Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me post the journal entries into the ledger accounts. And help me prepare a trial balance as of the end of June. Problem

Please help me post the journal entries into the ledger accounts. image text in transcribed
image text in transcribed
And help me prepare a trial balance as of the end of June.
image text in transcribed
Problem 2-2A (Algo) Preparing and posting journal entries; preparing a trial balance LO A1, P1 Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $205,000 cash, office equipment with a value of $5,700, and $62,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $52,000 for an offlce by paying $6,700 cash and signing a long-term note payable for $45,300 c. The company purchased a portable building with $60,000 cash and moved it onto the land acquired in b. d. The company paid $4,700 cash for the premium on an 18-month insurance policy e. The company provided services to a client and collected $8,800 cash. f. The company purchased $30,000 of additional drafting equipment by paying $9,100 cash and signing a long-term note payable for $20,900 9. The company completed $18,000 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,850 of additional office equipment on credit. 1. The company completed $22,000 of services for a customer on credit. 1. The company purchased $1,473 of TV advertising on credit. k. The company collected $10,000 cash in partial payment from the client described in transaction 9 L. The company paid $1,200 cash for employee wages. m. The company paid $1,850 cash to settle the account payable created in transaction h. n. The company paid $1,195 cash for repairs o. The company paid a $10,310 cash dividend p. The company paid $2,400 cash for employee woges q. The company paid $4,200 cash for advertisements on the Web during June Required: 1. Prepare general journal entries to record these transections using the following tities Cash (101): Accounts Recelvable (106); Prepaid insurance (108); Office Equipment (163); Drafting Equipment. (164), Bullding (170), Land (172). Accounts Payable (201). Notes Payable (250), Common Stock (307): Dividends (319), Services Revenue (403), Wages Expense (601); Advertsing Expense (603); and Repairs Expense (604) 2. Post the journal entries from part 1 to the ledger accounts 3. Prepare a trial balance os of the end of June Complete this question by entering your answers in the tabs below. Post the joumal entries from part 1 to the ledger accounts 9. The company completed $18,000 of services for a client. This amount is to be recelved in 30 days. h. The company purchased $1,850 of additional office equipment on credit. i. The company completed $22,000 of services for a customer on credit. j. The company purchased $1,473 of TV advertising on credit. k. The company collected $10,000 cash in partial payment from the client described in transaction g. 1. The company paid $1,200 cash for employee wages m. The company paid $1,850 cash to settle the account payable created in transaction h. n. The company paid $1,195 cash for repairs. o. The company paid a $10,310 cash dividend. p. The company paid $2,400 cash for employee wages. q. The company paid $4,200 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 (201); Notes Payable (250); Common Stock (307): Dividends (319); Services Revenue (403); Woges Expense (601); 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. Complete this question by entering your answers in the tabs below. Prepare a trial balance as of the end of June

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

Introduction To Managerial Accounting

Authors: Peter Brewer, Ray Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan

6th Canadian Edition

1260060411, 9781260060416

More Books

Students also viewed these Accounting questions