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Business transactions completed by Scholes Hall during the month of September are as follows. a. Hall invested $80,000 cash along with office equipment valued at
Business transactions completed by Scholes Hall during the month of September are as follows. a. Hall invested $80,000 cash along with office equipment valued at $22,000 in a new business named SH Consulting in exchange for common stock. b. The company purchased an automobile valued at $45,000 and a building valued at $155,000. The purchase is paid with $30,000 cash and a long-term note payable for $170,000. c. The company purchased of office supplies for $2,400 cash. d. Hall invested land in the company in exchange for more common stock. The land has a value of $16,400. e. The company purchased $5,700 of additional office equipment on credit. f. The company paid $1,900 cash salary to an assistant. g. The company provided services to a client and collected $7,800 cash. h. The company paid $635 cash for this month's utilities. i. The company purchased $20,300 of new office equipment on account. j. The company paid $20,300 cash to settle the account payable created in transaction i. k. The company completed $6,250 of services on credit for a client, who must pay within 30 days. 1. The company paid $1,600 cash salary to an assistant. m. The company received $4,000 cash in partial payment on the receivable created in transaction k. n. The company paid a $2,800 cash dividend.
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