$10$

Brown Engineering completed the following transactions in the month of June.

$30$ points

Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements.

June $1$ Paul Brown, the owner, invested $$102,000$ cash, office equipment with a value of $$5,500,$ and $$61,000$ of drafting equipment to launch the company in exchange for common stock.

June $2$ The company purchased land worth $$49,500$ for an office by paying $$7,000$ cash and signing a long$-$term note payable for $$42,500.$

June $3$ The company purchased a portable building with $$54,500$ cash and moved it onto the land acquired on June $2.$

June $4$ The company paid $$3,300$ cash for the premium on an $18-$month insurance policy.

June $5$ The company completed and delivered a set of plans for a client and collected $$6,600$ cash.

June $6$ The company purchased $$20,600$ of additional drafting equipment by paying $$10,000$ cash and signing a long$-$term note payable for $$10,600.$

June $7$ The company completed $$14,800$ of engineering services for a client. This amount is to be received in $30$ days.

June $8$ The company purchased $$1,200$ of additional office equipment on credit.

June $9$ The company completed engineering services for $$22,200$ on credit.

June $10$ The company received a bill for rent of equipment that was used on a recently completed job. The $$1,350$ rent cost must be paid within $30$ days.

June $12$ The company collected $$7,400$ cash in partial payment from the client billed on June $9.$

June $14$ The company paid $$1,400$ cash for wages to a drafting assistant.

June $17$ The company paid $$1,200$ cash to settle the account payable created in on June $8.$

June $20$ The company paid $$950$ cash for minor maintenance of its drafting equipment.

June $23$ The company paid $$9,500$ cash in dividends.

June $28$ The company paid $$1,400$ cash for wages to a drafting assistant.

June $29$ The company paid $$2,540$ cash for advertisements on the web during June.

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$\backslash$table$[[$The income statement reports the change in equity attributable to the operation of the betained Earnings during a specific period of$],[$time$.$ Using the dropdown buttons, select the financial statement elements and account titles to be included on the$],[$income statement. The account balances will automatically populate. Did the company report net income or net loss during$],[$the current month?$]]\}],[]]$

$10$

Brown Engineering completed the following transactions in the month of June.

$30$

points

Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements.

June $1$ Paul Brown, the owner, invested $$102,000$ cash, office equipment with a value of $$5,500,$ and $$61,000$ of drafting equipment to launch the company in exchange for common stock.

June $2$ The company purchased land worth $$49,500$ for an office by paying $$7,000$ cash and signing a long$-$term note payable for $$42,500.$

June $3$ The company purchased a portable building with $$54,500$ cash and moved it onto the land acquired on June $2.$

June $4$ The company paid $$3,300$ cash for the premium on an $18-$month insurance policy.

June $5$ The company completed and delivered a set of plans for a client and collected $$6,600$ cash.

June $6$ The company purchased $$20,600$ of additional drafting equipment by paying $$10,000$ cash and signing a long$-$term note payable for $$10,600.$

June $7$ The company completed $$14,800$ of engineering services for a client. This amount is to be received in $30$ days.

June $8$ The company purchased $$1,200$ of additional office equipment on credit.

June $9$ The company completed engineering services for

$10$

Brown Engineeri