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Accounting Help- Preparing and posting journal entries; and preparing a trial balance.?


Shelton Engineering completed the following transaction in the month of June.
Shania Shelton, the owner invested 105,000 cash, office equipment with a value of 6,000, and 45,000 of drafting equipment to launch the business.
Purchased land worth 54,000 for an office by paying 5,400 cash and signming a long-term note payable for 48,600.
Purchased a portable building with 75,000 cash and moved it onto the land acquired in (b).
Paid 6,000 cash for the premium on an 18-month insurance poilcy
Completed and delivered a set of plans for a client and collected 5,700 cash.
Purcahsed 22,500 of additional drafting equipment by paying 10,500 cash and signing a long-term note payable for 12,000
Completed 12,000 of engineering services for a client. this amount is to be received in 30 days
Purchased 2,250 of additional office equipment on credit
Completed engineering services for 18,000 on credit

Your Journal Entries would be as follows:

DR Cash 105000, CR Owner's Equity 105000

DR Office Equipment 6000, CR Owner's Equity 6000

DR Drafting Equipment 45000, CR Owner's Equity 45000

DR Land 54000, CR Cash 5400, CR Notes Payable 48600

DR Building 75000, CR Cash 75000

DR Prepaid Insurance 6000, CR Cash 6000

DR Cash 5700, CR Revenue/Sales 5700

DR Drafting Equipment 22500, CR Cash 10500, CR Notes Payable 12000

DR Accounts Receivable 12000, CR Deferred Revenue 12000

DR Office Equipment 2250, CR Accounts Payable 2250

DR Accounts Receivable 18000, CR Deferred Revenue 18000
(wasn't sure about this transaction I assume it was supposed to worded like the other sales transaction above)

Trial Balance would be as follows:
Cash 13800
Accounts Receivable 30000
Office Equipment 8250
Drafting Equipment 67500
Land 54000
Building 75000
Prepaid Insurance 6000
Total Assets: 254550

Notes Payable 60600
Deferred Revenue 35700
Accounts Payable 2250
Owners Equity 156000
Total Liabilities and Owners Equity: 254550


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