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Problem 2-4A (Algo) Recording transactions; posting to ledger; preparing a trial balance LO A1, P1 Business transactions completed by Hannah Venedict during the month
Problem 2-4A (Algo) Recording transactions; posting to ledger; preparing a trial balance LO A1, P1 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 $22,000 in a new business named HV Consulting in exchange for common stock. b. The company purchased land valued at $50,000 and a building valued at $155,000. The purchase is paid with $30,000 cash and a note payable for $175,000 c. The company purchased $2100 of office supplies on credit. d. Venedict invested an automobile in the company in exchange for more common stock. The automobile has a value of $16,000. e. The company purchased $5,300 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 $7,800 cash h. The company paid $645 cash for this month's utilities 1. The company paid $2,100 cash to settle the account payable created in transaction c J. The company purchased $20,400 of new office equipment by paying $20,400 cash k. The company completed $6,750 of services on credit for a cilent, who must pay within 30 days 1. The company paid $1,900 cash salary to an assistant m. The company received $3,500 cash in partial payment on the receivable created in transaction k n. The company paid a $2,700 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) Consulting Revenue (403) 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 ces 3. Prepare a trial balance as or the end or september. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a trial balance as of the end of September. HV CONSULTING Trial Balance September 30 Totals S Debit Credit Required 2
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