2-2A (Algo) Preparing and posting journal entries; preparing a trial balance LO A1, P1 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 $7,000, and $61,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $60,000 for an office by paying $6,300 cash and signing a long-term note payable for $53,700. c. The company purchased a portable building with $58,000 cash and moved it onto the land acquired in b. d. The company paid $4,000 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $9,800 cash. f. The company purchased $31,000 of additional drafting equipment by paying $9,400 cash and signing a long-term note payable for $21,600. g. The company completed $17,000 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,800 of additional office equipment on credit. 1. The company completed $25,000 of services for a customer on credit. J. The company purchased $1,696 of TV advertising on credit. k. The company collected $7,000 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 $1,800 cash to settle the account payable created in transaction h. n. The company paid $950 cash for repairs. o. The company paid a $9,830 cash dividend. p. The company paid $1,400 cash for employee wages. q. The company paid $3,800 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. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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). Show less A View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 17 Jenna Aracel, the owner, invested $245,000 cash, office equipment with a value of $7,000, and $61,000 of drafting equipment to launch the company in exchange for common stock. Note: Enter debits before credits. Transaction Account Title Debit Credit Record entry Clear entry View general journal Required t Required 2 > nces: Journal entry worksheet < 1 3 4 5 6 7 8. 17 > The company purchased land worth $60,000 for an office by paying $6,300 cash and signing a long-term note payable for $53,700. Note: Enter debits before credits. Tranasaction b Account Title Debit Credit Record entry Clear entry View general journal ces Journal entry worksheet < 1 2 4 5 6 7 17 The company purchased a portable building with $58,000 cash and moved it onto the land acquired in b. Note: Enter debits before credits. Tranasaction Account Title Debit Credit C Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 5 6 7 8... 17 The company paid $4,000 cash for the premium on an 18-month insurance policy. Note: Enter debits before credits. Tranasaction d Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 6 7 8 ..... 17 The company provided services to a client and collected $9,800 cash. Note: Enter debits before credits. Transaction Account Title Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > es View transaction list Journal entry worksheet < 1 2 3 4 5 7 8 17 The company purchased $31,000 of additional drafting equipment by paying $9,400 cash and signing a long-term note payable for $21,600. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > View transaction list Journal entry worksheet > 1 2 3 4 5 6 7 8 17 The company completed $17,000 of services for a client. This amount is to be received in 30 days. Note: Enter debits before credits. Tranasaction 9 Account Title Debit Credit Clear entry Record entry View general journal Required 1 Required 2 > ok nces View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 17 The company purchased $1,800 of additional office equipment on credit. Note: Enter debits before credits. Tranasaction h Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 9 10 11 12 13 1417 > The company completed $25,000 of services for a customer on credit. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 9 11 12 13 14..... 17 The company purchased $1,696 of TV advertising on credit. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet > 1 9 10 12 13 14. 17 The company collected $7,000 cash in partial payment from the client described in transaction g.. Note: Enter debits before credits.. Tranasaction Account Title Debit Credit Clear entry Record entry View general journal Required 1 Required 2 > Journal entry worksheet > 1 9 10 11 13 14..... 17 The company paid $1,400 cash for employee wages. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 9 10 11 12 13 14 ... 17 **** The company paid $1,800 cash to settle the account payable created in transaction h. Note: Enter debits before credits. Tranasaction m Account Title Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > View transaction list Journal entry worksheet < 19 10 11 12 13 17 The company paid $950 cash for repairs. Note: Enter debits before credits. Tranasaction n Account Title Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > View transaction list Journal entry worksheet < 1 10 11 12 13 14 16 17 The company paid a $9,830 cash dividend. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > View transaction list Journal entry worksheet < 1 10 11 12 13 14 15 17 The company paid $1,400 cash for employee wages. Note: Enter debits before credits.. Transaction P Account Title Debit Credit Clear entry Record entry View general journal View transaction list Journal entry worksheet < 1 10 11 12 13 14 15 16 The company paid $3,800 cash for advertisements on the Web during June. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > Required 1 Required 2 Required 3 Post the journal entries from part 1 to the ledger accounts. 101: Cash 106: Accounts Receivable Transaction Debit Credit Balance Transaction Debit Credit Balance Transaction Transaction 108: Prepaid Insurance Debit Credit Balance Transaction 164: Drafting Equipment Debit 163: Office Equipment Debit Credit Balance 170: Building Credit Balance Transaction Debit Credit Balance < Prev 33 of 33 Next Transaction Debit 172: Land Credit Balance Transaction 201: Accounts Payable Debit Credit Balance 250: Notes Payable 307: Common Stock Transaction Debit Credit Balance Transaction Debit Credit Balance 319: Dividends 403: Services Revenue Transaction Debit Credit Balance Transaction Debit Credit Balance Transaction 601: Wages Expense Debit 603: Advertising Expense Credit Balance Transaction Debit Credit Balance 604: Repairs Expense Transaction Debit Credit Balance ces 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. ARACEL ENGINEERING Trial Balance June 30 Debit Credit Totals $ 0 $ 0