Duerr 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 Melanie Duerr, the owner, invested $150,000 cash, office equipment with a value of $17,500, and $85,000 of drafting equipment to launch the company.Jun. 2 The company purchased land worth $61,500 for an office by paying $23,800 cash and signing a long-term note payable for $37,700.Jun. 3 The company purchased a portable building with $42,500 cash and moved it onto the land acquired on June 2.Jun. 4 The company paid $10,500 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 $16,200 cash.Jun. 6 The company purchased $35,000 of additional drafting equipment by paying $22,000 cash and signing a long-term note payable for $13,000.Jun. 7 The company completed $34,000 of engineering services for a client. This amount is to be received in 30 days.Jun. 8 The company purchased $2,400 of additional office equipment on credit.Jun. 9 The company completed engineering services for $27,000 on credit.Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $2,550 rent cost must be paid within 30 days.Jun. 12 The company collected $17,000 cash in partial payment from the client billed on June 9.Jun. 14 The company paid $1,400 cash for wages to a drafting assistant.Jun. 17 The company paid $2,400 cash to settle the account payable created in on June 8.Jun. 20 The company paid $1,550 cash for minor maintenance of its drafting equipment.Jun. 23 Melanie Duerr withdrew $9,980 cash from the company for personal use.Jun. 28 The company paid $1,400 cash for wages to a drafting assistant.Jun. 29 The company paid $3,500 cash for advertisements on the web during June. GeneralRequirementGeneralJournalTrial BalanceIncomeStatementSt OwnersEquityBalance SheetImpact onEquityLedgerWhile the balance sheet reports the detail of individual assets and liabilities, owner's equity is reported in total. The expandedaccounting equation shows the four subsets of equity: Revenues, Expenses, Owner investments and Owner withdrawals. Using thedropdown buttons, indicate the impact each transaction has on total equity (if any). Compare the total with the amount ofequity reported on the balance sheet.Show lessTransactionImpact on EquityMelanie Duerr, the owner, invested $150,000 cash, officeequipment with a value of $17,500, and $85,000 of draftingequipment to launch the company.$0The company purchased land worth $61,500 for an office bypaying $23,800 cash and signing a long-term note payablefor $37,700.0The company purchased a portable building with $42,500cash and moved it onto the land acquired on June 2.0The company paid $10,500 cash for the premium on an 18-month insurance policy.0The company completed and delivered a set of plans for aclient and collected $16,200 cash.0The company purchased $35,000 of additional draftingequipment by paying $22,000 cash and signing a long-termnote payable for $13,000.0The company completed $34,000 of engineering servicesfor a client. This amount is to be received in 30 days.0The company purchased $2,400 of additional officeequipment on credit.0The company completed engineering services for $27.000on credit.0The company received a bill for rent of equipment that wasused on a recently completed job. The $2,550 rent costmust be paid within 30 days.0The company collected $17,000 cash in partial paymentfrom the client billed on June 9.0The company paid $1,400 cash for wages to a draftingassistant.0The company paid $2,400 cash to settle the accountpayable created in on June 8.0The company paid $1,550 cash for minor repairs of itsdrafting equipment.0Melanie Duerr withdrew $9.980 cash from the company forpersonal use.0The company paid $1,400 cash for wages to a draftingassistant.0The company paid $3,500 cash for advertisements on theweb during June.0Total change in equity0< Balance SheetImpact on Equity >$

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Description: Duerr 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 Melanie

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Duerr 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 Melanie Duerr, the owner, invested $150,000 cash, office equipment with a value of $17,500, and $85,000 of drafting equipment to launch the company. Jun. 2 The company purchased land worth $61,500 for an office by paying $23,800 cash and signing a long-term note payable for $37,700. Jun. 3 The company purchased a portable building with $42,500 cash and moved it onto the land acquired on June 2. Jun. 4 The company paid $10,500 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 $16,200 cash. Jun. 6 The company purchased $35,000 of additional drafting equipment by paying $22,000 cash and signing a long-term note payable for $13,000. Jun. 7 The company completed $34,000 of engineering services for a client. This amount is to be received in 30 days. Jun. 8 The company purchased $2,400 of additional office equipment on credit. Jun. 9 The company completed engineering services for $27,000 on credit. Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $2,550 rent cost must be paid within 30 days. Jun. 12 The company collected $17,000 cash in partial payment from the client billed on June 9. Jun. 14 The company paid $1,400 cash for wages to a drafting assistant. Jun. 17 The company paid $2,400 cash to settle the account payable created in on June 8. Jun. 20 The company paid $1,550 cash for minor maintenance of its drafting equipment. Jun. 23 Melanie Duerr withdrew $9,980 cash from the company for personal use. Jun. 28 The company paid $1,400 cash for wages to a drafting assistant. Jun. 29 The company paid $3,500 cash for advertisements on the web during June.

Duerr 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 Melanie Duerr, the owner, invested $150,000 cash, office equipment with a value of $17,500, and $85,000 of drafting equipment to launch the company. Jun. 2 The company purchased land worth $61,500 for an office by paying $23,800 cash and signing a long-term note payable for $37,700. Jun. 3 The company purchased a portable building with $42,500 cash and moved it onto the land acquired on June 2. Jun. 4 The company paid $10,500 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 $16,200 cash. Jun. 6 The company purchased $35,000 of additional drafting equipment by paying $22,000 cash and signing a long-term note payable for $13,000. Jun. 7 The company completed $34,000 of engineering services for a client. This amount is to be received in 30 days. Jun. 8 The company purchased $2,400 of additional office equipment on credit. Jun. 9 The company completed engineering services for $27,000 on credit. Jun. 10 The company received a bill for rent of equipment that was used on a recently completed job. The $2,550 rent cost must be paid within 30 days. Jun. 12 The company collected $17,000 cash in partial payment from the client billed on June 9. Jun. 14 The company paid $1,400 cash for wages to a drafting assistant. Jun. 17 The company paid $2,400 cash to settle the account payable created in on June 8. Jun. 20 The company paid $1,550 cash for minor maintenance of its drafting equipment. Jun. 23 Melanie Duerr withdrew $9,980 cash from the company for personal use. Jun. 28 The company paid $1,400 cash for wages to a drafting assistant. Jun. 29 The company paid $3,500 cash for advertisements on the web during June.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter2: Analyzing Transactions: The Accounting Equation

Section: Chapter Questions

Problem 5SEB: FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L),...

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Jun.	1	Melanie Duerr, the owner, invested $150,000 cash, office equipment with a value of $17,500, and $85,000 of drafting equipment to launch the company.
Jun.	2	The company purchased land worth $61,500 for an office by paying $23,800 cash and signing a long-term note payable for $37,700.
Jun.	3	The company purchased a portable building with $42,500 cash and moved it onto the land acquired on June 2.
Jun.	4	The company paid $10,500 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 $16,200 cash.
Jun.	6	The company purchased $35,000 of additional drafting equipment by paying $22,000 cash and signing a long-term note payable for $13,000.
Jun.	7	The company completed $34,000 of engineering services for a client. This amount is to be received in 30 days.
Jun.	8	The company purchased $2,400 of additional office equipment on credit.
Jun.	9	The company completed engineering services for $27,000 on credit.
Jun.	10	The company received a bill for rent of equipment that was used on a recently completed job. The $2,550 rent cost must be paid within 30 days.
Jun.	12	The company collected $17,000 cash in partial payment from the client billed on June 9.
Jun.	14	The company paid $1,400 cash for wages to a drafting assistant.
Jun.	17	The company paid $2,400 cash to settle the account payable created in on June 8.
Jun.	20	The company paid $1,550 cash for minor maintenance of its drafting equipment.
Jun.	23	Melanie Duerr withdrew $9,980 cash from the company for personal use.
Jun.	28	The company paid $1,400 cash for wages to a drafting assistant.
Jun.	29	The company paid $3,500 cash for advertisements on the web during June.