Reference no: EM132831781

Question - 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 $30,000 and a building valued at $150,000. The purchase is paid with $30,000 cash and a long-term note payable for $150,000.

C. The company purchased $1,900 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 $16,700 and is to be used exclusively in the business.

E. The company purchased $5,200 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 $7,200 cash.

H. The company paid $640 cash for this month's utilities.

I. The company paid $1,900 cash to settle the account payable created in transaction c.

J. The company purchased $20,300 of new office equipment by paying $20,300 cash.

k. The company completed $6,000 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 $4,000 cash in partial payment on the receivable created in transaction k.

N The company paid a $2,900 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.