2007 Aracel Engineering completed the following transactions in the month of June a. Jenna Aracel, the owner, invested $190,000 cash, office equipment with a value of $5,400, and $65,000 of drafting equipment to launch the company b. The company purchased land worth $57,000 for an office by paying $9.400 cash and signing a long-term note payable for $47,600. c. The company purchased a portable building with $56.000 cash and moved it onto the land acquired in b. d. The company paid $3,700 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 $9,800 cash. 1. The company purchased $32,000 of additional drafting equipment by paying $9.400 cash and signing a long-term note payable for $22.600 g. The company completed $17.500 of engineering services for a client. This amount is to be received in 30 days. h. The company purchased $1.850 of additional office equipment on credit The company completed engineering services for $25.000 on credit J. The company received a bill for rent of equipment that was used on a recently completed job. The $1,353 rent cost must be paid within 30 days. k. The company collected $7,000 cash in partial payment from the client described in transaction 1. The company paid $1,600 cash for wages to a drafting assistant m. The company paid $1.850 cash to settle the account payable created in transaction h. n. The company paid $1.085 cash for minor maintenance of its drafting equipment O. Jenna Aracel withdrew $10.950 cash from the company for personal use. p. The company paid $1.500 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): Aracel, Capital (300): 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. Required 1 Required 2 Required 3 Post the journal entries from part 1 to the ledger accounts. 101: Cash Debit Credit 106: Accounts Receivable Debit Credit Transaction Balance Transaction Balance points 300578 108: Prepaid Insurance Debit Credit 163: Office Equipment Debit Credit Transaction Balance Transaction Balance Help Save & Exit Subm 164: Drafting Equipment Debit Credit Transaction 170: Building Debit Credit Balance Transaction Balance 00:57:02 172 Land Debit Credit 201: Accounts Payable Debit Credit Transaction Balance 250: Notes Payable Debit Credit 301:J. Aracel Capit Debit Credit Transaction Balance Transaction Balance 302: J. Aracel, Withdrawals Debit Credit 402: Engineering Fees Earned Debit Credit Transaction Balance Transaction Balance 601: Wages Expense Debit Credit 002: Equipment Rental Expen Debit Credit Banca Transitios Advertising Expense Cr n Transaction ance Debit Transaction Cred Balance Required ) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a trial balance as of the end of June. points ARACEL ENGINEERING Trial Balance June 30 Debit X 00:56:02 Credit eBook Print Totals