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 $iee, eee cash, office equipment with a value of $5,0ee, and $60,e00 of drafting equipnent to launch the company in exchange for common stock. 2 The company purchased land worth $49,eee for an office by paying $6, 300 cash and signing a long-tern 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 $3,00e cash for the premium on an 18-month insurance policy. S The company completed and delivered a set of plans for a client and collected $6,200 cash. 6 The company purchased S2@,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $1e,50. 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,eee on credit. Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. 1e 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,eee 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 $1,15e cash to settle the account payable created in on June 8. Jun. 20 The company paid $925 cash for minor mantenance of its drafting equipment. Jun. 23 The company paid 59,480 cash in dividends. Jun. 28 The company paid S1,200 cash for wages to a drafting assistant. Jun. 29 The company paid $2,5ee cash for advertisements on the web during June. St Retained Earnings Impact on Equity Income General Journal General Ledger Requirement Trial Balance Balance Sheet Statement Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions, entering the debits before the credits. Each transaction is automatically posted to the General Ledger and the Trial Balance as soon as you click "Record Entry".
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 $iee, eee cash, office equipment with a value of $5,0ee, and $60,e00 of drafting equipnent to launch the company in exchange for common stock. 2 The company purchased land worth $49,eee for an office by paying $6, 300 cash and signing a long-tern 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 $3,00e cash for the premium on an 18-month insurance policy. S The company completed and delivered a set of plans for a client and collected $6,200 cash. 6 The company purchased S2@,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $1e,50. 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,eee on credit. Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. Jun. 1e 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,eee 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 $1,15e cash to settle the account payable created in on June 8. Jun. 20 The company paid $925 cash for minor mantenance of its drafting equipment. Jun. 23 The company paid 59,480 cash in dividends. Jun. 28 The company paid S1,200 cash for wages to a drafting assistant. Jun. 29 The company paid $2,5ee cash for advertisements on the web during June. St Retained Earnings Impact on Equity Income General Journal General Ledger Requirement Trial Balance Balance Sheet Statement Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions, entering the debits before the credits. Each transaction is automatically posted to the General Ledger and the Trial Balance as soon as you click "Record Entry".
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Introduction :
The question says Aracel started a business by investing capital into it.
Capital Invested = Cash + Office equipment + Drafting equipment
Notes payable = Total cost of asset - Cash paid
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