Homework Help: accounting help

Posted by hello on Saturday, May 31, 2008 at 8:20pm.

How to prepare this entries
Preparing and posting journal entries; preparing a trial balance
Shelton Engineering completed the following transactions in the month of June.
a. Shania Shelton, the owner, invested $105,000 cash, office equipment with a value of $6,000, and
$45,000 of drafting equipment to launch the business.
b. Purchased land worth $54,000 for an office by paying $5,400 cash and signing a long-term note
payable for $48,600.
c. Purchased a portable building with $75,000 cash and moved it onto the land acquired in b.
d. Paid $6,000 cash for the premium on an 18-month insurance policy.
e. Completed and delivered a set of plans for a client and collected $5,700 cash.
f. Purchased $22,500 of additional drafting equipment by paying $10,500 cash and signing a longterm
note payable for $12,000.
g. Completed $12,000 of engineering services for a client. This amount is to be received in 30 days.
h. Purchased $2,250 of additional office equipment on credit.
i. Completed engineering services for $18,000 on credit.
j. 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.
k. Collected $7,200 cash in partial payment from the client described in transaction g.
l. Paid $1,500 cash for wages to a drafting assistant.
m. Paid $2,250 cash to settle the account payable created in transaction h.
n. Paid $675 cash for minor repairs to the drafting equipment.
o. Shelton withdrew $9,360 cash for personal use.
p. Paid $1,500 cash for wages to a drafting assistant.
q. Paid $3,000 cash for advertisements in the local newspaper during June.

accounting help - SraJMcGin, Sunday, June 1, 2008 at 9:23am
Thank you for using the Jiskha Homework Help Forum. Try the following:

1. http://www.college-cram.com/study/accounting/presentations/725

2. (Yahoo): http://answers.yahoo.com/question/index?qid=20080416082234AAnFcUm

3. (Overview): http://www.netmba.com/accounting/fin/process/

4. (Summary): http://highered.mcgraw-hill.com/sites/0072396881/student_view0/chapter3/chapter_summary.html

5. (tutorial): ***(Looks exceptionally good)http://www.middlecity.com/

6. (tutorial): http://www.fso.arizona.edu/training/tutorials/accounting/

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