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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. Jun. 1 Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and 560,000 of drafting equipment to launch the company in exchange for common stock. Jun. 2 The company purchased land worth 549,000 for an office by paying $6,300 cash and signing a long-term note payable for 542,700. Jun. 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 premiun 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 39,500 cash and signing a long-term note payable for $10,509. Jun. 7 The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days. Jun. The company purchased $1,150 of additional office equipment on credit. Jun. The company completed engineering services for $22,000 on credit. Jun. 10 The company received a bill for rent of equipent that was used on a recently completed Job. The $1,33 rent cost ust be paid within 30 days. Sun. 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 un. 23 The company paid $9,480 cash in dividends. un. 28 The company paid $1,200 cash for wages to a drafting assistant. un. 29 The company paid $2,500 cash for advertisements on the web during June. General General Ledger Requirement St Retained Income Statement Trial Balance Journal Earnings Balance Sh The income statement reports the change in equity attributable to the operation of the business time. Using the dropdown buttons, select the financial statement elements and account til income statement. The account balances will automatically populate. Did the company report n ARACEL ENGINEERING Income Statement For Month Ended June 30, 2018 un. 10 The company received d UIT TUI paid within 30 days. Dun. 12 The company collected $7,000 cash in partial payment from the client billed on Ju 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. General Journal Balance SI Income Statement General Ledger Requirement St Retained Earnings Trial Balance alance Using the dropdown buttons, select the item that accurately describes the values that eith retained earnings. ARACEL ENGINEERING Statement of Retained Earnings For Month Ended June 30, 2018 Retained earnings, June 1, 2018 Add: Less: 9,480 9,480 (9.480) Retained earnings, June 30, 2018 Income Statement Balance Sheet > Requirement with a Journal Cereri Ledger Trial Balance Wome Statement SL Realu Earnings Balance Sheet ol Using the dropdown buttons, select the financial statement elements and account titles to be inc balance sheet. The account balances will automatically populate. ARACEL ENGINEERING Balance Sheet June 30, 2018 1 / / / / / / / / / (9.480) Total equity Total liabilities and equity Jun. 2 The company paid $925 cash for minor maintenance of its drafting equipeet. Jun. 23 The company paid 59,488 cash in dividends. Jun. 28 The company paid $1,200 cash for wages to a drafting assistant. Jun. 29 The company paid $2,5e cash for advertisements on the web during June. General Journal Requirement General Ledger Trial Balance Income Setement St Retained Earnings Balance Sheet Impact on Equity The expanded accounting equation shows the four subsets of equity: Revenues, Expenses, stockholder investments and a Using the dropdown buttons, indicate the impact each transaction has on total equity (if any). Compare the tot amount of equity reported on the balance sheet. Impact on Equity Transaction Jun 1 Jenna Aracel, the owner, invested $100.000 cash office equipment with a value of $5.000, and 560.000 of drafting equipment to launch the company in exchange for common stock Jun. 2 The company purchased and worth $40,000 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 onto the land acquired on June 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 50,200 cash Jun. 6 The company purchased $20.0DD of additional drafting equipment by paying 30,500 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. The company completed engineering ser $22.000 on credit Jun 10 The company receved for rent of equipmen that was used on a recently completed The $1 333 me cost must be paid within 30 days Jun. 12 The company collected 57.000 cash in partia payment from the cented on June Jun 14 The company pod 31.200 cash for wages to dring assistant Jun 17 The company paid $1.150 cash to settle the Count payable created in on June Jun 20 The company paid 5925 cash for minor maintenance of its drafting equipment Jun 23 The company paid 50.400 cash in dividends Jun 28 The company paid $1.200 cash for wages to drafting assistant Jun 20 The company paid 52 500 cash for advertisements on the web during June Total change in equity 0 Requirement General Journal Income General Ledger Trial Balance Trial Balance Statement St Retained Earnings Balance Sheet Impact on Equity The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you must have one or more journal entries that are out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less ARACEL ENGINEERING Trial Balance June 29, 2018 Account Title Credit Debit 22.945 29,000 3,000 6,150 80.000 55.000 49,000 Accounts receivable Prepaid insurance Office equipment Drafting equipment Building Land Accounts payable Notes payable Dividends Engineering fees earned Wages expense -Equipment rental expense Advertising expense Repairs expense Total 333 53,200 9.480 42.200 2.500 $ 261.733 S 96.733

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