PLEASE HELP
Problem 2-2A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2 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 $9,700, and $72,000 of drafting equipment to launch the company b. The company purchased land worth $59,000 for an office by paying $8,200 cash and signing a long-term note payable for $50,800 c. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b. d. The company paid $3,300 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 $8,300 cash 1. The company purchased $28,000 of additional drafting equipment by paying $9,600 cash and signing a long-term note payable for $18.400 g. The company completed $18,500 of engineering services for a client. This amount is to be received in 30 days. h. The company purchased $1,500 of additional office equipment on credit 1. The company completed engineering services for $20,000 on credit J. The company received a bill for rent of equipment that was used on a recently completed job. The $1,300 rent cost must be paid within 30 days k. The company collected $7,000 cash in partial payment from the client described in transaction 9 1. The company paid $2,400 cash for wages to a drafting assistant. m. The company paid $1,500 cash to settle the account payable created in transaction h n. The company paid $1,085 cash for minor maintenance of its drafting equipment, o. Jenna Aracel withdrew $9,960 cash from the company for personal use. p. The company paid $2,100 cash for wages to a crafting assistant 4. The company paid $3,100 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 1 Required 2 Required 3 Post the journal entries from part 1 to the ledger accounts. 101: Cash Transaction Debit Credit Balance 106: Accounts Receivable Debit Credit Balance Transaction + 108: Prepaid Insurance Debit Credit 163: Office Equipment Debit Credit Transaction Balance Transaction Balance Prev 1 of 2 Next > 108: Prepaid Insurance Debit Credit 163: Office Equipment Debit Credit Transaction Balance Transaction Balance 164: Drafting Equipment Debit Credit 170: Building Debit Credit Transaction Balance Balance Transaction 172: Land Debit Credit 201: Accounts Payable Debit Credit Transaction Balance Transaction Balance 250: Notes Payable Debit Credit 301: J. Aracel, Capital Debit Credit Transaction Balance Transaction Balance 302: J. Aracel, Withdrawals Debit Credit 402: Engineering Fees Earned Debit Credit Transaction Balance Transaction Balance DEUTE Credit Balance Transaction Dalance VEUIL Credit Transacuon 302: J. Aracel, Withdrawals Debit Credit 402: Engineering Fees Earned Debit Credit Transaction Balance Balance Transaction 601: Wages Expense Debit Credit 602: Equipment Rental Expense Debit Credit Transaction Balance Transaction Balance 603: Advertising Expense Debit Credit 604: Repairs Expense Debit Credit Transaction Balance Transaction Balance
