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x , Wayne Wonder: x G impact on equit Eyebrows. Eyer × D prettylittlething Secure https://newconnect.mheducation.com/flow/connect.html lomework Aracel Engineering completed the following transactions in the month of June a. Jenna Aracel, the owner, invested $240,000 cash, office equipment with a value of $6.600, and $60,000 of drating equipment to launch the company in exchange for common stock b. The company purchased land worth $55,000 for an office by paying $9,000 cash and signing a long-term note payable for $46,000. c. The company purchased a portable building with $58,000 cash and moved it onto the land acqutred in b d. The company paid $3,600 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 $8,700 cash f. The company purchased $25,000 of addtional drafting equipment by paying $12000 cash and signing a long-term note payable for $13,000 g. The company completed $19.500 of engineering services for a client. This amount is to be recerved in 30 days h. The company purchased $1.050 of additional office equipment on L The company completed engineerng services for $20,000 on credt used on a recenty completed job. The $1431 rent cost must be paicd within 30 days k. The company collected $10,000 cash in partial payment from the cient described in transaction g n. The company paid 1050 cach to sene the account peysbie created in transacson h $1,900 cash for wages to a drafting assistant n. The company paid St370 cash for minor maincenance of ins drafting equipment o. The company paid $9,210 cash in dividends p. The company paid $2.400 cash for wages to a drafting assistant The company paid S2.600 casn for adversements on the web during June. Required 1. Prepare general journal entries to record these transactions using the following ttles: Cash (101. Accounts Receivable (106). Prepaid ence ioe Office Equpment n63. Orafting Equipment n64k Building (170) Land (172 Accounts Payable (201 Notes Payable Common Stock (307). Dvidends (319), Engineering Fees Earmed (402), Wages Expense (60h, Equipment Rental Expense (602) (250% Advertising Expense (603) and Repairs Expense (604) 2. Post the journal entnies 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 Required Required 2 Required 3 Prepare a trial balance as of the end of June. 0 Type here to searchExplanation / Answer
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Aracel Engineering General Journal for the month of June Ref Account title Debit Credit a Cash 240000 Office equipment 6600 Drafting equipment 60000 Common stock 306600 b Land 55000 Cash 9000 Note payable 46000 c Building 58000 Cash 58000 d Prepaid insurance 3600 Cash 3600 e Cash 8700 Engineering fe earned 8700 f Drafting equipment 25000 Cash 12000 Note payable 13000 g Accounts receivable 19500 Engineering fe earned 19500 h Office equipment 1050 Accounts payable 1050 i Accounts receivable 20000 Engineering fe earned 20000 j Equipment rental expense 1431 Accounts payable 1431 k Cash 10000 Accounts receivable 10000 l Wages expense 1900 Cash 1900 m Accounts payable 1050 Cash 1050 n Repair expense 1170 Cash 1170 o Dividends 9210 Cash 9210 p Wages expense 2400 Cash 2400 q Advertising expense 2600 Cash 2600Related Questions
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