Problem 2-4A (Algo) Recording transactions; posting to ledger; preparing a trial balance LO A1, P1...

60.1K

Verified Solution

Question

Accounting

image
image
image
image
image
Problem 2-4A (Algo) Recording transactions; posting to ledger; preparing a trial balance LO A1, P1 Eusiness transactions compieted by Hannah Venedict during the month of September are as follows. a. Venedict invested $82,000 cash along with office equipment valued of $24.000 in a new business named HV Consulting in exchange for common stock. b. The company purchased land valued at $40,000 and a buiding valued at $155,000. The purchase is paid with $35,000 cash and a note payable for $160,000 c. The company purchased $2,500 of office supplies on credit. d. Venedict invested an automobile in the company in exchange for more common stock. The automobile has a value of $16,300. e. The company purchased $5,700 of additional office equipment on credit. f. The compony paid $1,900 cash satary to an assistant. 9. The company provided services to a client and collected $7,800cash. h. The company paid $640 cash for this month's utilies. 1. The company paid $2,500 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 $6.750 of services on credit for a client, who must pay within 30 days. 1. The company paid $1,800 cash salary to an assistant. m. The company recelved $4,000 cash in partial payment on the recelvable created in transaction k. n. The company paid a $2,600 cash dividend. Required: 1. Prepare general journalentries to record thesetransactions using the following tites: Cash (101): Accounts Recelvabie (106), Oifice Supplies (108); Office Equipment (163); Automobiles (16A); Building (170), Land (172), Accounts Payable (201), Notes Payable (250). Common Stock (307); Dividends (319), Consuiting Revenue (403); 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 vour answers in the tabs below. Journal entry worksheet 234567814 Venedict invested $82,000 cash along with office equipment valued at $24,000 in a new business named HV Consulting in exchange for common stock. Note: Enter debits before credits. = Prepare a trial balance as of the end of September

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students