Question

Business transactions completed by Hannah Venedict during the month of September are as follows.
Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements.
  

Sep.		1		Venedict invested $60,000 cash along with office equipment valued at $25,000 in exchange for common stock of a new company named HV Consulting.
Sep.		3		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 long-term note payable for $170,000.
Sep.		5		The company purchased $2,000 of office supplies on credit.
Sep.		7		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.
Sep.		9		The company purchased $5,600 of additional office equipment on credit.
Sep.		11		The company paid $1,800 cash salary to an assistant.
Sep.		13		The company provided services to a client and collected $8,000 cash.
Sep.		15		The company paid $635 cash for this month’s utilities.
Sep.		17		The company paid $2,000 cash to settle the account payable created on September 5.
Sep.		19		The company purchased $20,300 of new office equipment by paying $20,300 cash.
Sep.		21		The company completed $6,250 of services for a client, who must pay within 30 days.
Sep.		23		The company paid $1,800 cash salary to an assistant.
Sep.		25		The company received $4,000 cash in partial payment on the receivable created on September 21.
Sep.		27		The company paid $2,800 cash in dividends.