GL0205 (Static) - Based on Problem 2-2A Aracel Engineering Aracel Engineeting 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 Arace1, the orner. Invested \$100,000 cash, office equipaent with o value of 55,000 , and 560 , 00s of drafting equipsient to lounch the company in exchange for comon stack. June 2 The coppany purchased land worth $49, 0e0 for an office by paying 56,300 cash and signing a long-term note payable for $42,700. June 3. The company purchased a portable building with 355 , 000 cash and noved it onto the land acquired on June 2. June 4 the coepany paid \$3, 000 cash for the prealine on an 1s-manth Insurance policy. June 5. The company completed and delivered a set of plons for a client and collected 56,200 cash. June 6 the compary purchased 820,600 of additional drafting equipwent by paying $9, 510 cosh and signing a lang-tern note payable for $18,500. June 7 The coppany conpleted $14,000 of engineering services for a client, This amount is to be received in so days. June A the cospany purchased \$1,150 of additional office equiparent on credit. june 9 The conpany coppleted engineering services for $22, 000 on credit. June 10 The company recelved a bill for rent of equipont that was used on a recently conpleted job. The 51,333 rent cost nust be poid within 30 doys. June 12 the conpany collected 57,000 cash in partial payment fron the client billed an lune 9. June 14 the conpany pald $1,200 cash for woges to a drafting assistant. lune 27 The coopany paid $1,150 cash to settle the account payable created in on June 8. June 20 The company poid 5925 cash for minor maintenance of its drafting equipnent. June 21 the company poid $9,430 cash in dividends. June 28 the company paid $1,200 cash for wages to a drofting assistant. June 29 The coepany paid 32,560 cash for advertisenents on the web during June: June 28 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. General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger. General Ledger Tab - To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Abnormal balances appear in parentheses. Click on any amount to see. the underlying journal entry. Trial Balance Tab - A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. If your trial balance doesn't balance, review your journal entries on the general journal tab. Income Statement rab - Using the dropdown buttons, select the financial statement elements and account tities to be included on the income statement. The account balances will automatically populate. Statement of Retained Earnings Tab - Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the retained earnings balance. Balance Sheet Tab - 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. Impact on Equity Tab - Using the dropdown buttons, indicate the impact each item has on total equity. Compare the total with the amount of equity reported on the balance sheet. Journal entry worksheet 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. Note: Enter debits before credits. 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 $2,580 cash for advertisements on the web during June. 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 alfected that account to ensure that the journal entries are correct. 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? Using the dropdown buttons, select the item that accurately describes the values that either increase or retained earnings. ework i