Aracel Engineering completed the following transactions in the month of June. a. J. Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company b. The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a note payable for $42,700. c. The company purchased a portable building with $55,000 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 $6,200 cash. 1. The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a note payable for $10,500 9. The company completed $14,000 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,150 of additional office equipment on credit. 1. The company completed $22,000 of services for a customer on credit J. The company purchased $1,333 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 $1,200 cash for employee wages. m. The company paid $1,150 cash to settle the account payable created in transaction h. n. The company paid $925 cash for repairs. o. J.Aracel withdrew $9,480 cash from the company for personal use. p. The company paid $1.200 cash for employee wages. 4. The company paid $2,500 cash for advertisements on the Web during June. Required: 1. Prepare general journal entries to record these transactions using the following titles: Cash (101); AccountsiReceivable (106); Prepaid Insurance (108): Office Equipment (163); Drafting Equipment (164); Building (170); Land (172); Accounts Payable (201): Notes Payable (250): J. Aracel, Capital (301): J. Aracel, Withdrawals (302): 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. Required 1 Required 2 Required 3 Post the journal entries from part 1 to the ledger accounts. 101: Cash Delt Credit 106. Accounts Receivable Debit Credit Transaction Balance Transaction Balance a. b. c. d e. 1. 9 h. . k. m. in 163: Office Equipment Debit Credit 108: Prepaid Insurance Debit Credit Balance Balanco Transaction Transaction 164: Drafting Equipment Debit Credit 170: Building Debit Credit Balance Balance Transaction Transaction 172: Land Debit Credit 201: Accounts Payablo Debit Credit Transaction Balance Transaction Balance 250: Notes Payable 301: J. Aracel, Capital 26 N MacBook Air 000 F4 F5 F6 nr
