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

1. Jenna 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.
2. The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a long-term note payable for $42,700.
3. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b.
4. The company paid $3,000 cash for the premium on an 18-month insurance policy.
5. The company completed and delivered a set of plans for a client and collected $6,200 cash.
6. The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500.
7. The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days.
8. The company purchased $1,150 of additional office equipment on credit.
9. The company completed engineering services for $22,000 on credit.
10. The 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.
11. The company collected $7,000 cash in partial payment from the client described in transaction g.
12. The company paid $1,200 cash for wages to a drafting assistant.
13. The company paid $1,150 cash to settle the account payable created in transaction h.
14. The company paid $925 cash for minor maintenance of its drafting equipment.
15. The company paid $9,480 cash in dividends.
16. The company paid $1,200 cash for wages to a drafting assistant.
17. 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); 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.

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Answer is not complete. 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); Engineering Fees Earned (402); Wages Expense (601); Equipment Rental Expense (602); Advertising Expense (603); and Repairs Expense (604). Show less A No Tranasaction Account Title Debit Credit 1 a Cash 100,000 5,000 Office equipment Drafting equipment Common stock 60,000 165,000 Land 49,000 6,300 Cash Notes payable 42,700 Required 1 Required 2 > 101: Cash Transaction Debit Credit Balance Transaction 106: Accounts Receivable Debit Credit 14,000 Balance a. 100,000 g. i. b. 22,000 100,000 93,700 38,700 35,700 6,300 55,000 3,000 14,000 36,000 29,000 C. k. 7,000 DO d. e. 6,200 41,900 f. 9,500 > 32,400 k. OOOOOOOOOOOOO 7,000 1. 1,200 m. 1,150 n. 925 OOOOO 39,400 38,200 37,050 36,125 26,645 25,445 22,945 0. p. 9,480 1,200 2,500 9. Transaction 108: Prepaid Insurance Debit Credit 3,000 Balance Transaction 163: Office Equipment Debit Credit 5,000 Balance d. 3,000 a. 5,000 h. 1,150 6,150 164: Drafting Equipment Debit Credit 170: Building Debit Credit Transaction Transaction Balance Balance 60,000 a. C. 55,000 55,000 60,000 20,000 f. 80,000 172: Land Transaction Debit Credit Balance Transaction b. 49,000 49,000 h. 201: Accounts Payable Debit Credit 1,150 1,333 1,150 Balance 1,150 2,483 1,333 j. m. Transaction 250: Notes Payable Debit Credit 42,700 Transaction Balance 42,700 307: Common Stock Debit Credit 165,000 Balance 165,000 b. a. f. 10,500 53,200 319: Dividends 402: Engineering Fees Earned Debit Credit Transaction Debit Credit Balance Transaction Balance 0. 9,480 9,480 e. 6,200 6,200 14,000 20,200 g. i. 22,000 42,200 Transaction Balance Transaction 601: Wages Expense Debit Credit 1,200 1,200 602: Equipment Rental Expense Debit Credit 1,333 Balance 1. 1,200 j. > 1,333 p. 2,400 603: Advertising Expense Debit Credit 604: Repairs Expense Debit Credit Transaction Balance Transaction Balance 9. 2,500 2,500 n. 925 925 Required 1 Required 2 Required 3 Prepare a trial balance as of the end of June. ARACEL ENGINEERING Trial Balance June 30 Debit Credit $ 22,945 29,000 3,000 6,150 80,000 55,000 49,000 Cash Accounts receivable Prepaid insurance Office equipment Drafting equipment Building Land Accounts payable Notes payable Common stock Dividends Engineering fees earned Equipment rental expense Wages expense Repairs expense Advertising expense Totals 1,333 53,200 165,000 9,480 42,200 1,333 2,400 925 2,500 $ 261,733 $ 261,733