4 June 6 June Case study/Scenario analysis/ Analytical Type Questions (50 MARKS) Question No 1: (20x1 = 20 Marks) Aracel Engineering completed the following transactions in the month of June, 2019. Pass journal entries to record the following transactions 1 June Aracel, the owner, invested OMR 100,000 cash, office equipment with a value of OMR 5,000 to launch the Company. 2 June The Company purchased land worth OMR 49,000 by paying OMR 6,300 cash and signing a note payable for OMR 42,700. 3 June The Company purchased a portable building with OMR 55,000 cash and moved it onto the land acquired in June 2. The Company paid OMR 3,000 cash for the premium on an 18-month insurance policy. 5 June The Company completed and delivered a set of plans for a client and collected OMR 6,200 cash. The Company purchased OMR 20,000 of additional drafting equipment by paying OMR 9,500 cash and signing a note payable for OMR 10,500. 7 June The Company completed OMR 14,000 of engineering services for a client. This amount is to be received in 30 days. 8 June The Company purchased OMR 1,150 of additional office equipment on credit. 9 June The Company completed engineering services for OMR 22,000 on credit. 10 June The Company received a bill for rent of equipment that was used on a recently completed job. The OMR 1,333 rent cost must be paid within 30 days. 11 June The Company collected OMR 7,000 cash in partial payment from the client in June 7 transaction. 12 June The Company paid OMR 1,200 cash for wages to a drafting assistant 13 June The Company paid OMR 1,150 cash to settle the account payable created in June 8 transaction. 14 June The Company paid OMR 925 cash for minor maintenance of its drafting equipment 15 June Aracel withdrew OMR 9,480 cash from the Company for personal use. 16 June The Company received OMR 1,200 as advance payment from customers for services to be rendered next month. 17 June The Company paid OMR 2,500 cash for advertisements on the web during June 18 June The Company paid OMR 2,400 cash for the premium on a 12-month insurance policy. 19 June The Company received utility bill OMR 350. Immediately paid OMR 200 and the remaining to be paid next month. The Company received OMR 2,000 from credit customers. 20 June