Can you also do Stacey engineering income statement for month ended June 30, 2018 ( the income statement tab) please and thank you!!
Transcribed Image Text:GLO205 - Based on Problem 2-2A Aracel Englneering
Aracel 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 the
financial statements.
1 Jenna Aracel, the owner, invested siee, eee cash, office equipment with a value of $5,ee0, and $60,000 of drafting equipment
to launch the company in exchange for common stock.
2 The company purchased land worth $49,000 for an office by paying $6,3ee cash and signing a long-term note payable for
$42, 780.
3 The company purchased a portable building with $55,00e cash and moved it onto the land acquired on June 2.
4 The company paid $3,0ee 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, eee of additional drafting equipment by paying $9,500 cash and signing a long-term note payable
for $1e,508.
7 The company completed $14,eee of engineering services for a client. This amount is to be received in 30 days.
8 The company purchased $1,15e 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 rent cost must be
paid within 30 days.
Jun. 12 The company collected $7,e0e cash in partial payment from the client billed on June 9.
Jun. 14 The company paid $1,20e cash for wages to a drafting assistant.
Jun. 17 the company paid $1,15e 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 $9,48e cash in dividends.
Jun. 28 The company paid $1, 200 cash for wages to a drafting assistant.
Jun. 29 The company paid $2,5ee cash for advertisements on the web during June.
General
Jourmal
General
Ledger
Income
Statement
St Retained
Earnings
Requirement
Impact on
Equity
Trial Balance
Balance Sheet
The expanded accounting equation shows the four subsets of equity: Revenues, Expenses, stockholder investments and dividends.
Using the dropdown buttons, indicate the impact each transaction has on total equity (if any). Compare the total with the
amount of equity reported on the balance sheet.
Transaction
Impact on Equity
Jun. 1 Jenna Aracel, the owner, invested $100,000 cash,
office equipment with a value of $5,000, and
S80,000 of drafting equipment to launch the company in
exchange for common stock
Jun. 2 The company purdhased land worth $49,000 for an
office by paying S6,300 cash and signing a long-term note
payable for $42,700.
Jun. 3 The company purchased a portable building with
$55,000 cash and moved it onto the land acquired on June
2.
Jun. 4 The company paid $3,000 cash for the premium on
an 18-month insurance policy.
Jun. 5 The company completed and delivered a set of
plans for a client and collected $6,200 cash.
Jun. 6 The company purchased $20,000 of additional
drafting equipment by paying $0,500 cash and signing a
long-term note payable for S10,500.
Jun. 7 The company completed $14,000 of engineering
services for a client. This amount is to be received in 30
days
Jun. 8 The company purchased $1,150 of additional office
eouinment on credit
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Jun. 29 The company paid $2,500 cash for advertisements on the web during June.
General
Joumal
General
St Retained
Earnings
Requirement
Trial Balance
Income
Impact on
Equity
Ledger
Statement
Balance Sheet
The expanded accounting equation shows the four subsets of equity: Revenues, Expenses, stockholder investments and dividends.
Using the dropdown buttons, indicate the impact each transaction has on total equity (if any). Compare the total with the
amount of equity reported on the balance sheet.
Transaction
Impact on Equity
Jun. 1 Jenna Aracel, the owner, invested $100,000 cash,
office equipment with a value of $5,000, and
$60,000 of drafting equipment to launch the company in
exchange for common stock.
Jun. 2 The company purchased land worth $49,000 for an
office by paying $6,300 cash and signing a long-term note
payable for $42,700.
Jun. 3 The company purchased a portable building with
$55,000 cash and moved it onto the land acquired on June
2.
Jun. 4 The company paid $3,000 cash for the premium on
an 18-month insurance policy.
Jun. 5 The company completed and delivered a set of
plans for a client and collected $0.200 cash.
6 The company purchased S20,000 of additional
Jun.
drafting equipment by paying s0.500 cash and signing a
long-term note payable for $10,500.
Jun. 7 The company completed $14,000 of engineering
services for a client. This amount is to be received in 30
days.
Jun. 8 The company purchased $1,150 of additional office
equipment on credit.
Jun. 9 The company completed engineering services for
522.000 on credit.
Jun. 10 The company received a bill for rent of equipment
that was used on a recently completed job. The $1,333 rent
cost 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.
0.
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 S0,480 cash in dividends.
Jun. 28 The company paid $1,200 cash for wages to a
drafting assistant.
Jun. 20 The company paid $2,500 cash for advertisements
on the web during June.
Total change in equity
< Balance Sheet
Tmpact on Eqdy
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