Question: What am i missing? Problem 2 - 2 A ( Algo ) Preparing and posting journal entries; preparing a trial balance LO A 1 ,

What am i missing? Problem 2-2A (Algo) Preparing and posting journal entries; preparing a trial balance LO A1, P1
Aracel Engineering completed the following transactions in the month of June.
a. J. Arscel, the owner, invested $770,000 cash, office equipment with a value of $6,200, and $77,000 of drafting equipment to launch the company in exchange for common stock.
b. The company purchased land worth $57,000 for an office by paying $9,100 cash and signing a note payable for $47,900.
c. The compary purchased a portable building with $59,000 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 $9,000 cash.
f. The company purchased $21,000 of additional drafting equipment by paying $11,100 cash and signing a note payable for $9,900.
9. The company completed $14,000 of services for a client. This amount is to be received in 30 days.
h. The company purchased $1,650 of additional office equipment on credit.
i. The company completed $23,000 of services for a customer on credit.
J. The company purchased $1,381 of TV advertising on credit.
k. The company collected $8,000 cash in partial payment from the client described in transaction g.
The company paid $2,000 cash for employee wages.
n. The company paid $1,650 cash to settle the account payable created in transaction A.
n. The company paid $905 cash for repairs.
o. The company paid a $10,960 cash dividend.
p. The company paid $1,400 cash for employee wages.
q. The company paid $4,100 cash for advertisements on the Web during dune.
Required:
Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Prepaid Insurance (108); Office Equipment (963); Drating 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).
Post the journal entries from part 1 to the ledger accounts
Prepare a trial balance as of the end of June.
Answer is not complete.
Complete this question by entering your answers in the tabs below.
\table[[\table[[Required],[1]],\table[[Required],[2]],\table[[Required],[3]]]]
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).
Show l
 What am i missing? Problem 2-2A (Algo) Preparing and posting journal

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!