I need help with 1. income statment 2. balance sheet 3. impact on income
K. Perry, opened a business called Perry Engineering and recorded the following transactions in its first month of operations. 1 1 8 points Print June 1 K. Perry, the owner, invested $154,000 cash, office equipment with a value of $18,500, and $87,000 of drafting equipment to launch the company. June 2 The company purchased land worth $62,500 for an office by paying $25,200 cash and signing a note payable for $37,300. June 2 The company purchased a portable building with $41,500 cash and moved it onto the land acquired on June 2. June 2 The company paid $11,100 cash for the premium on a 15-month insurance policy. June 7 The company completed and delivered a set of plans for a client and collected $17,000 cash. June 12 The company purchased $36,200 of additional drafting equipment by paying $23,000 cash and signing a payable for $13,200. June 14 The company completed $35,600 of engineering services for a client. This amount is to be received in 30 days. June 15 The company purchased $2,500 of additional office equipment on credit. June 17 The company completed engineering services for $27,400 on credit. June 18 The company received a bill for rent of equipment that was used on a recently completed job. The $2,650 rent cost must be paid within 30 days. June 20 The company collected $17,800 cash in partial payment from the client billed on June 14. June 21 The company paid $1,600 cash for wages to a drafting assistant. June 23 The company paid $2,500 cash to settle the account payable created on June 15. June 24 The company paid $1,600 cash for repairs. June 26 K. Perry withdrew $10,020 cash from the company for personal use. June 28 The company paid $1,600 cash for wages to a drafting assistant. June 30 The company paid $3,580 cash for advertisements on the web during June. Descriptions of items that require adjusting entries on June 30, 2021, follow. a) The company has completed, but not yet billed. $16,800 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $2,400 salvage value, is $310 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $12,200 salvage value, is $1,850 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $8,500 salvage value, is $110 per month. e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $180. g) The drafting assistant is paid $1,600 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end. View transaction list View journal entry worksheet H...: 1 No Date Debit Credit 1 Jun 30 Account Title Accounts receivable Engineering fees earned 16,800 16.800 8 points 2 Jun 30 310 Depreciation expense - Office equipment Accumulated depreciation - Office equipment 310 Print Jun 30 Depreciation expense - Drafting equipment 1,850 Accumulated depreciation - Drafting equipment 1,850 4 4 Jun 30 110 Depreciation expense - Building Accumulated depreciation - Building 110 5 Jun 30 740 Insurance expense Prepaid insurance 740 6 Jun 30 180 Interest expense Interest payable 180 7 Jun 30 640 Wages expense Wages payable 640 Mc Unadjusted 1 General Ledger Account Cash Accounts receivable No. Date Debit Credit No. Date Debit Credit 8 points Balance 67,100 Balance 45,200 Jun 30 Jun 30 Prepaid insurance Office equipment Print No. Date Debit Credit No. Date Debit Credit Balance Balance 11,100 Jun 30 Jun 30 21,000 Drafting equipment Building No. Date Debit Credit Balance No. Date Debit Credit Balance Jun 30 123,200 Jun 30 41,500 Land Accounts payable No. Date Debit Credit No. Date Debit Credit Balance 62,500 Balance 2.650 Jun 30 Jun 30 Long-term notes payable K. Perry, Capital No. Date Debit Credit Balance No. Date Debit Credit Balance Jun 30 50,500 Jun 30 259,500 K. Perry, Withdrawals Engineering fees earned Dot bit Credit Ralonan Dato Dahit credit Bolonnn Jun 30 123,200 Jun 30 41,500 1 Land Accounts payable No. Date Debit Credit No. Debit Credit Balance 62,500 Date Jun 30 Balance 2.650 Jun 30 nts Long-term notes payable K. Perry, Capital Debit Credit No. Date Debit Credit No. Date Balance Balance 50,500 Jun 30 Jun 30 259,500 Print K. Perry, Withdrawals Engineering fees earned No. Date Debit Credit No. Date Debit Credit Balance 10,020 Balance 80,000 Jun 30 Jun 30 Wages expense Equipment rental expense No. Date Debit Credit No. Date Debit Credit Balance 3,200 Balance 2,650 Jun 30 Jun 30 Repairs expense Advertising expense Debit Credit No. Date No. Date Debit Credit Balance Balance 3.580 Jun 30 Jun 30 1,600 Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Impact on Income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less A Unadjusted Account affecting the: Income Statement Balance Sheet Impact on net income Adjusting entry related to: a) Unbilled fees b) Depreciation of office equipment c) Depreciation of drafting equipment d) Depreciation of building e) Prepaid insurance f) Accrued interest g) Unpaid wages $ 0 $ 0 Had the adjustments not been prepared, income would have been understated by 0 Mc Unadjusted 1 General Ledger Account Cash Accounts receivable No. Date Debit Credit No. Date Debit Credit 8 points Balance 67,100 Balance 45,200 Jun 30 Jun 30 Prepaid insurance Office equipment Print No. Date Debit Credit No. Date Debit Credit Balance Balance 11,100 Jun 30 Jun 30 21,000 Drafting equipment Building No. Date Debit Credit Balance No. Date Debit Credit Balance Jun 30 123,200 Jun 30 41,500 Land Accounts payable No. Date Debit Credit No. Date Debit Credit Balance 62,500 Balance 2.650 Jun 30 Jun 30 Long-term notes payable K. Perry, Capital No. Date Debit Credit Balance No. Date Debit Credit Balance Jun 30 50,500 Jun 30 259,500 K. Perry, Withdrawals Engineering fees earned Dot bit Credit Ralonan Dato Dahit credit Bolonnn Jun 30 123,200 Jun 30 41,500 1 Land Accounts payable No. Date Debit Credit No. Debit Credit Balance 62,500 Date Jun 30 Balance 2.650 Jun 30 nts Long-term notes payable K. Perry, Capital Debit Credit No. Date Debit Credit No. Date Balance Balance 50,500 Jun 30 Jun 30 259,500 Print K. Perry, Withdrawals Engineering fees earned No. Date Debit Credit No. Date Debit Credit Balance 10,020 Balance 80,000 Jun 30 Jun 30 Wages expense Equipment rental expense No. Date Debit Credit No. Date Debit Credit Balance 3,200 Balance 2,650 Jun 30 Jun 30 Repairs expense Advertising expense Debit Credit No. Date No. Date Debit Credit Balance Balance 3.580 Jun 30 Jun 30 1,600 Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Impact on Income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Show less A Unadjusted Account affecting the: Income Statement Balance Sheet Impact on net income Adjusting entry related to: a) Unbilled fees b) Depreciation of office equipment c) Depreciation of drafting equipment d) Depreciation of building e) Prepaid insurance f) Accrued interest g) Unpaid wages $ 0 $ 0 Had the adjustments not been prepared, income would have been understated by 0
