Question

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. 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 hoved 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. The company completed and delivered a set of plans for 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-tern 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. The company purchased $2,250 of additional office equipant 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 paynent from the client billed on June 9. Jun. 14 The company paid $2,000 cash for wages to a drafting abistant. 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 Ita 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

impact on equity

Answer 1

Impact on equity Account $ 242,000 Capital $ 15,000 Engineering Fees Earned $ 31,600 Engineering Fees Earned Turner Engineering Journal entries Date Account 1-Jun Investments 2-Jun 3-Jun 4-Jun 5-Jun Revenues 6-Jun 7-Jun Revenues 8-Jun 9-Jun Revenues 10-Jun Expenses 12-Jun 14-Jun Expenses 17-Jun 20-Jun Expenses 23-Jun Withdrawals 28-Jun Expenses 29-Jun Expenses Total change in equity $ 26,400 Engineering Fees Earned (2,400) Equipment Rental Expense (2,000) Wages Expense (1,475) Repairs Expense (9,920) Withdrawals (2,000) Wages Expense (3,380) Advertising Expense 293,825 $

Credit Turner Engineering Journal entries Date Account 1-Jun Cash Office Equipment Drafting Equipment Capital Debit 144,000 16,000 82,000 242,000 2-Jun 60,000 Land Cash Notes Payable 21,700 38,300 3-Jun 44,000 Building Cash 44,000 4-Jun 9,600 Prepaid Insurance Cash 9,600 5-Jun 15,000 Cash Engineering Fees Earned 15,000 6-Jun 33,200 Drafting Equipment Cash Notes Payable 20,500 12,700 7-Jun 31,600 Accounts Receivable Engineering Fees Earned 31,600 8-Jun 2,250 Office Equipment Accounts Payable 2,250 9-Jun 26,400 Accounts Receivable Engineering Fees Earned 26,400 2,400 10-Jun Equipment Rental Expense Accounts Payable 2,400 15,800 12-Jun Cash Accounts Receivable 15,800 2,000 14-Jun Wages Expense Cash 2,000 2,250 17-Jun Accounts Payable Cash 2,250 1,475 20-Jun Repairs Expense Cash 1,475 9,920 23-Jun Withdrawals Cash 9,920 2,000 28-Jun Wages Expense Cash 2,000 3,380 29-Jun Advertising Expense Cash 3,380

Credit Date Date Credit Date Credit Debit Date Credit Accounts Receivable $ 31,600 $ 26,400 12-Jun $ 15,800 Debit Date Prepaid Insurance $ 9,600 Debit Date Office Equipment $ 16,000 $ 2,250 4-Jun 7-Jun 9-Jun 1-Jun 8-Jun Turner Engineering T Accounts Date Debit Date Cash 1-Jun $144,000 2-Jun 5-Jun $15,000 3-Jun 12-Jun $ 15,800 4-Jun 6-Jun 14-Jun 17-Jun 20-Jun 23-Jun 28-Jun 29-Jun $ 21,700 $44,000 $ 9,600 $ 20,500 $ 2,000 $ 2,250 $ 1,475 $ 9,920 $ 2,000 $ 3,380 Bal. Bal. Bal. Bal. $ 18,250 $ 57,975 Drafting Equipment $ 82,000 $ 33,200 $ 42,200 Building $ 44,000 $ 9,600 Land $ 60,000 3-Jun 2-Jun 1-Jun 6-Jun Bal. Bal. Bal. $ 115,200 Accounts Payable $ 2,250 8-Jun 10-Jun $ 44,000 Notes Payable 2-Jun 6-Jun $ 60,000 Capital 1-Jun Withdrawals $ 9,920 17-Jun $242,000 23-Jun $ 2,250 $ 2,400 $ 38,300 $ 12,700 $ 51,000 Bal. Bal. Bal. $ 2,400 Engineering Fees Earned 5-Jun $ 15,000 7-Jun $ 31,600 9-Jun $ 26,400 Bal. Wages Expense $ 2,000 $ 2,000 $ 242,000 Equipment Rental Expense 10-Jun $ 2,400 $ 9,920 Advertising Expense $ 3,380 29-Jun 14-Jun 28-Jun $ 73,000 Bal. $ 4,000 Bal. $ 2,400 $ 3,380 Bal. Repairs Expense $ 1,475 20-Jun Bal. $ 1,475

Turner Engineering Account Names Cash Accounts Receivable Prepaid Insurance Office Equipment Drafting Equipment Building Land Accounts Payable Notes Payable Capital Withdrawals Engineering Fees Earned Wages Expense Equipment Rental Expense Advertising Expense Repairs Expense Totals Trial Balance Debit Credit 57,975 42,200 9,600 18,250 115,200 44,000 60,000 2,400 51,000 242,000 9,920 73,000 4,000 2,400 3,380 1,475 368,400 368,400