Question: Problem 2-6A Recording transactions; posting to ledger; preparing a trial balance LO C3, A1, P1, P2 Business transactions completed by Hannah Venedict during the month

Problem 2-6A Recording transactions; posting to ledger; preparing a trial balance LO C3, A1, P1, P2

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

a.

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.

b.

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.

c. The company purchased $2,000 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 $16,500 and is to be used exclusively in the business.

e. The company purchased $5,600 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 $8,000 cash.
h. The company paid $635 cash for this month

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!