GL0205 (Static) - 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.

June 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.
June 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.
June 3	The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2.
June 4	The company paid $3,000 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 $6,200 cash.
June 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.
June 7	The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days.
June 8	The company purchased $1,150 of additional office equipment on credit.
June 9	The company completed engineering services for $22,000 on credit.
June 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.
June 12	The company collected $7,000 cash in partial payment from the client billed on June 9.
June 14	The company paid $1,200 cash for wages to a drafting assistant.
June 17	The company paid $1,150 cash to settle the account payable created in on June 8.
June 20	The company paid $925 cash for minor maintenance of its drafting equipment.
June 23	The company paid $9,480 cash in dividends.
June 28	The company paid $1,200 cash for wages to a drafting assistant.
June 29	The company paid $2,500 cash for advertisements on the web during June.

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? that affected that account to ensure that the journal entries are correct. Show lessa ARACEL ENGINEERING Trial Balance June 29, 2021 >