J. Clark, opened a business called Clark Engineering and recorded the following transactions in its...
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J. Clark, opened a business called Clark Engineering and recorded the following transactions in its first month of operations. June 1 J. Clark, the owner, invested $106,000 cash, office equipment with a value of $6,500, and $63,000 of drafting equipment to launch the company. June 2 The company purchased land worth $50,500 for an office by paying $8,400 cash and signing a note payable for $42,100. June 2 The company purchased a portable building with $53,500 cash and moved it onto the land acquired on June 2. June 2 The company paid $3,900 cash for the premium on a 15-month insurance policy. June 7 The company completed and delivered a set of plans for a client and collected $7,400 cash. June 12 The company purchased $21,800 of additional drafting equipment by paying $11,000 cash and signing a payable for $10,800. June 14 The company completed $16,400 of engineering services for a client. This amount is to be received in 30 days. June 15 The company purchased $1,300 of additional office equipment on credit
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