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Sagot :
1. Preparation of General Journal Entries to record transactions completed by Lancet Engineering in the month of June are as follows:
Journal Entries:
a. Debit Cash (101) $195,000
Debit Office Equipment (163) $8,200
Debit Drafting Equipment (164) $80,000
Credit Common Stock (307) $283,200
b. Debit Land (172) $52,000
Credit Cash (101) $8,900
Credit Notes payable (250) $43,100
c. Debit Building (170) $55,000
Credit Cash (101) $55,000
d. Debit Prepaid Insurance (108) $2,300
Credit Cash (101) $2,300
e. Debit Cash (101) $6,600
Credit Engineering Fees Earned (402) $6,600
f. Debit Drafting Equipment (164) $24,000
Credit Cash (101) $9,600
Credit Notes payable (250) $14,400
g. Debit Accounts Receivable (106) $14,500
Credit Engineering Fees Earned (402) $14,500
h. Debit Office Equipment (163) $1,100
Credit Accounts Payable (201) $1,100
i. Debit Accounts Receivable (106) $23,000
Credit Engineering Fees Earned (402) $23,000
j. Debit Equipment Rental Expense (602) $1,410
Credit Accounts Payable (201) $1,410
k. Debit Cash (101) $8,000
Credit Accounts Receivable (106) $8,000
l. Debit Drafting Equipment (164) $2,500
Credit Cash (101) $2,500
m. Debit Accounts Payable (201) $1,100
Credit Cash (101) $1,100
n. Debit Repairs Expense (604) $970
Credit Cash (101) $970
o. Debit Dividends (319) $10,450
Credit Cash (101) $10,450
p. Debit Wages Expense (601) $2,000
Credit Cash (101) $2,000
q. Debit Advertising Expense (603) $2,500
Credit Cash (101) $2,500
2. The journal entries are posted to the ledger accounts as follows:
Cash (101)
Account Titles Debit Credit
a. Common Stock (307) $195,000
b. Land (172) $8,900
c. Building (170) $55,000
d. Prepaid Insurance (108) $2,300
e. Engineering Fees Earned (402) $6,600
f. Drafting Equipment (164) $9,600
k. Accounts Receivable (106) $8,000
l. Drafting Equipment (164) $2,500
m. Accounts Payable (201) $1,100
n. Repairs Expense (604) $970
o. Dividends (319) $10,450
p. Wages Expense (601) $2,000
q. Advertising Expense (603) $2,500
Balance $114,280
Totals $209,600 $209,600
Accounts Receivable (106)
Account Titles Debit Credit
g. Engineering Fees Earned (402) $14,500
i. Engineering Fees Earned (402) $23,000
k. Cash (101) $8,000
Balance $29,500
Totals $37,500 $37,500
Prepaid Insurance (108)
Account Titles Debit Credit
d. Cash (101) $2,300
Office Equipment (163)
Account Titles Debit Credit
a. Common Stock (307) $8,200
h. Accounts Payable (201) $1,100
Balance $9,300
Drafting Equipment (164)
Account Titles Debit Credit
a. Common Stock (307) $80,000
f. Cash (101) $9,600
f. Notes payable (250) $14,400
l. Cash (101) $2,500
Balance $106,500
Building (170)
Account Titles Debit Credit
c. Cash (101) $55,000
Land (172)
Account Titles Debit Credit
b. Cash (101) $8,900
Notes payable (250) $43,100
Balance $52,000
Accounts Payable (201)
Account Titles Debit Credit
h. Office Equipment (163) $1,100
j. Equipment Rental Expense (602) $1,410
m. Cash (101) $1,100
Balance $1,410
Notes Payable (250)
Account Titles Debit Credit
b. Land (172) $43,100
f. Drafting Equipment (164) $14,400
Balance $57,500
Common Stock (307)
Account Titles Debit Credit
a. Cash (101) $195,000
a. Office Equipment (163) $8,200
a. Drafting Equipment (164) $80,000
Balance $283,200
Total $283,200 $283,200
Dividends (319)
Account Titles Debit Credit
o. Cash (101) $10,450
Engineering Fees Earned (402)
Account Titles Debit Credit
e. Cash (101) $6,600
g. Accounts Receivable (106) $14,500
i. Accounts Receivable (106) $23,000
Balance $44,100
Wages Expense (601)
Account Titles Debit Credit
p. Cash (101) $2,000
Equipment Rental Expense (602)
Account Titles Debit Credit
j. Accounts Payable (201) $1,410
Advertising Expense (603)
Account Titles Debit Credit
q. Cash (101) $2,500
Repairs Expense (604)
Account Titles Debit Credit
n. Cash (101) $970
3. Trial Balance
As of June 30
Account Titles Debit Credit
Cash (101) $114,280
Accounts Receivable (106) 29,500
Prepaid Insurance (108) 2,300
Office Equipment (163) 9,300
Drafting Equipment (164) 106,500
Building (170) 55,000
Land (172) 52,000
Accounts Payable (201) $1,410
Notes Payable (250) 57,500
Common Stock (307) 283,200
Dividends (319) 10,450
Engineering Fees Earned (402) 44,100
Wages Expense (601) 2,000
Equipment Rental Expense (602) 1,410
Advertising Expense (603) 2,500
Repairs Expense (604) 970
Totals $386,210 $386,210
See attachment for full question and Data Analysis.
Learn more about the reason for preparing the trial balance at https://brainly.com/question/13396840
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