Book Print References Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $235,000 cash, office equipment with a value of $6,600, and $73,000 of drafting equipment to launch the company in exchange for common stock b. The company purchased land worth $57,000 for an office by paying $9,200 cash and signing a long-term note payable for $47,800. c. The company purchased a portable building with $60,000 cash and moved it onto the land acquired in b. d. The company paid $4,000 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 $6,400 cash. f. The company purchased $26,000 of additional drafting equipment by paying $9,200 cash and signing a long-term note payable for $16.800. 9. The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days. h. The company purchased $1,900 of additional office equipment on credit. i. The company completed engineering services for $24,000 on credit. j. The company received a bill for rent of equipment that was used on a recently completed job. The $1,493 rent cost must be paid k. The company collected $8,000 cash in partial payment from the client described in transaction g. I. The company paid $2,300 cash for wages to a drafting assistant m. The company paid $1,900 cash to settle the account payable created in transaction h. n. The company paid $1,185 cash for minor maintenance of its drafting equipment. o. The company paid a $9,330 cash dividend. p. The company paid $2,100 cash for wages to a drafting assistant 4. The company paid $3,700 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. (Prey 1 of 1 Next