Chapter 2 6 GLO205 (Static) Based on Problem 2-2A Aracel Engineering 17 Aracel Engineering completed the following transactions in the month of June. Do Help Save & Exit Submit Check my work Book Port 0 Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the Snancial statements June 1 Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company in exchange for common stock. June 2 The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a long-term nate payable for $42,700. June 3 The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2. June The company paid $3,000 cash for the premium on an 18-month insurance policy. June 5 The company completed and delivered a set of plans for a client and collected $6,200 cash. June 6 The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term nate payable for $10,500. June 7 The company completed $14,000 of engineering services for a client. This amount is to be received in 30 days. June & The company purchased $1,150 of additional office equipment on credit. June 9 The company completed engineering services for $22,000 on credit. June 18 The company received a bill for rent of equipment that was used on a recently completed job. The $1,333 rent cost sust be paid within 30 days. June 12 The company collected $7,000 cash in partial payment from the client billed on June 5. June 14 The company paid $1,200 cash for wages to a drafting assistant. June 17 The company paid $1,150 cash to settle the account payable created in on June 8. June 28 The company paid $925 cash for minor maintenance of its drafting equipment. June 23 The company paid $9,480 cash in dividends. June 28 The company paid $1,200 cash for wages to a drafting assistant. June 29 The company paid $2,500 cash for advertisements on the web during June. Requirement General General Ledger Trial Balance Income Statement Impact on Equity General Journal Tab For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger General Ledger Tab To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Abnormal balances appear in parentheses. Click on any amount to see the underlying journal entry.