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 tolaunch 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.

The record of day-to-day transactions in the books of accounts is called journal entries. In a…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200
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