Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

how would i put it all together? Checkm Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction

how would i put it all together? image text in transcribed
Checkm Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements 41:06 Jun. 1 Jenna Aracel, the owner, invested $180,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company in exchange for common stock. Jun. 2 The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a long-term note payable for $42,780. Jun. 3 The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2. Jun. 4 The company paid $3,000 cash for the premium on an 18-month insurance policy. Jun. The company completed and delivered a set of plans for a client and collected $6,200 cash. Jun. 6 The company purchased $20,000 of additional drafting equipment by paying $9, see cash and signing a long-term note payable for $19,500. Jun. 7 The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days. Jun. 8 The company purchased $1,150 of additional office equipment on credit. Jun. 9 The company completed engineering services for $22,000 on credit. Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rent cost must be paid within 30 days. Jun. 12 The company collected $7,000 cash in partial payment from the client billed on June 9. Jun. 14 The company paid $1,200 cash for wages to a drafting assistant. Jun. 17 The company, paid $1,150 cash to settle the account payable created in on June 8. Jun. 20 The company paid $925 cash for minor maintenance of its drafting equipment. Jun. 23 The company paid $9, 480 cash in dividends. Jun. 28 The company paid $1,200 cash for wages to a drafting assistant. Jun. 29 The company paid $2,500 cash for advertisements on the web during June. Balance Sheet Balance Income Statement General Journal Equity st Retained Earnings General Ledger Trial Balance Requirement General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits o e s3 W900 @^awag here to search

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Challenges of auditing in governmental organizations and NGO?

Answered: 1 week ago