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I need help soliving this question. I need to do a general journal, Income statement, Statement of Retained earnings, Balance sheet and assess the impact
I need help soliving this question. I need to do a general journal, Income statement, Statement of Retained earnings, Balance sheet and assess the impact on income. I would greatly appreciate any help in solving this. Thanks!
Jenna Aracel opened a business called Aracel Engineering and recorded the following transactions In its first month of operations. Jun. 1 Jenn Aracel, the owner, inve ted $100,000 ch, office equipment with v1ue of $5,000, and $60,000 of drfting Jun. 2 The company purchased land worth $49,000 for an office by paying $6,300 cash and signing long-term note payable for equipment to launch the company in exchange for common stock $42,700 Jun 2 The company purchased portable building with $55,000 cash and moved it onto the land acquired on June 2 un 2 The company paid $3,000 cash for the premium on a 15-month insurance policy Jun- 7 The company completed and delivered et of plan, for client and collected $6,200 ch- Ju. 12 The company purchased $20,000 of additional drafting equipment by paying 9,500 cash and igning a long-term note payable for $10,500 Jun. 14 The company completed $14,000 of engineering services for client. This amount is to be received in 30 dya Jun 15 The company purchased $1,150 of additional office equipment on credit Jun 17 The company completed engineering services for $22,000 on credit Jun- 18 The company received bill for rent of equipment that was used on recently completed job. The $1,333 rent cost must be paid within 30 days Jun-20 The company collected $7,000 cash in prtial payment from the client billed on June 14 Jun- 21 The company paid $1,200 cash for wages to drafting assistant Jun 23 The company paid $1,150 cash to settle the account payable created on June 15 Jun. 24 The company paid $925 cash for minor maintenance of its drafting equipment Jun. 26 The company paid $9, 480 cash in dividends Jun- 28 The company paid $1,200 cash for wages to drafting assistant Jun 30 The company paid $2,500 cash for adrertisements on the web during June Descriptions of items that require adjusting entries on June 30, 2017, follow. a) The company has completed, but not yet billed, $6,000 of engineering services for a client. b) Stralght-line depreclation on the office equipment, assuming a 5-year life and a $150 salvage value, Is $100 per month. c) Straight-line depreclation on the drafting equlpment, assuming a 5-year life and a $2,000 salvage value, Is $1,300 per month. d) Straight-line depreclation on the bullding, assuming a 25-year life and a $1,000 salvage value, Is $180 per month. e) The balance In prepald Insurance represents a 15-month policy that went Into effect on June 1. f) Accrued Interest on the long-term note payable Is $75 g) The drafting assistant is pald $1,200 for a 5-day work week. 2 days' wages have been Incurred but are unpald as of month-end. General Journal GeneraTrial Balance Statement Ledger Income St Retained Balance Earnings Impact on Income Requirement Sheet For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Show less View transaction list View journal entry worksheet No Account Title Debit Credit Jun 30 Office equipment Drafting equipment Common stoc 100,000 5,000 8,000 165,000 Jun 30 Land 49,000 8,300 Long-term notes payable 42,700 Jun 30 ing 55,000 Cash 55,000 Jun 30 No Transaction RecordedStep by Step Solution
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