Question

a.Venedict invested $82,000 cash along with office equipment valued at $22,000 new business named HV Consulting in exchange for common stock. b. The company purchased land valued at $35,000 and a building valued at $ 160,000. The purchase is paid with $25,000 cash and a long-term note payable for $170,000 c. The comparty purchased $1700 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 16,500 and is to be used exclusively in the business. $16 e. The company purchased $5,100 of additional office equipment on credit. . The company paid $1,900 cash salary to an assistant The company provided services to a client and collected $ 7,600 cash. h. The company paid $640 cash for this month's utilities. The company paid $1,700 cash to settle the account payable created in transactionc The company purchased $ 20,200 of new office equipment by paying $ 0, 200cash . kThe company completed $6,250 of services for a client, who must pay within 30 days. 1. The company paid $1,800 cash salary to an assistant m. The company received $ 4,500 cash in partial payment on the receivable created in transaction k n. The company paid a $2,800 cash dividend

a-n

Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $82,000 cash along with office equipment valued at $22,000 in a new business named HV Consulting in exchange for common stock. b. The company purchased land valued at $35,000 and a building valued at $160,000. The purchase is paid with $25,000 cash and a long-term note payable for $170,000. c. The company purchased $1,700 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 $16,500 and is to be used exclusively in the business, e. The company purchased 55,100 of additional office equipment on credit. f. The company paid $1,900 cash salary to an assistant g. The company provided services to a client and collected $7600 cash. h. The company paid $640 cash for this month's utilities. 1. The company paid $1,700 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 client, who must pay within 30 days. 1. The company paid $1,800 cash salary to an assistant m. The company received $4,500 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 1106): Office Supplies (108): Office Equipment (163); Automobiles (164): Building (170): Land (172); Accounts Payable (201); Notes Payable (250); Common Stock (307): Dividends (319), Fees Eamed (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 Part 1: Transaction General Journal Cash Office equipment Common stock Debit 82,000 22,000 104,000 35,000 160,000 Land Building Cash Notes payable 25,000 170,000 loffice supplies 1.700 Accounts payable 1.700 16,500 Automobiles Common stock 16,500 5,100 Office equipment Accounts payable 5,100 1,900 Salaries expense Cash 1,900 7,600 Cash Fees earned 7,600 640 Utilities expense Cash 640 1,700 Accounts payable Cash 1,700 20,200 Office equipment Cash 20,200 6,250 Accounts receivable Fees earned 6,250 1,800 Salaries expense Cash 1,800 4,500 Cash Accounts receivable 4,500 2,800 Dividends Cash 2,800

106:Account receivable Tranaction debit Credit balance 6,250 6,250 4,500 1,750 Part 2: 101.cash Tranaction de bit Credit balance 82,000 82,000 25,000 57,000 | 1,900 55,100 7,600 62,700 640 62,060 1,700 60,360 20,200 40,160 1,800 38,360 m 4,500 42,860 2,800 40,060 163:office equipment Tranaction debit Credit balance 22,000 22,000 5,100 27,100 20,2001 47,300 108:office supplies Tranaction de bit Credit balance 1,700 1,700 170:Building Tranaction debit Credit 160,000 balance 160,000 164:Automobile Tranaction debit Credit 16,500 balance 16,500 201:Accounts payable Tranaction debit Credit balance 1,700 1,700 5,100 6,800 1,700 5,100 172: Land Tranaction de bit Credit 35,000 307.common stock Tranaction debit Credit balance 104,000 104,000 16,500 120,500 balance 35,000 250: Note payable Tranaction debit Credit balance 170,000 170,000 402:Fees earned Tranaction debit Credit balance 7,600 7,600 6,250 13,850 319: Dividends Tranaction de bit Credit 2,800 602:Utilities expense Tranaction debit Credit balance 640 640 balance 2,800 n 601:Salaries expense Tranaction de bit Credit balance 1,900 1,900 1,800 3,700

Part 3: HV CONSULTING Trial Balance September 30. Debit Credit Cash 40,060 Accounts receivable 1,750 Office supplies 1,700 Office equipment 47,300 Automobiles 16,500 Building 160,000 Land 35,000 Accounts payable 5,100 Notes payable 170,000 Common stock 120,500 Dividends 2,800 Fees earned 13,8501 Salaries expense 3,7001 Utilities expense 6401 Totals 309,450 309,450