8 . ences 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 $185,000 cash, office equipment with les value of $9.600, and $78,000 of drafting equipment to launch the company in exchange for common stock b. The company purchased land worth $50,000 for an office by paying $7,100 cash and signing a note payable for $42,900 c. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b d. The company paid $2,900 cash for the premium on an 18-month insurance policy e. The company provided services to a client and collected $6,700 cash f. The company purchased $22,000 of additional drafting equipment by paying $9,800 cash and signing a note payable for $12.200. g. The company completed $16,500 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. 1. The company completed $23,000 of services for a customer on credit J. The company purchased $1,550 of TV advertising on credit k. The company collected $8.000 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 n n. The company paid $1,075 cash for repairs. o. The company paid a $10,860 cash dividend. p. The company paid $1,700 cash for employee wages q. The company paid $3,200 cash for advertisements on the Web during June Required: 1. Prepare general journal entres 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), Services Revenue (403): Wages Expense (601), Advertising Expense (683), 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 a trial balance as of the end of June. ARACEL ENGINEERING Trial Balance June 30 Debit Credit Totals 0 5