GLO205 - Based on Problem 2-2A Adams 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. l Leslie Adams, the owner, invested $124,000 cash, office equipment with a value of $11,000, and $72,000 of drafting equipment to launch the company in exchange for common stock. Jun. 2 The company purchased land worth $55,000 for an office by paying $14,700 cash and signing a long-term note payable for $40,300. Jun. 3 The company purchased a portable building with $49,000 cash and moved it onto the land acquired on June 2. Jun. 4 The company paid $6,600 cash for the premium on an 18-month insurance policy. Jun. 5 The company completed and delivered a set of plans for a client and collected $11,000 cash. Jun. 6 The company purchased $27, 200 of additional drafting equipment by paying $15,500 cash and signing a long-term note payable for $11,700. Jun. 7 The company completed $23,600 of engineering services for a client. This amount is to be received in 30 days. Jun. 8 The company purchased $1,750 of additional office equipment on credit. Jun. 9 The company completed engineering services for $24,400 on credit. Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,900 rent cost must be paid within 30 days. Jun. 12 The company collected $11,800 cash in partial payment from the client billed on June 9. Jun. 14 The company paid $1,200 cash for wages to a drafting assistant. Jun. 17 The company paid $1,750 cash to settle the account payable created in on June 8. Jun. 20 The company paid $1,225 cash for minor maintenance of its drafting equipment. Jun. 23 The company paid $9,720 cash in dividends. Jun. 28 The company paid $1,200 cash for wages to a drafting assistant. Jun. 29 The company paid $2,980 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 - Atrial 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 Tab - 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. Statement of Retained Earnings Tab - Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the owner's capital 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. RE Journal entry worksheet ASHFR General Ledger Account ADAMS ENGINEERING Trial Balance June 29, 2018 Account Title Debit Credit ols ADAMS ENGINEERING Income Statement For Month Ended June 30, 2018 ADAMS ENGINEERING Statement of Retained Earnings For Month Ended June 30, 2018 Retained earnings, June 1, 2018 Add: Less: Retained earnings, June 30, 2018 Balance Sheet June 30, 2018 1 1 1 11 1 TTTTTT - Il 1 1 TL 1 Total equity Total liabilities and equity OOO transaction Jun. 1 Leslie Adams, the owner, invested $124.000 cash, office equipment with a value of $11,000, and $72,000 of drafting equipment to launch the company in exchange for common stock Jun. 2 The company purchased land worth $55,000 for an office by paying $14.700 cash and signing a long-term note payable for $40,300. Jun. 3 The company purchased a portable building with $49,000 cash and moved it onto the land acquired on June 2 Jun. 4 The company paid $6,600 cash for the premium on an 18-month insurance policy. Jun. 5 The company completed and delivered a set of plans for a client and collected $11,000 cash. Jun. 6 The company purchased $27,200 of additional drafting equipment by paying $15,500 cash and signing a long-term note payable for $11.700. Jun. 7 The company completed $23,600 of engineering services for a client. This amount is to be received in 30 days. Jun. 8 The company purchased $1,750 of additional office equipment on credit. Jun. 9 The company completed engineering services for $24,400 on credit. Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,900 rent cost must be paid within 30 days. Jun. 12 The company collected $11,800 cash in partial payment from the client billed on June 9. Jun, 14 The company paid $1,200 cash for wages to a drafting assistant. Jun. 17 The company paid $1,750 cash to settle the account payable created in on June 8. Jun. 20 The company paid $1,225 cash for minor maintenance of its drafting equipment. Jun. 23 The company paid $9.720 cash in dividends. Jun, 28 The company paid $1,200 cash for wages to a drafting assistant. Jun. 29 The company paid $2.980 cash for advertisements on the web during June Total change in equity oooo