Question

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 $24,000 in exchange for common stock of a new company named HV Consulting b. The company purchased land valued at $40,000 and a building valued at $155,000. The purchase is paid with $30,000 cash and a long-term note payable for $165,000 c. The company purchased $2,500 of office supplies on credit d. Venedict invested her personal automobile in the company in exchange for more common stock. The automobile has o value of $16,300 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 $1,800 cosh solary to on ossistant g. The company provided services to a client and collected $7.400 cash h. The company poid $645 cash for this month's utilities i. The company paid $2,500 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 clilent, who must pey within 30 days I. The company pald $2,000 cash salary to an assistant m. The company recelved $4,000 cash in partial payment on the receivable created in transaction k n. The company paid $2.600 cosh in dividends. entries to record these transactions using the following titles: Cash (101), Accounts Receivable (106 Office ). Office Equipment (163); Automobiles (164); Building (170), Land (172); Accounts Payable (201); Notes Payable (250) Required: Supplies (108) Common Stock (307y, 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 es of the end of September Required 1 Required 2 Required 3 Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Supplies (108); Office Equipment (163); Automobiles (164); Building (170); Land (172); Accounts Payable (250); Common Stock (307); Dividends (319): Fees Earned (402); Salaries Expense (601); and Utilities Exp View transaction list Journal entry worksheet K1 23 4 5 6 7 8 14 Venedict invested $84,000 cash along with office equipment valued at $24,000 in exchange for common stock of a new company named HV Consulting. Noter Enter debits before credits. DebitCed Tranasaction Account Title Credit https://newconnect.mheducation.com/tlow/conneet.h 108 Office E Debit Debit Credit Debit Debit Debit ransaction Debit Notes Pay able Credit Debit Credit Debit Transaction Balance 307: Common Stock 250: Notes Payable Credit Balance Debit Credit Transaction Debit 319: Dividends 402: Fees Earned Debit Credit Transaction Debit Credit Balance 601: Salaries Expense 602: Utilities Expense TransactionDebit Credit Debit Credit Balance Required 1 Prepare a trial balance as of the end of September HV CONSULTING Trial Balance September 30 Credit Debit Totals

Answer 1

		JOURNAL ENTRY
	Transaction	Account Title	Debit	Credit
	a	Cash	$84,000
		Office Equipment	$24,000
		Common Stock		$108,000
	b	Land	$40,000
		Building	$155,000
		Cash		$30,000
		Notes payable		$165,000
	c	Office supplies	$2,500
		Accounts Payable		$2,500
	d	Automobiles	$16,300
		Common Stock		$16,300
	e	Office Equipment	$5,400
		Accounts Payable		$5,400
	f	Salaries Expense	$1,800
		Cash		$1,800
	g	Cash	$7,400
		Fees earned		$7,400
	h	Utilities Expense	$645
		Cash		$645
	i	Accounts Payable	$2,500
		Cash		$2,500
	j	Office Equipment	$20,200
		Cash		$20,200
	k	Accounts Receivable	$6,250
		Fees earned		$6,250
	l	Salaries Expense	$2,000
		Cash		$2,000
	m	Cash	$4,000
		Accounts Receivable		$4,000
	n	Dividends	$2,600
		Cash		$2,600