Homework Help is Here – Start Your Trial Now!
Business
Accounting
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); Common Stock (307); Dividends (319); 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.

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); Common Stock (307); Dividends (319); 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
None
Aracel Engineering completed the following transactions in the month of June. a. J. Aracel, the owner, invested $225,000 cash, office equipment with a value of $5,900, and $65,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $51,000 for an office by paying $9,600 cash and signing a note payable for $41,400. c. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b. d. The company paid $2,200 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $8,300 cash. f. The company purchased $26,000 of additional drafting equipment by paying $9,700 cash and signing a note payable for $16,300. g. The company completed $20,000 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,050 of additional office equipment on credit. i. The company completed $23,000 of services for a customer on credit. j. The company purchased $1,309 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 $2,400 cash for employee wages. m. The company paid $1,050 cash to settle the account payable created in transaction h. n. The company paid $1,130 cash for repairs. o. The company paid a $9,530 cash dividend. p. The company paid $2,300 cash for employee wages. q. The company paid $4,300 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); Common Stock (307); Dividends (319); 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.
Transcribed Image Text:Aracel Engineering completed the following transactions in the month of June. a. J. Aracel, the owner, invested $225,000 cash, office equipment with a value of $5,900, and $65,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $51,000 for an office by paying $9,600 cash and signing a note payable for $41,400. c. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b. d. The company paid $2,200 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $8,300 cash. f. The company purchased $26,000 of additional drafting equipment by paying $9,700 cash and signing a note payable for $16,300. g. The company completed $20,000 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,050 of additional office equipment on credit. i. The company completed $23,000 of services for a customer on credit. j. The company purchased $1,309 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 $2,400 cash for employee wages. m. The company paid $1,050 cash to settle the account payable created in transaction h. n. The company paid $1,130 cash for repairs. o. The company paid a $9,530 cash dividend. p. The company paid $2,300 cash for employee wages. q. The company paid $4,300 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); Common Stock (307); Dividends (319); 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.
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Double entry bookkeeping system
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS