Allen Engineering completed the followlng 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 financlal statements. Jun 1 Susan Allen, the owner, invested $132,888 cash, office equipment with a value of $13,88, and $76,8e9 of drafting equipment to launch the company un 2 The company purchased land worth $57,889 for an office by paying $17,589 cash and signing a long-term note payable for $39,588 Jun 3 The company purchased a portable building with $47,898 cash and moved it onto the land acquired on June 2. un 4 The company paid $7,889 cash for the prenium on an 18-month insurance policy un 5The conpany completed and delivered a set of plans for a client and collected $12,688 cash. un 6 The company purchased $29,688 of additional drafting equipment by paying $17,588 cash and signing a long-tern note payable for $12,188 Jun. 7 The conpany completed $26,888 of engineering services for a client. This anount is to be received in 38 days Jun. The company purchased $1,958 of additional office equipment on credit. Jun. 9 The company completed engineering services for $25,288 on credit Jun. 18 The conpany received a bill for rent of equipnent that was used on a recently completed job. The $2,189 rent cost must be paid within 3e days Jun. 12 The conpany collected $13,488 cash in partial paynent fron the client billed on June 9 Jun. 14 The company paid $2,889 cash for wages to a drafting assistant Jun. 17 The conpany paid $1,958 cash to settle the account payable created in on June 8 un. 28 The company paid $1,325 cash for minor maintenance of its drafting equipment Jun. 23 Susan Allen withdrew $9,88e cash from the company for personal use un. 28 The company paid $2,889 cash for wages to a drafting assistant Jun. 29 The company paid $3,149 cash for advertisements on the web during June General Trial Balance Statement Equity Balance Sheet impact on Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions, entering the debits before the credits. Each transaction is automatically posted to the General Ledger and the Trial Balance as soon as you click "Record Entry" Show less ew transaction lst Journal entry worksheet Jun. 1) Susan Allen, the owner, invested $132,000 cash, office equipment with a value of $13,000, and $76,000 of drafting equipment to launch the company. Note: Enter debits before credits. Jun 01 Allen 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 Susan Allen, the owner, invested $132,888 cash, office equipment with a value of $13,88, and $76,8e9 of drafting equipment to launch the company un 2 The company purchased land worth $57,889 for an office by paying $17,589 cash and signing a long-term note payable for $39,580 Jun 3 The company purchased a portable building with $47,898 cash and moved it onto the land acquired on June 2. u 4 The conpany paid $7,889 cash for the prenium on an 18-month insurance policy un. 5The conpany completed and delivered a set of plans for a client and collected $12,688 cash. un 6 The company purchased $29,688 of additional drafting equipment by paying $17,588 cash and signing a long-tern note payable for $12,188 Jun. 7 The conpany completed $26,888 of engineering services for a client. This anount is to be received in 38 days Jun. The company purchased $1,958 of additional office equipment on credit. Jun. 9 The company completed engineering services for $25,288 on credit Jun. 18 The conpany received a bill for rent of equipnent that was used on a recently completed job. The $2,189 rent cost must be paid within 3e days Jun. 12 The conpany collected $13,488 cash in partial paynent fron the client billed on Jne 9. Jun. 14 The company paid $2,889 cash for wages to a drafting assistant Jun. 17 The company paid $1,958 cash to settle the account payable created in on June 8 Jun. 28 The conpany paid $1,325 cash for minor maintenance of its drafting equipment Jun. 23 Susan Allen withdrew $9,88e cash from the company for personal use un. 28 The company paid $2,889 cash for wages to a drafting assistant Jun. 29 The company paid $3,149 cash for advertisements on the web during June Equity Balance Sheet impact on 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 Account Title Credit Total Allen 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 financlal statements. Jun 1 Susan Allen, the owner, invested $132,888 cash, office equipment with a value of $13,88, and $76,8e9 of drafting equipment to launch the company un 2 The company purchased land worth $57,889 for an office by paying $17,589 cash and signing a long-term note payable for $39,580 Jun 3 The company purchased a portable building with $47,898 cash and moved it onto the land acquired on June 2. un 4 The company paid $7,889 cash for the prenium on an 18-month insurance policy un. 5The conpany completed and delivered a set of plans for a client and collected $12,688 cash. un 6 The company purchased $29,688 of additional drafting equipment by paying $17,588 cash and signing a long-tern note payable Jun. 7 The conpany completed $26,888 of engineering services for a client. This anount is to be received in 38 days Jun. The company purchased $1,958 of additional office equipment on credit. Jun. 9 The company completed engineering services for $25,288 on credit Jun. 18 The conpany received a bill for rent of equipnent that was used on a recently completed job. The $2,189 rent cost must be paid within 3e days Jun. 12 The conpany collected $13,488 cash in partial paynent fron the client billed on June 9 Jun. 14 The company paid $2,889 cash for wages to a drafting assistant Jun. 17 The conpany paid $1,958 cash to settle the account payable created in on June 8 un. 28 The company paid $1,325 cash for minor maintenance of its drafting equipment Jun. 23 Susan ALlen withdrew $9,889 cash from the company for personal use un. 28 The company paid $2,889 cash for wages to a drafting assistant Jun. 29 The company paid $3,149 cash for advertisements on the web during June Equityance SheetImpact 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 Income Statement For Month Ended June 30, 2017 Apr 1 Aloan invested $113,689 cash along with office equipment valued at $31,580 in the company Ap 2 The conpany prepaid $15,689 cash for twelve nonths' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts Apr. 3 The company made credit purchases for $9,189 in office equipment and $4,798 in office supplies. Payment is due within 18 days Ap 6 The company completed services for a client and imediately received $7,388 cash. Apr. 9 The company completed a $11,58e project for a client, who must pay within 3 days Apr. 13 The company paid $13,888 cash to settle the account payable created on April 3 Apr. 19 The conpany paid $5,849 cash for the prenium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts Apr. 22 The company received $6,989 cash as partial payment for the work completed on April 9 Apr 25 The conpany completed work for another client for $5,8e on credit Ap 28 Aloan withdrew $5,888 cash from the company for personal use Apr. 29 The conpany purchased $1,788 of additional office supplies on credit Apr. 3 The conpany paid $2,589 cash for this month's utility bill General Trial BalanceStatement St Owners Balance Sheet Equity General FS Impact ournal The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your work by selecting the date on the trial balance tab.) The first two transactions are completed for you! Show less Total Assets Liabilities Net Income T can you go to find each of your answers? Apr. 1 Aloan invests $113,000 cash along with office equipment valued at 31,500 in the company. 0 144,500$ 0 144,500 Apr. 2 The company prepaid $15,600 cash for twelve months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts 144,500 144,500 Apr. 3 The company made credit purchases for $9,100 in office equipment and $4,700 in office supplies. Payment is due within 10 days. Apr. 6 The company completed services for a client and immediately received $7,300 cash. Apr. The company completed a $11,500 project for a client who must pay within 30 days. Apr. 13 account payable created on April 3 Apr. 19 The company paid $5,040 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts cash to settle the company paid Apr payment for the work completed on April 9. Apr client for $5,000 on credit received cash as partial company company completed work for another Apr. 28 Aloan withdrew $5,800 cash from the company for personal use company purchased $1 additiona office supplies on credit. 30 The company paid month's cash for this Brlan Aloan opens a web consulting business called Comic Stand and completes the following transactions In Its first month of Prepare journal entries for each transaction and Identify the financial statement Impact of each entry. The financial statements are automatically generated based on the journal entries recorded. Apr 1 Aloan invested $113,689 cash along with office equipment valued at $31,580 in the company Ap 2 The conpany prepaid $15,689 cash for twelve nonths' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts Apr. 3 The company made credit purchases for $9,189 in office equipment and $4,798 in office supplies. Payment is due within 18 days Apr 6 The conpany completed services for a client and inmediately received $7,388 cash Apr. 9 The company completed a $11,58e project for a client, who must pay within 3 days Apr. 13 The conpany paid $13,888 cash to settle the account payable created on April 3 Apr. 19 The conpany paid $5,849 cash for the prenium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts Ap 22 The company received $6,980 cash as partial payment for the work completed on April 9 Apr 25 The company completed work for another client for $5,83e on credit. Apr. 28 Aloan withdrew $5,868 cash from the company for personal use Apr. 29 The conpany purchased $1,788 of additional office supplies on credit Apr. 3 The company paid $2,589 cash for this month's utility bill General Trial Balance Statement Requirement General ournal St Owners Balance Sheet Equity FS Impact The balance sheet is the accounting equation: Assets Liabilities Equity. Each asset and liability account is reported separately on the balance sheet. Equity includes the ending capital balance from the Statement of Owner's Equity Balance Sheet 1 30, 2017 Assets Cash Office supplies Prepaid insurance Prepaid rent Office equipment Liabilities Accounts payabla Equity B. Aloan, Capital The balance in Aloan's capital account comes from the: Brlan Aloan opens a web consulting business called Comic Stand and completes the following transactions In Its first month of Prepare Jounal entries for each transaction and Identify the financlal statement Impact of each entry. The financial statements are automatically generated based on the Journal entrles recorded Apr 1 Aloan invested $113,689 cash along with office equipment valued at $31,580 in the company Ap 2 The conpany prepaid $15,689 cash for twelve nonths' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts Apr. 3 The company made credit purchases for $9,189 in office equipment and $4,798 in office supplies. Payment is due within 18 days Apr 6 The conpany completed services for a client and inmediately received $7,388 cash Apr. 9 The company completed a $11,58e project for a client, who must pay within 3 days Apr. 13 The company paid $13,888 cash to settle the account payable created on April 3 Apr. 19 The conpany paid $5,849 cash for the prenium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts Apr22 The company received $6,980 cash as partial payment for the work completed on April 9 Apr 25 The conpany completed work for another client for $5,8e on credit Ap 28 Aloan withdrew $5,888 cash from the company for personal use Apr. 29 The conpany purchased $1,788 of additional office supplies on credit Apr. 3 The company paid $2,589 cash for this month's utility bill General Trial Balance Statement Requirement General ournal St Owners Balance Sheet FS Impact Equity There are four subsets of equity: Investments by owners, withdrawals by owners, revenues and expenses. All four subsets are compiled in the Capital account at the end of the period. The ending capital balance is transferred to the equity section of the balance sheet. Statement of Owner's Equity For Month ended A 2017 B. Aloan, Capital April 1, 2017 Add: Net income Less: Withdrawals by owner B. Aloan, Capital, April 30, 2017 Ending capital is transferred to the: Income Statement Balance Sheet