Business transactions completed by Hannah Venedict during the month of September

by | Mar 18, 2020 | Uncategorized

  
Business transactions completed by Hannah Venedict during the month of September are as follows.

a.

Venedict invested $86,000 cash along with office equipment valued at $23,000 in exchange for common stock of a new company named HV Consulting.
b.

The company purchased land valued at $45,000 and a building valued at $165,000. The purchase is paid with $35,000 cash and a long-term note payable for $175,000.
c. The company purchased $2,400 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 $16,900 and is to be used exclusively in the business.
e. The company purchased $5,500 of additional office equipment on credit.
f. The company paid $1,800 cash salary to an assistant.
g. The company provided services to a client and collected $7,600 cash.
h. The company paid $630 cash for this month’s utilities.
i. The company paid $2,400 cash to settle the account payable created in transaction c.
j. The company purchased $20,400 of new office equipment by paying $20,400 cash.
k. The company completed $6,500 of services for a client, who must pay within 30 days.
l. The company paid $1,600 cash salary to an assistant.
m. The company received $3,500 cash in partial payment on the receivable created in transaction k.
n. The company paid $2,600 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.

Open the following ledger accounts for the account titles referred in part 1 and post the journal entries from part 1 to the ledger accounts.

3.

Prepare a trial balance as of the end of September.

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