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September 17, 2014

Homework Help: Accounting- Help Please

Posted by Kim on Wednesday, April 16, 2008 at 11:23am.

Accounting Help-Preparing and posting journal entries; and preparing a trial balance.?
Shelton Engineering completed the following transaction in the month of June.
Received a bill for rent of equipment that was used on a recently completed job. The 1,200 rent must be paid within 30 days.

Collected 7,200 cash in partial payment from the client described in transaction (g)
transaction (G)- Completed 12,000 of engineering services for a client . This amount is to be received in 30 days.
Paid 1,500 cash for wages to a drafting assistant
Paid 2,250 cash to settle the account payable created in transaction (h)
Transaction (H)- Purchased 2,250 of additional office equipment on credit.
Paid 675 cash for minor repairs to the drafting equipment
Shelton withdrew 9,360 cash for personal use
Paid 1,500 cash for wages to a drafting assistant
Paid 3,000 cash for advertisement in the local newspaper during June.

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