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Aracel Engineering completed the following transactions in the month of June. J. Aracel, the owner, invested $225,000 cash, office equipment with a value of $8,500, and $62,000 of drafting equipment to launch the company in exchange for common stock. The company purchased land worth $49,000 for an office by paying $6,700 cash and signing a note payable for $42,300. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b. The company paid $4,400 cash for the premium on an 18-month insurance policy. The company provided services to a client and collected $9,500 cash. The company purchased $29,000 of additional drafting equipment by paying $11,800 cash and signing a note payable for $17,200. The company completed $18,000 of services for a client. This amount is to be received in 30 days. The company purchased $1,150 of additional office equipment on credit. The company completed $27,000 of services for a customer on credit. The company purchased $1,575 of TV advertising on credit. The company collected $8,000 cash in partial payment from the client described in transaction g. The company paid $1,400 cash for employee wages. The company paid $1,150 cash to settle the account payable created in transaction h. The company paid $1,075 cash for repairs. The company paid a $10,000 cash dividend. The company paid $2,000 cash for employee wages. The company paid $2,900 cash for advertisements on the Web during June. 1. journal entry 2. entry to ledger account 3. then trial balance

Aracel Engineering completed the following transactions in the month of June. J. Aracel, the owner, invested $225,000 cash, office equipment with a value of $8,500, and $62,000 of drafting equipment to launch the company in exchange for common stock. The company purchased land worth $49,000 for an office by paying $6,700 cash and signing a note payable for $42,300. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b. The company paid $4,400 cash for the premium on an 18-month insurance policy. The company provided services to a client and collected $9,500 cash. The company purchased $29,000 of additional drafting equipment by paying $11,800 cash and signing a note payable for $17,200. The company completed $18,000 of services for a client. This amount is to be received in 30 days. The company purchased $1,150 of additional office equipment on credit. The company completed $27,000 of services for a customer on credit. The company purchased $1,575 of TV advertising on credit. The company collected $8,000 cash in partial payment from the client described in transaction g. The company paid $1,400 cash for employee wages. The company paid $1,150 cash to settle the account payable created in transaction h. The company paid $1,075 cash for repairs. The company paid a $10,000 cash dividend. The company paid $2,000 cash for employee wages. The company paid $2,900 cash for advertisements on the Web during June. 1. journal entry 2. entry to ledger account 3. then trial balance

FINANCIAL ACCOUNTING
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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Aracel Engineering completed the following transactions in the month of June. J. Aracel, the owner, invested $225,000 cash, office equipment with a value of $8,500, and $62,000 of drafting equipment to launch the company in exchange for common stock. The company purchased land worth $49,000 for an office by paying $6,700 cash and signing a note payable for $42,300. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b. The company paid $4,400 cash for the premium on an 18-month insurance policy. The company provided services to a client and collected $9,500 cash. The company purchased $29,000 of additional drafting equipment by paying $11,800 cash and signing a note payable for $17,200. The company completed $18,000 of services for a client. This amount is to be received in 30 days. The company purchased $1,150 of additional office equipment on credit. The company completed $27,000 of services for a customer on credit. The company purchased $1,575 of TV advertising on credit. The company collected $8,000 cash in partial payment from the client described in transaction g. The company paid $1,400 cash for employee wages. The company paid $1,150 cash to settle the account payable created in transaction h. The company paid $1,075 cash for repairs. The company paid a $10,000 cash dividend. The company paid $2,000 cash for employee wages. The company paid $2,900 cash for advertisements on the Web during June. 1. journal entry 2. entry to ledger account 3. then trial balance
Transcribed Image Text:Aracel Engineering completed the following transactions in the month of June. J. Aracel, the owner, invested $225,000 cash, office equipment with a value of $8,500, and $62,000 of drafting equipment to launch the company in exchange for common stock. The company purchased land worth $49,000 for an office by paying $6,700 cash and signing a note payable for $42,300. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b. The company paid $4,400 cash for the premium on an 18-month insurance policy. The company provided services to a client and collected $9,500 cash. The company purchased $29,000 of additional drafting equipment by paying $11,800 cash and signing a note payable for $17,200. The company completed $18,000 of services for a client. This amount is to be received in 30 days. The company purchased $1,150 of additional office equipment on credit. The company completed $27,000 of services for a customer on credit. The company purchased $1,575 of TV advertising on credit. The company collected $8,000 cash in partial payment from the client described in transaction g. The company paid $1,400 cash for employee wages. The company paid $1,150 cash to settle the account payable created in transaction h. The company paid $1,075 cash for repairs. The company paid a $10,000 cash dividend. The company paid $2,000 cash for employee wages. The company paid $2,900 cash for advertisements on the Web during June. 1. journal entry 2. entry to ledger account 3. then trial balance
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