GLO205 - Based on Problem 2-2A Aracel EngineeringAracel Engineering completed the following transactions in the month of June.Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on thefinancial statements:1 Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 ofdrafting equipment to launch the company in exchange for common stock.2 The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a long-term notepayable for $42,700.3 The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2.4 The company paid $3,000 cash for the premium on an 18-month insurance policy.5 The company completed and delivered a set of plans for a client and collected $6,200 cash.6 The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-termnote payable for $10, 500.7 The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days.8 The company purchased $1,150 of additional office equipment on credit.9 The company completed engineering services for $22,000 on credit.Jun.Jun.Jun.Jun.Jun.Jun.Jun.Jun.Jun.Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rentcost must be paid within 30 days.Jun. 12 The company collected $7,000 cash in partial payment from the client billed on June 9.Jun. 14 The company paid $1,200 cash for wages to a drafting assistant.Jun. 17 The company paid $1,150 cash to settle the account payable created in on June 8.Jun. 20 The company paid $925 cash for minor maintenance of its drafting equipment.Jun. 23 The company paid $9,480 cash in dividends.Jun. 28 The company paid $1,200 cash for wages to a drafting assistant.Jun. 29 The company paid $2,500 cash for advertisements on the web during June.O Answer is not complete.St RetainedEarningsImpact onEquityGeneralGeneralIncomeBalance SheetTrial BalanceRequirementJournalLedgerStatement< Prev7 of 8Next >MacBook Air

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Description: GLO205 - Based on Problem 2-2A Aracel EngineeringAracel Engineering completed the following transactions in the month of June.Using the following transactions, record journal entries, create financial statements, and assess the impact of each transa

Business

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,000 cash, office equipment wi- uny in exchange for common stoc. 00 for an office by paying $6,. Bing with $55,000 cash and movee oremium on an 18-month insurance set of plans for a client and cional drafting eguipment by pay

,000 cash, office equipment wi- uny in exchange for common stoc. 00 for an office by paying $6,. Bing with $55,000 cash and movee oremium on an 18-month insurance set of plans for a client and cional drafting eguipment by pay

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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