Answered: completed the following transactions in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Turner 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	Tony Turner, the owner, invested $144,000 cash, office equipment with a value of $16,000, and $82,000 of drafting equipment to launch the company.
Jun.	2	The company purchased land worth $60,000 for an office by paying $21,700 cash and signing a long-term note payable for $38,300.
Jun.	3	The company purchased a portable building with $44,000 cash and moved it onto the land acquired on June 2.
Jun.	4	The company paid $9,600 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 $15,000 cash.
Jun.	6	The company purchased $33,200 of additional drafting equipment by paying $20,500 cash and signing a long-term note payable for $12,700.
Jun.	7	The company completed $31,600 of engineering services for a client. This amount is to be received in 30 days.
Jun.	8	The company purchased $2,250 of additional office equipment on credit.
Jun.	9	The company completed engineering services for $26,400 on credit.
Jun.	10	The company received a bill for rent of equipment that was used on a recently completed job. The $2,400 rent cost must be paid within 30 days.
Jun.	12	The company collected $15,800 cash in partial payment from the client billed on June 9.
Jun.	14	The company paid $2,000 cash for wages to a drafting assistant.
Jun.	17	The company paid $2,250 cash to settle the account payable created in on June 8.
Jun.	20	The company paid $1,475 cash for minor maintenance of its drafting equipment.
Jun.	23	Tony Turner withdrew $9,920 cash from the company for personal use.
Jun.	28	The company paid $2,000 cash for wages to a drafting assistant.
Jun.	29	The company paid $3,380 cash for advertisements on the web during June.

Jun.	1	Tony Turner, the owner, invested $144,000 cash, office equipment with a value of $16,000, and $82,000 of drafting equipment to launch the company.
Jun.	2	The company purchased land worth $60,000 for an office by paying $21,700 cash and signing a long-term note payable for $38,300.
Jun.	3	The company purchased a portable building with $44,000 cash and moved it onto the land acquired on June 2.
Jun.	4	The company paid $9,600 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 $15,000 cash.
Jun.	6	The company purchased $33,200 of additional drafting equipment by paying $20,500 cash and signing a long-term note payable for $12,700.
Jun.	7	The company completed $31,600 of engineering services for a client. This amount is to be received in 30 days.
Jun.	8	The company purchased $2,250 of additional office equipment on credit.
Jun.	9	The company completed engineering services for $26,400 on credit.
Jun.	10	The company received a bill for rent of equipment that was used on a recently completed job. The $2,400 rent cost must be paid within 30 days.
Jun.	12	The company collected $15,800 cash in partial payment from the client billed on June 9.
Jun.	14	The company paid $2,000 cash for wages to a drafting assistant.
Jun.	17	The company paid $2,250 cash to settle the account payable created in on June 8.
Jun.	20	The company paid $1,475 cash for minor maintenance of its drafting equipment.
Jun.	23	Tony Turner withdrew $9,920 cash from the company for personal use.
Jun.	28	The company paid $2,000 cash for wages to a drafting assistant.
Jun.	29	The company paid $3,380 cash for advertisements on the web during June.

Please complete icome statement, St. Owner's Equity, Balance sheet, and impact on equity journals using the numbers indicated in the assignment.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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completed the following transactions in the month of June. Using the following transaction