Help Save & Exit Submit k aces Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $160,000 cash, office equipment with a value of $8,000, and $72,000 of drafting equipment to launch the company. b. The company purchased land worth $50,000 for an office by paying $6,500 cash and signing a long-term note payable for $43,500. c. The company purchased a portable building with $54,000 cash and moved it onto the land acquired in b d. The company paid $2,100 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 $9,300 cash. f. The company purchased $28,000 of additional drafting equipment by paying $9,000 cash and signing a long-term note payable for $19,000. g. The company completed $19,000 of engineering services for a client. This amount is to be received in 30 days. h. The company purchased $1,950 of additional office equipment on credit. i. The company completed engineering services for $21,000 on credit. j. The company received a bill for rent of equipment that was used on a recently completed job. The $1,467 rnt cost must be paid within 30 days. k. The company collected $9,000 cash in partial payment from the client described in transaction g 1. The company paid $1,400 cash for wages to a drafting assistant. m. The company paid $1,950 cash to settle the account payable created in transaction h n. The company paid $1,140 cash for minor maintenance of its drafting equipment. o. Jenna Aracel withdrew $9,080 cash from the company for personal use. p. The company paid $1,500 cash for wages to a drafting assistant. q. The company paid $4,100 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); J. Aracel, Capital (301); J. Aracel, Withdrawals (302); 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. Required Required 2 Require 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); J. Aracel, Capital (301); J. Aracel, Withdrawals (302); Engineering Fees Earned (402); Wages Expense (601); Equipment Rental Expense (602); Advertising Expense (603); and Repairs Expense (604). Show less A View transaction list Journal entry worksheet < 2 3 4 5 6 7 8 17 Jenna Aracel, the owner, invested $160,000 cash, office equipment with a value of $8,000, and $72,000 of drafting equipment to launch the company. Note: Enter debits before credits. Transaction a Account Title Debit Credit View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ..... 17 Jenna Aracel, the owner, invested $160,000 cash, office equipment with a value of $8,000, and $72,000 of drafting equipment to launch the company. Note: Enter debits before credits. Transaction Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 17 Jenna Aracel, the owner, invested $160,000 cash, office equipment with a value of $8,000, and $72,000 of drafting equipment to launch the company. Note: Enter debits before credits. Tranasaction a 101: Cash Account Title Debit Credit 106: Accounts receivable 108: Prepaid insurance 163: Office equipment ^ 164: Drafting equipment Record entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 17 Jenna Aracel, the owner, invested $160,000 cash, office equipment with a value of $8,000, and $72,000 of drafting equipment to launch the company. Note: Enter debits before credits. Transaction Account Title Debit Credit 164: Drafting equipment 170: Building 172: Land 201: Accounts payable 250: Notes payable ^ Record entry View general journal 201, 1 Amacal Conital View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 17 Jenna Aracel, the owner, invested $160,000 cash, office equipment with a value of $8,000, and $72,000 of drafting equipment to launch the company. Note: Enter debits before credits. Transaction Account Title Debit Credit 201: Accounts payable 250: Notes payable 301: J. Aracel, Capital 302: J. Aracel, Withdrawals 402: Engineering fees earned Record entry View general journal 601 Waner ovnence. View transaction list 3); and Repairs Expense (604). Journal entry worksheet 1 2 3 4 5 6 7 8 17 Jenna Aracel, the owner, invested $160,000 cash, office equipment with a value of $8,000, and $72,000 of drafting equipment to launch the company. Note: Enter debits before credits. Transaction Account Title Debit Credit 402: Engineering fees earned 601: Wages expense 602: Equipment rental expense 603: Advertising expense 604: Repairs expense Record entry A View general journal View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 17 ces The company purchased land worth $50,000 for an office by paying $6,500 cash and signing a long-term note payable for $43,500. Note: Enter debits before credits. Tranasaction b Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet ok < 1 2 3 4 5 6 7 8 17 inces The company purchased a portable building with $54,000 cash and moved it onto the land acquired in b. Note: Enter debits before credits. Tranasaction Account Title Debit Credit C Record entry Clear entry View general Journal View transaction list Journal entry worksheet ook < 1 2 3 4 5 6 7 8..... 17 rences The company paid $2,100 cash for the premium on an 18-month insurance. policy. Note: Enter debits before credits. Tranasaction d Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet ok < 1 2 3 4 5 6 7 8 17 inces The company completed and delivered a set of plans for a client and collected $9,300 cash. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general Journal ook View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 17 ences The company purchased $28,000 of additional drafting equipment by paying $9,000 cash and signing a long-term note payable for $19,000. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general journal bok View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 17 ***** ences The company completed $19,000 of engineering services for a client. This amount is to be received in 30 days. Note: Enter debits before credits. Tranasaction g Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet Ook < 1 2 3 4 5 6 7 8 17 ences The company purchased $1,950 of additional office equipment on credit. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general journal Book View transaction list Journal entry worksheet < 1 rences 4 5 6 7 8 9 17 The company completed engineering services for $21,000 on credit. Note: Enter debits before credits. Tranasaction Account Title: Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet eok < 1 ences 5 6 7 8 9 10 .... 17 The company received a bill for rent of equipment that was used on a recently completed job. The $1,467 rent cost must be paid within 30 days. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general journal sok View transaction list Journal entry worksheet < 1 ences 6 7 8 9 10 11 17 The company collected $9,000 cash in partial payment from the client described in transaction g. Note: Enter debits before credits. Tranasaction Account Title Debit Credit k Record entry Clear entry View general journal ok View transaction list Journal entry worksheet < 1 nces, 7 8 9 10 11 11 12 17 The company paid $1,400 cash for wages to a drafting assistant. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general journal ok View transaction list Journal entry worksheet < 1 inces 8 9 10 11 12 13 17 The company paid $1,950 cash to settle the account payable created in transaction h. Note: Enter debits before credits. Tranasaction m Account Title Debit Credit Record entry Clear entry View general journal ces View transaction list Journal entry worksheet < 1 9 10 11 12 13 14 17 The company paid $1,140 cash for minor maintenance of its drafting equipment. Note: Enter debits before credits. Tranasaction n Account Title Debit Credit Record entry Clear entry View general journal ok View transaction list Journal entry worksheet < 1 nces 10 11 12 18 13 14 15 17 Jenna Aracel withdrew $9,080 cash from the company for personal use. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 10 11 12 13 14 15 16 es The company paid $1,500 cash for wages to a drafting assistant. Note: Enter debits before credits. Tranasaction P 17 11 Account Title Debit Credit * Record entry Clear entry View general journal View transaction list Journal entry worksheet ok < 1 10 11 12 13 14 14 **** nces 15 16 17 The company paid $4,100 cash for advertisements on the Web during June. Note: Enter debits before credits. Tranasaction Account Title Debit Credit Record entry Clear entry View general journal 3. Prepare a trial balance as of the end of June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Post the journal entries from part 1 to the ledger accounts. 101: Cash Transaction Debit Credit Balance Transaction Debit 106: Accounts Receivable Credit Balance Summative Assessment [due Day... 108: Prepaid Insurance Transaction Transaction Debit Seved Help. Save 163: Office Equipment Credit Balance Transaction Debit Credit Balance 164: Drafting Equipment 170: Building Debit Credit Balance Transaction Debit Credit Balance 172: Land 201: Accounts Payable Transaction Debit Credit Balance Transaction Debit Credit Balance 250: Notes Payable 301: J. Aracel, Capital Transaction Debit Credit Balance Transaction Debit Credit Balance ply: Summative Assessment [due Day... Saved Help Sav 250: Notes Payable 301: J. Aracel, Capital Transaction Debit Credit Balance Transaction Debit Credit Balance Transaction 302: J. Aracel, Withdrawals Debit Credit Balance Transaction 402: Engineering Fees Earned Debit Credit Balance 601: Wages Expense Transaction Debit Credit Balance Transaction Transaction 602: Equipment Rental Expense Debit Credit Balance 603: Advertising Expense 604: Repairs Expense Debit Credit Balance Transaction Debit Credit Balance essment (due Day... Saved 601: Wages Expense Transaction Debit Transaction Credit Balance Transaction 602: Equipment Rental Expense Debit Credit Help Save Balance 603: Advertising Expense 604: Repairs Expense Debit Credit Balance Transaction Debit Credit Balance < Required 1 Required 3 > S Required 1 Required 2 Required 3 Prepare a trial balance as of the end of June. ARACEL ENGINEERING Totals Trial Balance June 30 Debit Credit