Help Save & Exit Submit Submit Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $175,000 cash, office equipment with a value of $8.100, and $63,000 of drafting equipment to launch the company in exchange for common stock b. The company purchased land worth $58,000 for an office by paying $8,800 cash and signing a long-term note payable for $49.200 c. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b. d. The company paid $2,200 cash for the premium on an 18-month insurance policy e. The company completed and delivered a set of plans for a client and collected $9.700 cash 1. The company purchased $34,000 of additional drafting equipment by paying $11,200 cash and signing a long-term note payable for $22.800 9. The company completed $19,000 of engineering services for a client. This amount is to be received in 30 days h. The company purchased $1500 of additional office equipment on credit. 1. The company completed engineering services for $21,000 on credit J. The company received a bill for rent of equipment that was used on a recently completed job. The $1,467 rent cost must be paid within 30 days k. The company collected $6,000 cash in partial payment from the client described in transaction 1. The company paid $1,300 cash for wages to a drafting assistant m. The company paid $1,500 cash to settle the account payable created in transaction n. The company paid $1005 cash for minor maintenance of its drafting equipment o. The company paid $10.770 cash in dividends. p. The company paid $1,300 cash for wages to a drafting assistant 4. The company paid $3,300 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) Building (170): Land (172): Accounts Payable (2011: Notes Payable (250) Common Stock (307): Dividends (319), Engineering Fees Earned (402); Wages Expense (601). Equipment Rental Expense (602); Advertising Expense (603); 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. Jenna Aracel, the owner, invested $175,000 cash, office equipment with a value of $8,100, and $63,000 of drafting equipment to launch the company in exchange for common stock. Note: Enter debits before credits. Tranasaction Account Title Debit Credit The company purchased land worth $58,000 for an office by paying $8,800 cash and signing a long-term note payable for $49,200. Note: Enter debits before credits. Tranasaction Account Title Debit Credit b The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b. Note: Enter debits before credits Tranasaction Account Title Debit Credit The company paid $2,200 cash for the premium on an 18-month insurance policy Note: Enter debits before credits Account Title Tranasaction d Debit Credit The company completed and delivered a set of plans for a client and collected $9,700 cash. Note: Enter debits before credits Tranasaction Account Title Debit Credit e The company purchased $34,000 of additional drafting equipment by paying $11,200 cash and signing a long-term note payable for $22,800. Note: Enter debits before credits Tranasaction Account Title Debit Credit The company completed $19,000 of engineering services for a client. This amount is to be received in 30 days. Note: Enter debits before credits Tranasaction Account Title Debit Credit 9 The company purchased $1,500 of additional office equipment on credit. Note: Enter debits before credits Tranasaction Account Title Debit Credit h The company completed engineering services for $21,000 on credit. Note: Enter debits before credits Tranasaction Account Title Debit Credit The company received a bill for rent of equipment that was used on a recently completed job. The $1,467 rent cost must be paid within 30 days. Note: Enter debits before credits Tranasaction Account Title Debit Credit The company collected $6,000 cash in partial payment from the client described in transaction g. Note: Enter debits before credits Tranasaction Account Title Debit Credit K The company paid $1,500 cash to settle the account payable created in transaction h. Note: Enter debits before credits Tranasaction Account Title Debit Credit m The company paid $1,005 cash for minor maintenance of its drafting equipment. Note: Enter debits before credits. Tranasaction Account Title Debit Credit n The company paid $1,300 cash for wages to a drafting assistant. Note: Enter debits before credits Tranasaction Account Title Debit Credit P The company paid $3,300 cash for advertisements on the Web during June. Note: Enter debits before credits Tranasaction Account Title Debit Credit 9
