Lancet Engineering completed the following transactions in the month of June

Lancet Engineering completed the following transactions in the month of June

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Lancet Engineering completed the following transactions in the month of June. a. Jenna Lancet, the owner, invested $195,000 cash, office equipment with a value of $8,200, and $80,000 of drafting equipment to launch the company. b. The company purchased land worth $52,000 for an office by paying $8,900 cash and signing a long- term note payable for $43,100. c. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b . d. The company paid $2,300 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 $6,600 cash. f. The company purchased $24,000 of additional drafting equipment by paying $9,600 cash and signing a long-term note payable for $14,400. g. The company completed $14,500 of engineering services for a client. This amount is to be received in 30 days.
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Unformatted text preview: h. The company purchased $1,100 of additional office equipment on credit. i. The company completed engineering services for $23,000 on credit. j. The company received a bill for rent of equipment that was used on a recently completed job. The $1,410 rent cost must be paid within 30 days. k. The company collected $8,000 cash in partial payment from the client described in transaction g . l. The company paid $2,500 cash for wages to a drafting assistant. m. The company paid $1,100 cash to settle the account payable created in transaction h . n. The company paid $970 cash for minor maintenance of its drafting equipment. o. J. Lancet withdrew $10,450 cash from the company for personal use. p. The company paid $2,000 cash for wages to a drafting assistant. q. The company paid $2,400 cash for advertisements in the local newspaper during June....
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This note was uploaded on 02/15/2012 for the course ACC 101 taught by Professor Jeno'hare during the Spring '12 term at Bunker Hill.

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