GLO205 - Based on Problem 2-2A Aracel EngineeringAracel Engineering completed the following transactions in the month of June.Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on thefinancial statements:1 Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 ofdrafting equipment to launch the company in exchange for common stock.2 The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a long-term notepayable for $42,700.3 The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2.4 The company paid $3,000 cash for the premium on an 18-month insurance policy.5 The company completed and delivered a set of plans for a client and collected $6,200 cash.6 The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-termnote payable for $10, 500.7 The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days.8 The company purchased $1,150 of additional office equipment on credit.9 The company completed engineering services for $22,000 on credit.Jun.Jun.Jun.Jun.Jun.Jun.Jun.Jun.Jun.Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rentcost must be paid within 30 days.Jun. 12 The company collected $7,000 cash in partial payment from the client billed on June 9.Jun. 14 The company paid $1,200 cash for wages to a drafting assistant.Jun. 17 The company paid $1,150 cash to settle the account payable created in on June 8.Jun. 20 The company paid $925 cash for minor maintenance of its drafting equipment.Jun. 23 The company paid $9,480 cash in dividends.Jun. 28 The company paid $1,200 cash for wages to a drafting assistant.Jun. 29 The company paid $2,500 cash for advertisements on the web during June.O Answer is not complete.St RetainedEarningsImpact onEquityGeneralGeneralIncomeBalance SheetTrial BalanceRequirementJournalLedgerStatement< Prev7 of 8Next >MacBook Air

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Description: GLO205 - Based on Problem 2-2A Aracel EngineeringAracel Engineering completed the following transactions in the month of June.Using the following transactions, record journal entries, create financial statements, and assess the impact of each transa

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,000 cash, office equipment wi- uny in exchange for common stoc. 00 for an office by paying $6,. Bing with $55,000 cash and movee oremium on an 18-month insurance set of plans for a client and cional drafting eguipment by pay

,000 cash, office equipment wi- uny in exchange for common stoc. 00 for an office by paying $6,. Bing with $55,000 cash and movee oremium on an 18-month insurance set of plans for a client and cional drafting eguipment by pay

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

GLO205 - Based on Problem 2-2A Aracel Engineering
Aracel Engineering completed the following transactions in the month of June.
Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the
financial statements:
1 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 in exchange for common stock.
2 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.
3 The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2.
4 The company paid $3,000 cash for the premium on an 18-month insurance policy.
5 The company completed and delivered a set of plans for a client and collected $6,200 cash.
6 The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term
note payable for $10, 500.
7 The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days.
8 The company purchased $1,150 of additional office equipment on credit.
9 The company completed engineering services for $22,000 on credit.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jun. 10 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.
Jun. 12 The company collected $7,000 cash in partial payment from the client billed on June 9.
Jun. 14 The company paid $1,200 cash for wages to a drafting assistant.
Jun. 17 The company paid $1,150 cash to settle the account payable created in on June 8.
Jun. 20 The company paid $925 cash for minor maintenance of its drafting equipment.
Jun. 23 The company paid $9,480 cash in dividends.
Jun. 28 The company paid $1,200 cash for wages to a drafting assistant.
Jun. 29 The company paid $2,500 cash for advertisements on the web during June.
O Answer is not complete.
St Retained
Earnings
Impact on
Equity
General
General
Income
Balance Sheet
Trial Balance
Requirement
Journal
Ledger
Statement
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Forward solutions has the following balances as at September 30 2019
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June 12, 2024 Provide services to customers on account for $33,800. September 17, 2024 Receive $19,000 from customers on account. December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Estimate that 40% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $48,800. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $39,000 from customers for services provided in 2025. Estimate that 40% of accounts receivable at the end of the year will not be received. Required: 1. Record transactions for each date. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. 3. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required…
hi how do we record this in MYOB. Please help me Transactions from early January 2021 2 Obtained a loan of $14,000 from Uncle Oliver (a family relative of Beatrice Reed) at a simple interest rate of 10% per year, Cheque No. 145, ID #CR000001. The principal and interest on the loan are payable in six months time. 3 Received Cheque No. 227 from Pikea for the full amount outstanding on their account, ID #CR000002. 4 Issued Cheque No. 4098 for $10,065 to Mega Tech in payment of Purchase #303 (Supplier Inv#230). 4 Purchased 9 units MePod multimedia players from Pony at $979 each (includes 10% GST), Purchase #306, Supplier Inv#328. Issued Cheque No. 4099 for $3,900 to this supplier for this particular invoice at the time of the purchase. 4 Issued Cheque No. 4100 for $1,320 (includes 10% GST) to Discount Office Supplies for the cash purchase of office supplies. 6 Sold the following items on credit to Jerry Technology, Invoice #3284: 3 units BG90 plasma televisions for…
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