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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 $5,200,

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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 $5,200, and $76,000 of drafting equipment to launch the company in exchange for common stock. The company purchased land worth $56,000 for an office by paying $8,000 cash and signing a long-term note payable for $48,000. The company purchased a portable building with $54,000 cash and moved it onto the land acquired in b. The company paid $2,600 cash for the premium on an 18-month insurance policy. The company completed and delivered a set of plans for a client and collected $6,200 cash. The company purchased $32,000 of additional drafting equipment by paying $11,900 cash and signing a long-term note payable for $20,100. The company completed $18,000 of engineering services for a client. This amount is to be received in 30 days. The company purchased $2,000 of additional office equipment on credit. I. The company completed engineering services for $25,000 on credit. The company received a bill for rent of equipment that was used on a recently completed job. The $1.409 rent cost must be paid within 30 days. The company collected $7,000 cash in partial payment from the client described in transaction g. The company paid $2,400 cash for wages to a drafting assistant. The company paid $2,000 cash to settle the account payable created in transaction h. The company paid $1,105 cash for minor maintenance of its drafting equipment. The company paid $10,170 cash in dividends. The company paid $2,400 cash for wages to a drafting assistant. The company paid $4,000 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)

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