|Aracel Engineering completed the following transactions in the month of June.|
Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company.
The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a long-term note payable for $42,700.
The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b.
|d.||The company paid $3,000 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 $6,200 cash.|
The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500.
The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days.
|h.||The company purchased $1,150 of additional office equipment on credit.|
|i.||The company completed engineering services for $22,000 on credit.|
The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rent cost must be paid within 30 days.
|k.||The company collected $7,000 cash in partial payment from the client described in transaction g.|
|l.||The company paid $1,200 cash for wages to a drafting assistant.|
|m.||The company paid $1,150 cash to settle the account payable created in transaction h.|
|n.||The company paid $925 cash for minor maintenance of its drafting equipment.|
|o.||Jenna Aracel withdrew $9,480 cash from the company for personal use.|
|p.||The company paid $1,200 cash for wages to a drafting assistant.|
|q.||The company paid $2,500 cash for advertisements on the Web during June.|
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); J. Aracel, Capital (301); J. Aracel, Withdrawals (302); Engineering Fees Earned (402); Wages Expense (601); Equipment Rental Expense (602); Advertising Expense (603); and Repairs Expense (604).
A random sample of 500 pineapples was taken from a large consignment and 65 were found to be bad. show that the standard error of the population of bad ones in a sample o...Aug 24 2020
The Lakeside Electronics Company has two bond issues outstanding. Both bonds pay $100 semiannual interest plus $1,000 at maturity. Bond A has a remaining maturity of 15 y...Mar 29 2020
You own 5 lots of ABB Bhd. Stock currently selling at RM 8.00. You think ABB stock is likely to rally over the next few weeks, yet you cannot risk losing too much. You wa...Apr 18 2021
Which of the following is a disadvantage of exporting as a mode of entry into foreign markets? A. The firm incurs the costs of establishing manufacturing operations in t...Jan 11 2020
The Market for Foreign ExchangeMiddlebury Herbal Products, a United Kingdom based multi-national corporation, is a producer of herbal teas, seasonings, and medicines. The...Nov 30 2019
[Deferred Annuity] If she were to pay for the equipment on an installment basis, for 24 months starting at the beginning of the 6th year under an interest rate of 7.55%, ...Jun 05 2021
Bevel Building Products, Inc., whose common stock is currently selling for 12$ per share, is expected to pay a 1.80$ dividend, and sell for 14.40 one year from now. What ...Jun 10 2021
This question has 6 parts (a - f) Please show all work6. Find the bond values or yields. Assume that the face value of the bonds is $1,000.(a) Consider a bond paying a co...Jun 23 2021
Find dy using implicit differentiation of x + In y = sec y dx Question: 2 Findequation of tangent line at given point x?(cos y)2 – sin y = 0 at (0, 1).Jun 04 2021
A 30-year maturity, 8% coupon bond paying coupons semiannually is callable in five years at a call price of $1,100. The bond currently sells at a yield to maturity of 7% ...Jun 20 2021