Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please Help me learn where each section goes where and why. Im still confused. Please help :/ Business Traisaclions completed by Hannah Venedict during the
Please Help me learn where each section goes where and why. Im still confused. Please help :/
Business Traisaclions completed by Hannah Venedict during the monlh of Seplember ae as allows. a. Venedict invested $84,000 cash along with office equipment valued at $22,000 in a new sole proprietorship named HV Consulting b. The company purchased land valued at $35,000 and a building valued at $170,000. The purchase is pald with $30,000 cash and a long-term note payatble for $175,000. c. The company purchased $1,800 of office supplics on credit. d. Venedict Invested her personal automoblle In the company. The automoblle has a value of $16,700 and Is to be usedl excluslvely In 85 points the business e. The company purchased $5,400 of additional office equipment on credit. 01.5837f. The company paid $1.600 cash salary to an assistant. g. The company provided services to a client and collected $7,800 cash. h. The company paid $640 cash for his monlh's ulililies. i. The company paid $1,800 cash to settle the account payable created in transaction c. j. The company purchased $20,000 of new office eculpment by paying $20,000 cash. k. The company completed $6,500 of services for a client, who must pay within 30 days. I. The company paid $1,800 cash salary to an assistant. m. The company recelved $3,500 cash In partlal payment on the recelvable created In transaction k. n. Venedict withdrew $2.900 cash trom the company for personal use Required: 1. Prepare general Journal entries to record these transactlons using the following titles: Cash (101); Accounts Recelvable (106; Office Supplies (108 : Office Equipment (163); Automobiles (164): Building(170) l and (172): Accounts Payable (201) Notes Payable 250) H Venedict, Capital (301): H. Venedict, Withdrawals (302): Fecs Earned (402): Salaries Expensc (G01): and Utilitics Expense (602 2. Post the Journal entrles from part 1to 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 1Required 2 Required 3Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started