Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sep. 1 Venedict invested $60,000 cash along with office equipment valued at $25,000 in exchange for comnon stock of a new company named HV Consulting.

image text in transcribed

Sep. 1 Venedict invested $60,000 cash along with office equipment valued at $25,000 in exchange for comnon stock of a new company named HV Consulting. Sep. 3 The company purchased land valued at $40,000 and a building valued at $160,000. The purchase is paid with $30,000 cash and a long-term note payable for $170,000. Sep. 5 The company purchased $2,000 of office supplies on credit. Sep. 7 Venedict invested her personal automobile in the company in exchange for more common stock. The automobile has a value of $16,500 and is to be used exclusively in the business. Sep. 9 The company purchased $5,600 of additional office equipment on credit. Sep. 11 The company paid $1,800 cash salary to an assistant. Sep. 13 The company provided services to a client and collected $8,000 cash. Sep. 15 The company paid $635 cash for this month's utilities. Sep. 17 The company paid $2,000 cash to settle the account payable created on September 5. Sep. 19 The company purchased $20,300 of new office equipment by paying $20,300 cash. Sep. 21 The company completed $6,250 of services for a client, who must pay within 30 days. Sep. 23 The company paid $1,800 cash salary to an assistant. Sep. 25 The company received $4,000 cash in partial payment on the receivable created on September 21. Sep. 27 The company paid $2,800 cash in dividends. The expanded accounting equation shows the four subsets of equity: Revenues, Expenses, stockholder investments and dividends. Using the dropdown buttons, indicate the impact each transaction has on total equity (if any). Compare the total with the amount of equity reported on the balance sheet

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

How To Audit The Process Based QMS

Authors: Arter, Dennis R., Cianfrani, Charles A, And West, John E., 'Jack'

2nd Edition

0873898443, 978-0873898447

More Books

Students also viewed these Accounting questions

Question

b. Where did they come from?

Answered: 1 week ago

Question

c. What were the reasons for their move? Did they come voluntarily?

Answered: 1 week ago

Question

5. How do economic situations affect intergroup relations?

Answered: 1 week ago