Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with all 3 required but more so the ledger Aracel Engineering completed the following transactions in the month of June. J. Aracel,
I need help with all 3 required but more so the ledger Aracel Engineering completed the following transactions in the month of June.
- J. Aracel, the owner, invested $175,000 cash, office equipment with a value of $9,000, and $61,000 of drafting equipment to launch the company.
- The company purchased land worth $55,000 for an office by paying $7,700 cash and signing a note payable for $47,300.
- The company purchased a portable building with $59,000 cash and moved it onto the land acquired in b.
- The company paid $4,600 cash for the premium on an 18-month insurance policy.
- The company provided services to a client and collected $6,400 cash.
- The company purchased $23,000 of additional drafting equipment by paying $11,600 cash and signing a note payable for $11,400.
- The company completed $13,500 of services for a client. This amount is to be received in 30 days.
- The company purchased $1,650 of additional office equipment on credit.
- The company completed $22,000 of services for a customer on credit.
- The company purchased $1,426 of TV advertising on credit.
- The company collected $7,000 cash in partial payment from the client described in transaction g.
- The company paid $2,100 cash for employee wages.
- The company paid $1,650 cash to settle the account payable created in transaction h.
- The company paid $965 cash for repairs.
- J. Aracel withdrew $9,090 cash from the company for personal use.
- The company paid $2,000 cash for employee wages.
- The company paid $2,900 cash for advertisements on the Web during June.
Required:
- 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); J. Aracel, Capital (301); J. Aracel, Withdrawals (302); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repairs Expense (604).
- Post the journal entries from part 1 to the ledger accounts.
- Prepare a trial balance as of the end of June.
Aricel brgenesing complobed ire taloeven turakctora in the month it dune Wrish He cenpury 1274,000 I. Tae compary purchased Si P9t at TN advertuing en cade? Aropered
Aracel Engineering completed the following transactions in the month of June.
- J. Aracel, the owner, invested $175,000 cash, office equipment with a value of $9,000, and $61,000 of drafting equipment to launch the company.
- The company purchased land worth $55,000 for an office by paying $7,700 cash and signing a note payable for $47,300.
- The company purchased a portable building with $59,000 cash and moved it onto the land acquired in b.
- The company paid $4,600 cash for the premium on an 18-month insurance policy.
- The company provided services to a client and collected $6,400 cash.
- The company purchased $23,000 of additional drafting equipment by paying $11,600 cash and signing a note payable for $11,400.
- The company completed $13,500 of services for a client. This amount is to be received in 30 days.
- The company purchased $1,650 of additional office equipment on credit.
- The company completed $22,000 of services for a customer on credit.
- The company purchased $1,426 of TV advertising on credit.
- The company collected $7,000 cash in partial payment from the client described in transaction g.
- The company paid $2,100 cash for employee wages.
- The company paid $1,650 cash to settle the account payable created in transaction h.
- The company paid $965 cash for repairs.
- J. Aracel withdrew $9,090 cash from the company for personal use.
- The company paid $2,000 cash for employee wages.
- The company paid $2,900 cash for advertisements on the Web during June.
Required:
- 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); J. Aracel, Capital (301); J. Aracel, Withdrawals (302); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repairs Expense (604).
- Post the journal entries from part 1 to the ledger accounts.
- Prepare a trial balance as of the end of June.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started