Reference no: EM132660116
Business transactions completed by Hannah Vendedict during the month of Septemeber are as follows
A. Venedict invested $60,000 cash along with office equipment valued at $25,000 in a new sole proprietorship named HV Consulting.
B. The company purchased land valued at 40,000 and a building valued at 160,000. The purchase is paid with 30000 cash and a long-term note payable for 170,000
C. The company purchased 2000 of office supplies on credit.
D. Venedict invested her personal automobile in the company. The automobile has a value of 16,500 and is to be used exclusively in the business.
E. The comapny purchased 5600 of additional office equipment on credit.
F. THe company paid 1800 cash salary to an assitant.
G The company provided serivces to a client and collected 8,000 cash.
H. The company paid 635 cash for this month's utilities.
I. The company paid 2000 cash to settle the account payable created in transaction.
J. The compnay purchased 20300 of new office equipment by paying 20300 cash.
K. The company completed 6259 of services for a client, who must pay within 30 dyas.
L. The company paid 1800 cash salary to an assistant.
M. The company received 4000 cash in partial payment on the receivable created in transaction k.
N. Venedict withdrew 2800 cash from the company for person use.
Required
Problem 1: Prepare a general journal entries to record these transactions (use account titles listed in part 2)
Problem 2: Open the following ledger accounts - their account numbers are in the parentheses (use the balance column format): 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. Venedicct, withdrawals (302); Fees Earned (402); Salaries Expense (601); and Utilities Expense (602). Post the Journal entries from part 1 to the ledger accounts and enter the balance after each posting.
Problem 3: Prepare a trial balance as of the end of September
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