Problem 2-2A (Algo) Preparing and posting journal entries; preparing a trial balance LO A1, P1 Aracel Engineening completcd the following transactions in the month of June: a. Aracet, the owner, invested $160,000 cash, office equipment with a value of $8,600, and $79,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $53,000 for an office by poying $6,300 cash and signing a note payable for $46700. c. The company purchased a portable bulling with $59,000 cash and moved it onto the land acquired in b. d. The company paid $3,900 cash for the premium on an 18 -month insurance policy. e. The company provided services to a client and collected 57,900 cash, f. The company purchased $31,000 of additional drafing equipment by paying $10,200 cash and signing a note payable for $20,800 9. The compary completed $18,000 of services for a client. This amount is to be received in 30 doys. h. The company purchased $1,700 of additional otfice equipment on credit. 1. The company completed $21,000 of services for a customer on credit. 1. The company purchased $1,317 of TV advertising on credit. k. The company colfected $9,000 cash in partial payment from the client described in transaction g. 1. The company paid $1,100 cash for employee woges m. The company paid $1,700 cash to settle the account payable created in transaction h. n. The company paid $1,090 cash for repairs a. The company paid a 510,940 cash dividend. p. The company paid $1,200 cash for employee wages. q. The compary poid 53,900 cash for advertisements on the Web during yune. Required: 1. Prepare general journal entries to record these transactions using the following titles: Cash (to1); Accounts Receivabie (106); Prepaid Insurance (108); Oftice Equipment (163), Dratting Equipment (164); Euilding (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. Prepare a trial balance as of the end of June. Post the joumal entries from part 1 to the ledger accounts. Required 1 Required 3>