| 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. |
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| 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. |
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| c. |
The company purchased a portable building with $75,000 cash and moved it onto the land acquired in b. |
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| 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. |
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| g. |
The company completed $12,000 of engineering services for a client. This amount is to be received in 30 days. |
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| 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. |
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| 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.
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