Chapter 2 homework problems

The company paid $1350 cash to settle the account payable in transaction h.

Accounts payable: (left / debit) $1350 Cash: (right / credit) $1350

The company completed $19,000 of engineering service for a client. This amount is to be received in 30 days.

Accounts receivable: (left / debit) $19,000 Engineering Fees Earned: (right / credit) $19,000

The Company completed engineering services for $25,000 on credit.

Accounts receivable: (left / debit) $25,000 Engineering fees earned: (right / credit) $25,000

The company paid $2,800 cash for advertisement on the web during June.

Advertising expense: (left / debit) $2,800 Cash: (right / credit): $2,800

The company purchased a portable building with $59,000 cash and moved it onto the land acquired in b

Building: (left / debit) $59,000 Cash: (right / credit) $59,000

Jenna Aracel the owner invested $220,000 cash, office equipment with a value of $68,000 of drafting equipment to launch the company in exchange for common stock

Cash: $220,000 (left / debit) Office equipment: $7,900 (left / debit) Drafting Equipment: $68,000 (left / debit) Common stock: $295,900 (right / credit)

The company collected $6,000 cash in partial payment from the client described in transaction g

Cash: (left / debit) $6,000 Accounts receivable: (right / credit) $6,000

The company completed and delivered a set of plans for a client and collected $6,300 cash

Cash: (left / debit) $6,300 Engineering fees earned: (right / credit) $6,300

The company paid $9,410 cash in dividends

Dividends: (left / debit) $9,410 Cash: (right / credit) $9,410

The company purchased $22,000 of additional drafting equipment by paying $10,100 cash and signing a long term note payable for $11,900

Drafting Equipment: (left / debit) $22,000 cash: (right / credit) $ 10,100 Note payable: (right / credit) $11,900

the company received a bill for rent of equipment that was used on a recently completed job. The $1330 rent cost must be paid in 30 days.

Equipment rental expense: (left / debit) $1330 Accounts payable: (right / credit) $1330

The company purchased land worth $58,000 for an office by paying $8,700 in cash and signing a long term Note payable for $49,300

Land (Left / debit) $58,000 Note payable:(right / credit) $ 49,300 Cash: (right / credit) $8,700

The company purchased $1350 of additional office equipment on credit

Office equipment: (left / debit) $1350 Accounts payable: (right / credit) $1350

The company paid $2,800 cash for the premium on an 18th month insurance policy

Prepaid Insurance: (left / debit) $2800 Cash:(right / credit) $2800

The company paid $1140 cash for minor maintenance of its drafting equipment.

Repairs expense: (left / debit) $1140 Cash: (right / credit) $1140

The company paid $1,200 cash for wages to a drafting assistant.

Wages expense: (left / debit) $1,200 Cash: (right / credit) $1,200

The company paid $2,300 cash for wages to drafting assistant

Wages expense: (left / debit) $2,300 Cash: (right / credit) $2,300