Question
Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $84,000 cash along with office equipment valued
Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $84,000 cash along with office equipment valued at $22,000 in a new business named HV Consulting. b. The company purchased land valued at $35,000 and a building valued at $160,000. The purchase is paid with $30,000 cash and a note payable for $165,000. c. The company purchased $2,300 of office supplies on credit. d. Venedict invested an automobile in the company. The automobile has a value of $16,700. e. The company purchased $5,900 of additional office equipment on credit. f. The company paid $1,800 cash salary to an assistant. g. The company provided services to a client and collected $7,800 cash. h. The company paid $640 cash for this month's utilities. i. The company paid $2,300 cash to settle the account payable created in transaction.c. J. The company purchased $20,000 of new office equipment by paying $20,000 cash. k. The company completed $6,000 of services on credit for a client, who must pay within 30 days. 1. The company paid $1,800 cash salary to an assistant. m. The company received $3,500 cash in partial payment on the receivable created in transaction k n. Venedict withdrew $2,700 cash from the company for personal use. 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); H. Venedict, Capital (301); H. Venedict, Withdrawals (302); Consulting Revenue (403); 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.
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