Question

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 sole proprietorship named HV Consulting.

b. The company purchased land valued at $35,000 and a building valued at $150,000. The purchase is paid with $30,000 cash and a long-term note payable for $155,000.

c, The company purchased $2,300 of office supplies on credit.

d. Venedict invested her personal automobile in the company. The automobile has a value of $16,700 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 $1,600 cash salary to an assistant.

g. The company provided services to a client and collected $7,800 cash.

h. The company paid $635 cash for this month’s utilities.

i. The company paid $2,300 cash to settle the account payable created in transaction c.

j. The company purchased $20,500 of new office equipment by paying $20,500 cash.

k. The company completed $6,500 of services for a client, who must pay within 30 days.

l. The company paid $1,700 cash salary to an assistant.

m. The company received $4,000 cash in partial payment on the receivable created in transaction k.

n. Venedict withdrew $2,800 cash from the company for personal use.

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); H. Venedict, Capital (301); H. Venedict, Withdrawals (302); 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

General E Copy Paste Format Painter Clipboard I U HE A 23 EEE Merge & Center Conditional Formatting a St Alignment Font fo Number A109 A B D E F с 14,300.00 G Total 14,300.00 86 87 88 Salaries Expense (601) 89 Dr 90 Date Particulars To Cash (101) To Cash (101) 91 Amount Date Particulars 1,600.00 By Balance C/d 1,700.00 Cr. Amount 3,300.00 92 93 Total 3,300.00 3,300.00 Particulars To Cash (101) Amount Date Particulars 635.00 By Balance C/d Cr. Amount 635.00 94 95 96 Utilities Expense (602) 97 Dr 98 Date 99 100 101 Notes Payable (250) 102 Dr 103 Date 104 105 106 107 Particulars To Balance c/d Cr. Amount Date Particulars Amount 1,55,000.00 BY Accounts Receivable (106 1,55,000.00 108 109 TB KI J.E. Ledger Ready Num Lock W - IN: 199+

Clipboard Font Form Alignment Number A14 19 D 1 cash (101) 2 DI 3 Date 4 5 Darticular ANDE Toll Venedict capital (101) 22.000.00 totees Larned (102) 2800.00 TO Accounts Receivable (100) 7 Date Particulars Amount BY Accounts Payable (201) 30,000.00 BY Salaries Expense (601) 1,600.00 BY Utilities Expense (602) 635.00 BY Accounts Payable (201) 2,300.00 BY Office Equipment (168) 20,500.00 BY Salaries Expense (601) 1,700.00 BY H, Venedict Withrawals ( 2,800.00 BY BALANCE C/D 34,265.00 3 0 1 2 3 Total 93,800.00 93,800,00 4 5 Accounts Receivable (106) 6 Dr 7 Date Particulars To Fees Earned (402) 8 Amount 6,500.00 Date Particulars BY Cash (101) BY BALANCE C/D Cr. Amount 4,000.00 2,500.00 9 0 1 Total 6,500.00 6,500.00 2 3 Office Supplies (108) 4. Dr J.E. Ledger Cr. TB

Format Painter Clipboard 2. Merge & Center % Font Alignment Conditional Format Formatting as Table Styles Number A87 B С D E F G H А 65 H. Venedict Capital (301) 66 Dr 67 Date Particulars To Balance c/d 68 69 Amount Date Particulars 1,20,700.00 By Cash (101) By Office Equipment (163) BY Automobiles (164 Cr. Amount 82,000.00 22,000.00 16,700.00 70 Total 1,20,700.00 1,20,700.00 71 72 73 74 H. Venedict Withrawals (302) 75 Dr 76 Date Cr. Particulars To Cash (101) Amount Date Particulars 2,800.00 By Balance c/d 77 Amount 2,800.00 78 79 80 Fees Earned (402) 81 Dr 82 Date Particulars To Balance c/d Cr. Amount Date Particulars Amount 14,300.00 BY Cash (101) 7,800.00 BY Accounts Receivable (104 6,500.00 83 84 85 86 Total 14,300.00 14,300.00 87 88 Salaries Expense (601) KJ.E. Ledger TB Ready Num Lock W 99+

Font Alignment Number A45 Dr B C D E 23 Office Supplies (108) 24 Dr 25 Date Particulars To Accounts Payable (201) Cr. Amount 2,300.00 Amount Date Particulars 2,300.00 BY BALANCE C/D 26 27 28 29 30 Office Equipment (163) 31 Dr 32 Date Amount Particulars To H. Venedict Capital (301) To Accounts Payable (201) To Cash (101) 33 Cr. Amount 47,900.00 Date Particulars BY BALANCE C/D 34 22,000.00 5,400.00 20,500.00 35 36 37 Total 47,900.00 Total 47,900.00 38 39 Automobiles (164) 40 Dr Cr. 41 Date Particulars To H. Venedict Capital (301) 42 Amount Date Particulars 16,700.00 BY BALANCE C/D Amount 16,700.00 43 44 Building (170) 45 Dr Cr. 46 Date Particulars Amount Date Particulars Amount TB J.E. Ledger Ready Num Lock

Clipboard Font Alignment Number Formatting as Styl A66 Dr A BI D F G 43 44 Building (170) 45 Dr 46 Date Particulars Amount Date Particulars To Accounts Receivable (10 1,50,000.00 BY BALANCE C/D Cr. Amount 1,50,000.00 47 Particulars Amount To Accounts Receivable (10 35,000.00 Date Particulars BY BALANCE C/D Cr. Amount 35,000.00 48 49 Land (172) 50 Dr 51 Date 52 53 54 Accounts Payable (201) 55 Dr 56 Date 57 Cr. Particulars To Cash (101) To Notes Payable (250) To Cash (101) 58 Amount Date Particulars 30,000.00 BY Land (172) 1,55,000.00 BY Building (170) 2,300.00 BY Office Supplies (108) BY Office Equipment (163) 5,400.00 Amount 35,000.00 1,50,000.00 2,300.00 5,400.00 59 60 61 To Balance c/d 62 63 Total 1,92,700.00 1,92,700.00 64 65 H. Venedict Capital (301) 66 Dr Cr. TB J.E. Ledger Num Lock Ready 199

As per Chegg Guidelines i have to answer part 1(only)

Just for your reference I have provided you with TRIAL balance also.

If you require the ledgers also just reply in comment i will provide you....

Before just give it a try ?

For ledger just pick the journal entry and post it in respective ledger account for example

Journal entry 1 will debit the cash and office equipment and credit the capital account...

A B C E 19 20 2,300.00 21 2,300.00 3 Office Supplies (108) ....Dr To Accounts Payable (201) (Being Office Supplies Purchased on Credit) 22 24 16,700.00 4 Automobiles (164) .....Dr To H. Venedict Capital (301) 25 16,700.00 26 (Being Automobiles Introduced as capital) 28 5,400.00 29 5,400.00 5 Office Equipment (163) .....Dr To Accounts Payable (201) (Being Office Equipment Purchased on Credit) 31 1,600.00 33 6 Salaries Expense (601) .....Dr To Cash (101) Being Salary paid in cash) 1,600.00 34 TB > . E. Ledger Ready Num Locke

А 36 7,800.00 37 7 Cash (101) ....Dr To Fees Earned (402) ( Being Services given and cash collected) 38 7,800.00 39 40 41 635.00 42 8 Utilities Expense (602) ....Dr To Cash (101) (Being utilities expense booked and paid) 635.00 43 44 2,300.00 9 Accounts Payable (201) ....Dr To Cash (101) 46 2,300.00 20,500.00 20,500.00 48 10 Office Equipment (163) Dr To Cash (101) (Being Office Equipment Purchased on 50 Cash) 51 52 11 Accounts Receivable (106) .....Dr To Fees Earned (402) 54 Being Services given on credit) 55 J.E. Ledger TB Ready Num Locke 6,500.00 58 6,500.00

B В 1 2 Journal Entries 3 Credit ($) 5 Debit ($) 82,000.00 22,000.00 1,04,000.00 4. J.E. No. Particulars 1 Cash (101) ....Dr 6 Office Equipment (163)....Dr To H. Venedict Capital (301) 8. (Being Capital Introduced) 9 2 Land (172) ....Dr Building (170) ....Dr 12 To Accounts Receivable (106) 13 35,000.00 1,50,000.00 1,85,000.00 14 15 16 Accounts Receivable (106) .....Dr To Cash (101) To Notes Payable (250) (Being Land & Building Purchased and Note Payable Issued) 30,000.00 1,55,000.00 18 Dr 2.300.00 B office Supplies (108) 14]. E. Ledger Ready Num Lock

20,500.00 49 To Cash (101) (Being Office Equipment Purchased on Cash) 6,500.00 50 51 52 53 54 55 56 57 58 11 Accounts Receivable (106) .....Dr To Fees Earned (402) Being Services given on credit) 6,500.00 1,700.00 12 Salaries Expense (601) ..... Dr To Cash (101) Being Salary paid in cash) 1,700.00 59 60 4,000.00 61 4,000.00 13 Cash (101) .....Dr To Accounts Receivable (106) ( Being Part Payment Received from A/C Receivable) 62 63 64 2,800.00 65 14 H. Venedict Withrawals (302) ....Dr To Cash (101) |( Being Cash Withrawed by Venedict) 2,800.00 66 Ledger

Paste Format Painter Clipboard Font Alig. E18 A B Trial Balance 1 3 2 Particluars 4 H. Venedict Capital (301) 5 H. Venedict Withrawals (302) 6 Accounts Payable (201) 7 Notes Payable (250) 8 Automobiles (164) 9 Building (170) 10 Land (172) 11 Office Equipment (163) 12 Accounts Receivable (106) 13 Cash (101) 14 Fees Earned (402) 15 Office Supplies (108) 16 Salaries Expense (601) 17 Utilities Expense (602) 18 Grand Total Debit $ Credit $ 120700.00 2800.00 5400.00 155000.00 16700.00 150000.00 35000.00 47900.00 2500.00 34265.00 14300.00 2300.00 3300.00 635.00 295400.00 295400.00 98 24 14 Ledger Num Lock Ready