Please Help me learn where each section goes where and why. Im still confused. P
ID: 2339316 • Letter: P
Question
Please Help me learn where each section goes where and why. Im still confused. Please help :/
Business Traisaclions completed by Hannah Venedict during the monlh of Seplember ae as allows. a. Venedict invested $84,000 cash along with office equipment valued at $22,000 in a new sole proprietorship named HV Consulting b. The company purchased land valued at $35,000 and a building valued at $170,000. The purchase is pald with $30,000 cash and a long-term note payatble for $175,000. c. The company purchased $1,800 of office supplics on credit. d. Venedict Invested her personal automoblle In the company. The automoblle has a value of $16,700 and Is to be usedl excluslvely In 85 points the business e. The company purchased $5,400 of additional office equipment on credit. 01.5837f. The company paid $1.600 cash salary to an assistant. g. The company provided services to a client and collected $7,800 cash. h. The company paid $640 cash for his monlh's ulililies. i. The company paid $1,800 cash to settle the account payable created in transaction c. j. The company purchased $20,000 of new office eculpment by paying $20,000 cash. k. The company completed $6,500 of services for a client, who must pay within 30 days. I. The company paid $1,800 cash salary to an assistant. m. The company recelved $3,500 cash In partlal payment on the recelvable created In transaction k. n. Venedict withdrew $2.900 cash trom the company for personal use Required: 1. Prepare general Journal entries to record these transactlons using the following titles: Cash (101); Accounts Recelvable (106; Office Supplies (108 : Office Equipment (163); Automobiles (164): Building(170) l and (172): Accounts Payable (201) Notes Payable 250) H Venedict, Capital (301): H. Venedict, Withdrawals (302): Fecs Earned (402): Salaries Expensc (G01): and Utilitics Expense (602 2. Post the Journal entrles from part 1to 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 1Required 2 Required 3Explanation / Answer
Date Account title and explanation Debit Credit Amount in $ Amount in $ a Cash 84000 Office equipment 22000 H. Venedict's Capital 106000 To record the initial investment in propreitorship b Land 35000 Building 170000 Cash 35000 Notes Payable 170000 To record the purchase of land and building c Office supplies 1800 Accounts payable 1800 To record the purchase of office supplies on credit d Automobile 16700 H. Venedict's Capital 16700 To record the investment of automobile in the business e Office equipment 5400 Accounts payable 5400 To record the purchase of additional office equipment f Salary Expense 1600 Cash 1600 To record the payment of salary g Cash 7800 Fees earned 7800 To record the service revenue receipts h Utilities expense 640 Cash 640 To record the payment of utilities i Account payable 1800 Cash 1800 To record the payment to supplier of office supplies j Office equipment 20000 Cash 20000 To record the purchase of office equipment on cash k Accounts receivable 6500 Fees earned 6500 To record the service revenue on credit l Salary Expense 1800 Cash 1800 To record the payment of salary m Cash 3500 Accounts Receivable 3500 To record the receipts from customer/clients n H. Venedicts, withdrawl 2900 Cash 2900 To record the withdrawl for personal use As per chegg policy we are supposed to answer maximum of 10 journal entries for comprehensive Accounting problem. Thank you