Due un 1/21 two weeks from Comprehensive Problem Instructions Aerial Architects, Inc. has been designing skyscrapers since 2010. The Company's post-closing trial balance as of December 31, 2018 is given below. CR *ending balance of retained farining = $52 500 DR S34.000 48,000 21,000 6,000 4,000 31,000 Account Cash Accounts receivable Drafting supplies Prepaid insurance Prepaid rent Equipment Accumulated depreciation Accounts payable Salaries payable Unearned fees Long-term notes payable Common stock Retained earnings $4,000 7,000 2,000 5,000 0 50,000 76,000 $144,000 $144,000 Aerial had the following transactions during 2019 (not in date order): a. Aerial collected $72,000 on accounts receivable during the year. b. The company created architectural renderings for clients totaling $112.000 in fees earned. S70,000 was collected in cash, with the remainder on account. c. Aerial purchased $70,000 worth of supplies during the year. $20,000 was paid in cash and the remainder was purchased on account. Record the purchase in the Supplies Expense account d. The company paid $47,000 on accounts payable during the year. e. On August 1 Aerial paid its $24,000 annual insurance premium. Record this payment as Prepaid Insurance. f. During the year Aerial paid $18,000 of rent for office space. Record this payment as Rent Expense. g. Aerial paid its employees total cash salaries of $41,000. This includes the amount owed for salaries at the beginning of the year. h. On April 1 the company purchased a new computer design system for $30,000. $5,000 was paid in cash and the company issued a long-term note with an 8% annual interest rate for the balance. i. Aerial paid cash dividends to shareholders totaling $4,000. Instructions 1. Prepare the Journal entry for each transaction (a - i) in the journal (Journal tab of the Working Papers). The first transaction is journalized and posted for you. SKIP A LINE BETWEEN EACH ENTRY Step #1 - Journal entries Journal ACCOUNT TITLES Page 1 CREDIT DEBIT DATE a Cash 72.000 72.000 Accounts receivable To record cash collections on account