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. a. Venedict invested $80,000 cash along with office equipment valued at

image text in transcribed
image text in transcribed
Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $80,000 cash along with office equipment valued at $25,000 in a new sole proprietorship named HV Consulting b. The company purchased land valued at $45,000 and a building valued at $160,000. The purchase is paid with $30,000 cash and a long-term note payable for $175,000. c. The company purchased $2,300 of office supplies on credit d. Venedict invested her personal automobile in the company. The automobile has a value of $16,900 and is to be used exclusively in the business. e. The company purchased $5,700 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 $7,200 cash. h. The company paid $640 cash for this month's utilities. 1. The company paid $2,300 cash to settle the account payable created in transaction c. J. The company purchased $20,500 of new office equipment by paying $20,500 cash. k. The company completed $6,750 of services for a client, who must pay within 30 days. 1. The company paid $1,600 cash salary to an assistant m. The company received $3,500 cash in partial payment on the receivable created in transactio n. Venedict withdrew $2,500 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): 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. 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); H. Venedict, Capital (301); H. Venedict, Withdrawals (302); Fees Earned (402); Salaries Expense (601); and Utilities Expense (602). View transaction list Journal entry worksheet

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

CIA Exam Practice Questions Certified Internal Auditor

Authors: The Internal Audit Foundation

1st Edition

163454045X, 978-1634540452

More Books

Students also viewed these Accounting questions

Question

Compose the six common types of social business messages.

Answered: 1 week ago

Question

Describe positive and neutral messages.

Answered: 1 week ago