Answer:
Jenna Aracel, the owner, invested $205,000 cash, office equipment with a value of $8,200, and $70,000 of drafting equipment to launch the company in exchange for common stock.
Dr Cash 205,000
Dr Office equipment 8,200
Dr Drafting equipment 70,000
Cr Common stock 283,200
The company purchased land worth $56,000 for an office by paying $9,800 cash and signing a long-term note payable for $46,200.
Dr Land 56,000
Cr Cash 9,800
Cr Notes payable 46,200
The company purchased a portable building with $58,000 cash and moved it onto the land acquired in b.
Dr Building 58,000
Cr Cash 58,000
The company paid $4,200 cash for the premium on an 18-month insurance policy.
Dr Prepaid insurance 4,200
Cr Cash 4,200
The company completed and delivered a set of plans for a client and collected $7,600 cash.
Dr Cash 7,600
Cr Engineering fees 7,600
The company purchased $34,000 of additional drafting equipment by paying $10,400 cash and signing a long-term note payable for $23,600.
Dr Drafting equipment 34,000
Cr Cash 10,400
Cr Notes payable 23,600
The company completed $16,000 of engineering services for a client. This amount is to be received in 30 days.
Dr Accounts receivable 16,000
Cr Engineering fees 16,000
The company purchased $1,950 of additional office equipment on credit.
Dr Office equipment 1,950
Cr Accounts payable 1,950
The company completed engineering services for $27,000 on credit.
Dr Accounts receivable 27,000
Cr Engineering fees 27,000
The company received a bill for rent of equipment that was used on a recently completed job. The $1,591 rent cost must be paid within 30 days.
Dr Equipment rental expense
Cr Accounts payable 1,591
The company collected $9,000 cash in partial payment from the client described in transaction g.
Dr Cash 9,000
Cr Accounts receivable 9,000
The company paid $1,100 cash for wages to a drafting assistant.
Dr Wages expense 1,100
Cr Cash 1,100
The company paid $1,950 cash to settle the account payable created in transaction h.
Dr Accounts payable 1,950
Cr Cash 1,950
The company paid $1,110 cash for minor maintenance of its drafting equipment.
Dr Repairs expense 1,110
Cr Cash 1,110
The company paid $9,880 cash in dividends.
Dr Dividends 9,880
Cr Cash 9,880
The company paid $2,000 cash for wages to a drafting assistant.
Dr Wages expense 2,000
Cr Cash 2,000
The company paid $4,300 cash for advertisements on the Web during June.
Dr Advertising expense 4,300
Cr Cash 4,300
