Help Save & Exit Submit Wk 3 Apply: Summative Assessment [due Day 7] 1 Seved Wright 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 Kay Wright, the owner, invested $136,000 cash, office equipment with a value of $14,000, and $78,000 of drafting equipment to launch the company. 52.5 Jun. points eBook References Jun. Jun. Jun. Jun. Jun. Jun. 2 The company purchased land worth $58,000 for an office by paying $18,998 cash and signing a long-term note payable for $39,100. 3 The company purchased a portable building with $46,000 cash and moved it onto the land acquired on June 2. 4 The company paid $8,400 cash for the premium on an 18-month insurance policy. 5 The company completed and delivered a set of plans for a client and collected $13,400 cash. 6 The company purchased $38,800 of additional drafting equipment by paying $18,500 cash and signing a long-term note payable for $12,300. 7 The company completed $28,400 of engineering services for a client. This amount is to be received in 30 days. 8 The company purchased $2,050 of additional office equipment on credit. Jun. 9 The company completed engineering services for $25,600 on credit. Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $2,200 rent cost must be paid within 30 days. Jun. 12 The company collected $14,200 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 $2,050 cash to settle the account payable created in on June 8. Jun. 20 The company paid $1,375 cash for minor maintenance of its drafting equipment.. Jun. 23 Kay Wright withdrew $9,848 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 $3,220 cash for advertisements on the web during June. Mc Graw Hill Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Impact on Equity 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 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 Owner's Equity Tab - Using the dropdown buttons, select the item that accurately describes the values that < Prev 1 of 2 Next >