GLO205 (Algo) - Based on Problem 2-2A Mitchell 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 thi financial statements June 1 Rick Mitchell, the owner, invested $140,000 cash, office equipment with a value of $15,000, and $80,000 of drafting equipment to launch the company in exchange for common stock. Dune 2 The company purchased land worth $59.000 for an office by paying $20,300 cash and signing a long-tern note payable for 538,700. June 3 The company purchased a portable building with $45,000 cash and moved it onto the land acquired on June 2. June 4 The company paid $9,000 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 $14,200 cash. June 6 The company purchased $32,000 of additional drafting equipment by paying $19,500 cash and signing a long-tera note payabl for 512,500 June? The company completed $30,000 of engineering services for a client. This amount is to be received in 30 days. June 8 The company purchased $2,150 of additional office equipment on credit. June > The company completed engineering services for $26,000 on credit. June 10 The company received a bill for rent of equipment that was used on a recently completed job. The $2,300 rent cost must be paid within 30 days. June 12 The company collected $15,000 cash in partial payment from the client billed on June 9. June 14 The company paid $1,600 cash for wages to a drafting assistant. June 17 The company paid $2,150 cash to settle the account payable created in on June 8. June 20 The company paid $1,425 cash for sinor maintenance of its drafting equipment. June 23 The company paid $9,880 cash in dividends. June 28 The company paid $1,600 cash for wages to a drafting assistant. June 23 The company paid $3,300 cash for advertisements on the web during June Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity 0 0 The expanded accounting equation shows the four subsets of equity: Revenues, Expenses, stockholder investments and Using the dropdown buttons, indicate the impact each transaction has on total equity (if any). Compare the to the amount of equity reported on the balance sheet. Transaction Impact on Equity June 1 Rick Mitchell, the owner, invested $140,000 cash, office equipment with a value of $15,000, and $80 000 of drafting equipment to launch the company in exchange for common stock June 2 The company purchased land worth $59,000 for an office by paying $20,300 cash and signing a long term note 0 payable for $38,700 June 3 The company purchased a portable building with Decreased equity - Dividends $45.000 cash and moved it onto the land acquired on June 2 Decreased equity - Expense June 4 The company paid 59,000 cash for the premium on 0 an 18-month insurance policy Increased equity - Revenue June 5 The company completed and delivered a set of Increased equity - Stockholder investment plans for a client and collected $14 200 cash June 6. The company purchased $32,000 of additional drafting equipment by paying $19,500 cash and signing a long-term note payable for 512 500 June 7 The company completed $30,000 of engineering services for a client. This amount is to be received in 30 days June 8 The company purchased S2, 150 of additional office 0 equipment on credit June 9 The company completed engineering services for dil 0 0 0 0 June 7 The company completed $30,000 of engineering services for a client. This amount is to be received in 30 days June 8 The company purchased $2.150 of additional office equipment on credit June 9 The company completed engineering services for $26,000 on credit June 10 The company received a bill for rent of equipment that was used on a recently completed job. The $2,300 rent cost must be paid within 30 days June 12 The company collected $15,000 cash in partial payment from the client billed on June 9. June 14 The company paid $1,600 cash for wages to a drafting assistant June 17 The company paid $2,150 cash to settle the account payable created in on June 8 June 20 The company paid $1,425 cash for minor maintenance of its drafting equipment June 23 The company paid $9,880 cash in dividends June 28 The company paid $1,600 cash for wages to a drafting assistant June 29 The company paid $3,300 cash for advertisements on the web during June Total change in equity