Sep. Business transactions completed by Hannah Venedict during the month of September are as follows. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Sep. 1 Venedict invested $60,000 cash along with office equipment valued at $25,000 in exchange for common stock of a new company named HV Consulting. 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 an automobile in the combany in exchange for more common stock. The automobile has a value of $16,500. 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 on credit, 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. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger General Ledger Tab - To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Abnormal balances appear in parentheses. Click on any amount to see the underlying journal entry. Tale The Atal balance it from the 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 on credit, 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. Balance Sheet General Requirement General Income St Retained Impact on Journal Trial Balance Ledger Statement Earnings Equity General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger General Ledger Tab - To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Abnormal balances appear in parentheses. Click on any amount to see the underlying journal entry. Trial Balance Tab - A trial balance lists each account from the General Ledger, along with its balance, either a debitor a credit. Total debits should always equal total credits. If your trial balance doesn't balance, review your journal entries on the general journal tab. Income Statement Tab - Using the dropdown buttons, select the financial statement elements and account titles to be Included on the income statement. The account balances will automatically populate. Statement of Retained Earnings Tab - Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the owner's capital balance. Balance Sheet Tab - Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate. Impact on Equity Tab - Using the dropdown buttons, indicate the impact each item has on total equity. Compare the total with the amount of equity reported on the balance sheet. Journal entry worksheet
