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Need help with Income Statement, retained earnings, balance sheet, and impact on income. Jenna Aracel opened a business called Aracel Engineering and recorded the following
Need help with Income Statement, retained earnings, balance sheet, and impact on income. Jenna Aracel opened a business called Aracel Engineering and recorded the following transactions in its first month of operations Dun. 1 Jenna Aracel, the owner, invested $100,000 cash, office equipent 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 $40,000 for an office by paying $6,300 cash and signing a long-tern note payable for $42.700. Jun, 2 The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2. Jun. 2 The company paid $3,000 cash for the prenlun on 15-month Insurance policy. Jun. 7 The company completed and delivered a set of plans for a client and collected 56,200 cash. Jun. 12 The company purchased $20,000 of additional drafting equipment by paying 59,560 cash and signing a long term note payable for $10,500 Jun 14 The company completed 314,000 of engineering services for a client. This amount is to be received in 3 days 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 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. 20 The company collected 37,000 cash in partial payment from the client billed on June 14. Jun 21 The company paid $1.200 cash for wages to a drafting assistant Tun. 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 wintenance of its drafting equipment. Jun 26 The company paid 59,480 cash in dividends. Sun.25 The company paid $1,200 cash for wages to a drafting assistant Jun 30 The company paid $2,500 cash for advertisements on the web during Tune. Descriptions of items that require adjusting entries on June 30, follow a) The company has completed, but not yet billed, $6,000 of engineering services for a client b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $150 salvage value, is $100 per month c) Straight line depreciation on the drafting equipment, assuming a 5-year life and a $2,000 salvage value is $1,300 per month d) Straight-line depreciation on the building, assuming a 25-year life and a $1.000 salvage value is $180 per month e) The balance in prepaid Insurance represents a 15-month policy that went into effect on June 1 1) Accrued interest on the long term note payable is 575 9) The drafting assistant is paid $1.200 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month end, Requirement General General Income St Retained Journal Ledger Trial Balance Impact on Statement Earnings Balance Sheet Income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection Adjusted ACELENENEERING
Need help with Income Statement, retained earnings, balance sheet, and impact on income.
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