How to post entries? How to list as T-Accounts?
Assignmont on analyzing the transactions, journalizing, posting to the ledger/T-accounts and preparing a trial balance. Instructions: Objective(o): Preparing and posting journal ontries, preparing an unadjusted trial balance for the following: Aracel Engineering completed the following transactions in the month of June. Jenna Aracel, the owner, invested $210,000 in cash, office equipment with a value of $9.200, and $79,000 of drafting equipment to launch the company in exchange for common stock a 1. The company purchased land worth $51,000 for an office by paying $9,300 in cash and signing a long-term note payable for $41,700. b 2. C 3. The company purchased a portable building with $59,000 cash and moved it onto the land acquired in b. d 4. The company paid $2,600 in cash for the premium on an 18-month insurance policy e 5, The company completed and delivered a set of plans for a client and collected $8,700 cash. 6. The company purchased $20,000 of additional drafting equipment by paying $11,700 in cash and signing a long-term note payable for $8,300. q 7. The company completed $18,500 of engineering services for a client. This amount is to be received in 30 days. h 8. The company purchased $1,500 of additional office equipment on credit. 19. The company completed engineering services for $21,000 on credit. The company received a bill for rent of equipment that was used on a recently completed job. The $1,654 rent cost must be paid within 30 days. The company collected $10,000 cash in partial payment from the client described in transaction g. 10. e11. 12. The company paid $1,700 in cash for wages to a drafting assistant. M 13. The company paid $1,500 cash to settle the account payable created in transaction h N 14. The company paid $1,180 in cash for minor maintenance of its drafting equipment 0 15. The company paid $10,500 In cash in dividends P 16. The company paid $1,400 in cash for wages to a drafting assistant Q17. The company paid $2,800 cash for advertisements on the Web during June. Required 1. Open the following ledger accounting and 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 (201): Notes Payable (250); Common Stock (307); Dividends (319); Engineering Fees Eamed (402); Wages Expense (601) Equipment Rental Expense (602): Advertising Expense (603); and Repairs Expense (604). 2 Post the jounal entries to the ledger accounts. NOTE: Use T accounting to represent the ledge for each account 3. Prepare a trial balance as of the end of June to ensure that ending debits and credits are equal in the ledger
