Question

Return ta 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 $22,000 in exchange for common stock of a new company named HV Consulting. b. The company purchased land valued at $35,000 and a building valued at $170,000. The purchase is pold with $30,000 cash and a long-term note payable for $175,000. C. The company purchased $1,600 of office supplies on credit. d. Venedict invested her personal automobile in the company in exchange for more common stock. The automobile has a value of $16,700 and is to be used exclusively in the business. e. The company purchased $5,700 of additional office equipment on credit. 1. 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 $650 cash for this month's utilities. 1. The company paid $1,600 cash to settle the account payable created in transaction c. J. The company purchased $20,000 of new office equipment by paying $20,000 cash. k. The company completed $6,500 of services for a client, who must pay within 30 days. 1. The company paid $2,000 cash salary to an assistant m. The company received $3,500 cash in partial payment on the receivable created in transaction n. The company paid $2,800 cash in dividends. 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); 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 as of the end of September

Answer 1

Credit Hannah Venedict Journal entries Date Account Cash Office Equipment Common Stock Debit $ 84,000 $ 22,000 $ 106,000 $ $ 35,000 170,000 Land Building Cash Notes Payable $ 30,000 $ 175,000 $ 1,600 Office Supplies Accounts Payable $ 1,600 d $ 16,700 Automobiles Common Stock $ 16,700 $ 5,700 Office Equipment Accounts Payable $ 5,700 $ 1,600 Salaries Expense Cash $ 1,600 $ 7,800 Cash Fees Earned $ 7,800 h $ 650 Utilties Expense Cash $ 650 $ 1,600 Accounts Payable Cash $ 1,600 $ 20,000 Office Equipment Cash $ 20,000 $ 6,500 Accounts Receivable Fees Earned $ 6,500 $ 2,000 Salaries Expense Cash $ 2,000 m $ 3,500 Cash Accounts Receivable $ 3,500 $ 2,800 Dividends Cash $ 2,800

Credit Date Credit Date Credit Hannah Venedict T Accounts Date Debit Date Cash a $ 84,000 b $ 7,800 f m $ 3,500 h Debit Date Credit Date Accounts Receivable $ 6,500 m $ 3,500C Debit Date Office Supplies $ 1,600 Debit Date Office Equipment $ 22,000 $ 5,700 $ 20,000 $30,000k $ 1,600 $ 650 $ 1,600 $ 20,000 $ 2,000 $ 2,800 Bal. Bal. Bal. Bal. $ 47,700 $ 36,650 Automobiles $ 16,700 $ 3,000 Building $170,000 $ 1,600 Land $ 35,000 d b b Bal. Bal. $ 16,700 Accounts Payable $ 1,600 C $ 170,000 Notes Payable b $ 35,000 Common Stock $175,000 n Dividends $ 2,800 $ 1,600 $ 5,700 $ 106,000 $ 16,700 d $ 5,700 $175,000 $122,700 Bal. $ 2,800 Bal. Fees Earned Bal. Salaries Expense $ 1,600 $ 2,000 Bal. Utilties Expense $ 650 h $ 7,800 $ 6,500 к Bal. $ 14,300 Bal. $ 3,600 . $ 650

Hannah Venedict Account Names Cash Accounts Receivable Office Supplies Office Equipment Automobiles Building Land Accounts Payable Notes Payable Common Stock Dividends Fees Earned Salaries Expense Utilties Expense Totals Trial Balance Debit Credit 36,650 3,000 1,600 47,700 16,700 170,000 35,000 5,700 175,000 122,700 2,800 14,300 3,600 650 317,700 317,700