Wilson 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 Jeffrey Wilson, the owner, invested $114,000 cash, office equipment with a value of $8,500, and $67,698 of drafting equipment to launch the company in exchange for common stock. Jun. 2 The company purchased land worth $52,500 for an office by paying $11,200 cash and signing a long-term note payable for $41,300. Jun. 3 The company purchased a portable building with $51,500 cash and moved it onto the land acquired on June 2. Jun. 4 The company paid $5,100 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 59,000 cash. Jun. 6 The company purchased $24,200 of additional drafting equipment by paying $13,000 cash and signing a long-term note payable for $11,200. Jun. 7 The company completed $19,600 of engineering services for a client. This amount is to be received in 30 days. 8 The company purchased $1,500 of additional office equipment on credit. Sun. 9 The company completed engineering services for $23,400 on credit. Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,650 rent cost must be paid within 30 days. Jun. 12 The company collected $9.800 cash in partial payment from the client billed on June ). Dun. 14 The company paid $1,400 cash for wages to a drafting assistant. Jun. 17 The company paid $1,500 cash to settle the account payable created in on June 8. Jun. 20 The company paid $1,100 cash for winor maintenance of its drafting equipment. Jun. 23 The company paid 59,620 cash in dividends. Jun. 28 The company pold $1,400 cash for wages to a drafting assistant Sun. 29 The company paid $2,780 cash for advertisements on the web during June Tun. General General Income St Retained Impact on Requirement Trial Balance Balance Sheet Journal Ledger Statement Earnings Equity General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger. General Ledger Tab. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Abnormal balances appear in parentheses. Click on any amount to see the underlying journal entry. Trial Balance Tab - A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. If your trial balance doesn't balance, review your journal entries on the general journal tab. Income Statement Tab - Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. Statement of Retained Earnings Tab - Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the owner's capital balance. Balance Sheet Tab - Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate. Impact on Equity Tab - Using the dropdown buttons, indicate the impact each item has on total equity. Compare the total with the amount of equity reported on the balance sheet. No Account Title Credit Date Jun 01 1 Cash Office equipment Drafting equipment Common stock Debit 114,000 8,500 67,000 2 Jun 02 52,500 Land Notes payable Cash 11,200 41,300 Jun 03 51,500 Building Cash 51,500 4 Jun 04 5,100 Prepaid insurance Cash 5.100 5 Jun 05 9,000 Cash Rental revenue 9,000 6 Jun 06 24200 Drafting equipment Notes payable Cash 13,000 11,200 7 Jun 07 19,600 Accounts receivable Rental revenue 19,600 8 Jun 08 1,500 Office equipment Accounts payable 1,500 9 Jun 09 23.400 Accounts receivable Rental revenue 23,400 10 Jun 10 1,650 Equipment rental expense Accounts payable 1,650 11 Jun 12 9,800 Cash Accounts receivable 9,800 12 bin 14 Wanse ovnence 1 Ann 10 Accounts receivable 9,800 12 Jun 14 1,400 Wages expense Cash 1,400 13 Jun 17 1,500 Accounts payable Cash 1,500 14 Jun 20 1,100 Drafting equipment Cash 1.100 15 Jun 23 9,620 Dividends Cash 9,620 16 Jun 28 1,400 Wages expense Cash 1,400 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity Each journal entry is posted automatically to the general ledger (abnormal balances appear in parentheses). Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. Show less General Ledger Account Cash Accounts receivable Debit Credit No. Debit Credit No. 1 114,000 7 9 19.600 23.400 Date Jun 01 Jun 01 Jun 02 Jun 03 Jun 04 Jun 05 Jun 06 Jun 12 Date Jun 01 Jun 07 Jun 09 Jun 12 Balance 0 114,000 72,700 21,200 16.100 25.100 13.900 23.700 Balance 0 19.500 43,000 33 200 41,300 51,500 5,100 2 3 4 5 6 11 11 9,800 9,000 11,200 9,800 42 11 9,800 12 13 Jun 12 Jun 14 Jun 17 Jun 20 Jun 23 Jun 28 23,700 22 300 20.800 19,700 10,080 8.680 1,400 1,500 1,100 9,620 1,400 14 15 16 Prepaid insurance Office equipment Debit Credit No. Balance Debit Credit No. 0 Date Jun 01 Jun 04 Balance 0 5,100 Date Jun 01 Jun 01 Jun 08 4 5,100 1 8,500 1,500 8,500 10,000 8 Building Drafting equipment Debit Credit Balance No. Debit Credit Balance No. 0 Date Jun 01 Jun 03 0 51,500 3 51,500 1 Date Jun 01 Jun 01 Jun 06 Jun 20 6 67,000 24 200 1.100 67,000 91,200 92.300 14 Accounts navale I and Land Accounts payable No. Debit Credit Balance No. Debit Credit Balance Date Jun 01 Jun 02 0 0 2 52,500 52,500 8 Date Jun 01 Jun 08 Jun 10 Jun 17 1,500 1,650 10 1,500 3,150 1.650 13 1,500 Dividends Notes payable Debit Credit No. Balance No. Date Debit Credit Balance 0 0 Date Jun 01 Jun 02 Jun 06 2 15 Jun 23 9,620 9,620 11,200 13,000 11,200 24,200 Rental revenue Wages expense Debit Credit No. Debit Credit Balance No. 0 Date Jun 01 Jun 05 Jun 07 Jun 09 Date Jun 01 Jun 14 Jun 28 Balance 0 1,400 2.800 5 1.400 9,000 19,600 23,400 7 9,000 28,600 52,000 12 16 1,400 9 Equipment rental expense Dividends Notes payable Debit Credit No. No. Date Debit Credit Balance 0 Date Jun 01 Jun 02 Jun 06 Balance 0 11,200 24,200 15 Jun 23 9,620 9,620 2 6 11,200 13,000 Rental revenue Wages expense Debit Credit No. Date Debit Credit No. Balance 0 Jun 01 Jun 05 Jun 07 Jun 09 5 7 9 Date Jun 01 Jun 14 Jun 28 Balance 0 9,000 28,600 52,000 9,000 19.600 23,400 12 16 1,400 1,400 1,400 2,800 Equipment rental expense Debit Credit No. Balance Date Jun 01 Jun 10 0 12 10 1650 1,650 (General Journal Trial Balance > c Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you must have one or more journal entries that are out of balance. If you have an abnormal ending balance indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less WILSON ENGINEERING Trial Balance June 29, 2018 Account Title Credit $ Cash Accounts receivable Prepaid insurance Office equipment Drafting equipment Building Land Bente nouable Debit 8,680 33,200 5.100 10,000 92,300 51,500 52,500 1 65 WILSUN ENGINEERING Trial Balance June 29, 2018 Account Title Debit Credit $ 8,680 33,200 5.100 10,000 92,300 51,500 52,500 Cash Accounts receivable Prepaid insurance Office equipment Drafting equipment Building and Accounts payable Notes payable Dividends Rental revenue 'Wages expense Equipment rental expense Total 1,650 24200 9.620 52,000 2.000 1,650 267,350 $ S 77,850 Che Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity The income statement reports the change in equity attributable to the operation of the business during a specific period of time. Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. Did the company report net income or net loss during the current month? Show less WIL SON ENGINEERING Income Statement For Month Ended June 30, 2018 Revenues: Rental revenue 52.000 $ 52,000 Repairs expense Advertising expense Prepaid insurance 5,100 WILSON ENGINEERING Income Statement For Month Ended June 30, 2018 Revenues: Rental revenue $ 52,000 $ 52.000 Repairs expense Advertising expense Prepaid insurance 5,100 5.100 46.900 Net income $ Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the retained earnings. WILSON ENGINEERING Statement of Retained Earnings For Month Ended June 30, 2018 Retained earnings, June 1, 2018 Add Net Income $ 0 46,900 46.900 46.900 Less Dividends 9,620 9.620 37 280 Retained earnings, June 30, 2018 $ Chec Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate. WILSON ENGINEERING Balance Sheet June 30, 2018 Assets: Cash Accounts receivable Prepaid insurance 8,680 33.200 5,100 Equipment rental expense Office equipment Drafting equipment Total liabilities 1.650 10.000 92.300 $ 150.930 Liabilities: June 30, 2018 Assets: Cash Accounts receivable Prepaid insurance 1 1 1 8,680 33,200 5.100 tt Equipment rental expense Office equipment Drafting equipment Total liabilities 1,650 10,000 92,300 $ 150,930 Liabilities: Accounts payable Notes payable 1.650 24,200 $ 25,850 Accounts receivable Prepaid insurance 33,200 5,100 Equipment rental expense Office equipment Drafting equipment Total liabilities 1,650 10,000 92,300 $ 150,930 Liabilities: Accounts payable Notes payable 1,650 24,200 $ 25,850 37 280 Total equity Total liabilities and equity 37.280 63,130 $ Pro Ch 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. Impact on Equity 0 0 Transaction Jun 1 Jeffrey Wilson, the owner, invested $114,000 cash, office equipment with a value of $8,500, and 567,000 of drafting equipment to launch the company in exchange for common stock Jun 2 The company purchased land worth $52,500 for an office by paying $11.200 cash and signing a long-term note payable for $41,300 Jun 3 The company purchased a portable building with $51.500 cash and moved it onto the land acquired on June 2 Jun 4 The company paid $5,100 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 $9,000 cash Jun 6 The company purchased $24.200 of additional drafting equipment by paying $13.000 cash and signing a long-term note payable for $11.200 0 0 0 0 # # # # # # # # # # # # # # # # # # # + Impact on Equity 0 0 0 0 Transaction Jun. 1 Jeffrey Wilson, the owner, invested 5 114,000 cash, office equipment with a value of $8,500, and $67,000 of drafting equipment to launch the company in exchange for common stock. Jun 2 The company purchased land worth $52,500 for an office by paying $11,200 cash and signing a long-term note payable for $41,300 Jun. 3 The company purchased a portable building with 551,500 cash and moved it onto the land acquired on June 2 Jun 4 The company paid $5,100 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 $9,000 cash. Jun 6 The company purchased $24.200 of additional drafting equipment by paying $13,000 cash and signing a long-term note payable for $11.200 Jun 7 The company completed 519,600 of engineering services for a client. This amount is to be received in 30 days Jun. 8 The company purchased $1,500 of additional office equipment on credit Jun 9 The company completed engineering services for $23,400 on credit Jun 10 The company received a bill for rent of equipment 0 0 0 0 0 0 0 0 0 SIVILES LTD TUURLIJU days Jun 8 The company purchased $1,500 of additional office equipment on credit Jun 9 The company completed engineering services for $23,400 on credit Jun 10 The company received a bill for rent of equipment that was used on a recently completed job. The 51,650 rent cost must be paid within 30 days Jun 12 The company collected 59.800 cash in partial payment from the client billed on June 9. Jun 14 The company paid $1,400 cash for wages to a drafting assistant Jun. 17 The company paid $1,500 cash to settle the account payable created in on June 8 Jun 20 The company paid $1,100 cash for minor maintenance of its drafting equipment Jun. 23 The company paid $9,620 cash in dividends. Jun 28 The company paid $1,400 cash for wages to a drafting assistant Jun 29 The company paid $2,780 cash for advertisements on the web during June Total change in equity 0 0 0 0 0 0 $ 0