Aracel Engineering completed the following transactions in the month of June. a. J. Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company. b. The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a note payable for $42,700. c. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b. d. The company paid $3,000 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $6,200 cash . The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a note payable for $10.500. 9. The company completed $14,000 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,150 of additional office equipment on credit. L. The company completed $22,000 of services for a customer on credit. J. The company purchased $1,333 of TV advertising on credit. k. The company collected $7,000 cash in partial payment from the client described in transaction g. 1. The company paid $1,200 cash for employee wages. m. The company paid $1,150 cash to settle the account payable created in transaction h. n. The company paid $925 cash for repairs. 0. J. Aracel withdrew $9,480 cash from the company for personal use. P. The company paid $1,200 cash for employee wages. 4. The company paid $2,500 cash for advertisements on the Web during June. Required: 1. Prepare general journal entries to record these transactions using the following titles: Cash (101): Accounts Receivable (106); Prepaid Insurance (108): Office Equipment (163); Drafting Equipment (164); Buliding (170): Land (172): Accounts Payable (201): Notes Payable (250); J. Aracel, Capital (301): J. Aracel, Withdrawals (302), Services Revenue (403); Wages Expense (601); Advertising Expense (503); and Repairs Expense (604), 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of the end of June. ving utes: Cash (101); Accounts Receivable (106); Prep Insurance (108); Office Equipment (163); Drafting Equipment (164); Building (170); Land (172); Accounts Payable (201); Notes (250); J. Aracel, Capital (301); 3. Aracel, Withdrawals (302); Services Revenue (403); Wages Expense (601): Advertising Epense (603); and Repairs Expense (604). Show ad View transaction list Journal entry worksheet otv 25 Journal entry worksheet 1 N 3 4 OL 6 7 8 17 The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a note payable for $42,700. Note: Enter debits before credits . Transaction Account Title Debit Credit b View general journal Record entry Clear entry Required 2 > points 1 2 Skloped 6 7 8 17 The company purchased a portable building with $55,000 cash and moved it onto the land acquired In b. eBook Print Note: Enter debits before credits References Transaction Account Title Debit Credit c Record entry Clear entry View general Journal Required 2) Mc Prev 8 of 10 Next Journal entry worksheet 30 points BO oints Journal entry worksheet Journal entry worksheet Ints 3 4 5 8 Skipped 17 The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a note payable for $10,500. eBook Print Note: Enter debits before credits. eferences Transaction Account Title Dobit Credit Record entry Clear entry View general journal 30 Journal entry worksheet points 2 3 4 5 6 Skipped 5 17 The company completed $14,000 of services for a client. This amount is to be received in 30 days. eBook Print Note: Enter debits before credits. References Trannsaction Account Title Dobit Credit 9 Record entry Clear entry View general journal Required 2 Journal entry worksheet ts 1 2. 3 4 5 17 kipped The company purchased $1,150 of additional office equipment on credit. Book Print Note: Enter debits before credits. erences Transaction Account Title Dobit Credit h Record entry Clear entry View general journal Required 2 > Journal entry worksheet Journal entry worksheet View transaction list Journal entry worksheet Ants 1 W.. 7 8 9 10 11 12 17 Skipped The company pald $1,200 cash for employee wages. eBook Print Note: Enter debits before credits. eferences Account Title Debit Credit Yransaction 1 Record entry Clear entry View general Journal Required 2 > N Journal entry worksheet Ints 1 8 9 10 11 12 13 17 Skipped The company paid $1,150 cash to settle the account payable created in transaction h. eBook Print Note: Enter debits before credits. eferences Transaction Account Title Debit Credit m Record entry Clear entry View general journal Journal entry worksheet ents Journal entry worksheet Ints 1 10 11 12 13 14 15 17 Skipped 1. Aracel withdrew $9,480 cash from the company for personal use. eBook Print Note: Enter debits before credits. ferences Transaction Account Title Debit Credit Record entry Clear entry View general Journal Required 2 > Journal entry worksheet 30 Soints Prey 8 of 10 Next >
