Question

Business transactions completed hannah venedict during september are follows. using transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. sep. 1 venedict invested $60,000 cash along office equipment valued at $25,000 in exchange for common stock of a new company named hv consulting. sep. 3 the company purchased land valued at $40,000 and a building valued at $160,000. the purchase is paid with $30,000 cash and a long-term note payable for $170,000. sep. 5 the company purchased $2,000 of office supplies on credit. sep. 7 venedict invested her personal automobile in the company in exchange for more common stock. the automobile has a value of $16,500 and is to be used exclusively in the business. sep. 9 the company purchased $5,600 of additional office equipment on credit. sep. 11 the company paid $1,800 cash salary to an assistant. sep. 13 the company provided services to a client and collected $8,000 ca

Answer 1

 Cash                         60000

 Office Equipment    25000

To Common Stock                  85000

(Being Cash and equipment introduced in business)

Land                          $40000

Building                    $160000

To Cash                                                  $30000

To Long Term Note Payable                $170000

(Being Land and Building purchased partly by cash and long term note payable)

Office Supplies                      2000

To Accounts Payable                            2000

(Being Office Supplies Purchased on credit)

Automobile                       16500

To Common Shares                            16500

(Being Automobile introduced in lieu of share)

Office Equipment                        $5600

To Accounts Payable                            $5600

(Being Office Equipment Purchased on credit)

Salary                                     $1800

To Cash                                             $1800

(Being Salary Paid in cash)

Cash                                      8000

To Sales                                                8000

(Being Sales made in cash)