Perez Engineering completed the following transactions in the month of June. Using the following transactions, record...

  

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Perez 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 Juan Perez, the owner, invested $118,000 cash, office equipment with a value of $9,500, and $69,000 of drafting equipment to launch the company in exchange for common stock. June 2 The company purchased land worth $53,500 for an office by paying $12,600 cash and signing a long-term note payable for $40,900. June 3 The company purchased a portable building with $50,500 cash and moved it onto the land acquired on June 2. June 4 The company paid $5,700 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 $9,800 cash. June 6 The company purchased $25,400 of additional drafting equipment by paying $14,000 cash and signing a long-term note payable for $11,400. June 7 The company completed $21,200 of engineering services for a client. This amount is to be received in 30 days. June 8 The company purchased $1,600 of additional office equipment on credit. June 9 The company completed engineering services for $23,800 on credit. June 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,750 rent cost must be paid within 30 days. June 12 The company collected $10,600 cash in partial payment from the client billed on June 9. June 14 The company paid $1,800 cash for wages to a drafting assistant. June 17 The company paid $1,600 cash to settle the account payable created in on June 8. June 20 The company paid $1,150 cash for minor maintenance of its drafting equipment. June 23 The company paid $9,660 cash in dividends. June 28 The company paid $1,800 cash for wages to a drafting assistant. June 29 The company paid $2,860 cash for advertisements on the web during June. Requirement General Journal General Ledger GEDEY 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 A Requirement General Journal General Ledger Trial Balance PEREZ ENGINEERING Income Statement For Month Ended June 30, 2021 Income Statement < Trial Balance St Retained Earnings 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? Balance Sheet St Retained Earnings > Impact on Equity Show less A Perez 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 Juan Perez, the owner, invested $118,000 cash, office equipment with a value of $9,500, and $69,000 of drafting equipment to launch the company in exchange for common stock. June 2 The company purchased land worth $53,500 for an office by paying $12,600 cash and signing a long-term note payable for $40,900. June 3 The company purchased a portable building with $50,500 cash and moved it onto the land acquired on June 2. June 4 The company paid $5,700 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 $9,800 cash. June 6 The company purchased $25,400 of additional drafting equipment by paying $14,000 cash and signing a long-term note payable for $11,400. June 7 The company completed $21,200 of engineering services for a client. This amount is to be received in 30 days. June 8 The company purchased $1,600 of additional office equipment on credit. June 9 The company completed engineering services for $23,800 on credit. June 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,750 rent cost must be paid within 30 days. June 12 The company collected $10,600 cash in partial payment from the client billed on June 9. June 14 The company paid $1,800 cash for wages to a drafting assistant. June 17 The company paid $1,600 cash to settle the account payable created in on June 8. June 20 The company paid $1,150 cash for minor maintenance of its drafting equipment. June 23 The company paid $9,660 cash in dividends. June 28 The company paid $1,800 cash for wages to a drafting assistant. June 29 The company paid $2,860 cash for advertisements on the web during June. Requirement General Journal General Ledger GEDEY 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 A Requirement General Journal General Ledger Trial Balance PEREZ ENGINEERING Income Statement For Month Ended June 30, 2021 Income Statement < Trial Balance St Retained Earnings 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? Balance Sheet St Retained Earnings > Impact on Equity Show less A

Answer rating: 100% (QA)

Date Account Title Debit Credit 01Jun Cash Ac Dr 118000 Ofice Equipment 9500 Drafting Equipment 6900... View the full answer