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 $210,000 cash, office equipment with a value of $8,000, and $61,000 of drafting equipment to launch the company in exchange for common stock. b. The company purchased land worth $57000 for an office by paying $7.000 cash and signing a long-term note payable for $50,000, c. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in be d. The company paid $2.200 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 $9.700 cash. f. The company purchased $32,000 of additional drafting equipment by paying $11,200 cash and signing a long term note payable for $20.800 g. The company completed $15.000 of engineering services for a client. This amount is to be received in 30 days h. The company purchased $1.450 of additional office equipment on credit 1. The company completed engineering services for $24,000 on credit. j. The company received a bill for rent of equipment that was used on a recently completed job. The $1.442 rent cost must be paid within 30 days k. The company collected $6.000 cash in partial payment from the client described in transaction g. 1. The company paid $2,000 cash for wages to a drafting assistant m. The company paid $1450 cash to settle the account payable created in transaction n. The company paid $1040 cash for minor maintenance of its drafting equipment o. The company paid a $9.750 cash dividend p. The company paid $2,500 cash for wages to a drafting assistant 4. The company paid $2,800 cash for advertisements on the Web during lune 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 Eamed (402); Wages Expense (601) Equipment Rental Expense (602) 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 Eamed (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 Post the journal entries from part 1 to the ledger accounts 101: Cash Debit Credit Transaction Balance Transaction 106: Accounts Receivable Debit Credit Balance 100: Prepaid insurance Credit Transaction Balance Transaction 163: Omce Equipment Debit Credit 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 + 172 Land Debit Credit 201: Accounts Payable Debit Credit Transaction Balance Transaction Balance 250: Notes Payable Debit Credit 307 Common Stock Debit Credit Transaction Balance Transaction Balance (Prev 7 of NA 250: Notes Payable Debit Credit 307: Common Stock Debit Credit Transaction Balance Transaction Balance 319: Dividends Debit Credit Transaction 402: Engineering Fees Earned Debit Credit Balance Transaction Balance 001: Wages Expense Debit Credit Transaction 602: Equipment Rental Expense Debit Credit Balance Transaction Balance 603: Advertising Expense Debit Credit Transaction 604: Repairs Expense Debit Credit Balance Transaction Balance 601: Wages Expense Debit Credit Transaction 602: Equipment Rental Expense Debit Credit Balance Transaction Balance 603: Advertising Expense Debit Credit 604: Repairs Expense Debit Credit Transaction Balance Transaction Balance