Question

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

Business transactions completed by Hannah Venedict during the month of September are as follows. a. Venedict invested $82,000 cash along with office equipment valued at $22,000 in a new business named HV Consulting in exchange for common stock. b. The company purchased land valued at $35,000 and a building valued at $160,000. The purchase is paid with $25,000 cash and a long-term note payable for $170,000. c. The company purchased $1,700 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 $5,100 of additional office equipment on credit. f. The company paid $1,900 cash salary to an assistant g. The company provided services to a client and collected $7,600 cash. h. The company paid $640 cash for this month's utilities. The company paid $1,700 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 client, who must pay within 30 days. 1. The company paid $1,800 cash salary to an assistant. m. The company received $4,500 cash in partial payment on the receivable created in transaction k n. The company paid a $2,800 cash dividend. 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. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of the end of September

Answer 1

101 CASH					106 : ACCOUNTS RECEIVABLE
Transaction	Debit	Credit	Balance		Transaction	Debit	Credit	Balance
A	$ 82,000		$ 82,000 ( Dr )		K	$ 6,250		$ 6,250 (Dr)
B		$ 25,000	$ 57,000 ( Dr )		M		$ 4,500	$ 1,750 (Dr)
F		$ 1,900	$ 55,100 ( Dr )
G	$ 7,600		$ 62,700 ( Dr )
H		$ 640	$ 62,060 ( Dr )
I		$ 1,700	$ 60,360 ( Dr )
J		$ 20,200	$ 40,160 ( Dr )
L		$ 1,800	$ 38,360 ( Dr )
M	$ 4,500		$ 42,860 ( Dr )
N		$ 2,800	$ 40,060 ( Dr )
108 : OFFICE SUPPLIES					163 : OFFICE EQUIPMENT
Transaction	Debit	Credit	Balance		Transaction	Debit	Credit	Balance
C	$ 1700		$ 1,700 ( Dr)		A	$ 22,000		$ 22,000 ( Dr)
					E	$ 5,100		$ 27,100 ( Dr)
					J	$ 20,200		$ 47,300 ( Dr)
164: AUTOMOBILES					170 : BUILDINGS
Transaction	Debit	Credit	Balance		Transaction	Debit	Credit	Balance
D	$ 16,500		$ 16,500 ( Dr)		B	$ 160,000		$ 160,000 (Dr)
172 : LAND					201 : ACCOUNTS PAYABLE
Transaction	Debit	Credit	Balance		Transaction	Debit	Credit	Balance
B	$ 35,000		$ 35,000 ( Dr)		C		$ 1,700	$ 1,700 ( Cr)
					E		$ 5,100	$ 6,800 ( Cr)
					I	$ 1,700		$ 5,100 ( Cr)
250 : NOTES PAYABLE					307 : COMMON STOCK
Transaction	Debit	Credit	Balance		Transaction	Debit	Credit	Balance
B		$ 170,000	$ 170,000 ( Cr )		A		$ 82,000	$ 82,000 ( Cr )
					A		$ 22,000	$ 104,000 ( Cr )
					D		$ 16,500	$ 120,500 ( Cr )
319 : DIVIDENDS					402 : FEES EARNED
Transaction	Debit	Credit	Balance		Transaction	Debit	Credit	Balance
N	$ 2,800		$ 2,800 ( Dr)		G		$ 7,600	$ 7,600 (Cr)
					K		$ 6,250	$ 13,850 (Cr)
601 : SALARIES EXPENSE					602 : UTILITIES EXPENSE
Transaction	Debit	Credit	Balance		Transaction	Debit	Credit	Balance
F	$ 1,900		$ 1,900 ( Dr)		H	$ 640		$ 640 ( Dr)
L	$ 1,800		$ 3,700 ( Dr)

required 3 :

HV CONSULTING
TRIAL BALANCE
FOR THE MONTH OF 30th SEPTEMBER
	DEBIT	CREDIT
Cash ( 101 )	$ 40,060
Accounts Receivable (106)	$ 1,750
Office Supplies (108 )	$ 1,700
Office Equipment (163)	$ 47,300
Automobiles ( 164)	$ 16,500
Buildings ( 170 )	$ 160,000
Land ( 172 )	$ 35,000
Accounts payable (201 )		$ 5,100
Notes Payable		$ 170,000
Common Stock		$ 120,500
Dividends	$ 2,800
Fees earned		$ 13,850
Salaries expense	$ 3,700
Utilities expense	$ 640
Totals	$ 309,450	$ 309,450