Jenna Aracel, the owner, invested $205,000 cash, office equipment with a value of $5,900, and $67,000 of drafting equipment to launch the company. The company purchased land worth $53,000 for an office by paying $7,500 cash and signing a long-term note payable for $45,500. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b. The company paid $2,200 cash for the premium on an 18-month insurance policy. The company completed and delivered a set of plans for a client and collected $8,200 cash. The company purchased $31,000 of additional drafting equipment by paying $11,000 cash and signing a long-term note payable for $20,000. The company completed $19,000 of engineering services for a client. This amount is to be received in 30 days. The company purchased $1,350 of additional office equipment on credit. The company completed engineering services for $29,000 on credit. The company received a bill for rent of equipment that was used on a recently completed job. The $1,589 rent cost must be paid within 30 days. The company collected $9,000 cash in partial payment from the client described in transaction g. The company paid $1,900 cash for wages to a drafting assistant. The company paid $1,350 cash to settle the account payable created in transaction h. The company paid $1,115 cash for minor maintenance of its drafting equipment. Jenna Aracel withdrew $10,720 cash from the company for personal use. The company paid $1,600 cash for wages to a drafting assistant. The company paid $4,400 cash for advertisements on the Web during June.
What am i missing ?
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Everything is correct except for prepaid insurance. You have to transfer some amount from "prepaid insurance" account to "Insurance expense" account which actually depends on the number of months of the accounting period. Since you do not mention anything about the accounting period, I am not able to do the same.
Jenna Aracel, the owner, invested $205,000 cash, office equipment with a value of $5,900, and $67,000...
Aracel Engineering completed the following transactions in the
month of June.
Jenna Aracel, the owner, invested $155,000 cash, office
equipment with a value of $7,100, and $73,000 of drafting equipment
to launch the company.
The company purchased land worth $55,000 for an office by
paying $7,500 cash and signing a long-term note payable for
$47,500.
The company purchased a portable building with $55,000 cash and
moved it onto the land acquired in b.
The company paid $2,800 cash for the...
Aracel Engineering completed the following transactions in the
month of June.
Jenna Aracel, the owner, invested $155,000 cash, office
equipment with a value of $7,100, and $73,000 of drafting equipment
to launch the company.
The company purchased land worth $55,000 for an office by
paying $7,500 cash and signing a long-term note payable for
$47,500.
The company purchased a portable building with $55,000 cash and
moved it onto the land acquired in b.
The company paid $2,800 cash for the...
a. Jenna Aracel, the owner, invested $235,000 cash, office equipment with a value of $5,200, and $64,000 of drafting equipment to launch the company in exchange for common stock b. The company purchased land worth $59,000 for an office by paying $8,500 cash and signing a long-term note payable for $50,500. c. The company purchased a portable building with $53,000 cash and moved it onto the land acquired in b. d. The company paid $3,500 cash for the premium on...
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $165,000 cash, office equipment with a value of $5,200, and $75,000 of drafting equipment to launch the company. b. The company purchased land worth $50,000 for an office by paying $8,500 cash and signing a long-term note payable for $41,500. c. The company purchased a portable building with $53,000 cash and moved it onto the land acquired in b. d. The company paid...
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $155,000 cash, office equipment with a value of $5,700, and $74,000 of drafting equipment to launch the company. b. The company purchased land worth $58,000 for an office by paying $7,900 cash and signing a long-term note payable for $50,100. c. The company purchased a portable building with $52,000 cash and moved it onto the land acquired in b. d. The company paid...
Aracel Engineering completed the following transactions in the
month of June.
Jenna Aracel, the owner, invested $230,000 cash, office
equipment with a value of $6,300, and $60,000 of drafting equipment
to launch the company in exchange for common stock.
The company purchased land worth $56,000 for an office by
paying $7,500 cash and signing a long-term note payable for
$48,500.
The company purchased a portable building with $59,000 cash and
moved it onto the land acquired in b.
The company...
Aracel Engineering completed the following transactions in the month of June. a. 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 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...
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $175,000 cash, office equipment with a value of $8,100, and $63,000 of drafting equipment to launch the company in exchange for common stock b. The company purchased land worth $58,000 for an office by paying $8,800 cash and signing a long-term note payable for c. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b....
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $155,000 cash, office equipment with a value of $5,700, and $74,000 of drafting equipment to launch the company. b. The company purchased land worth $58,000 for an office by paying $7,900 cash and signing a long-term note payable for $50,100. c. The company purchased a portable building with $52,000 cash and moved it onto the land acquired in b. d. The company paid...