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 $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company in exchange for common stock b. The company purchased land worth $49,000 for an office by paying $6,300 cash and signing a long-term note payable for $42,700 c. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b. d. The company paid $3,000 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 $6,200 cash. f. The company purchased $20,000 of additional drafting equipment by paying $9,500 cash and signing a long-term note payable for $10,500 g. The compWeeky h. The company purchased $1,150 of additional office equipment on credit i. The company completed engineering services for $22,000 on credit j. The company received a bill for rent of equipment that was used on a recently completed job. The $1.333 rent cost must be paid sted $14,000 of engineering services for a client. This amount is to be received in 30 days. es within 30 days. k. The company collected $7,000 cash in partial payment from the client described in transaction g. I. The company paid $1,200 cash for wages to a drafting assistant m. The company paid $1,150 cash to settle the account payable created in transaction h. n. The company paid $925 cash for minor maintenance of its drafting equipment o. The company paid $9.480 cash in dividends. p. The company paid $1,200 cash for wages to a drafting assistant 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), Engineering Fees Earned (402); Wages Expense (601), Equipment Rental Expense (602) 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. er is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Post the journal entries from part 1 to the ledger accounts. 101: Cash 106: Accounts Receivable Credit Balance 100,000 6.300 93,700 Transaction Debit Debit CreditBalance 100,000 14,000 14,000 36,000 700029,000 | 22.000 | 55,000 38,700k 3.000 35,700 41,900 9,50032.400 39,400 1,20038,200 6,200 1,150370 92536.125 948026,645 1.200 25,445 2,50022.945 108: Prepaid Insurance qui ction Debit Credit Balance 5,000 6,150 d. 3,000 1.150 164: Drafting Equipment 170: Building Balance 20,00060,000 80,000 60,000 55,000 201: Accounts Payable Credit 172: Land Debit Credit Bala Transa Debit Balance 1,150 1,333 b. 49,000 1,150 0 2.4831 ,150 1.333 m. 307: Common Stock Debit Credit Balance Credi Debit Balance 42,700 42,700 10,500 53.200 165,000165,000 601: Wages Expense Debit 602: Equipment Rental Expense ran Credit ra Debit Credit Balance 1,200 1.333 1,333 1,200 2,400 p. 603: Advertising Expense 604: Repairs Expense Debit Transaction Debit Credit Balance Transaction Credit Balance q. 2.5000 2,500 925 What am I missing?? It says I am missing something in my
