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Aracel Engineering_ Journal entries, Ledger accounts and Trial Balance

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Question;Aracel Engineering completed the following transactions in the month of June. a. To launch the company, Jenna Aracel, the owner, invested $160,000 cash, office equipment with a value of $8,700, and $64,000 of drafting equipment in exchange for common stock.b.The company purchased land worth $55,000 for an office by paying $9,000 cash and signing a long-term note payable for $46,000.c.The company purchased a portable building with $58,000 cash and moved it onto the land acquired inb.d.The company paid $3,500 cash for the premium on an 18-month insurance policy.e.The company completed and delivered a set of plans for a client and collected $6,600 cash. f.The company purchased $31,000 of additional drafting equipment by paying $9,800 cash and signing a long-term note payable for $21,200.g.The company completed $19,500 of engineering services for a client. This amount is to be received in 30 days.h.The company purchased $1,500 of additional office equipment on credit.i.The company completed engineering services for $26,000 on credit.j.The company received a bill for rent of equipment that was used on a recently completed job. The $1,533 rent cost must be paid within 30 days.k.The company collected $9,000 cash in partial payment from the client described in transactiong.l.The company paid $2,400 cash for wages to a drafting assistant.m.The company paid $1,500 cash to settle the account payable created in transactionh.n.The company paid $1,165 cash for minor maintenance of its drafting equipment.o.The company paid $10,590 cash in dividends.p.The company paid $1,700 cash for wages to a drafting assistant.q.The company paid $3,300 cash for advertisements on the Web during June. Prepare Journal entries, Ledger accounts and Trial Balance

 

Paper#37246 | Written in 18-Jul-2015

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