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. J. Aracel, the owner, invested $210,000 cash, office equipment with a value of $6,900, and $66,000 of drafting equipment to launch the company. b. The company purchased land worth $59,000 for an office by paying $9,800 cash and signing a note payable for $49,200. c. The company purchased a portable building with $54,000 cash and moved it onto the land acquired in b. d. The company paid $4,000 cash for the premium on an 18-month insurance policy. e. The company provided services to a client and collected $7,900 cash. f. The company purchased $28,000 of additional drafting equipment by paying $11,300 cash and signing a note payable for $16,700. g. The company completed $18,000 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,900 of additional office equipment on credit. i. The company completed $23,000 of services for a customer on credit. j. The company purchased $1,319 of TV advertising on credit. k. The company collected $7,000 cash in partial payment from the client described in transaction g. 1. The company paid $2,300 cash for employee wages. m. The company paid $1,900 cash to settle the account payable created in transaction h. n. The company paid $1,185 cash for repairs. 0. J. Aracel withdrew $10,980 cash from the company for personal use. p. The company paid $2,300 cash for employee wages. 9. The company paid $3,600 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); 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. 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); J. Aracel, Capital (301); J. Aracel, Withdrawals (302); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repairs Expense (604). View transaction list Journal entry worksheet J. Aracel, the owner, invested $210,000 cash, office equipment with a value of $6,900, and $66,000 of drafting equipment to launch the company. Note: Enter debits before credits. Tranasaction Account Title Debit Credit a Record entry Clear entry View general journal Required 1 Required 2 Required 3 Post the journal entries from part 1 to the ledger accounts. 101: Cash Debit Credit 106: Accounts Receivable Debit Credit Transaction Balance Transaction Balance 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 Transaction Balance 164: Drafting Equipment Debit Credit 170: Building Debit Credit Transaction Balance Transaction Balance 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 403: Services Revenue Debit Credit Transaction Balance Transaction Balance 601: Wages Expense Debit Credit 603: Advertising Expense Debit Credit Transaction Balance Transaction Balance 604: Repairs Expense Debit Credit Transaction Balance Required 1 Required 2 Required 3 Prepare a trial balance as of the end of June. ARACEL ENGINEERING Trial Balance June 30 Debit Credit Totals $ 0 $ 0 ..... Brooks invested $160,000 cash along with $24,000 in office equipment in the company. Note: Enter debits before credits. General Journal Debit Credit Date March 01 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Post the journal entries from part 1 to the ledger accounts. 101: Cash Debit Credit 106: Accounts Receivable Debit Credit Date Balance Date Balance 124: Office Supplies Debit Credit 128: Prepaid Insurance Debit Credit Date Balance Date Balance 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date Balance Date Balance 3. Prepare a trial balance as of the end of March. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a trial balance as of the end of March. VENTURE CONSULTANTS Trial Balance March 31 Debit Credit Totals $ $ 0 $ 0