Reference no: EM13590837

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

a.Jenna Aracel, the owner, invested $215,000 cash, office equipment with a value of $5,100, and $61,000 of drafting equipment to launch the company.

b.The company purchased land worth $50,000 for an office by paying $6,700 cash and signing a long-term note payable for $43,300.

c.The company purchased a portable building with $60,000 cash and moved it onto the land acquired in b.
d. The company paid $2,100 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 $9,500 cash.

f.The company purchased $33,000 of additional drafting equipment by paying $11,000 cash and signing a long-term note payable for $22,000.

g.The company completed $16,000 of engineering services for a client. This amount is to be received in 30 days.

h. The company purchased $1,150 of additional office equipment on credit.

i. The company completed engineering services for $26,000 on credit.

j.The company received a bill for rent of equipment that was used on a recently completed job. The $1,686 rent cost must be paid within 30 days.

k. The company collected $7,000 cash in partial payment from the client described in transactiong.

l. The company paid $2,300 cash for wages to a drafting assistant.

m. The company paid $1,150 cash to settle the account payable created in transaction h.

n. The company paid $1,165 cash for minor maintenance of its drafting equipment.

o. Jenna Aracel withdrew $9,200 cash from the company for personal use.

p. The company paid $1,700 cash for wages to a drafting assistant.

q. The company paid $3,600 cash for advertisements on the Web during June.