Questions by uyost - Page 6

Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements.Jun. 1 Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company in exchange for common stock.Jun. 2 The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a long-term note payable for $42,700.Jun. 3 The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2.Jun. 4 The company paid $3,000 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 $6,200 cash.Jun. 6 The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500.Jun. 7 The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days.Jun. 8 The company purchased $1,150 of additional office equipment on credit.Jun. 9 The company completed engineering services for $22,000 on credit.Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rent cost must be paid within 30 days.Jun. 12 The company collected $7,000 cash in partial payment from the client billed on June 9.Jun. 14 The company paid $1,200 cash for wages to a drafting assistant.Jun. 17 The company paid $1,150 cash to settle the account payable created in on June 8.Jun. 20 The company paid $925 cash for minor maintenance of its drafting equipment.Jun. 23 The company paid $9,480 cash in dividends.Jun. 28 The company paid $1,200 cash for wages to a drafting assistant.Jun. 29 The company paid $2,500 cash for advertisements on the web during June.Required:Journalize the above entires.