h. Using the Financial Statements of Home Depot. c. Did the company post more you tell? Inc. connect Problem Set A was being organized LO3-3, L03-4, LO3-5 PROBLEM 3.1A Journalizing Transactions Glenn Grimes is the founder and president of Heartland Construction, a real estate venture. The business transactions during February while the company was bein listed as follows. sh in the business in exchange for nich $120,000 was appli- mayment of $72.000 was made Feb. 1 Grimes and several others invested $600,000 cash in the business in e 30,000 shares of capital stock. Feh. 10 The company purchased office facilities for $300,000, of which $120.00 cable to the land and $240,000 to the building. A cash payment of $72.000 and a note payable was issued for the balance of the purchase price Feb. 16 Computer equipment was purchased from PC World for $14.400 cash. Feb. 18 Office furnishings were purchased from Hi-Way Furnishings at a cost of $10.800 S1.200 cash payment was made at the time of purchase, and an agreement was ma to pay the remaining balance in two equal installments due March 1 and April Way Furnishings did not require that Heartland sign a promissory note. Feb. 22 Office supplies were purchased from Office World for $360 cash. Feb. 23 Heartland discovered that it paid too much for a computer printer purchased on February 16. The unit should have cost only $359, but Heartland was charged $395. PC World promised to refund the difference within seven days. Feb. 27 Mailed Hi-Way Furnishings the first installment due on the account payable for office furnishings purchased on February 18. Feb. 28 Received $36 from PCWorld in full settlement of the account receivable created on February 23 Instructions a. Prepare journal entries to record these transactions. Select the appropriate account titles from the following chart of accounts. Cash Land Accounts Receivable Office Building Office Supplies Notes Payable Office Furnishings Accounts Payable Computer Systems Capital Stock 131 b. Indicate the effects of each transaction on the company's assets. liabilities, and owners' equity for the month of February. Organize your analysis in tabular form as shown for the February 1 transaction Transaction Assets Liabilities Owners' Equity + Fobi $600,000 (Cash) $0 +$600,000 (Capital Stock) -03-6, n Environme con 1. formatos TM on wells and septic systems. A few of the during August are described as follows: S O on account for services rendered. O D