Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Business transactions completed by Hannah Venedict during the month of September are as follows. Using the following transactions, record journal entries, create financial statements, and

Business transactions completed by Hannah Venedict during the month of September are as follows. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements.

September 1 Venedict invested $60,000 cash along with office equipment valued at $25,000 in exchange for common stock of a new

company named HV Consulting. September 3 The company purchased land valued at $40,000 and a building valued at $160,000. The purchase is paid with $30,000 cash

and a long-term note payable for $170,000. September 5 The company purchased $2,000 of office supplies on credit.

September 7 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.

September 9 The company purchased $5,600 of additional office equipment on credit. September 11 The company paid $1,800 cash salary to an assistant.

September 13 The company provided services to a client and collected $8,000 cash.

September 15 The company paid $635 cash for this month's utilities. September 17 The company paid $2,000 cash to settle the account payable created on September 5.

September 19 The company purchased $20,300 of new office equipment by paying $20,300 cash. September 21 The company completed $6,250 of services for a client, who must pay within 30 days.

September 23 The company paid $1,800 cash salary to an assistant.

September 25 The company received $4,000 cash in partial payment on the receivable created on September 21.

September 27 The company paid $2,800 cash in dividends.

Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate.

image text in transcribed Business transactions completed by Hannah Venedict during the month of September are as follows. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. September 1 Venedict invested $60,000 cash along with office equipment valued at $25,600 in exchange for common stock of a new company named HV Consultng. September 3 The company purchased land valued at $40,000 and a building valued at $160,060. The purchase is paid with $30,000 cash and a long-term note payable for $170,600. September $ The company purchased $2,000 of office supplies on credit. September 7 venedict invested her personal autonobile 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. September 9 The company purchased $5,600 of additional office equipment on credit. Septenber 11 The company paid $1,800 cash salary to an assistant. Septenber 13 The company provided services to a client and collected $8,000 cash. September 15 The company paid $635 cash for this month's utilities. September 17 The company paid \$2,060 cash to settle the account payable created on September 5. September 19 The company purchased $2,300 of new office equipnent by paying $20,300 cash. September 21 The company completed $6,250 of services for a client, who must pay within 30 days. Septenber 23 the company paid $1,800 cash salary to an assistant. September 25 The company received $4,009 cash in partial payment on the receivable created on september 21. September 27 The company paid $2,800 cash in dividends. Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thomas, W. Morley Lemon, Catherine Seguin, Sandra Robertson Lemon

4th Canadian Edition

0131384333, 9780131384330

More Books

Students also viewed these Accounting questions

Question

Are there professional development opportunities?

Answered: 1 week ago

Question

Describe the new structures for the HRM function. page 724

Answered: 1 week ago