cash from the company for personal use.
March 30-The company purchased $600 of additional office supplies on credit.
March 31-The company paid $500 cash for this months utility bill.

Required:
a. Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690).

b. Post the journal entries from part 1 to the ledger accounts.
c. Prepare a trial balance as of April 30.

a. Journal Entries

March 1

Cash $150,000 (debit)

Office Equipment $22,000 (credit)

Capital $ 172,000

March 2

Prepaid Rent $6,000 (debit)

Cash $6,000 (credit)

March 3

Office equipment $3,000 (debit)

Office supplies $1,200 (debit)

Accounts Payable $4,200 (credit)

March 6

Cash $4,000 (debit)

Service Revenue $4,000 (credit)

March 9

Accounts Receivable $7,500 (debit)

Service Revenue $7,500 (credit)

March 12

Accounts Payable $4,200 (debit)

Cash $4,200 (credit)

March 19

Prepaid Insurance $5,000 (debit)

Cash $5,000 (credit)

March 22

Cash $3,500 (debit)

Accounts Receivable $3,500 (credit)

March 25

Accounts Receivable $3,280 (debit)

Service Revenue $3,280 (credit)

March 29

Drawings $5,100 (debit)

Cash $5,100 (credit)

March 30

Office Supplies $600 (debit)

Accounts Payable $600 (credit)

March 31

Utilities Expenses $500 (debit)

Cash $500 (credit)

b.Ledger Account Balances

Cash ($150,000 - $500 - $5,100 +  $3,500 - $5,000 - $4,200 + $4,000 - $6,000) = $136,700

Office Equipment ($22,000 + $3,000) = $25,000

Capital = $ 172,000

Prepaid Rent = $6,000

Office supplies ($1,200 + $600) = $1,800

Accounts Payable ($4,200 + $600 - $4,200) = $600

Service Revenue ($4,000 + $3,280 + $7,500) = $14,780

Accounts Receivable ($7,500 - $3,500 + $3,280) = $7,280

Prepaid Insurance = $5,000

Utilities Expenses = $500

c. Trial Balance

                                                        Debit                    Credit

Cash                                             $136,700

Office Equipment                         $25,000

Capital                                                                      $ 172,000

Prepaid Rent                                  $6,000

Office supplies                                $1,800

Accounts Payable                                                          $600

Service Revenue                                                        $14,780

Accounts Receivable                    $7,280

Prepaid Insurance                         $5,000

Utilities Expenses                            $500

Totals                                          $187,380              $187,380

Explanation:

The above show the journals recorded, posting to ledger accounts and determination of account balances and trial balance as at April 30.

in 2001, dell computer became the world’s largest personal computer vendor, continuing to

gain market share and post profits in an industry struggling with slumping sales and billions of

dollars in losses. dell sells 90% of its pcs directly to the final customer, largely bypassing the

reseller channel that accounts for most of the world’s pc sales. this direct customer relationship

is the key to dell’s business model, and provides distinct advantages over the indirect sales

model. dell’s direct relationship with the customer allows it to tailor its offerings to customer

needs, offer add-on products and services, and use the internet to offer a variety of customer

services. in addition, dell’s pcs are built to customers’ specifications upon receipt of an order,

giving dell additional advantages over indirect pc vendors who must try to forecast demand and

ship products based on those forecasts. dell’s direct sales and build-to-order model has achieved

superior performance in the pc industry in terms of inventory turnover, reduced overhead, cash

conversion, and return on investment (kraemer, et al., 2000).

explanation:

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