Tonth of June. a. J. Aracel, the owner, invested $245,000 cash, office equipment with a value...

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Tonth of June. a. J. Aracel, the owner, invested $245,000 cash, office equipment with a value of $6,700, and $62,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $53,000 for an office by paying $8,100 cash and signing a note payable for $44,900. c. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b. d. The company paid $4,700 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $7,100 cash. f. The company purchased $34,000 of additional drafting equipment by paying $9,900 cash and signing a note payable for $24,10 g. The company completed $19,500 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,950 of additional office equipment on credit. i. The company completed $29,000 of services for a customer on credit. j. The company purchased $1,529 of TV advertising on credit. k. The company collected $9,000 cash in partial payment from the client described in transaction g. 1. The company paid $1,900 cash for employee wages. m. The company paid $1,950 cash to settle the account payable created in transaction h. n. The company paid $1,115 cash for repairs. o. The company paid a $10,790 cash dividend. p. The company paid $1,500 cash for employee wages. ces q. The company paid $3,000 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. Tonth of June. a. J. Aracel, the owner, invested $245,000 cash, office equipment with a value of $6,700, and $62,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $53,000 for an office by paying $8,100 cash and signing a note payable for $44,900. c. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b. d. The company paid $4,700 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $7,100 cash. f. The company purchased $34,000 of additional drafting equipment by paying $9,900 cash and signing a note payable for $24,10 g. The company completed $19,500 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,950 of additional office equipment on credit. i. The company completed $29,000 of services for a customer on credit. j. The company purchased $1,529 of TV advertising on credit. k. The company collected $9,000 cash in partial payment from the client described in transaction g. 1. The company paid $1,900 cash for employee wages. m. The company paid $1,950 cash to settle the account payable created in transaction h. n. The company paid $1,115 cash for repairs. o. The company paid a $10,790 cash dividend. p. The company paid $1,500 cash for employee wages. ces q. The company paid $3,000 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.

Answer rating: 100% (QA)

1 General Journal Entries a J Aracel invested 245000 cash office equipment 6700 and drafting equipme... View the full answer