Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help Save & Exit Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $90,000 cash along with

image text in transcribed
image text in transcribed
Help Save & Exit Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $90,000 cash along with office equipment valued at $24,000 in exchange for common stock of a new company named HV Consulting. b. The company purchased land valued at $35,000 and a building valued at $155,000. The purchase is paid with $35,000 cash and a long-term note payable for $155,000. c. The company purchased $2,400 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 $16,300 and is to be used exclusively in the business. e. The company purchased 55,600 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 $7,600 cash. h. The company paid $640 cash for this month's utilities. i. The company paid $2,400 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 $6,250 of services for a client, who must pay within 30 days. I. 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 $2,900 cash in dividends. 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 (122); Accounts Payable (201); Notes Payable (250); Common Stock (307); Dividends (319); Fees Earned (402); Salaries Expense (601); and Utilities Expense (602). View transaction list Journal entry worksheet 5 6 7 8 ... 14 Venedict invested $90,000 cash along with office equipment valued at $24,000 in exchange for common stock of a new company named HV Consulting. Note: Enter debits before credits. Tranasaction Account Title Debit Credit earch te e E92

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

Cost Accounting A Decision Emphasis

Authors: Germain B. Boer, William L. Ferrara, Debra C. Jeter

4th Edition

0873939123, 978-0873939126

More Books

Students also viewed these Accounting questions

Question

a. What department offers the course?

Answered: 1 week ago