Aracel Engineering completed the following transactions in the month of June. . Jenna Aracel, the owner, invested $175.000 cash, office equipment with a value of $7,800, and $69,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $53,000 for an office by paying $9,300 cash and signing a long term note payable for $43,700 c. The company purchased a portable building with $57,000 cash and moved it onto the land acquired in b. d. The company paid $2,600 cash for the premium on an 18 month insurance policy e. The company provided services to a client and collected $9,600 cash, f. The company purchased $32,000 of additional drafting equipment by paying $10.200 cash and signing a long-term note payable for $21,800 9. The company completed $18.500 of services for a client. This amount is to be received in 30 days, h. The company purchased $1,600 of additional office equipment on credit 1. The company completed $24,000 of services for customer on credit ). The company purchased $1.508 of TV advertising on credit k. The company collected $7,000 cash in partial payment from the client described in transaction 1. The company paid $2.400 cash for employee wages, m. The company paid $1,600 cash to settle the account payable created in transaction n. The company paid $1,000 cash for repairs o. The company paid a $10,680 cash dividend p. The company paid $2.000 cash for employee wages 4. 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 (70% Cond (172): Accounts Payable (201): Notes Payable (250): Common Stock (307): Dividends (319), 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. Requir Post the journal entries from part 1 to the ledger accounts. 106: Accounts Receivable Debit Credit Balance Transaction 101: Cash Debit Credit Balance Transaction Ta 1b 163: Office Equipment Debit Credit Balance 108: Prepaid Insurance Debit Credit Balance Transaction Transaction 163: Office Equipment Debit Credit 108: Prepaid Insurance Debit Credit Balance Balance Transaction Transaction 164: Drafting Equipment Debit Credit 170: Building Debit Credit Balance Balance Transaction Transaction 172: Land Debit Credit 201: Accounts Payable Debit Credit Transaction Balance Transaction Balance 250: Notes Payable Debit Credit 307: Common Stock Debit Credit Transaction Balance Transaction Balance 307: Common Stock Debit Credit Balance 250: Notes Payable Debit Credit Balance Transaction Transaction 403: Services Revenue Debit Credit Balance 319: Dividends Debit Credit Balance Transaction Transaction 603: Advertising Expense Debit Credit 601: Wages Expense Debit Credit Balance Balance Transaction Transaction 604: Repairs Expense Debit Credit Balance Transaction
