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GLO205 - Based on Problem 2-2A ces Lee 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 Edward Lee, the owner, invested $104,000 cash, office equipment with a value of $6,000, and $62,000 of drafting equipment to launch the company in exchange for common stock. Jun. 2 The company purchased land worth $50,000 for an office by paying $7,700 cash and signing a long-term note payable for $42,300. Jun. 3 The company purchased a portable building with $54,000 cash and moved it onto the land acquired on June 2. Jun. 4 The company paid $3,600 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 $7,000 cash. Jun. 6 The company purchased $21,200 of additional drafting equipment by paying $10,500 cash and signing a long-term note payable for $10,700. Jun. 7 The company completed $15,600 of engineering services for a client. This amount is to be received in 30 days. Jun. 8 The company purchased $1,250 of additional office equipment on credit. Jun. 9 The company completed engineering services for $22,400 on credit. Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $1,400 rent cost must be paid within 30 days. Jun. 12 The company collected $7,800 cash in partial payment from the client billed on June 9. Jun. 14 The company paid $1,600 cash for wages to a drafting assistant. Jun. 17 The company paid $1,250 cash to settle the account payable created in on June 8. Jun. 20 The company paid 5975 cash for minor maintenance of its drafting equipment. Jun. 23 The company paid $9,520 cash in dividends. Jun. 28 The company paid $1,600 cash for wages to a drafting assistant. Jun. 29 The company paid $2,580 cash for advertisements on the web during June. General Journal Income Statement General Ledger Tral Balance Balance Sheet St Retained Earnings Requirement Impact on Equity General Journal Tab. For each transaction, prepare the required journal entry on the General Journal tab. List debits General Journal Requirement General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on 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 - Atrial 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. Journal entry worksheet Jun. 1) Edward Lee, the owner, invested $104,000 cash, office equipment with a value of $6,000, and $62,000 of drafting equipment to launch the company in exchange for common stock. Note: Enter debits before credits. Account Title Debit Date Jun 01 Credit Record entry Clear entry View general journal Journal entry worksheet N Jun. 2) The company purchased land worth $50,000 for an office by paying $7,700 cash and signing a long-term note payable for $42,300. Note: Enter debits before credits. Account Title Debit Credit Date Jun 02 Record entry Clear entry View general journal Journal entry worksheet Jun. 5) The company completed and delivered a set of plans for a client and collected $7,000 cash. Note: Enter debits before credits. Date Account Title Debit Credit Jun 05 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 16 7 8 17 Jun. 6) The company purchased $21,200 of additional drafting equipment by paying $10,500 cash and signing a long-term note payable for $10,700. Note: Enter debits before credits. Date Account Title Debit Credit Jun 06 Record entry Clear entry View general journal Drott 40 40 Journal entry worksheet 1 2 3 4 5 6 8 17 Jun. 7) The company completed $15,600 of engineering services for a client. This amount is to be received in 30 days. Note: Enter debits before credits. Date Account Title Debit Credit Jun 07 Record entry Clear entry View general journal un. 20 The company paid $975 cash for minor maintenance of its drafting equipment. Iun. 23 The company paid $9,520 cash in dividends. un. 28 The company paid $1,600 cash for wages to a drafting assistant. Jun. 29 The company paid $2,580 cash for advertisements on the web during June. General General Income St Retained Impact on Requirement Journal Ledger Trigl Balance Statement Earnings Balance Sheet Equity The trial balance is a listing of all account bala.co neuve 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 LEE ENGINEERING Trial Balance June 29, 2018 Account Title Debit Credit Total OS 0 General Ledger Income Statement > Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet The income statement reports the change in equity attributable to the operation of the business during time. Using the dropdown buttons, select the financial statement elements and account titles to income statement. The account balances will automatically populate. Did the company report net inco the current month? LEE ENGINEERING Income Statement For Month Ended June 30, 2018 Trial Balance St Retained Earnings> LEE ENGINEERING Balance Sheet June 30, 2018 bok int ences Total equity Total liabilities and equity aw

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