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Thank you very very much
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $245,000 cash, office equipment with a value of $5,400, and $76,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $58,000 for an office by paying $8,200 cash and signing a long-term note payable for $49,800. c. The company purchased a portable building with $55.000 cash and moved it onto the land acquired in b. d. The company paid $3,400 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $7,700 cash. f. The company purchased $21,000 of additional drafting equipment by paying $9,400 cash and signing a long-term note payable for $11,600 g. The company completed $16.500 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,900 of additional office equipment on credit. 1. The company completed $28,000 of services for a customer on credit J. The company purchased $1,556 of TV advertising on credit. k. The company collected $8,000 cash in partial payment from the client described in transaction g. 1. The company paid $1,400 cash for employee wages. m. The company paid $1,900 cash to settle the account payable created in transaction h. n. The company paid $1160 cash for repairs. o. The company paid a $10,440 cash dividend, p. The company paid $1,200 cash for employee wages. 4. The company paid $4,100 cash for advertisements on the Web during June. Required: 1. Prepare general journal entries to record these transactions using the following titles: Cash (101): Accounts Receivable (106). Prepaid Insurance (108): Office Equipment (163); Drafting Equipment (164), Building (170); Land (172): Accounts Payable (201), Notes Payable (250); Common Stock (307); Dividends (319). Services Revenue (403) Wages Expense (601). Advertising Expense (603); and Repairs Expense (604) 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of the end of June. Dournal entry worksheet 1 2 3 4 5 6 8 17 Jenna Aracel, the owner, invested $245,000 cash, office equipment with a value of $5,400, and $76,000 of drafting equipment to launch the company in exchange for common stock. Note: Enter debits before credits. Tranasaction Account Title Debit Credit a View general Journal Record entry Clear entry 101: Cash Transaction Debit Credit Balance 106: Accounts Recolvablo Debit Credit Transaction Balance 108: Prepaid Insurance Debit Credit 163: Office Equipment Debit Credit Balance Transaction Transaction Balance 164: Drafting Equipment Debit Credit Transaction 170: Building Debit Credit Balance Transaction Balance 172: Land Debit Credit Transaction Balance 201: Accounts Payable Debit Credit Transaction Balance 250: Notes Payable Debit Credit Transaction Balance 307: Common Stock Debit Credit Transaction Balance 319: Dividends Transaction Debit 403 Services Revenue Dobit Credit Credit Balance Transaction Balance 601: Wages Expense Debit Credit 603: Advertising Expense Debit Credit Transaction Balance Transaction Balance 604: Repairs Expense Debit Credit Transaction Balance ARACEL ENGINEERING Trial Balance June 30 Debit Credit Totals $ 0 $ 0
