Problem 2-2A Preparing and posting journal entries; preparing a trial balance LO C3, 1 at Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $230,000 cash, office equipment with a value of $9,200, and $71,000 of drafting equipment to launch the company b. The company purchased land worth $55,000 for an office by paying $7,000 cash and signing a long-term note payable for $48,000. c. The company purchased a portable building with $58,000 cash and moved it onto the land acquired in b. d. The company paid $3,200 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 $9,000 cash. f. The company purchased $23,000 of additional drafting equipment by paying $11,200 cash and signing a long-term note payable for $11,800. g. The company completed $18,000 of engineering services for a client. This amount is to be received in 30 days. h. The company purchased $1,550 of additional office equipment on credit. I. 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 $1530 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 $1,700 cash for wages to a drafting assistant. m. The company paid $1,550 cash to settle the account payable created in transaction h. n. The company paid $1,155 cash for minor maintenance of its drafting equipment, o. Jenna Aracel withdrew $9,300 cash from the company for personal use. p. The company paid $1,100 cash for wages to a drafting assistant. 4. The company paid $2,800 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): 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. Complete this question by entering your answers in the tabs below. 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); 3. Aracel, Capital (301); J. Aracel, Withdrawals (302); Engineering Fees Eamed (402); Wages Expense (601); Equipment Rental Expense (602); Advertising Expense (603); and Repairs Expense (604). Show less View transaction list Journal entry worksheet 3 4 5 6 7 8 17 Jenna Aracel, the owner, invested $230,000 cash, office equipment with a value of $9,200, and $71,000 of drafting equipment to launch the company, Note: Enter debits before credits Transaction Credit Account Title Office equipment Drafting equipment Cash Dobi 9.200 71.000 230,000 Record entry Clear entry View general journal Red Required 2 > HW - Required 6 1 Post the journal entries from part 1 to the ledger accounts. 106: Accounts Receivable Debil Credit 101: Cash Debit Balance Balance Transaction Transaction 16: Office Equipment 10: Prepaid Insurance Debit lande Tras Balance 164: Drating Egent De Transaction Balance 101 1 D Expense (602) 2. Post the journal entries from part 1 to the ledger accounts 3. Prepare a trial balance as of the end of June. Complete this question by entering your answers in the tabs below. s Required 1 Required 2 Required 3 eBook Prepare a trial balance as of the end of June. Print ARACEL ENGINEERING Trial Balance June 30 Debit Credit Totals $ 0$ 0