How to prepare this entries;Preparing and posting journal entries, preparing a trial balance;Shelton Engineering completed the following transactions in the month of June.;a. Shania Shelton, the owner, invested $105,000 cash, office equipment with a value of $6,000, and;$45,000 of drafting equipment to launch the business.;b. Purchased land worth $54,000 for an office by paying $5,400 cash and signing a long-term note;payable for $48,600.;c. Purchased a portable building with $75,000 cash and moved it onto the land acquired in b.;d. Paid $6,000 cash for the premium on an 18-month insurance policy.;e. Completed and delivered a set of plans for a client and collected $5,700 cash.;f. Purchased $22,500 of additional drafting equipment by paying $10,500 cash and signing a longterm;note payable for $12,000.;g. Completed $12,000 of engineering services for a client. This amount is to be received in 30 days.;h. Purchased $2,250 of additional office equipment on credit.;i. Completed engineering services for $18,000 on credit.;j. Received a bill for rent of equipment that was used on a recently completed job. The $1,200 rent;must be paid within 30 days.;k. Collected $7,200 cash in partial payment from the client described in transaction g.;l. Paid $1,500 cash for wages to a drafting assistant.;m. Paid $2,250 cash to settle the account payable created in transaction h.;n. Paid $675 cash for minor repairs to the drafting equipment.;o. Shelton withdrew $9,360 cash for personal use.;p. Paid $1,500 cash for wages to a drafting assistant.;q. Paid $3,000 cash for advertisements in the local newspaper during June.
Paper#25576 | Written in 18-Jul-2015Price : $47