No Tranasaction Account Title Credit 1 a Cash Debit 235,000 6,000 76,000 Office equipment Drafting equipment Common stock 317,000 2 b Land 51,000 Cash OOO 9,900 Notes payable 41,100 3 56,000 Building Cash 56,000 4 d 2,600 Prepaid insurance Cash 2,600 > 5 e Cash 8,500 . Services revenue 8,500 6 f 21,000 Drafting equipment Cash o 10,700 10,300 Notes payable 7 g Accounts receivable 19,500 Services revenue 19,500 8 h 1,150 Office equipment Accounts payable 1,150 9 i Accounts receivable 28,000 . OO OO OO OO OO Services revenue 28,000 10 j 1,455 Advertising expense Accounts payable 1,455 11 k Cash 9,000 Accounts receivable 9,000 11 k Cash 9,000 > Accounts receivable 9,000 12 I Wages expense 2,400 > Cash 2,400 13 m Accounts payable 1,150 Cash 1,150 14 n Repairs expense 945 > Cash 945 > 15 0 Dividends 10,200 Cash 10,200 16 1,500 Wages expense Cash 1,500 > 17 q Advertising expense 2,500 Cash 2,500 Aracel Engineering completed the following transactions in the month of June. a. J. Aracel, the owner, invested $235,000 cash, office equipment with a value of $6,000, and $76,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $51,000 for an office by paying $9,900 cash and signing a note payable for $41,100. c. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b. d. The company paid $2,600 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $8,500 cash. f. The company purchased $21,000 of additional drafting equipment by paying $10,700 cash and signing a note payable for $10,300. g. The company completed $19,500 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,150 of additional office equipment on credit. i. The company completed $28,000 of services for a customer on credit. j. The company purchased $1,455 of TV advertising on credit. k. The company collected $9,000 cash in partial payment from the client described in transaction g. 1. The company paid $2,400 cash for employee wages. m. The company paid $1,150 cash to settle the account payable created in transaction h. n. The company paid $945 cash for repairs. o. The company paid a $10,200 cash dividend. p. The company paid $1,500 cash for employee wages. q. The company paid $2,500 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); Services Revenue (403); Wages Expense (601); 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 View transaction list Journal entry worksheet The company provided services to a client and collected $8,500 cash
