What are the correct answers, the options are
- Decreased equity - Dividends
- Decreased equity - Expense
- Increased equity - Revenue
- Increased equity - Stockholder investment
- No change in equity
Brown 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. June 1 Paul Brown, the owner, invested $102,000 cash, office equipment with a value of $5,500, and $61,000 of drafting equipment to launch the company in exchange for common stock. June 2 The company purchased land worth $49,500 for an office by paying $7,000 cash and signing a long-term note payable for $42,500. June 3 The company purchased a portable building with $54,500 cash and moved it onto the land acquired on June 2. June 4 The company paid $3,300 cash for the premium on an 18-month insurance policy. June 5 The company completed and delivered a set of plans for a client and collected $6,600 cash. June 6 The company purchased $20,600 of additional drafting equipment by paying $10,000 cash and signing a long-tern note payable for $10,600. June 7 The company completed $14,800 of engineering services for a client. This amount is to be received in 30 days. June 8 The company purchased $1,200 of additional office equipment on credit. June 9 The company completed engineering services for $22,200 on credit. June 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,350 rent cost must be paid within 30 days. une 12 The company coll ted $7. cash partial payment from the client billed on June June 14 The company paid $1,400 cash for wages to a drafting assistant. June 17 The company paid $1,200 cash to settle the account payable created in on June 8. June 20 The company paid $950 cash for minor maintenance of its drafting equipment. June 23 The company paid $9,500 cash in dividends. June 28 The company paid $1,400 cash for wages to a drafting assistant. June 29 The company paid $2,540 cash for advertisements on the web during June. Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity The expanded accounting equation shows the four subsets of equity: Revenues, Expenses, stockholder investments and dividends. Using the dropdown buttons, indicate the impact each transaction has on total equity (if any). Compare the total with the amount of equity reported on the balance sheet. $ 168,500 . 0 0 0 > 6,600 0 14,800 0 Transaction Impact on Equity June 1 Paul Brown, the owner, invested $102,000 cash, office equipment with a value of $5,500, and $61,000 of drafting equipment to launch the company in Increased equity - Revenue exchange for common stock. June 2 The company purchased land worth $49,500 for an office by paying $7,000 cash and signing a long-term No change in equity note payable for $42,500, June 3 The company purchased a portable building with $54,500 cash and moved it onto the land acquired No change in equity on June 2 June 4 The company paid $3,300 cash for the premium on an 18-month insurance policy. No change in equity June 5 The company completed and delivered a set of plans for a client and collected $6,600 cash. Increased equity - Revenue June 6 The company purchased $20,600 of additional drafting equipment by paying $10,000 cash and signing No change in equity a long-term note payable for $10,600, June 7 The company completed $14,800 of engineering services for a client. This amount is to be Increased equity - Revenue received in 30 days. June 8 The company purchased $1,200 of additional office equipment on credit No change in equity June 9 The company completed engineering services for $22,200 on credit. Decreased equity - Dividends June 10 The company received a bil for rent of equipment that was used on a recently completed job. Decreased equity - Dividends The $1,350 rent cost must be paid within 30 days. June 12 The company collected $7,400 cash in partial No change in equity payment from the client billed on June 9. June 14 The company paid $1,400 cash for wages to a drafting assistant Decreased equity - Expense June 17 The company paid $1,200 cash to settle the account payable created in on June 8. No change in equity June 20 The company paid $950 cash for minor maintenance of its drafting equipment. Decreased equity - Expense June 23 The company paid $9,500 cash in dividends. Decreased equity - Expense June 28 The company paid $1,400 cash for wages to a drafting assistant Decreased equity - Dividends June 29 The company paid $2,540 cash for Decreased equity - Dividends advertisements on the web during June. Total change in equity What is the balance in the total equity as reported on the balance sheet? (22,200) (1,350) 0 (1,400) 0 (950) (9,500) (1,400) x (2,540) $ 150,560
