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3 years ago

Aracel Engineering completed the following transactions in the month of June.

Business

1 answer:

Greeley [361]3 years ago

6 0

Answer:

Aracel Engineering Ltd.

Journal Entries

Sr. No. Accounts Debit Credit

a. Investments $100,000

Cash $ 100,000

a. Office Equipment $ 5000

Cash $ 5000

Purchase office Equipment

a. Drafting Equipment $ 60,000

Cash $ 60,000

Purchase Drafting Equipment

b. Land $ 49,000

Cash $ 6,300

Note Payable $ 42,700

Purchase Land

c. Building $ 55,000

Cash $ 55,000

Purchase Building

d. Premium for Insurance $ 3000

Cash $ 3000

Paid Cash for Insurance Premium

e. Cash $ 6200

Drafting Services A/c $ 6200

Received Cash for a set of plans (drafts) from a client

f. Drafting Equipment $ 20,000

Cash $ 9500

Notes Payable $ 10,500

Bought equipment for cash and notes payable

g. Account Receivable $ 14,000

Engineering Services $ 14,000

Engineering Services rendered on credit

h. Office Equipment $ 1150

Accounts Payable $ 1150

Office Equipment bought on credit

i. Account Receivable $ 22,000

Engineering Services $ 22,000

Engineering Services rendered on credit

j. Rent Expense $ 1333

Rent Payable $ 1333

Rent to be paid within 30 days

k. Cash $ 7000

Account Receivable $ 7000

Received partial payment as Cash for Engineering services

l. Wages $ 1,200

Cash $ 1,200

Wages Paid

m. Accounts Payable $ 1150

Cash $ 1150

Payment made for office equipment purchased on credit

n. Maintenance ( equipment) $ 925

Cash $ 925

Maintenance charges paid for equipment

o. Drawing Account $ 9,480

Cash $ 9,480

Withdrew cash for personal use

p. Wages $ 1200

Cash $ 1200

Paid wages

q. Advertisements $ 2500

Cash $ 2500

Paid advertisement charges

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