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Problem $2-2$A $($Algo$)$ Preparing and posting journal entries; preparing a trial balance LO A$1,$ P$1$

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Aracel Engineering completed the following transactions in the month of June.

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a$.$ J$.$ Aracel, the owner, invested $$160,000$ cash, office equipment with a value of $$6,900,$ and $$74,000$ of drafting equipment to launch the company in exchange for common stock.

b$.$ The company purchased land worth $$55,000$ for an office by paying $$9,500$ cash and signing a note payable for $$45,500.$

c$.$ The company purchased a portable building with $$56,000$ cash and moved it onto the land acquired in $b.$

d$.$ The company paid $$3,700$ cash for the premium on an $18-$month insurance policy.

e$.$ The company provided services to a client and collected $$9,900$ cash.

f$.$ The company purchased $$34,000$ of additional drafting equipment by paying $$10,000$ cash and signing a note payable for $$24,000.$

g$.$ The company completed $$19,500$ of 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.

i$.$ The company completed $$21,000$ of services for a customer on credit.

j$.$ The company purchased $$1,389$ of TV advertising on credit.

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 employee wages.

m$.$ The company paid $$1,450$ cash to settle the account payable created in transaction $h.$

n$.$ The company paid $$1,130$ cash for repairs.

o$.$ The company paid a $$9,120$ cash dividend.

p$.$ The company paid $$1,500$ cash for employee wages.

q$.$ The company paid $$3,200$ cash for advertisements on the Web during June.

Required:

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 $(319)$; Services Revenue $(403)$; Wages Expense $(601)$; Advertising Expense $(603)$; and Repairs Expense $(604).$

Post the journal entries from part $1$ to the ledger accounts.

Prepare a trial balance as of the end of June.