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

Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction onthe financial statements.

Jun.1Jenna 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 in exchange for common stock.Jun.2The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a long-term note payable for $42,700.Jun.3The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2.Jun.4The company paid $3,000 cash for the premium on an 18-month insurance policy.Jun.5The company completed and delivered a set of plans for a client and collected $6,200 cash.Jun.6The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500.Jun.7The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days.Jun.8The company purchased $1,150 of additional office equipment on credit.Jun.9The company completed engineering services for $22,000 on credit.Jun.10The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rent cost must be paid within 30 days.Jun.12The company collected $7,000 cash in partial payment from the client described billed on June 9.Jun.14The company paid $1,200 cash for wages to a drafting assistant.Jun.17The company paid $1,150 cash to settle the account payable created in on June 8.Jun.20The company paid $925 cash for minor maintenance of its drafting equipment.Jun.23The company paid $9,480 cash in dividends.Jun.28The company paid $1,200 cash for wages to a drafting assistant.Jun.29The company paid $2,500 cash for advertisements on the web during June.