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 $8,600, and $74,000 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 $7,300 cash and signing a long-term note payable for $50,700. c. The company purchased a portable building with $53,000 cash and moved it onto the land acquired in b. d. The company paid $3,100 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 $9,000 cash. f. The company purchased $23,000 of additional drafting equipment by paying $11,600 cash and signing a long-term note payable for $11,400. g. The company completed $16,500 of engineering 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. i. The company completed engineering services for $30,000 on credit. j. The company received a bill for rent of equipment that was used on a recently completed job. The $1,348 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. I. The company paid $1,600 cash for wages to a drafting assistant. m. The company paid $1,800 cash to settle the account payable created in transaction h. n. The company paid $1,185 cash for minor maintenance of its drafting equipment. o. The company paid a $9,120 cash dividend. p. The company paid $1,900 cash for wages to a drafting assistant. q. The company paid $3,100 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); 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. Journal entry worksheet Jenna Aracel, the owner, invested $230,000 cash, office equipment with a value of $8,600, and $74,000 of drafting equipment to launch the company in exchange for common stock. Note: Enter debits before credits. Tranasaction Account Title Debit Credit a Record entry Clear entry View general journal Post the journal entries from part 1 to the ledger accounts. 101: Cash Debit Credit 106: Accounts Receivable Debit Credit 172: Land Debit Credit 201: Accounts Payable Debit Credit Transaction Balance Transaction Balance Transaction Balance Transaction Balance 250: Notes Payable Debit Credit 307: Common Stock Debit Credit Transaction Balance Transaction Balance 319: Dividends Debit Credit 402: Engineering Fees Earned Debit Credit Transaction Balance Transaction Balance 108: Prepaid Insurance Debit Credit 163: Office Equipment Debit Credit Transaction Balance Transaction Balance 601: Wages Expense Debit Credit 602: Equipment Rental Expense Debit Credit Transaction Balance Transaction Balance 164: Drafting Equipment Debit Credit 170: Building Debit Credit Transaction Balance Transaction Balance 603: Advertising Expense Debit Credit 604: Repairs Expense Debit Credit Transaction Balance Transaction Balance Prepare a trial balance as of the end of June. ARACEL ENGINEERING Trial Balance June 30 Debit Credit Totals $ 0 $ 0