Jun. 1 Maria Gonzalez, the owner, invested $108,000 cash, office equipment with a value of $7,000, and $64,000 of drafting equipment to launch the company.Jun. 2 The company purchased land worth $51,000 for an office by paying $9,100 cash and signing a long-term note payable for $41,900.Jun. 3 The company purchased a portable building with $53,000 cash and moved it onto the land acquired on June 2.Jun. 4 The company paid $4,200 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 $7,800 cash.Jun. 6 The company purchased $22,400 of additional drafting equipment by paying $11,500 cash and signing a long-term note payable for $10,900.Jun. 7 The company completed $17,200 of engineering services for a client. This amount is to be received in 30 days.Jun. 8 The company purchased $1,350 of additional office equipment on credit.Jun. 9 The company completed engineering services for $22,800 on credit.Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,500 rent cost must be paid within 30 days.Jun. 12 The company collected $8,600 cash in partial payment from the client billed on June 9.Jun. 14 The company paid $2,000 cash for wages to a drafting assistant.Jun. 17 The company paid $1,350 cash to settle the account payable created in on June 8.Jun. 20 The company paid $1,025 cash for minor maintenance of its drafting equipment.Jun. 23 Maria Gonzalez withdrew $9,560 cash from the company for personal use.Jun. 28 The company paid $2,000 cash for wages to a drafting assistant.Jun. 29 The company paid $2,660 cash for advertisements on the web during June.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".

Name: Jun. 1 Maria Gonzalez, the owner, invested $108,000 cash, office equip
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Description: Jun. 1 Maria Gonzalez, the owner, invested $108,000 cash, office equipment with a value of $7,000, and $64,000 of drafting equipment to launch the company.Jun. 2 The company purchased land worth $51,000 for an office by paying $9,100 cash and signing

Journal Entries record the business transaction in the company books. The journal entry is then…

Answered: pany purchased land worth $51,000 for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 2EA: Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...

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Jun.	1	Maria Gonzalez, the owner, invested $108,000 cash, office equipment with a value of $7,000, and $64,000 of drafting equipment to launch the company.
Jun.	2	The company purchased land worth $51,000 for an office by paying $9,100 cash and signing a long-term note payable for $41,900.
Jun.	3	The company purchased a portable building with $53,000 cash and moved it onto the land acquired on June 2.
Jun.	4	The company paid $4,200 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 $7,800 cash.
Jun.	6	The company purchased $22,400 of additional drafting equipment by paying $11,500 cash and signing a long-term note payable for $10,900.
Jun.	7	The company completed $17,200 of engineering services for a client. This amount is to be received in 30 days.
Jun.	8	The company purchased $1,350 of additional office equipment on credit.
Jun.	9	The company completed engineering services for $22,800 on credit.
Jun.	10	The company received a bill for rent of equipment that was used on a recently completed job. The $1,500 rent cost must be paid within 30 days.
Jun.	12	The company collected $8,600 cash in partial payment from the client billed on June 9.
Jun.	14	The company paid $2,000 cash for wages to a drafting assistant.
Jun.	17	The company paid $1,350 cash to settle the account payable created in on June 8.
Jun.	20	The company paid $1,025 cash for minor maintenance of its drafting equipment.
Jun.	23	Maria Gonzalez withdrew $9,560 cash from the company for personal use.
Jun.	28	The company paid $2,000 cash for wages to a drafting assistant.
Jun.	29	The company paid $2,660 cash for advertisements on the web during June.

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".

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