Question

| | ABC Engineering completed the following transactions in the month of June. Judy Carol, the owner, invested $220,000 cash, office equipment with a value of $7,600, and $72,000 of drafting equipment to launch the company in exchange for common stock. The company purchased land worth $60,000 for an office by paying $7,200 cash and signing a long- term note payable for $52,800. The company purchased a portable building with $59.000 cash and moved it onto the land acquired lin #2 4 The company paid $2,700 cash for the premium on an 18-month insurance policy. 5 The company completed and delivered a set of plans for a client and collected $7.900 cash.. The company purchased $26,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $16,500. The company completed $19,000 of engineering services for a client. This amount is to be received in 30 days. 8 The company purchased $1,150 of additional office equipment on credit. 9 The company completed engineering services for $25,000 on credit. The company received a bill for rent of equipment that was used on a recently completed job. The $1,564 rent cost must be paid within 30 days. 11 The company collected $6,000 cash in partial payment from the client described in transaction #7. 12 The company paid $1,700 cash for wages to a drafting assistant. 13 The company paid $1,150 cash to settle the account payable created in transaction #8. 14 The company paid $950 eash for minor maintenance of its drafting equipment. 15 The company paid $9,850 cash in dividends. 16 The company paid $1,000 cash for wages to a drafting assistant. 17 The company paid $3,700 cash for advertisements on the Web during June.

Jounral entry acconts

Answer 1