Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with doing the trial Balance, please make sure the response is correct otherwise I will thumbs down J. Aracel, the owner, invested

I need help with doing the trial Balance, please make sure the response is correct otherwise I will thumbs down

  1. J. Aracel, the owner, invested $155,000 cash, office equipment with a value of $5,500, and $61,000 of drafting equipment to launch the company.
  2. The company purchased land worth $55,000 for an office by paying $6,900 cash and signing a note payable for $48,100.
  3. The company purchased a portable building with $57,000 cash and moved it onto the land acquired in b.
  4. The company paid $3,700 cash for the premium on an 18-month insurance policy.
  5. The company provided services to a client and collected $7,300 cash.
  6. The company purchased $25,000 of additional drafting equipment by paying $11,800 cash and signing a note payable for $13,200.
  7. The company completed $18,000 of services for a client. This amount is to be received in 30 days.
  8. The company purchased $1,400 of additional office equipment on credit.
  9. The company completed $22,000 of services for a customer on credit.
  10. The company purchased $1,566 of TV advertising on credit.
  11. The company collected $5,000 cash in partial payment from the client described in transaction g.
  12. The company paid $2,000 cash for employee wages.
  13. The company paid $1,400 cash to settle the account payable created in transaction h.
  14. The company paid $945 cash for repairs.
  15. J. Aracel withdrew $9,760 cash from the company for personal use.
  16. The company paid $2,100 cash for employee wages.
  17. The company paid $2,600 cash for advertisements on the Web during June.
image text in transcribed ARACEL ENGINEERING Trial Balance June 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Auditing and Accounting Cases Investigating Issues of Fraud and Professional Ethics

Authors: Jay Thibodeau, Deborah Freier

4th edition

78025567, 978-0078025563

More Books

Students also viewed these Accounting questions

Question

3. Prove statement (10).

Answered: 1 week ago