Aracel Engineering completed the following transactions in the month of June.

Aracel Engineering completed the following transactions in the month of June.

  1. Jenna Aracel, the owner, invested $240,000 cash, office equipment with a value of $8,900, and $60,000 of drafting equipment to launch the company.
  2. The company purchased land worth $58,000 for an office by paying $7,500 cash and signing a long-term note payable for $50,500.
  3. The company purchased a portable building with $53,000 cash and moved it onto the land acquired in b.
  4. The company paid $4,300 cash for the premium on an 18-month insurance policy.
  5. The company completed and delivered a set of plans for a client and collected $6,600 cash.
  6. The company purchased $31,000 of additional drafting equipment by paying $10,500 cash and signing a long-term note payable for $20,500.
  7. The company completed $15,500 of engineering services for a client. This amount is to be received in 30 days.
  8. The company purchased $1,900 of additional office equipment on credit.
  9. The company completed engineering services for $30,000 on credit.
  10. The company received a bill for rent of equipment that was used on a recently completed job. The $1,604 rent cost must be paid within 30 days.
  11. The company collected $8,000 cash in partial payment from the client described in transaction g.
  12. The company paid $2,500 cash for wages to a drafting assistant.
  13. The company paid $1,900 cash to settle the account payable created in transaction h.
  14. The company paid $1,180 cash for minor maintenance of its drafting equipment.
  15. Jenna Aracel withdrew $9,610 cash from the company for personal use.
  16. The company paid $1,200 cash for wages to a drafting assistant.
  17. The company paid $2,900 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); J. Aracel, Capital (301); J. Aracel, Withdrawals (302); Engineering Fees Earned (402); Wages Expense (601); Equipment Rental Expense (602); 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.

Show more

Calculate Your Essay Price
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more