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you completed so far. It does not indicate compl 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 in exchange for common stock. Jun. 2 The company purchased land worth $49,806 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. 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 described 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 The company paid $9, 480 cash in dividends. 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. Jun. Answer is not complete. balance sheet June 30, 2017 Assets: Cash 22,945 29,000 Accounts receivable Office equipment Prepaid insurance Drafting equipment Building Land Total assets 6,150 3,000 80,000 55,000 49,000 > $ 245,095 Liabilities: Accounts payable Notes payable 1,333 53,200 O Total liabilities > $ 54,533 Equity: Common stock Retained earnings 165,000 25,562 Total equity 190,562 Impact on Equity Increased equity - Stockholder investment $ 165,000 + 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 in exchange for common stock. 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 No change in equity Increased equity - Revenue 6,200 0 Increased equity - Revenue > 14,000 0 Increased equity - Revenue 22,000 Decreased equity - Expense (1,333) + 0 > services for a client. This amount is to be received in 30 Increased equity - Revenue 14,000 days. The company purchased $1,150 of additional office equipment on credit 0 The company completed engineering services for $22,000 on credit Increased equity - Revenue 22,000 The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rent Decreased equity - Expense (1,333) cost must be paid within 30 days. The company collected $7,000 cash in partial payment from the client described on June 9. The company paid $1,200 cash for wages to a drafting assistant Decreased equity - Expense (1.200) The company paid $1,150 cash to settle the account payable created in on June 8. The company paid $925 cash for minor maintenance of its drafting equipment Decreased equity - Expense (925) The company paid $9,480 cash in dividends. Decreased equity - Dividends (9,480) The company paid $1,200 cash for wages to a drafting assistant Decreased equity - Expense (1,200) The company paid $2,500 cash for advertisements on the web during June Decreased equity - Expense (2,500) Total change in equity $ 190,562 What is the balance in the total equity as reported on the balance sheet? $ 190,562 Congratulations! You've successfully identified the impact each transaction has on equity. 0 >
