Problem 3.4A The Accounting Cycle: Journalizing, Posting, and Preparing a Trial In June 2013, Wendy Winger organized a corporation to provide aerial photography services. The company, called Aerial Views, began operations immediately. Transactions during the month of June were as follows: June 1 The corporation issued 60,000 shares to Wendy Winger in exchange for $60,000 cash. June 2 Purchased a plane from Utility Aircraft for $220,000. Made a $40,000 cash down payment and issued a note payable for the remaining balance. June 4 Paid Woodrow Airport $2,500 to rent office and hangar space for the month. June 15 Billed customers $8,320 for aerial photographs taken during the first half of June. June 15 Paid $5,880 in salaries earned by employees during the first half of June. June 18 Paid Hannigan's Hangar $1,890 for maintenance and repair services on the company plane. June 25 Collected $4,910 of the amounts billed to customers on June 15. June 30 Billed customers $16,450 for aerial photographs taken during the second half of the month. June 30 Paid $6,000 in salaries earned by employees during the second half of the month. June 30 Received a $2,510 bill from Peatree Petroleum for aircraft fuel purchased in June. The entire amount is due July 10. June 30 Declared a $2,000 dividend payable on July 15. The account titles used by Aerial Views are: Cash Accounts Receivable Aircraft Notes Payable Accounts Payable Dividends Payable Share Capital Retained Earnings Dividends Aerial Photography Revenue Maintenance Expense Fuel Expense Salaries Expense Rent Expense a. Analyze the effects that each of these transactions will have on the following six components of the a. Analyze the effects that each of these transactions will have on the following six components of the company's financial statements for the month of June. Organize your answer in tabular form, using the column headings shown. Use I for increase, D for decrease, and NE for no effect. The June 1 transaction is provided for you Income Statement Statement of Financial Position Revenue Profit Assets Liabilities Equity NE Transaction June 1 June 2 June 4 June 15 June 15 June 18 June 25 June 30 June 30 June 30 June 30 (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Expenses NE (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select (Click to select) (Click to select) b. Prepare journal entries for above each transaction. (Omit the "S" sign in your response.) Debit Credit Date June 1 General Journal Click to select) (Click to select) 2 (Cick to select) (Click to select) Click to select) 4 (Click to select) (Click to select) 15 (Click to select) (Click to select) (Click to select) Click to select) 18 (Click to select) (Click to select) 25 (Click to select) (Click to select) 30 (Click to select) (Click to select) (Click to select (Click to select) (Click to select (Click to select (Click to select) cick to select c. Poat each transaction to the appropriate ledger accounts (Leave no cells blank - be certain to enter "0" wherever required. Omit the sign in your response.) Date Debit Credit 2013 June 1 Accounts Receivable Date 2013 June 15 Dobit Credit Aircraft Date 2013 June 2 Debit Credit Balance Notes Payable Debit Credit Debebi Balance Balance June 2 Accounts Payable Date 2013 Debit Credit Balance June 30 Date 2013 June 30 Dividends Payable Debit Credi Balance Share Capital Date 2013 June 1 Debit Credit Balance Dale Dividends 2013 Debit Balance w Date 2013 Debit Credit Creat June 30 O Dividends Payable Date 2013 June 30 Credit Share Capital Date 2013 June 1 Debit Dividends Date 2013 Debit Credit June 30 Aerial Photography Revenue Date 2013 Debit June 15 Maintenance Expense Date 2013 June 18 Debe Date 2013 June 30 Salaries Expens Date 2013 Debit Credit June 15 30 Rent Expense Date 2013 Debit June 4 d. Prepare a trial balance dated June 30, 2013. (Omit the "$" sign in your response.) AERIAL VIEWS Trial Balance June 30, 2013 (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) e. Using figures from the trial balance prepared in part d, compute total assets, total liabilities, and shareholders' equity. (Omit the "$" sign in your response.) Total assets Total liabilities Total shareholders' equity References Problem 3.4A The Accounting Cycle: Journalizing, Posting, and Preparing a Trial In June 2013, Wendy Winger organized a corporation to provide aerial photography services. The company, called Aerial Views, began operations immediately. Transactions during the month of June were as follows: June 1 The corporation issued 60,000 shares to Wendy Winger in exchange for $60,000 cash. June 2 Purchased a plane from Utility Aircraft for $220,000. Made a $40,000 cash down payment and issued a note payable for the remaining balance. June 4 Paid Woodrow Airport $2,500 to rent office and hangar space for the month. June 15 Billed customers $8,320 for aerial photographs taken during the first half of June. June 15 Paid $5,880 in salaries earned by employees during the first half of June. June 18 Paid Hannigan's Hangar $1,890 for maintenance and repair services on the company plane. June 25 Collected $4,910 of the amounts billed to customers on June 15. June 30 Billed customers $16,450 for aerial photographs taken during the second half of the month. June 30 Paid $6,000 in salaries earned by employees during the second half of the month. June 30 Received a $2,510 bill from Peatree Petroleum for aircraft fuel purchased in June. The entire amount is due July 10. June 30 Declared a $2,000 dividend payable on July 15. The account titles used by Aerial Views are: Cash Accounts Receivable Aircraft Notes Payable Accounts Payable Dividends Payable Share Capital Retained Earnings Dividends Aerial Photography Revenue Maintenance Expense Fuel Expense Salaries Expense Rent Expense a. Analyze the effects that each of these transactions will have on the following six components of the a. Analyze the effects that each of these transactions will have on the following six components of the company's financial statements for the month of June. Organize your answer in tabular form, using the column headings shown. Use I for increase, D for decrease, and NE for no effect. The June 1 transaction is provided for you Income Statement Statement of Financial Position Revenue Profit Assets Liabilities Equity NE Transaction June 1 June 2 June 4 June 15 June 15 June 18 June 25 June 30 June 30 June 30 June 30 (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Expenses NE (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select (Click to select) (Click to select) b. Prepare journal entries for above each transaction. (Omit the "S" sign in your response.) Debit Credit Date June 1 General Journal Click to select) (Click to select) 2 (Cick to select) (Click to select) Click to select) 4 (Click to select) (Click to select) 15 (Click to select) (Click to select) (Click to select) Click to select) 18 (Click to select) (Click to select) 25 (Click to select) (Click to select) 30 (Click to select) (Click to select) (Click to select (Click to select) (Click to select (Click to select (Click to select) cick to select c. Poat each transaction to the appropriate ledger accounts (Leave no cells blank - be certain to enter "0" wherever required. Omit the sign in your response.) Date Debit Credit 2013 June 1 Accounts Receivable Date 2013 June 15 Dobit Credit Aircraft Date 2013 June 2 Debit Credit Balance Notes Payable Debit Credit Debebi Balance Balance June 2 Accounts Payable Date 2013 Debit Credit Balance June 30 Date 2013 June 30 Dividends Payable Debit Credi Balance Share Capital Date 2013 June 1 Debit Credit Balance Dale Dividends 2013 Debit Balance w Date 2013 Debit Credit Creat June 30 O Dividends Payable Date 2013 June 30 Credit Share Capital Date 2013 June 1 Debit Dividends Date 2013 Debit Credit June 30 Aerial Photography Revenue Date 2013 Debit June 15 Maintenance Expense Date 2013 June 18 Debe Date 2013 June 30 Salaries Expens Date 2013 Debit Credit June 15 30 Rent Expense Date 2013 Debit June 4 d. Prepare a trial balance dated June 30, 2013. (Omit the "$" sign in your response.) AERIAL VIEWS Trial Balance June 30, 2013 (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) e. Using figures from the trial balance prepared in part d, compute total assets, total liabilities, and shareholders' equity. (Omit the "$" sign in your response.) Total assets Total liabilities Total shareholders' equity References