Lancet Engineering completed the following transactions in the month of June. a.

Q: Lancet Engineering completed the following transactions in the month of June. a.

a Dr.cash 195000 Offce equipment 8200 Drafting euipment 8000 J.lancet capital 283200 b Dr.land 52000 cr.cash 8900 Note payable 43100 c Dr. building 55000 r.cash 5500 d Pre paied insurance 2300 Cr.cash 2300 Purschases 18 month insurance policy a Dr.cash 195000 Offce equipment 8200 Drafting euipment 8000 J.lancet capital 283200 b Dr.land 52000 cr.cash 8900 Note payable 43100

ID: 2387315 • Letter: L

Question

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

a. Jenna Lancet, the owner, invested $195,000 cash, office equipment with a value of $8,200, and $80,000 of drafting equipment to launch the company in exchange for its common stock.
b.
The company purchased land worth $52,000 for an office by paying $8,900 cash and signing a long-term note payable for $43,100.
c.
The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b.
d.
The company paid $2,300 cash for the premium on an 18-month insurance policy.
e. The company completed and delivered a set of plans for a client and collected $6,600 cash.
f.
The company purchased $24,000 of additional drafting equipment by paying $9,600 cash and signing a long-term note payable for $14,400.
g.
The company completed $14,500 of engineering services for a client. This amount is to be received in 30 days.
h. The company purchased $1,100 of additional office equipment on credit.
i. The company completed engineering services for $23,000 on credit.
j.
The company received a bill for rent of equipment that was used on a recently completed job. The $1,410 rent cost must be paid within 30 days.
k. The company collected $8,000 cash in partial payment from the client described in transaction g.
l. The company paid $2,500 cash for wages to a drafting assistant.
m. The company paid $1,100 cash to settle the account payable created in transaction h.
n. The company paid $970 cash for minor maintenance of its drafting equipment.
o. The company paid $10,450 cash for dividends.
p. The company paid $2,000 cash for wages to a drafting assistant.
q. The company paid $2,400 cash for advertisements in the local newspaper during June.
Open the following ledger accounts—their account numbers are in parentheses (use the balance column format): 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); Engineering Fees Earned (402); Wages Expense (601); Equipment Rental Expense (602); Advertising Expense (603); and Repairs Expense (604). Post the journal entries from requirement 1 to the accounts and enter the balance after each posting—in the date column enter instead the reference to which transaction from (a) through (q).

The entries from requirement 1:

Please give me a detailed answer with the correct form that the question requires.

Thank you.

Explanation / Answer

Dr.cash

195000

Offce equipment

8200

Drafting euipment

8000

J.lancet capital

283200

Dr.land

52000

cr.cash

8900

Note payable

43100

Dr. building

55000

r.cash

5500

Pre paied insurance

2300

Cr.cash