Reference no: EM131768621
Problem - Business transactions completed by Alanna Emitt during the month of September are as follows:
a. Emitt invested $86,000 cash along with office equipment valued at $22,000 in exchange for common stock of a new business named AE Consulting.
b. The company purchased land valued at $35,000 and a building valued at $150,000. The purchase is paid with $30,000 cash and a long-term note payable for $155,000.
c. The company purchased $2,300 of office supplies on credit.
d. Emitt invested her personal automobile in the company in exchange for more common stock. The automobile has a value of $16,200 and is to be used exclusively in the business.
e. The company purchased $5,300 of additional office equipment on credit.
f. The company paid $2,000 cash salary to an assistant.
g. The company provided services to a client and collected $8,000 cash.
h. The company paid $640 cash for this month's utilities.
i. The company paid $2,300 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 $6,250 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 $2,700 for dividends.
Requirement 1: Prepare general journal entries to record these transactions.
Requirement 2: Offline (not submitted or graded in this system): Open the following ledger accounts-their account numbers are in 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); Common Stock (307); Dividends (319); Fees Earned (402); Salaries Expense (601); and Utilities Expense (602). Post the journal entries from requirement 1 to the ledger accounts and enter the balance after each posting-in the date column enter instead the reference to which transaction from (a) through (n).
Requirement 3: Prepare a trial balance as of the end of September.
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