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 $88,000 cash along with office equipment valued at

image text in transcribed
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 $160,000. The purchase is paid with $30,000 cash and a long-term note payable for $170,000. c. The company purchased $2,500 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 $16,500 and is to be used exclusively in the business e. The company purchased $5.900 of additional office equipment on credit. f. The company paid $1,600 cash salary to an assistant. g. The company provided services to a client and collected $7,400 cash. h. The company paid $645 cash for this month's utilities 1. The company paid $2,500 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 for a client, who must pay within 30 days. 1. The company paid $1,900 cash salary to an assistant. m. The company received $4,500 cash in partial payment on the receivable created in transaction k n. The company paid a $2,500 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). Pre 1 of 4 Next >

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

GLP Quality Audit Manual

Authors: Milton A. Anderson

3rd Edition

0367398435, 978-0367398439

More Books

Students also viewed these Accounting questions

Question

6. Explain the strengths of a dialectical approach.

Answered: 1 week ago

Question

2. Discuss the types of messages that are communicated nonverbally.

Answered: 1 week ago