GLO205 - 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. Jun. 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. Jun. 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. Jun. 3 The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2. Jun. 4 The company paid $3,000 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 $6,200 cash. Jun. 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. Jun. 7 The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days. Jun. 8 The company purchased $1,150 of additional office equipment on credit. Jun. 9 The company completed engineering services for $22,000 on credit. Jun. 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. Jun. 12 The company collected $7,000 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 $1,150 cash to settle the account payable created in on June 8. Jun. 20 The company paid $925 cash for minor maintenance of its drafting equipment. Jun. 23 Jenna Aracel withdrew $9,480 cash from the company for personal use. Jun. 28 The company paid $1,200 cash for wages to a drafting assistant. Jun. 29 The company paid $2,500 cash for advertisements on the web during June. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Impact on Equity 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 Show more ARACEL ENGINEERING Income Statement For Month Ended June 30, 2017 Revenues: Engineering fees earned 42,200 $ 42,200 2,400 1,333 Expenses: Wages expense Equipment rental expense Advertising expense Repairs expense Prepaid insurance 2,500 925 3,000 10,158 Net income $ 32,042 cost must be paid within 30 days. Jun. 12 The company collected $7,000 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 $1,150 cash to settle the account payable created in on June 8. Jun. 20 The company paid $925 cash for minor maintenance of its drafting equipment. Jun. 23 Jenna Aracel withdrew $9,480 cash from the company for personal use. Jun. 28 The company paid $1,200 cash for wages to a drafting assistant. Jun. 29 The company paid $2,500 cash for advertisements on the web during June. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Impact on Equity Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the owner's capital balance. ARACEL ENGINEERING Statement of Owner's Equity For Month Ended June 30, 2017 J. Aracel, Capital, June 1, 2017 Add: Investments by owner 165,000 Net income 32,042 $ 0 197,042 197,042 Less: Withdrawals by owner 2 9,480 9,480 187,562 J. Aracel, Capital, June 30, 2017 $ Impact on Equity FA 0 0 0 0 0 0 0 0 Transaction 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. 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. The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2. The company paid $3,000 cash for the premium on an 18- month insurance policy. The company completed and delivered a set of plans for a client and collected $6,200 cash. The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500. The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days. The company purchased $1,150 of additional office equipment on credit The company completed engineering services for $22,000 on credit. 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. The company collected $7,000 cash in partial payment from the client billed on June 9. The company paid $1,200 cash for wages to a drafting assistant The company paid $1,150 cash to settle the account payable created in on June 8. The company paid $925 cash for minor repairs of its drafting equipment Jenna Aracel withdrew $9,480 cash from the company for personal use. The company paid $1,200 cash for wages to a drafting assistant The company paid $2,500 cash for advertisements on the web during June. Total change in equity 0 0 0 0 0 0 0 0 0 Screenshot $ 0