Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict in…
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Question “Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict in…”
Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $84,000 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 $40,000 and a building valued at $155,000. The purchase is paid with $30,000 cash and a long-term note payable for $165,000 c. The company purchased $2,500 of office supplies on credit d. Venedict invested her personal automobile in the company in exchange for more common stock. The automobile has o value of $16,300 and is to be used exclusively in the business e. The company purchased $5,400 of additional office equipment on credit f. The company paid $1,800 cosh solary to on ossistant g. The company provided services to a client and collected $7.400 cash h. The company poid $645 cash for this month’s utilities i. The company paid $2,500 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 clilent, who must pey within 30 days I. The company pald $2,000 cash salary to an assistant m. The company recelved $4,000 cash in partial payment on the receivable created in transaction k n. The company paid $2.600 cosh in dividends. entries to record these transactions using the following titles: Cash (101), Accounts Receivable (106 Office ). Office Equipment (163); Automobiles (164); Building (170), Land (172); Accounts Payable (201); Notes Payable (250) Required: Supplies (108) Common Stock (307y, 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 es of the end of September
Required 1 Required 2 Required 3 Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Supplies (108); Office Equipment (163); Automobiles (164); Building (170); Land (172); Accounts Payable (250); Common Stock (307); Dividends (319): Fees Earned (402); Salaries Expense (601); and Utilities Exp View transaction list Journal entry worksheet K1 23 4 5 6 7 8 14 Venedict invested $84,000 cash along with office equipment valued at $24,000 in exchange for common stock of a new company named HV Consulting. Noter Enter debits before credits. DebitCed Tranasaction Account Title Credit
https://newconnect.mheducation.com/tlow/conneet.h 108 Office E Debit Debit Credit Debit Debit Debit ransaction Debit Notes Pay able Credit Debit
Credit Debit Transaction Balance 307: Common Stock 250: Notes Payable Credit Balance Debit Credit Transaction Debit 319: Dividends 402: Fees Earned Debit Credit Transaction Debit Credit Balance 601: Salaries Expense 602: Utilities Expense TransactionDebit Credit Debit Credit Balance Required 1
Prepare a trial balance as of the end of September HV CONSULTING Trial Balance September 30 Credit Debit Totals
Answer
JOURNAL ENTRY | ||||||
Transaction | Account Title | Debit | Credit | |||
a | Cash | $84,000 | ||||
Office Equipment | $24,000 | |||||
Common Stock | $108,000 | |||||
b | Land | $40,000 | ||||
Building | $155,000 | |||||
Cash | $30,000 | |||||
Notes payable | $165,000 | |||||
c | Office supplies | $2,500 | ||||
Accounts Payable | $2,500 | |||||
d | Automobiles | $16,300 | ||||
Common Stock | $16,300 | |||||
e | Office Equipment | $5,400 | ||||
Accounts Payable | $5,400 | |||||
f | Salaries Expense | $1,800 | ||||
Cash | $1,800 | |||||
g | Cash | $7,400 | ||||
Fees earned | $7,400 | |||||
h | Utilities Expense | $645 | ||||
Cash | $645 | |||||
i | Accounts Payable | $2,500 | ||||
Cash | $2,500 | |||||
j | Office Equipment | $20,200 | ||||
Cash | $20,200 | |||||
k | Accounts Receivable | $6,250 | ||||
Fees earned | $6,250 | |||||
l | Salaries Expense | $2,000 | ||||
Cash | $2,000 | |||||
m | Cash | $4,000 | ||||
Accounts Receivable | $4,000 | |||||
n | Dividends | $2,600 | ||||
Cash | $2,600 | |||||
Conclusion
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