Problem 2-2A (Algo) Preparing and posting journal entries; preparing a trial balance LO A1, P1 Aracel Engineering completed the following transactions in the month of June.

A. Jenna Aracel, the owner, invested $170,000 cash, office equipment with a value of $7,700, and $67,000 of drafting equipment to launch the company in exchange for common stock.

BThe company purchased land worth $58,000 for an office by paying $7,900 cash and signing a long-term note payable for $50,100.

C.The company purchased a portable building with $55,000 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 $6,400 cash.

F.The company purchased $24,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $14,500.

G.The company completed $17,000 of services for a client. This amount is to be received in 30 days.

H.The company purchased $1,300 of additional office equipment on credit.

I. The company completed $27,000 of services for a customer on credit.

J.The company purchased $1,303 of TV advertising on credit.

K. The company collected $6,000 cash in partial payment from the client described in transaction g.

L.The company paid $2,400 cash for employee wages.

M.The company paid $1,300 cash to settle the account payable created in transaction h.

N. The company paid $1,115 cash for repairs.

0.The company paid a $10,830 cash dividend.

P. The company paid $1,700 cash for employee wages.

Q.The company paid $3,900 cash for advertisements on the Web during June. Required: 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). Post the journal entries from part 1 to the ledger accounts. Prepare a trial balance as of the end of June.

Required l 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 A View transaction list View journal entry worksheet X No Tranasaction Account Title Debit Credit 1 a Cash Office equipment Drafting equipment 2 b Land Cash Notes payable 3 Building Cash 4 d Prepaid insurance Cash 5 e A Cash 170,000 7,700 67,000 58,000 55,000 2,600 6,400 7,900 50,100 55,000 2,600 Transaction Transaction Transaction 164: Drafting Equipment Debit Credit 172: Land Debit Credit 250: Notes Payable Debit Credit Balance Balance Balance Transaction Transaction Transaction 170: Building Debit Credit 201: Accounts Payable Debit Credit 307: Common Stock Debit Credit Balance Balance Balance Totals ARACEL ENGINEERING Trial Balance June 30 Debit $ V X 4 5 6 7 X X X 3 ' co 8 9 10 d e f 9 h i j Building Cash Prepaid insurance Cash Services revenue Drafting equipment Cash Notes payable Accounts receivable Services revenue Office equipment Accounts payable Accounts receivable Services revenue Drafting equipment Accounts payable Cash 55,000 2,600 6,400 24,000 17,000 1,300 27,000 1,303 55,000 2,600 6,400 9,500 14,500 17,000 1,300 27,000 1,303