June 1 Sarah Walker, the owner, invested $112,000 cash, office equipment with a value of $8,000, and $66,000 of drafting equipment to launch the company in exchange for common stock. June 2 The company purchased land worth $52,000 for an office by paying $10,500 cash and signing a long-term note payable for $41,500. June 3 The company purchased a portable building with $52,000 cash and moved it onto the land acquired on June 2. June 4 The company paid $4,800 cash for the premium on an 18-month insurance policy. June 5 The company completed and delivered a set of plans for a client and collected $8,600 cash. June 6 The company purchased $23,600 of additional drafting equipment by paying $12,500 cash and signing a long-term note payable for $11,100. June 7 The company completed $18,800 of engineering services for a client. This amount is to be received in 30 days. June 8 The company purchased $1,450 of additional office equipment on credit. June 9 The company completed engineering services for $23,200 on credit. June 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,600 rent cost must be paid within 30 days. June 12 The company collected $9,400 cash in partial payment from the client billed on June 9. June 14 The company paid $1,200 cash for wages to a drafting assistant. June 17 The company paid $1,450 cash to settle the account payable created in on June 8. June 20 The company paid $1,075 cash for minor maintenance of its drafting equipment. June 23 The company paid $9,600 cash in dividends. June 28 The company paid $1,200 cash for wages to a drafting assistant. June 29 The company paid $2,740 cash for advertisements on the web during June. a. For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger. b. Prepare a balance sheet.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter18: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 1BD

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June 1	Sarah Walker, the owner, invested $112,000 cash, office equipment with a value of $8,000, and $66,000 of drafting equipment to launch the company in exchange for common stock.
June 2	The company purchased land worth $52,000 for an office by paying $10,500 cash and signing a long-term note payable for $41,500.
June 3	The company purchased a portable building with $52,000 cash and moved it onto the land acquired on June 2.
June 4	The company paid $4,800 cash for the premium on an 18-month insurance policy.
June 5	The company completed and delivered a set of plans for a client and collected $8,600 cash.
June 6	The company purchased $23,600 of additional drafting equipment by paying $12,500 cash and signing a long-term note payable for $11,100.
June 7	The company completed $18,800 of engineering services for a client. This amount is to be received in 30 days.
June 8	The company purchased $1,450 of additional office equipment on credit.
June 9	The company completed engineering services for $23,200 on credit.
June 10	The company received a bill for rent of equipment that was used on a recently completed job. The $1,600 rent cost must be paid within 30 days.
June 12	The company collected $9,400 cash in partial payment from the client billed on June 9.
June 14	The company paid $1,200 cash for wages to a drafting assistant.
June 17	The company paid $1,450 cash to settle the account payable created in on June 8.
June 20	The company paid $1,075 cash for minor maintenance of its drafting equipment.
June 23	The company paid $9,600 cash in dividends.
June 28	The company paid $1,200 cash for wages to a drafting assistant.
June 29	The company paid $2,740 cash for advertisements on the web during June.

a. For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger.

b. Prepare a balance sheet.

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