GLO205 - Based on Problem 2-2A Aracel Engineering Aracel Engineering completed the following transactions in the month of June Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements 1 Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting equipment to launch the company in exchange for common stock Jun 2 The company purchased land worth $40,000 for an office by paying $6,300 cash and signing a long term note payable for $42,780 2 The company purchased a portable building with $55,000 cash and moved it onto the land acquired on June 2. 4 The company poid $3,000 cash for the premium on an 18-month insurance policy. Jun 5 The company completed and delivered a set of plans for a client and collected $6,200 cash. Jun 6 The company purchased $20,000 of additional drafting equipment by paying 59.500 cash and signing a long term note payable for $10,500 Jun. 7 The company completed 514,000 of engineering services for a client. This anount is to be received in 30 days. Jun. The company purchased $1,150 of additional office equipment on credit. Jun Jun. 10 The company received. Dhil for fent of equipment that was used on a recently Completed Job. The $1,333 rent cost must be paid within 30 days. hun. 12 The company collected $7.000 cash in partial payment from the client billed on June 9. Jun 14 The company paid $1,200 cash for wages to a drafting assistant Jun 17 The company paid $1,150 cash to settle the account payable created in on June . Jun. 20 The company paid 5925 cash for minor maintenance of its drafting equipment