Problem: Shelton Engineering completed the following transactions in the month of June.
a. invest $105000 cash, office equipment value $6000, $45000 of drafting equipment to launch business.
b. purchased land worth $54000 for an office by paying $5400 cash and signing a long-term note payable for $48600.
c. purchased a portable building with $75000 cash moved it onto the land acquired in B.
d. Paid $6000 cash for insurance policy.
e. collected $5700 cash from clients.
f. purchased $22500 of equipment by paying $10500 cash and signing a long-term note payable for $12000.
g. completed $12000 services for client. Amount is to be received in 30 days.
h. purchased $2250 of additional office equip. on credit.
i. completed services for $18000 on credit.
j. received bill for rent of equip. for $1200. must be paid in 30 days.
k. collected $7200 cash from client in G.
l. paid $1500 cash for assistant.
m. paid $2250 cash to settle the accounts payable created in transaction H.
n. paid $675 cash for minor repairs.
o. Shelton withdrew $9360 cash.
p. paid $1500 cash for assistant.
q. paid $3000 cash for advertisements.
Required:
Prepare journal entries to record transactions
Post to T-accounts
Prepare a trial balance