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Question
Submitted by Asma on Sat, 2012-07-07 11:03
due on Wed, 2012-07-11 10:58
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torado on Sat, 07 Jul 2012
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Acc210 Chapter 2 Exam

Shelton Engineering completed the following transactions in the month of June.

a.

Shana Shelton, the owner, invested $105,000 cash, office equipment with a value of $6,000, and $45,000 of drafting equipment to launch the company in exchange for common stock.

b.

The company purchased land worth $54,000 for an office by paying $5,400 cash and signing a long term note payable for $48,600.

c.

The company purchased a portable building with $75,000 cash and moved it onto the land acquired in b.

d.

The company paid $6,000 cash for the premium on an 18-month insurance policy.

e.

The company completed and delivered a set of plans for a client and collected $5,700 cash.

f.

The company purchased $22,500 of additional drafting equipment by paying $10,500 cash and signing a long-term note payable for $12,000.

g.

The company completed $12,000 of engineering services for a client. This amount is to be received in 30 days.

h.

The company purchased $2,250 of additional office equipment on credit.

i.

The company completed engineering services for $18,000 on credit.

j.

The company received a bill for rent of equipment that was used on a recently completed job. The $1,200 rent cost must be paid within 30 days.

k.

The company collected $7,200 cash in partial payment from the client described in transaction g.

l.

The company paid $1,500 cash for wages to a drafting assistant.

m.

The company paid $2,250 cash to settle the account payable created in transaction h.

n.

The company paid $675 cash for minor maintenance of its drafting equipment.

o.

The company paid $9,360 cash for dividends.

p.

The company paid $1,500 cash for wages to a drafting assistant.

q.

The company paid $3,000 cash for advertisements in the local newspaper during June.

Required:

1.

Record these transactions using the following titles: Cash, Accounts Receivable, Prepaid Insurance, Office Equipment, Drafting Equipment, Building, Land, Accounts Payable, Notes Payable, Common Stock, Dividends, Engineering Fees Earned, Wages Expense, Equipment Rental Expense, Advertising Expense, and Repairs Expense.(Omit the "$" sign in your response.)

Answer
Submitted by Asma on Sat, 2012-07-07 11:05
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xxxxxxxx file is attached.

file1.doc preview (564 words)

Problem 2-2A xxx xxxxxxxxx

xxxx xx

a. xxxxxxxxxxxxxxxxxx xx

xxxxxxxx Equipment 163 6,000

Drafting xxxxxxxxxxxxxxxxxxxx

S. Shelton, xxxxxxxxxxxxxxxxxxxxx

Owner xxxxxxxx xxxx xxx xxxxxxxxxxx

xxxxxxxxxxxxxxxxxxxx xx

xxxxxxxxxxxxxxxxxxx

xxxxxxx xxxxxxxxxxxxxxxxxxxx

Purchased xxxx xxxx cash xxx xxxx payable.

c. Building 170 75,000

xx xxxxxxxxx xxxxxxx

Purchased building.

xxxxxxxxxxx Insurance 108 6,000

xxxxxxxxxxxxxxxxxxx

xxxxxxxxxxx 18-month insurance xxxxxxxx

e. Cash 101 5,700

xxxxxxxxxxxxxx xxxx Earned 402 5,700

xxxxxxxxxxx cash xxx xxxxxxxxx work.

f. Drafting Equipment 164 22,500

xxxxxxxxxxxxxxxxxxxx

xxxx xxxxxxxxxxxxxxxxxxxx

xxxxxxxxxxx equipment with cash xxx xxxx payable.

g. Accounts Receivable 106 12,000

Engineering Fees Earned 402 12,000

xxxxxxxxxxx xxxxxxxx for client.

xxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxx

Accounts Payable 201 2,250

Purchased equipment on xxxxxxxx

xx xxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxx

Engineering xxxx xxxxxxxxxxxxxxxxxxx

Billed xxxxxx for completed work.

xxx

Problem 2-2A xxxxx 1 Continued)

j. Equipment Rental Expense 602 1,200

xxxxxxxxxxx xxxxxxxxxxxxxxxxxxx

xxxxxxxxxx xxxxxxxxx rental xxxxxxxxx

k. Cash 101 7,200

xxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxx

Collected cash xx xxxxxxxxx

l. Wages xxxxxxxxxxxxxxxxxxxx

Cash 101 xxxxxx

Paid assistant’x xxxxxxx

m. Accounts xxxxxxxxxxxxxxxxxxxx

xxxCash 101 xxxxxx

xxxx xxxxxx xxx xx xxxxxxxxx

n. Repairs Expense 604 675

xxxxxxxxxxxxxxxxxx

xxxxxxx xxx repair xx xxxxxxxxxx

o. S. xxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxx

Cash 101 9,360

xxxxxx xxxxxxxxx for personal xxxxx

p. Wages Expense 601 1,500

Cash 101 1,500

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Answer
Submitted by mehedi244273 on Tue, 2012-07-10 06:37
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SOLVED Shelton Engineering completed the following transactions in the month of June

body preview (17 words)

xxxxx SOLVED Shelton Engineering xxxxxxxxx xxx following transactions in the month of June... xxxxxxx xx see xxxx

file1.doc preview (461 words)

Shelton xxxxxxxxxxx completed the xxxxxxxxx xxxxxxxxxxxx xx the xxxxx xx xxxxxx

xxxxx Shelton, xxx xxxxxx invested $105,000 xxxxx office xxxxxxxxx with a xxxxx of xxxxxxx xxx $45,000 of xxxxxxxx xxxxxxxxx xx xxxxxx xxx xxxxxxx xx exchange for xxxxxx xxxxxx

xxxxxxxx

xx

xx

xxxx

105000

Office xxxxxxxxx

xxxx

xxxxxxxx xxxxxxxxx

45000

Common xxxxx

156000

xxx xxxxxxx xxxxxxxxx land worth $54,000 for xx xxxxxx by xxxxxx $5,400 xxxx and signing x xxxx xxxx xxxx payable xxx xxxxxxxx

xxxxxxxx

Dr

xx

xxxx

54,000

cash

xxxxx

Long Term xxxxx xxxxxxx

48,600

xxx company xxxxxxxxx a portable building xxxx xxxxxxx xxxx xxx xxxxx it onto xxx land acquired in xx

xxxxx

Dr

xx

xxxxxxxx

xxxxxx

cash

75,000

xxx xxxxxxx paid xxxxxx xxxx for xxx premium on an xxxxxxxx insurance policy.

xx

Dr

Cr

xxxxxxx Insurance

xxxxx

Cash

xxxxx

The company xxxxxxxxx xxx xxxxxxxxx a xxx xx plans xxx a client xxx collected xxxxxx xxxxx

xxx

Dr

Cr

xxxx

xxxxx

xxxxxxxxxxx Fees

xxxxx

xxx xxxxxxx purchased $22,500 of xxxxxxxxxx drafting equipment xx xxxxxx xxxxxxx cash xxx signing x long-term note xxxxxxx xxx $12,000.

xxxxxxxx

Dr

xx

xxxxxxxx xxxxxxxxx

xxxxxx

Cash

10,500

Long xxxx Notes xxxxxxx

xxxxxx

xxx company xxxxxxxxx xxxxxxx

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