Help 3. Prepare a trial balance as of April 3U Aracel Engineering completed the
ID: 2331960 • Letter: H
Question
Help 3. Prepare a trial balance as of April 3U Aracel Engineering completed the following transactions in the month of June. Problem 2-2A a. Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and Preparing and pa journal entries; p $60,000 of drafting equipment to launch the company in exchange for common stock. trial balance C3 C4 A1 b. 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. c. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b d. The company paid $3,000 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 $6.200 cash. f. The company purchased $20,000 of additional drafting equipment by paying $9.500 cash and signing a long-term note payable for $10,500. g. The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days h. The company purchased S1,150 of additional office equipment on credit. i. The company completed engineering services for $22,000 on credit. J. 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 k. The company collected $7,000 cash in partial payment from the client described in transaction g. l. The company paid $1,200 cash for wages to a drafting assistant. m. The company paid S1,150 cash to settle the account payable created in transaction h n. The company paid $925 cash for minor maintenance of its drafting equipment. o. The company paid $9,480 cash in dividends. p. The company paid $1,200 cash for wages to a drafting assistant. q. The company paid $2,500 cash for advertisements on the web during June Required 1. Prepare general journal entries to record these trensse sount titles listed in part 2) 2. Open the following ledger accounts--their acconat nobess ase it pareutheses (use the balance col- Check umn format): Cash (101); (163); Drafting Equipment (164); Building (170); Landel,.counta Payble (201); Notes Payable Accou (250); Common Stock (307); Dividends (319); Engineering ees Baned (402 Wages Expense (601); Accou Equipment Rental Expense (602); Advertising Ex journal entries from part I to the accounts and enter the balance ate each posting Accounts Receivable (10)erot08); Office Equipment balance pense (603)s and Repairs Expense (604). Post the 3. Prepare a trial balance as of the end of June. totalsExplanation / Answer
Ans- 1- Gneneral Journal Debit Credit a- Cash 100,000
Office Equipment 5,000
Drafting Equipment 60,000
Common Stock 165,000
b- Land 49,000
Cash 6,300
Notes Payable 42,700
c-Building 55,000
Cash 55,000 d- Prepaid Insurance 3,000
Cash 3,000
e- Cash 6,200
Engineering Fees Earned 6,200
f- Drafting Equipment 20,000
Cash 9,500
Notes Payable 10,500
g- Accounts Receivable 14,000
Engineering Fees Earned 14,000
h- Office Equipment 1,150
Accounts Payable 1,150
i- Accounts Receivable 22,000
Engineering Fees Earned 22,000
j- Equipment Rental Expense 1,333
Accounts Payable 1,333
k- Cash 7,000
Accounts Receivable 7,000
l- Wages Expense 1,200
Cash 1,200
m-Accounts Payable 1,150
Cash 1,150
n- Repair Expense 925
Cash 925
o- Dividends 9,480
Cash 9,480
p- Wages Expense 1,200
Cash 1,200
q- Advertising Expense 2,500
Cash 2,500
2- General Ledger Account
Cash
Balance
38,700
Accounts Receivable
Prepaid Insurance
Office Equipment
Drafting Equipment
Building
Land
Accounts Payable
Long-Term Notes Payable
Common Stock
Dividends
Engineering Fees Earned
Wages Expense
Equipment Rental Expense
Advertising Expense
Repairs Expense
ARACEL ENGINEERING
TRIAL BALANCE
JUNE 30
No. Date Debit CreditBalance
101 a June 30 100,000 100,000 b 6,300 93,700 c 55,00038,700
d 3,000 35,700 e 6,200 41,900 f 9,500 32,400 k 7000 39,400 l 1,200 38,200 m 1,150 37,050 n 925 36,125 o 9,480 26,645 p 1,200 25,445 q 2500 22,945Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.