Aracel Engineering completed the following transactions in the month of June a. J. Aracel, the owner, invested $240,000 cash, office equipment with a value of $7,500, and $75,000 of drafting equipment to launch the company b. The company purchased and worth $57,000 for an office by paying $8,900 cash and signing a note payable for $48,100. c. The company purchased a portable building with $57,000 cash and moved it onto the land acquired in b. d. The company paid $4,500 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $7,900 cash. f. The company purchased $24,000 of additional drafting equipment by paying $9,600 cash and signing a note payable for $14,400. 9. The company completed $19,500 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,850 of additional office equipment on credit. 1. The company completed $25,000 of services for a customer on credit. j. The company purchased $1,442 of TV advertising on credit k. The company collected $9.000 cash in partial payment from the client described in transaction g. 1. The company paid $1,600 cash for employee wages. m. The company paid $1,850 cash to settle the account payable created in transaction h. n. The company paid $1,005 cash for repairs. o. J. Aracel withdrew $9,750 cash from the company for personal use. P. The company paid $2,400 cash for employee wages. 4. The company paid $2,800 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). 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. 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); J. Aracel, Capital (301); 1. Aracel, Withdrawals (302); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repairs Expense (604). Show less View transaction list Journal entry worksheet
