Aracel Engineering completed the following transactions in the month of June. a. J. Aracel, the owner, invested $230,000 cash, office equipment with a value of $9,200, and $67,000 of drafting equipment to launch the company. b. The company purchased land worth $56,000 for an office by paying $7,700 cash and signing a note payable for $48,300. c. The company purchased a portable building with $57,000 cash and moved it onto the land acquired in b. d. The company paid $2,500 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $7,600 cash. f. The company purchased $23,000 of additional drafting equipment by paying $10,100 cash and signing a note payable for $12,900. g. The company completed $19,500 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,550 of additional office equipment on credit. 1. The company completed $28,000 of services for a customer on credit. J. The company purchased $1,559 of TV advertising on credit. k. The company collected $7,000 cash in partial payment from the client described in transaction g. I. The company paid $2,100 cash for employee wages. m. The company paid $1,550 cash to settle the account payable created in transaction h. n. The company paid $1,170 cash for repairs. o. J. Aracel withdrew $10,700 cash from the company for personal use. p. The company paid $1,400 cash for employee wages. q. The company paid $3,100 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); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repairs Expense (604).. 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of the end of June.
Aracel Engineering completed the following transactions in the month of June. a. J. Aracel, the owner, invested $230,000 cash, office equipment with a value of $9,200, and $67,000 of drafting equipment to launch the company. b. The company purchased land worth $56,000 for an office by paying $7,700 cash and signing a note payable for $48,300. c. The company purchased a portable building with $57,000 cash and moved it onto the land acquired in b. d. The company paid $2,500 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $7,600 cash. f. The company purchased $23,000 of additional drafting equipment by paying $10,100 cash and signing a note payable for $12,900. g. The company completed $19,500 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,550 of additional office equipment on credit. 1. The company completed $28,000 of services for a customer on credit. J. The company purchased $1,559 of TV advertising on credit. k. The company collected $7,000 cash in partial payment from the client described in transaction g. I. The company paid $2,100 cash for employee wages. m. The company paid $1,550 cash to settle the account payable created in transaction h. n. The company paid $1,170 cash for repairs. o. J. Aracel withdrew $10,700 cash from the company for personal use. p. The company paid $1,400 cash for employee wages. q. The company paid $3,100 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); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repairs Expense (604).. 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of the end of June.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Aracel Engineering completed the following transactions in the month of June.
a. J. Aracel, the owner, invested $230,000 cash, office equipment with a value of $9,200, and $67,000 of drafting equipment to
launch the company.
b. The company purchased land worth $56,000 for an office by paying $7,700 cash and signing a note payable for $48,300.
c. The company purchased a portable building with $57,000 cash and moved it onto the land acquired in b.
d. The company paid $2,500 cash for the premium on an 18-month insurance policy.
e. The company provided services to a client and collected $7,600 cash.
f. The company purchased $23,000 of additional drafting equipment by paying $10,100 cash and signing a note payable for
$12,900.
g. The company completed $19,500 of services for a client. This amount is to be received in 30 days.
h. The company purchased $1,550 of additional office equipment on credit.
1. The company completed $28,000 of services for a customer on credit.
J. The company purchased $1,559 of TV advertising on credit.
k. The company collected $7,000 cash in partial payment from the client described in transaction g.
I. The company paid $2,100 cash for employee wages.
m. The company paid $1,550 cash to settle the account payable created in transaction h.
n. The company paid $1,170 cash for repairs.
o. J. Aracel withdrew $10,700 cash from the company for personal use.
p. The company paid $1,400 cash for employee wages.
q. The company paid $3,100 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); Services Revenue (403); Wages Expense (601);
Advertising Expense (603); and Repairs Expense (604)..
2. Post the journal entries 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7ab9f140-81a5-4aaa-b139-9123517da390%2F2aacd88b-9759-45cd-9a91-3cbcc816d6b9%2Fcpuftpo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Aracel Engineering completed the following transactions in the month of June.
a. J. Aracel, the owner, invested $230,000 cash, office equipment with a value of $9,200, and $67,000 of drafting equipment to
launch the company.
b. The company purchased land worth $56,000 for an office by paying $7,700 cash and signing a note payable for $48,300.
c. The company purchased a portable building with $57,000 cash and moved it onto the land acquired in b.
d. The company paid $2,500 cash for the premium on an 18-month insurance policy.
e. The company provided services to a client and collected $7,600 cash.
f. The company purchased $23,000 of additional drafting equipment by paying $10,100 cash and signing a note payable for
$12,900.
g. The company completed $19,500 of services for a client. This amount is to be received in 30 days.
h. The company purchased $1,550 of additional office equipment on credit.
1. The company completed $28,000 of services for a customer on credit.
J. The company purchased $1,559 of TV advertising on credit.
k. The company collected $7,000 cash in partial payment from the client described in transaction g.
I. The company paid $2,100 cash for employee wages.
m. The company paid $1,550 cash to settle the account payable created in transaction h.
n. The company paid $1,170 cash for repairs.
o. J. Aracel withdrew $10,700 cash from the company for personal use.
p. The company paid $1,400 cash for employee wages.
q. The company paid $3,100 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); Services Revenue (403); Wages Expense (601);
Advertising Expense (603); and Repairs Expense (604)..
2. Post the journal entries 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:
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); Services Revenue (403); Wages Expense (601),
Advertising Expense (603); and Repairs Expense (604).
2. Post the journal entries 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 1 Required 2 Required 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); J. Aracel, Capital (301); J. Aracel, Withdrawals (302); Services Revenue (403); Wages Expense (601); Advertising Expense
(603); and Repairs Expense (604).
View transaction list
Journal entry worksheet
<
1
2
3
4
5
6
7
8
1111
17
J. Aracel, the owner, invested $230,000 cash, office equipment with a value of
$9,200, and $67,000 of drafting equipment to launch the company.
>
Show less A](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7ab9f140-81a5-4aaa-b139-9123517da390%2F2aacd88b-9759-45cd-9a91-3cbcc816d6b9%2Fidj4jxd_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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); Services Revenue (403); Wages Expense (601),
Advertising Expense (603); and Repairs Expense (604).
2. Post the journal entries 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 1 Required 2 Required 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); J. Aracel, Capital (301); J. Aracel, Withdrawals (302); Services Revenue (403); Wages Expense (601); Advertising Expense
(603); and Repairs Expense (604).
View transaction list
Journal entry worksheet
<
1
2
3
4
5
6
7
8
1111
17
J. Aracel, the owner, invested $230,000 cash, office equipment with a value of
$9,200, and $67,000 of drafting equipment to launch the company.
>
Show less A
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