Make the journal entries for each of the transactions

Assignment Help Financial Accounting

Reference no: EM132707021

Jun. 1 Melanie Duerr, the owner, invested $150,000 cash, office equipment with a value of $17, 500, and $85, 000 of drafting equipment to launch the company in exchange for common stock. Jun. The company purchased land worth $61, 500 for an office by paying $23, 800 cash and signing a long-term note payable for $37, 700.

Jun. 3 The company purchased a portable building with $42, 500 cash and moved it onto the land acquired on June 2.

Jun. 4 The company paid $10,500 cash for the premium on an 18-month insurance policy. Jun. 5 The company completed and delivered a set of plans for a client and collected $16, 200 cash.

Jun. 6 The company purchased $35,000 of additional drafting equipment by $13, 000. paying $22,000 cash and signing a long-term note payable for Jun.

7 The company completed $34,000 of engineering services for a client. This amount is to be received in 30 days.

Jun. 8 The company purchased $2, 400 of additional office equipment on credit.

Jun. 9 The company completed engineering services for $27,000 on credit.

Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $2, 550 rent cost must be paid within 30 days.

Jun. 12 The company collected $17,000 cash in partial payment from the client described billed on June 9.

Jun. 14 The company paid $1, 400 cash for wages to a drafting assistant.

Jun. 17 The company paid $2, 400 cash to settle the account payable created in on June 8.

Jun. 20 The company paid $1, 550 cash for minor maintenance of its drafting equipment .

Jun. 23 The company paid $9,980 cash in dividends.

Jun. 28 The company paid $1, 400 cash for wages to a drafting assistant.

Jun. 29 The company paid $3, 500 cash for advertisements on the web during June .

Problem 1: Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions, entering the debits before the credits. Each transaction is automatically posted to the General Ledger and the Trial Balance as soon as you click "Record Entry".

Reference no: EM132707021

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