Home / Questions / Aracel Engineering completed the following transactions in the month of June. Accounting Q
| Aracel Engineering completed the following transactions in the month of June. |
Accounting Question
| a. |
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. |
| b. |
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. |
| c. |
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. |
| f. |
The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500. |
| g. |
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. |
| j. |
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. |
| Required: | |
| 1. |
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). |
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