d 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 $175,000 cash, office equipment with a value of $5.100, and $70,000 of drafting equipment to launch the company in exchange for common stock b. The company purchased land worth $53,000 for an office by paying $8,600 cash and signing a note payable for $44,400. c. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b d. The company paid $3,500 cash for the premium on an 18-month insurance policy e. The company provided services to a client and collected $8,100 cash. The company purchased $27,000 of additional drafting equipment by paying $10,200 cash and signing a note payable for $16,800 g. The company completed $16,500 of services for a client. This amount is to be received in 30 days. h. The company purchased $1,550 of additional office equipment on credit L. The company completed $27,000 of services for a customer on credit J. The company purchased $1,629 of TV advertising on credit. k. The company collected $6,000 cash in partial payment from the client described in transaction g 1. The company paid $2,100 cash for employee wages. m. The company paid $1,550 cash to settle the account payable created in transaction h n. The company paid $935 cash for repairs. o. The company paid a $9,230 cash dividend. p. The company paid $1,200 cash for employee wages. q. The company paid $2,900 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); Services Revenue (403): Wages Expense (601); 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.