1. Post the journal entries from part 1 to the ledger accounts.
2. Prepare a trial balance as of the end of June.
Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $180,000 cash, office equipment with a value of $7,300, and $66,000 of drafting equipment to launch the company. b. The company purchased land worth $56,000 for an office by paying $9,300 cash and signing a long-term note payable for $46,700. c. The company purchased a portable building with $54.000 cash and moved it onto the land acquired in b. d. The company paid $2,200 cash for the premium on an 18-month insurance policy. e. The company completed and delivered a set of plans for a client and collected $7.200 cash. f. The company purchased $24,000 of additional drafting equipment by paying $9,200 cash and signing a long-term note payable for $14,800. 9. The company completed $15,500 of engineering services for a client. This amount is to be received in 30 days. h. The company purchased $1,550 of additional office equipment on credit 1. The company completed engineering services for $27,000 on credit. j. The company received a bill for rent of equipment that was used on a recently completed job. The $1,546 rent cost must be paid within 30 days k. The company collected $6,000 cash in partial payment from the client described in transaction g. 1. The company paid $1,500 cash for wages to a drafting assistant m. The company paid $1,550 cash to settle the account payable created in transaction h. n. The company paid $1,065 cash for minor maintenance of its drafting equipment o. Jenna Aracel withdrew $9,210 cash from the company for personal use. p. The company paid $2,400 cash for wages to a drafting assistant 9. The company paid $4,300 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): J. Aracel, Capital (301); J. Aracel, Withdrawals (302): Engineering Fees Earned (402); Wages Expense (601): Equipment Rental Expense (602); 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. 301: J. Aracel, Capital Transaction Debit Credit Balance a. 7,300 X 7,300 Required 1 Required 2 Required 3 Prepare a trial balance as of the end of June. Credit ARACEL ENGINEERING Trial Balance June 30 Debit Cash Accounts receivable Prepaid insurance Office equipment Drafting equipment Building 54,000 Land Accounts payable Notes payable J. Aracel, Capital J. Aracel, Withdrawals Engineering fees earned Wages expense Equipment rental expense Advertising expense Repairs expense Totals $ 54,000 $ 0
