Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $60,000 cash along with office equipment valued at $25,000 in a new business named HV Consulting in exchange for common stock. b. 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 note payable for $170,000. c. The company purchased $2,000 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 $16,500. e. The company purchased $5,600 of additional office equipment on credit. f. The company paid $1,800 cash salary to an assistant. g. The company provided services to a client and collected $8,000 cash. h. The company paid $635 cash for this month's utilities. i. The company paid $2,000 cash to settle the account payable created in transaction C. j. The company purchased $20,300 of new office equipment by paying $20,300 cash k. The company completed $6,250 of services on credit for a client, who must pay within 30 days. 1. The company paid $1,800 cash salary to an assistant. m. The company received $4,000 cash in partial payment on the receivable created in transaction k. n. The company paid a $2,800 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.
Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $60,000 cash along with office equipment valued at $25,000 in a new business named HV Consulting in exchange for common stock. b. 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 note payable for $170,000. c. The company purchased $2,000 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 $16,500. e. The company purchased $5,600 of additional office equipment on credit. f. The company paid $1,800 cash salary to an assistant. g. The company provided services to a client and collected $8,000 cash. h. The company paid $635 cash for this month's utilities. i. The company paid $2,000 cash to settle the account payable created in transaction C. j. The company purchased $20,300 of new office equipment by paying $20,300 cash k. The company completed $6,250 of services on credit for a client, who must pay within 30 days. 1. The company paid $1,800 cash salary to an assistant. m. The company received $4,000 cash in partial payment on the receivable created in transaction k. n. The company paid a $2,800 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Business transactions completed by Hannah Venedict during the month of September
are as follows.
a. Venedict invested $60,000 cash along with office equipment valued at $25,000 in a
new business named HV Consulting in exchange for common stock.
b. 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 note payable for $170,000.
c. The company purchased $2,000 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 $16,500.
e. The company purchased $5,600 of additional office equipment on credit.
f. The company paid $1,800 cash salary to an assistant.
g. The company provided services to a client and collected $8,000 cash.
h. The company paid $635 cash for this month's utilities.
i. The company paid $2,000 cash to settle the account payable created in transaction
C.
j. The company purchased $20,300 of new office equipment by paying $20,300 cash.
k. The company completed $6,250 of services on credit for a client, who must pay
within 30 days.
1. The company paid $1,800 cash salary to an assistant.
m. The company received $4,000 cash in partial payment on the receivable created in
transaction k.
n. The company paid a $2,800 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.
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