Aracel Engineering completed the following transactions in the month of June.

a.Jenna Aracel, the owner, invested $240,000 cash, office equipment with a value of $6,600, and $60,000 of drafting equipment to launch the company in exchange for common stock.

b.The company purchased land worth $55,000 for an office by paying $9,000 cash and signing a long-term note payable for $46,000. The company purchased a portable building with $58,000 cash and moved it onto the land acquired in b. The company paid $3,600 cash for the premium on an 18-month insurance policy. The company completed and delivered a set of plans for a client and collected $8,700 cash. The company purchased $25,000 of additional drafting equipment by paying $12,000 cash and signing a long-term note payable for $13,000. The company completed $19,500 of engineering services for a client. This amount is to be received in 30 days. The company purchased $1,050 of additional office equipment on credit. The company completed engineering services for $20,000 on credit. The company received a bill for rent of equipment that was used on a recently completed job. The $1,431 rent cost must be paid within 30 days. The company collected $10,000 cash in partial payment from the client described in transaction g. The company paid $1,900 cash for wages to a drafting assistant. The company paid $1,050 cash to settle the account payable created in transaction h. The company paid $1,170 cash for minor maintenance of its drafting equipment. The company paid $9,210 cash in dividends. The company paid $2,400 cash for wages to a drafting assistant. The company paid $2,600 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.