Aracel Engineering completed the following transactions in the month of June. a. J. Aracel, the owner, invested $175,000

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: Aracel Engineering Completed The Following Transactions In The Month Of June A J Aracel The Owner Invested 175 000 1 (216.34 KiB) Viewed 9 times

Aracel Engineering completed the following transactions in the month of June. a. J. Aracel, the owner, invested $175,000 cash, office equipment with a value of $5,400, and $71,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $59,000 for an office by paying $7,900 cash and signing a note payable for $51,100. c. The company purchased a portable building with $54,000 cash and moved it onto the land acquired in b. d. The company paid $2,400 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $6,800 cash. f. The company purchased $31,000 of additional drafting equipment by paying $11,300 cash and signing a note payable for $19,700. g. The company completed $17,500 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,250 of additional office equipment on credit. i. The company completed $21,000 of services for a customer on credit. j. The company purchased $1,347 of TV advertising on credit. k. The company collected $9,000 cash in partial payment from the client described in transaction g. I. The company paid $1,300 cash for employee wages. m. The company paid $1,250 cash to settle the account payable created in transaction h. n. The company paid $930 cash for repairs. o. The company paid a $9,430 cash dividend. p. The company paid $2,000 cash for employee wages. q. The company paid $3,000 cash for advertisements on the Web during June.
← myLakeland - myLakeland X Question 3 - Exam 1 - Chapter X O Chapter 2 homework problems X + - с ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fclass.lakelandcc.edu%252Fwebapps%2... Û ☆ Saved Exam 1- Chapters 1-2 Help Save & Exit Required 1 Required 2 Required 3. 3 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); Wages Expense (601); Advertising Expense (603); and Repairs Expense (604). Show less A 01:22:24 View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 17 > w The company purchased land worth $59,000 for an office by paying $7,900 cash and signing a note payable for $51,100. Note: Enter debits before credits. Account Title Debit Credit Tranasaction b Clear entry View general Journal Mc Graw Hill Record entry < Prev 3 of 3 Next > Submit Update
Journal entry worksheet < 1 2 3 4 5 6 7 8 17 ▪▪▪▪▪ The company purchased land worth $59,000 for an office by paying $7,900 cash and signing a note payable for $51,100. Note: Enter debits before credits. Tranasaction Account Title Debit Credit b Record entry Clear entry View general journal
Journal entry worksheet < 12 3 4 5 6 7 8 17 ‒‒‒‒I The company purchased a portable building with $54,000 cash and moved it onto the land acquired in b. Note: Enter debits before credits. Tranasaction Account Title Debit Credit C Record entry Clear entry View general journal A
Journal entry worksheet < 1 2 3 4 5 6 7 8 17 The company paid $2,400 cash for the premium on an 18-month insurance policy. Note: Enter debits before credits. Tranasaction Account Title Debit Credit d Record entry Clear entry View general journal >
Journal entry worksheet < 1 2 3 4 5 6 7 8 17 The company provided services to a client and collected $6,800 cash. Note: Enter debits before credits. Tranasaction Account Title Debit e Record entry Clear entry Credit View general journal
Journal entry worksheet < 1 2 3 4 5 6 7 8 17 The company purchased $31,000 of additional drafting equipment by paying $11,300 cash and signing a note payable for $19,700. Note: Enter debits before credits. Tranasaction Account Title Debit Credit f Record entry Clear entry View general journal
Journal entry worksheet < 1 2 3 4 5 6 7 8 17 ▪▪▪▪▪ The company completed $17,500 of services for a client. This amount is to be received in 30 days. Note: Enter debits before credits. Tranasaction Account Title Debit Credit g Record entry Clear entry View general journal
Journal entry worksheet < 1 2 3 4 5 6 7 8 17 The company purchased $1,250 of additional office equipment on credit. Note: Enter debits before credits. Tranasaction Account Title Debit Credit h Record entry Clear entry View general journal
Journal entry worksheet < 1 4 5 6 7 8 9 17 ▪▪▪▪▪ The company completed $21,000 of services for a customer on credit. Note: Enter debits before credits. Account Title Debit Tranasaction i Clear entry Record entry Credit View general journal
Journal entry worksheet < 1 5 6 7 8 9 10 The company purchased $1,347 of TV advertising on credit. Note: Enter debits before credits. Account Title Tranasaction j Clear entry Record entry Debit 17 Credit View general journal
Journal entry worksheet < 1 6 7 8 9 10 11 17 .... The company collected $9,000 cash in partial payment from the client described in transaction g. Note: Enter debits before credits. Tranasaction Account Title Debit k Record entry Clear entry Credit View general journal
Journal entry worksheet < 1 8 10 11 The company paid $1,300 cash for employee wages. Note: Enter debits before credits. Tranasaction Account Title Clear entry Record entry 12 ⠀ Debit 17 Credit View general journal >
Journal entry worksheet < 1 9 10 11 12 13 17 The company paid $1,250 cash to settle the account payable created in transaction h. Note: Enter debits before credits. Tranasaction Account Title Debit m Record entry Clear entry Credit View general journal
Journal entry worksheet < 1 9 10 11 12 ‒‒‒‒ The company paid $930 cash for repairs. Note: Enter debits before credits. Tranasaction Account Title n Record entry Clear entry 13 14 ⠀ III Debit 17 Credit View general journal
Journal entry worksheet < 1 10 11 12 13 The company paid a $9,430 cash dividend. Note: Enter debits before credits. Tranasaction Account Title Clear entry Record entry 14 15 ⠀ Debit 17 Credit View general journal
Journal entry worksheet < 1 10 11 12 13 14 ---- The company paid $2,000 cash for employee wages. Note: Enter debits before credits. Tranasaction Account Title р Record entry Clear entry 15 16 Debit 17 Credit View general journal
Journal entry worksheet < 1 10 11 12 13 14 15 16 17 ▪▪▪▪ The company paid $3,000 cash for advertisements on the Web during June. Note: Enter debits before credits. Tranasaction Account Title Debit Credit q Record entry Clear entry View general journal