Question
Business transactions completed by Hannah Venedict during the month of September are as follows. Venedict invested $84,000 cash along with office equipment valued at $21,000
Business transactions completed by Hannah Venedict during the month of September are as follows.
- Venedict invested $84,000 cash along with office equipment valued at $21,000 in a new business named HV Consulting in exchange for common stock.
- The company purchased land valued at $40,000 and a building valued at $155,000. The purchase is paid with $30,000 cash and a long-term note payable for $165,000.
- The company purchased $2,400 of office supplies on credit.
- Venedict invested her personal automobile in the company in exchange for more common stock. The automobile has a value of $16,500 and is to be used exclusively in the business.
- The company purchased $5,400 of additional office equipment on credit.
- The company paid $1,500 cash salary to an assistant.
- The company provided services to a client and collected $7,600 cash.
- The company paid $640 cash for this months utilities.
- The company paid $2,400 cash to settle the account payable created in transaction c.
- The company purchased $20,500 of new office equipment by paying $20,500 cash.
- The company completed $6,500 of services for a client, who must pay within 30 days.
- The company paid $1,700 cash salary to an assistant.
- The company received $3,000 cash in partial payment on the receivable created in transaction k.
- The company paid a $2,700 cash dividend.
Required: 1. Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (108); Office Equipment (163); Automobiles (164); Building (170); Land (172); Accounts Payable (201); Notes Payable (250); Common Stock (307); Dividends (319); Fees Earned (402); Salaries Expense (601); and Utilities Expense (602). 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of the end of September.
Required 1 Required 2 Required 3 Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (108); Office Equipment (163); Automobiles (164); Building (170); Land (172); Accounts Payable (201); Notes Payable (250); Common Stock (307); Dividends (319); Fees Earned (402); Salaries Expense (601); and Utilities ExpensE (602) View transaction list Journal entry worksheet 1 2 4 5 6 7 14 8 . Venedict invested $84,000 cash along with office equipment valued at $21,000 in a new business named HV Consulting in exchange for common stock. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general journal Required 1 Required 2Step by Step Solution
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