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Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $88,000 cash along with office equipment valued at
Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $88,000 cash along with office equipment valued at $24,000 in a new business named HV Consulting in exchange for common stock. b. The company purchased land valued at $40,000 and a building valued at $150,000. The purchase is paid with $30,000 cash and a note payable for $160,000. c. The company purchased $2,400 of office supplies on credit. d. Venedict invested an automobile in the company in exchange for more common stock. The automobile has a value of $17,000. e. The company purchased $5,200 of additional office equipment on credit. f. The company paid $1,700 cash salary to an assistant. g. The company provided services to a client and collected $7,000 cash. h. The company paid $635 cash for this month's utilities. i. The company paid $2,400 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 $6,500 of services on credit for a client, who must pay within 30 days. I. The company paid $1,700 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 $2,800 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); 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. Complete this question by entering your answers in the tabs below. 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); Consulting Revenue (403); Salaries Expense (601); and Utilities Expense (602)
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