Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $175,000 cash, office equipment with a value of $8,100, and $63,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $58,000 for an office by paying $8,800 cash and signing a long-term note payable for $49,200. c. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b. d. The company paid $2,200 cash for the premium on an 18-month insurance policy. e. The company completed and delivered a set of plans for a client and collected $9,700 cash. f. The company purchased $34,000 of additional drafting equipment by paying $11,200 cash and signing a long-term note payable for $22,800. 9. The company completed $19,000 of engineering services for a client. This amount is to be received in 30 days. h. The company purchased $1,500 of additional office equipment on credit. I. The company completed engineering services for $21,000 on credit. J. The company received a bill for rent of equipment that was used on a recently completed job. The $1,467 rent cost must be paid k. The company collected $6,000 cash in partial payment from the client described in transaction g. 1. The company paid $1,300 cash for wages to a drafting assistant m. The company paid $1,500 cash to settle the account payable created in transaction h. n. The company paid $1,005 cash for minor maintenance of its drafting equipment o. The company pola $10,770 cash in dividends, p. The company paid $1,300 cash for wages to a drafting assistant 9. The company paid $3,300 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. Jenna Aracel, the owner, invested $175,000 cash, office equipment with a value of $8,100, and $63,000 of drafting equipment to launch the company in exchange for common stock. Note: Enter debits before credits. Tranasaction Account Title Debit Credit a The company purchased land worth $58,000 for an office by paying $8,800 cash and signing a long-term note payable for $49,200. Note: Enter debits before credits. Tranasaction Account Title Debit Credit b The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b. Note: Enter debits before credits. Tranasaction Credit Debit Account Title The company paid $2,200 cash for the premium on an 18-month insurance policy. Note: Enter debits before credits Tranasaction Account Title Debit Credit d The company completed and delivered a set of plans for a client and collected $9,700 cash. Note: Enter debits before credits. Tranasaction Account Title Debit Credit e The company purchased $34,000 of additional drafting equipment by paying $11,200 cash and signing a long-term note payable for $22,800. Note: Enter debits before credits. Tranasaction Account Title Debit Credit f The company completed $19,000 of engineering services for a client. This amount is to be received in 30 days. Note: Enter debits before credits Tranasaction Account Title Debit Credit 9 The company purchased $1,500 of additional office equipment on credit. Note: Enter debits before credits Tranasaction Account Title Debit Credit h The company completed engineering services for $21,000 on credit Note: Enter debits before credits. Tranasaction Account Title Debit Credit The company received a bill for rent of equipment that was used on a recently completed job. The $1,467 rent cost must be paid within 30 days. Note: Enter debits before credits Tranasaction Account Title Debit Credit The company collected $6,000 cash in partial payment from the client described in transaction g. Note: Enter debits before credits. Tranasaction Account Title Debit Credit The company paid $1,300 cash for wages to a drafting assistant Note: Enter debits before credits. Tranasaction Account Title Debit Credit The company paid $1,500 cash to settle the account payable created in transaction h. Note: Enter debits before credits Tranasaction Account Title Debit Credit m The company paid $1,005 cash for minor maintenance of its drafting equipment. Note: Enter debits before credits. Tranasaction Account Title Debit Credit n The company paid $10,770 cash in dividends. Note: Enter debits before credits. Tranasaction Account Title Debit Credit The company paid $1,300 cash for wages to a drafting assistant. Note: Enter debits before credits. Tranasaction Account Title Debit Credit The company paid $3,300 cash for advertisements on the Web during June. Note: Enter debits before credits Tranasaction Account Title Debit Credit 9 101: Cash Debit Credit 106: Accounts Receivable Debit Credit Transaction Balance Transaction Balance 108: Prepaid Insurance Debit Credit 163: Office Equipment Debit Credit Balance Transaction Balance Transaction 164: Drafting Equipment Debit Credit 170: Building Debit Credit Transaction Balance Transaction Balance 172: Land Debit Credit 201: Accounts Payable Debit Transaction Balance Transaction Credit Balance 250: Notes Payable Det Credit 307: Common Stock Debit Credit Transaction Balance Transaction Balance 319: Dividends Debit Credit 402: Engineering Fees Earned Debit Credit Transaction Balance Transaction Balance 601: Wages Expense Debit Credit 602: Equipment Rental Expense Debit Credit Transaction Balance Transaction Balance 603: Advertising Expense Debit Credit 604: Repairs Expense Debit Credit Transaction Balance Transaction Balance ARACEL ENGINEERING Trial Balance June 30 . Debit Credit $ 0 $ Totals 0