Aracel Engineering completed the following transactions in
the month of June.
Using the following transactions, record journal entries,
create financial statements, and assess the impact of each transaction on the financial statements.
Jun. 1
Jenna
Aracel, the owner, invested $100,000 cash, office equipment with a value of
$5,000, and $60,000 of drafting equipment to launch the company in exchange for
common stock.
Jun. 2
The
company purchased land worth $49,000 for an office by paying $6,300 cash and
signing a long-term note payable for $42,700.
Jun. 3
The
company purchased a portable building with $55,000 cash and moved it onto the
land acquired on June 2.
Jun. 4
The
company paid $3,000 cash for the premium on an 18-month insurance policy.
Jun. 5
The
company completed and delivered a set of plans for a client and collected
$6,200 cash.
Jun. 6
The
company purchased $20,000 of additional drafting equipment by paying $9,500
cash and signing a long-term note payable for $10,500.
Jun. 7
The
company completed $14,000 of engineering services for a client. This amount is
to be received in 30 days.
Jun. 8
The
company purchased $1,150 of additional office equipment on credit.
Jun. 9
The
company completed engineering services for $22,000 on credit.
Jun. 10
The
company received a bill for rent of equipment that was used on a recently
completed job. The $1,333 rent cost must be paid within 30 days.
Jun. 12
The
company collected $7,000 cash in partial payment from the client described
billed on June 9.
Jun. 14
The
company paid $1,200 cash for wages to a drafting assistant.
Jun. 17
The
company paid $1,150 cash to settle the account payable created in on June 8.
Jun. 20
The
company paid $925 cash for minor maintenance of its drafting equipment.
Jun. 23
The
company paid $9,480 cash in dividends.
Jun. 28
The
company paid $1,200 cash for wages to a drafting assistant.
Jun. 29
The
company paid $2,500 cash for advertisements on the web during June.
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