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

 

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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 $23,000 in a new business named HV Consulting. b. The company purchased land valued at $50,000 and a building valued at $155.000. The purchase is paid with $25,000 cash and a note payable for $180,000. c. The company purchased $1,800 of office supplies on credit. d. Venedict invested an automobile in the company. The automobile has a value of $16,800. e. The company purchased $5,100 of additional office equipment on credit. f. The company paid $1,700 cash salary to an assistant. g. The company provided services to a client and collected $7,200 cash. h. The company paid $630 cash for this month's utilities. 1. The company paid $1.800 cash to settle the account payable created in transaction c. J. The company purchased $20,000 of new office equipment by paying $20,000 cash. k. The company completed $6,500 of services on credit for a client, who must pay within 30 days. 1. The company paid $2,000 cash salary to an assistant. m. The company received $3,500 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); Consulting Revenue (403): 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. 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 $23,000 in a new business named HV Consulting. b. The company purchased land valued at $50,000 and a building valued at $155.000. The purchase is paid with $25,000 cash and a note payable for $180,000. c. The company purchased $1,800 of office supplies on credit. d. Venedict invested an automobile in the company. The automobile has a value of $16,800. e. The company purchased $5,100 of additional office equipment on credit. f. The company paid $1,700 cash salary to an assistant. g. The company provided services to a client and collected $7,200 cash. h. The company paid $630 cash for this month's utilities. 1. The company paid $1.800 cash to settle the account payable created in transaction c. J. The company purchased $20,000 of new office equipment by paying $20,000 cash. k. The company completed $6,500 of services on credit for a client, who must pay within 30 days. 1. The company paid $2,000 cash salary to an assistant. m. The company received $3,500 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); Consulting Revenue (403): 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 rating: 100% (QA)

2 General ledger No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Tanscation a b C ... View the full answer