Aracel Englneering completed the following transactions in the month of June. a. J. Aracel, the owner, Invested $245,000 cash, office equipment with a value of $9,800, and $76,000 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 $8,700 cash and signing a note payable for $49,300. c. The company purchased a portable bullding with $58,000 cash and moved it onto the land acquired in b. d. The company pald $4,100 cash for the premium on an 18 -month Insurance policy. e. The company provided services to a client and collected $6,800cash. f. The company purchased $22,000 of addltional drafting equipment by paying $9,000 cash and signing a note payable for $13,000. g. The company completed $17,000 of services for a client. This amount is to be recelved in 30 days. h. The company purchased $1,550 of additional office equipment on credit. I. The company completed $25,000 of services for a customer on credit. J. The company purchased $1,585 of TV advertising on credit. k. The company collected $6,000 cash in partlal payment from the cllent described in transaction g. I. The company pald $2,100 cash for employee wages. m. The company pald $1,550 cash to settle the account payable created in transaction h. n. The company pald $915 cash for repalrs. o. The company pald a $9,000 cash dividend. p. The company pald $2,400 cash for employee wages. q. The company pald $3,800 cash for advertisements on the Web during June. Requlred: 1. Prepare general journal entrles to record these transactions using the following tltles: Cash (101); Accounts Recelvable (106); Prepald Insurance (108); Office Equipment (163); Drafting Equipment (164); Bullding (170); Land (172); Accounts Payable (201); Notes Payable (250); Common Stock (307); Dividends (319); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repalrs Expense (604). 2. Post the journal entrles from part 1 to the ledger accounts. 3. Prepare a trlal balance as of the end of June. 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); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repairs Expense (604) Show less 4 1 J. Aracel, the owner, invested $245,000 cash, office equipment with a value of $9,800, and $76,000 of drafting equipment to launch the company in exchange value of for common stock. 2 The company purchased land worth $58,000 for an office by paying $8,700 cash and signing a note payable for $49,300. 3 The company purchased a portable building with $58,000 cash and moved it onto the land acquired in b. 4 The company paid $4,100 cash for the premium on an 18-month insurance policy. Note: = journal entry has been entered Post the journal entries from part 1 to the ledger accounts. Prepare a trial balance as of the end of June. Aracel Englneering completed the following transactions in the month of June. a. J. Aracel, the owner, Invested $245,000 cash, office equipment with a value of $9,800, and $76,000 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 $8,700 cash and signing a note payable for $49,300. c. The company purchased a portable bullding with $58,000 cash and moved it onto the land acquired in b. d. The company pald $4,100 cash for the premium on an 18 -month Insurance policy. e. The company provided services to a client and collected $6,800cash. f. The company purchased $22,000 of addltional drafting equipment by paying $9,000 cash and signing a note payable for $13,000. g. The company completed $17,000 of services for a client. This amount is to be recelved in 30 days. h. The company purchased $1,550 of additional office equipment on credit. I. The company completed $25,000 of services for a customer on credit. J. The company purchased $1,585 of TV advertising on credit. k. The company collected $6,000 cash in partlal payment from the cllent described in transaction g. I. The company pald $2,100 cash for employee wages. m. The company pald $1,550 cash to settle the account payable created in transaction h. n. The company pald $915 cash for repalrs. o. The company pald a $9,000 cash dividend. p. The company pald $2,400 cash for employee wages. q. The company pald $3,800 cash for advertisements on the Web during June. Requlred: 1. Prepare general journal entrles to record these transactions using the following tltles: Cash (101); Accounts Recelvable (106); Prepald Insurance (108); Office Equipment (163); Drafting Equipment (164); Bullding (170); Land (172); Accounts Payable (201); Notes Payable (250); Common Stock (307); Dividends (319); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repalrs Expense (604). 2. Post the journal entrles from part 1 to the ledger accounts. 3. Prepare a trlal balance as of the end of June. 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); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repairs Expense (604) Show less 4 1 J. Aracel, the owner, invested $245,000 cash, office equipment with a value of $9,800, and $76,000 of drafting equipment to launch the company in exchange value of for common stock. 2 The company purchased land worth $58,000 for an office by paying $8,700 cash and signing a note payable for $49,300. 3 The company purchased a portable building with $58,000 cash and moved it onto the land acquired in b. 4 The company paid $4,100 cash for the premium on an 18-month insurance policy. Note: = journal entry has been entered Post the journal entries from part 1 to the ledger accounts. Prepare a trial balance as of the end of June
