Balance sheet
Return to ques GLO205 Based on Problem 2-2A Aracel Engineering 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,e00 cash, office equipnent with a value of $5,000, 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 $6,300 cash and signing a long-term note payable for $42,700 3 The company purchased a portable building with $55,000 cash and noved it onto the land acquired on June 2,1 Jun. Jun. Jun. 4 The conpany paid $3,000 cash for the premium on an 18-month insurance policy. 5 The company conpleted and delivered a set of plans for a client and collected $6,200 cash, 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. Jun. 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 conpleted engineering services for $22,000 on credit. Jun. 10 The conpany received a bill for rent of equipment that was used on a recently completed job. The $1,333 rent cost sust be paid within 30 days. Jun. 12 The company collected $7,000 cash in partial payment from the client described billed on June 9, Jun. 14 The company paid $1,280 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 meintenance 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 advertisenents on the web during June Answer is not complete. General Journal General Ledger Income Statement St Retained Earnings Impact on Equity Requirement Trial Balance Balance Sheet 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 fournal 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, 2017 Completion Return to questlon General Journal General Income Statement St Retained Eamings Impact on Equity Trial Balance Balance Sheet Requirement Ledger Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate. ARACEL ENGINEERING Balance Sheet June 30, 2017 Total equity Total liabilities and equity Impact on Equity
