ACG 2001-001: Principles of Accounting 1 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 $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 $6,200 cash. Jun. 6 The company purchased $20,000 of additional drafting equipment by paying $9,500 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. 9 The company completed engineering services for $22,000 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. 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. Jun General Journal General Ledger Trial Balance Income Statement St Retained Earnings Requirement Balance Sheet Impact on Equity The income statement reports the change in equity attributable to the operation of the business 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? Show less Connect Assignments ACG 2021 00 Brinciples of Accounting 1 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. pped General Requirement Income St Retained Journal General Ledger Trial Balance Impact on Balance Sheet Statement Earnings Equity The income statement reports the change in equity attributable to the operation of the business 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? Show less Book ARACEL ENGINEERING Income Statement For Month Ended June 30, 2018 Print erences (Trial Balance St Retained Earnings>
