Aracel Engineering completed the following transactions in the month of June. Jenna Aracel, the owner, invested $200,000 cash, office equipment with a value of $7,400, and $75,000 of drafting equipment to launch the company. The company purchased land worth $52,000 for an office by paying $8,200 cash and signing a long-term note payable for $43,800. The company purchased a portable building with $57,000 cash and moved it onto the land acquired in b. The company paid $4,000 cash for the premium on an 18-month insurance policy. The company completed and delivered a set of plans for a client and collected $8,600 cash. The company purchased $21,000 of additional drafting equipment by paying $11,700 cash and signing a long-term note payable for $9,300. The company completed $13,500 of engineering services for a client. This amount is to be received in 30 days. The company purchased $1,950 of additional office equipment on credit. The company completed engineering services for $24,000 on credit. The company received a bill for rent of equipment that was used on a recently completed job. The $1,481 rent cost must be paid within 30 days. The company collected $9,000 cash in partial payment from the client described in transaction g. The company paid $1,800 cash for wages to a drafting assistant. The company paid $1,950 cash to settle the account payable created in transaction h. The company paid $1,000 cash for minor maintenance of its drafting equipment. Jenna Aracel withdrew $10,710 cash from the company for personal use. The company paid $2,200 cash for wages to a drafting assistant. The company paid $2,900 cash for advertisements on the Web during June.
