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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 $21,000 in a new business named HV Consulting In exchange for common stock. b. The company purchased land valued at $50,000 and a building valued at $165,000. The purchase is paid with $30,000 cash and a long-term note payable for $185,000. c. The company purchased $1,700 of office supplies on credit. d. Venedict Invested her personal automobile in the company in exchange for more common stock. The automobile has a value of $16,100 and is to be used exclusively in the business. e. The company purchased $5,200 of additional office equipment on credit. f. The company paid $2,000 cash salary to an assistant. g. The company provided services to a client and collected $7,400 cash. h. The company paid $630 cash for this month's utilities. I. The company paid $1,700 cash to settle the account payable created in transaction c. J. The company purchased $20,200 of new office equipment by paying $20,200 cash. k. The company completed $6,750 of services for a client, who must pay within 30 days. I. The company paid $1,900 cash salary to an assistant. m. The company received $3,500 cash in partial payment on the receivable created in transaction k. n. 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. Complete this question by entering your answers in the tabs below. 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 345678 14 ..... 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. Show less
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