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GLO205 - Based on Problem 2-2A Lee 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 Edward Lee, the owner, invested $104,688 cash, office equipment with a value of $6,000, and $62,000 of drafting equipment to launch the company in exchange for common stock. Jun. 2 The company purchased land worth $50,000 for an office by paying $7,700 cash and signing a long-term note payable for $42,300. Jun. 3 The company purchased a portable building with $54,000 cash and moved it onto the land acquired on June 2. Jun. 4 The company paid $3,600 cash for the premiun on an 18-month insurance policy. Jun. 5 The company completed and delivered a set of plans for a client and collected $7,000 cash. Jun. 6 The company purchased $21,200 of additional drafting equipment by paying $10.500 cash and signing a long-term note payable for $10,700. Jun. 7 The company completed $15,600 of engineering services for a client. This amount is to be received in 30 days. Jun. 8 The company purchased $1,250 of additional office equipment on credit. Jun. 9 The company completed engineering services for $22,400 on credit. Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,400 rent cost must be paid within 30 days. Jun. 12 The company collected $7,888 cash in partial payment from the client billed on June 9. Jun. 14 The company paid $1,600 cash for wages to a drafting assistant. Jun. 17 The company paid $1,250 cash to settle the account payable created in on June 8. Jun. 20 The company paid $975 cash for minor maintenance of its drafting equipment. Jun. 23 The company paid $9,520 cash in dividends. Jun. 28 The company paid $1,600 cash for wages to a drafting assistant. Jun. 29 The company paid $2,580 cash for advertisements on the web during June. Date Debit Account Title No Credit 1 Jun 01 Cash Office equipment Drafting equipment 104,000 6,000 62,000 X 2 Jun 02 Cash Notes payable 7,700 X 43,300 3 Jun 03 54,000 Building Cash >> 54,000 4 Jun 04 Advertising expense Prepaid insurance Cash 200 3,400 x x 3,600 X 5 > Cash Jun 05 7,000 Rental revenue 7,000 6 Jun 06 21,200 Drafting equipment Cash Notes payable 0 10,500 10,700 6 Jun 06 21,200 Drafting equipment Cash Notes payable 000 10,500 10,700 7 Jun 07 > 15,600 Accounts receivable Rental revenue 15,600 8 Jun 08 1,250 Office equipment Notes payable 1,250 9 Jun 09 22,400 Accounts receivable Rental revenue > X 22,400 10 Jun 10 Rental revenue x 1,400 > 1,400 11 Jun 12 7,800 Cash Accounts receivable >$ 7,800 12 Jun 14 1.600 Wages expense Cash 1,600 12 Jun 14 1,600 Wages expense Cash >> 1,600 13 Jun 17 1,250 Notes payable Cash 1,250 14 Jun 20 Cash > 975 > 975 15 Jun 23 9,520 Dividends Cash 00 9,520 16 Jun 28 1,600 Wages expense Cash 1,600 17 Jun 29 2,500 > Advertising expense Cash 2,500
