Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

GLIDZDS - Based on Problem 2-211 uerr Engineering completed the following transactions in the month ofjune. Using the following transactions.record journalentries.ereate financialstatements, and assess the

image text in transcribed
GLIDZDS - Based on Problem 2-211 uerr Engineering completed the following transactions in the month ofjune. Using the following transactions.record journalentries.ereate financialstatements, and assess the impact ofeach transaction on the financialstatements. Jun. 1 Melanie Juerr, the owner, invested $150,003 cash, office equipment with a value of $17,530, and $35,030 of drafting equipment to launch the company in exchange for common stock. Jun. 2 The company purchased land worth $61,500 for an office by paying $23,200 cash and signing a longterm note payable for $37,?00. Jun. 3 The company purchased a portable building with $2,530 cash and moved it onto the land acquired on June 2. Jun. 4 The company paid $10,503 cash for the premium on an 13month insurance policy. Jun . 5 The company completed and delivered a set of plans for a client and collected $16,200 cash. Jun. 6 The company purchased $35,003 of additional drafting equipment by paying $22,000 cash and signing a longterm note payable for $13,000. Jun. 1 The company completed 53%,000 of engineering services for a client. This amount is to be received in 30 days. Jun. B The company purchased $2,&00 of additional office equipment on credit. Jun. 9 The company completed engineering services for $21,003 on credit. Jun. 13 The company received a bill for rent of equipment that was used on 2,550 rent cost must be paid within -I'.'II a recently completed job . The 30 days. Jun. 12 The company collected $17,030 cash in partial payment from the client described billed. on June 9. Jun . 14 The company paid $1,E03 cash for wages to a drafting assistant . Jun . 1? The company paid $2,00 cash to settle the account payable created in on June 3. Jun . 20 The company paid $1,550 cash for minor maintenance of its drafting eqmument Jun. 23 The company paid $0,930 cash in dividends. Jun . 28 The company paid $l,00 cash for wages to a drafting assistant Jun. 29 The company paid $3,500 cash for advertisements on the web during June

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Energy, Trade And Finance In Asia A Political And Economic Analysis

Authors: Justin Dargin, Tai Wei Lim

1st Edition

1317322711, 9781317322719

Students also viewed these Economics questions

Question

use and understand the formulas in this chapter.

Answered: 1 week ago

Question

=+b) Cut the runs to 8 by testing only in hot water.

Answered: 1 week ago

Question

2. It is the results achieved that are important.

Answered: 1 week ago