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 $230,000 cash, office equipment with a value of $8,200, and $80,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $51,000 for an office by paying $6,400 cash and signing a long-term note payable for $44,600. c. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b. d. The company paid $3,000 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $9,900 cash. f. The company purchased $26,000 of additional drafting equipment by paying $11,800 cash and signing a long-term note payable for $14,200. g. The company completed $19,000 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,350 of additional office equipment on credit. i. The company completed $21,000 of services for a customer on credit. j. The company purchased $1,459 of TV advertising on credit. k. The company collected $9,000 cash in partial payment from the client described in transaction g. I. The company paid $2,400 cash for employee wages. m. The company paid $1,350 cash to settle the account payable created in transaction h. n. The company paid $1,065 cash for repairs. o. The company paid a $10,160 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. 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). View transaction list Journal entry worksheet 1 2 345678 17 > Jenna Aracel, the owner, invested $230,000 cash, office equipment with a value of $8,200, and $80,000 of drafting equipment to launch the company in exchange for common stock. Note: Enter debits before credits. Tranasaction a Account Title Debit Credit Record entry Clear entry View general journal Required 1 Required 2 > Show less Post the journal entries from part 1 to the ledger accounts. 101: Cash Transaction Debit Credit Balance Transaction 106: Accounts Receivable Debit Credit Balance Transaction Transaction 108: Prepaid Insurance Debit Credit Balance Transaction 163: Office Equipment Debit Credit Balance 164: Drafting Equipment Debit Credit Balance Transaction 170: Building Debit Credit Balance 172: Land Transaction Debit Credit Balance Transaction 201: Accounts Payable Debit Credit Balance Transaction 250: Notes Payable Debit Credit 307: Common Stock Balance Transaction Debit Credit Balance Transaction 319: Dividends Debit Credit Balance Transaction 403: Services Revenue Debit Credit Balance Transaction 601: Wages Expense Debit Credit Balance Transaction 604: Repairs Expense Transaction Debit Credit Balance 603: Advertising Expense Debit Credit Balance 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 Totals Debit Credit