Shana Shelton, the owner, invested $105,000 cash, office equipment with a value

Question

  

Shana Shelton, the owner, invested $105,000 cash, office equipment with a value of $6,000, and $45,000 of drafting equipment to launch the company in exchange for common stock.

The company purchased land worth $54,000 for an office by paying $5,400 cash and signing a long term note payable for $48,600.

The company purchased a portable building with $75,000 cash and moved it onto the land   acquired in b.

The company purchased $22,500 of additional drafting equipment by paying $10,500 cash and signing  a long-term note payable for $12,000.

The company completed $12,000 of engineering services for a client. This amount is to be received in 30 days.

The company received a bill for rent of equipment that was used on a recently completed job. The $1,200 rent cost must be paid within 30 days.

Open the ledger accounts for the account titles referred in part 1 and post the journal entries from part 1 to the ledger accounts and enter the balance after each posting. (Record the transactions in given order. Leave no cells blank - be certain to enter "0" wherever required. Input all amounts as positive values. Omit the "$" sign in your response.)

Shelton Engineering completed the following transactions in the month of June.

Explanation / Answer

p.

Wages Expense

601

1,500

        Cash

101

1,500

     Paid assistant

p.

Wages Expense

601

1,500

        Cash

101

1,500

     Paid assistant

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