3. Award: 1.80 out of 2.50
points
Score: 17.61/20 Points 88.05 %
Business transactions completed by Hannah Venedict during the month of September are as follows.
a. Venedict invested $84,000 cash along with office equipment valued at $21,000 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 $165,000. The purchase is paid with $30,000 cash and a long-term
note payable for
$170,000.
c. The company purchased $2,400 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
$16,900 and is to be used exclusively in the business.
e. The company purchased $5,900 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 $7,400 cash.
h. The company paid $650 cash for this month’s utilities.
i. The company paid $2,400 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 $3,500 cash in partial payment on the receivable created in transaction k.
n. The company paid a $3,000 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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
101: Cash
Transaction Debit Credit Balance
a.
!
84,000
!
84,000
b.
!
30,000
!
54,000
" "
106: Accounts Receivable
Transaction Debit Credit Balance
k.
!
6,250
!
6,250
m.
!
3,500
!
2,750
" "
" "
" "
" "
" "
" "
" "
108: Office Supplies
Transaction Debit Credit Balance
c.
!
2,400
!
2,400
163: Office Equipment
Transaction Debit Credit Balance
a.
!
21,000
!
21,000
e.
!
5,900
!
26,900
j.
!
20,300
!
47,200
164: Automobiles
Transaction Debit Credit Balance
d.
!
16,900
!
16,900
170: Building
Transaction Debit Credit Balance
b.
!
165,000
!
165,000
172: Land
Transaction Debit Credit Balance
b.
!
35,000
!
35,000
201: Accounts Payable
Transaction Debit Credit Balance
i.
!
2,400
!
(2,400)
" "
" "
250: Notes Payable
Transaction Debit Credit Balance
b.
!
170,000
!
170,000
307: Common Stock
Transaction Debit Credit Balance
" "
Business transactions completed by Hannah Venedict during the month of September are as follows.
Venedict invested $84,000 cash along with office equipment valued at $21,000 in a new business named HV Consulting in exchange for common stock.
The company purchased land valued at $35,000 and a building valued at $165,000. The purchase is paid with $30,000 cash and a long-term note
payable for
$170,000.
The company purchased $2,400 of office supplies on credit.
Venedict invested her personal automobile in the company in exchange for more common stock. The automobile has a value of $16,900 and is to be
used exclusively in the business.
The company purchased $5,900 of additional office equipment on credit.
The company paid $1,800 cash salary to an assistant.
The company provided services to a client and collected $7,400 cash.
The company paid $650 cash for this month’s utilities.
The company paid $2,400 cash to settle the account payable created in transaction c.
" "
319: Dividends 402: Fees Earned
Transaction Debit Credit Balance Transaction Debit Credit Balance
n.
!
3,000
!
3,000
g.
!
7,40
0
!
7,400
" "
601: Salaries Expense 602: Utilities Expense
Transaction Debit Credit Balance Transaction Debit Credit Balance
f.
!
1,800
!
1,800
h.
!
650
!
650
l.
!
1,600
!
3,400
#
#
Required 1
Required 3 $
$
*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.
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 $3,500 cash in partial payment on the receivable created in transaction k.
n. The company paid a $3,000 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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Post the journal entries from part 1 to the ledger accounts.
101: Cash 106: Accounts Receivable
Transaction Debit Credit Balance Transaction Debit Credit Balance
a. 84,000
F
84,000
k. 6,250
F
6,250
b. 30,000
F
54,000
m. 3,500
F
2,750
f. 1,800
F
52,200
F
g. 7,400
F
59,600
h. 650
F
58,950
i. 2,400
F
56,550
j. 20,300
F
36,250
l. 1,600
F
34,650
m. 3,500
F
38,150
n. 3,000
F
35,150
108: Office Supplies 163: Office Equipment
Transaction Debit Credit Balance Transaction Debit Credit Balance
c. 2,400
F
2,400
a. 21,000
F
21,000
F
e. 5,900
F
26,900
F
j. 20,300
F
47,200
164: Automobiles 170: Building
Transaction Debit Credit Balance Transaction Debit Credit Balance
d. 16,900
F
16,900
b. 165,000
F
165,000
F F
F F
172: Land 201: Accounts Payable
Transaction Debit Credit Balance Transaction Debit Credit Balance
b. 35,000
F
35,000
c. 2,400
F
2,400
F
e. 5,900
F
8,300
F
i. 2,400
F
5,900
250: Notes Payable 307: Common Stock
Transaction Debit Credit Balance Transaction Debit Credit Balance
b. 170,000
F
170,000
a. 105,000
F
105,000
F
d. 16,900
F
121,900
F F
319: Dividends 402: Fees Earned
Transaction Debit Credit Balance Transaction Debit Credit Balance
n. 3,000
F
3,000
g. 7,400
F
7,400
F
k. 6,250
F
13,650
F F
601: Salaries Expense 602: Utilities Expense
Transaction Debit Credit Balance Transaction Debit Credit Balance
f. 1,800
F
1,800
h. 65
0
F
650
l. 1,600
F
3,400
F
F F
#
#
Required 1
Required 3 $
$
Explanation:
No further explanation details are available for this problem.
