Problem 2-2A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2 Aracel Engineering completed the following transactions in the month of June. a. Jenna Aracel, the owner, invested $170,000 cash, office equipment with a value of $5,400, and $76,000 of drafting equipment to launch the company. b. The company purchased land worth $54,000 for an office by paying $9,300 cash and signing a long-term note payable for $44.700. c. The company purchased a portable building with $57,000 cash and moved it onto the land acquired in b. d. The company paid $4,300 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 $9.900 cash. f. The company purchased $34,000 of additional drafting equipment by paying $10,000 cash and signing a long-term note payable for $24,000. 3. The company completed $13,500 of engineering services for a client. This amount is to be received in 30 days. h. The company purchased $1,950 of additional office equipment on credit. i. The company completed engineering services for $27,000 on credit. j. The company received a bill for rent of equipment that was used on a recently completed job. The $1,388 rent cost must be paid within 30 days. k. The company collected $8,000 cash in partial payment from the client described in transaction g. 1. The company paid $2,100 cash for wages to a drafting assistant. n. The company paid $1,950 cash to settle the account payable created in transaction h. n. The company paid $1,120 cash for minor maintenance of its drafting equipment. 5. Jenna Aracel withdrew $9,470 cash from the company for personal use. . The company paid $2,400 cash for wages to a drafting assistant 4. The company paid $3,100 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 Earned (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); J. Aracel, Capital (301); J. Aracel, Withdrawals (302); Engineering Fees Earned (402); Wages Expense (601); Equipment Rental Expense (602); Advertising Expense (603); and Repairs Expense (604). Show less A View transaction list Journal entry worksheet Jenna Aracel, the owner, invested $170,000 cash, office equipment with a value of $5,400, and $ 76,000 of drafting equipment to launch the company. Note: Enter debits before credits. Tranasaction Account Title Debit Credit a Record entry Clear entry View general journal TVOL LIC juunmuI CILI ICO "TUIT pui i L LC icuyci uccuunila. 101: Cash Debit Credit 106: Accounts Receivable Transaction Debit Credit Balance Transaction Balance 108: Prepaid Insurance Transaction Debit Credit 163: Office Equipment Transaction Debit Credit Balance Balance 164: Drafting Equipment Transaction Debit Credit 170: Building Debit Credit Balance Transaction Balance 172: Land Debit Credit 201: Accounts Payable Transaction Debit Credit Transaction Balance Balance 250: Notes Payable Debit Credit 301: J. Aracel, Capital Transaction Debit Credit Transaction Balance Balance 302: J. Aracel, Withdrawals Transaction Debit Credit Balance 402: Engineering Fees Earned Transaction Debit Credit Balance 601: Wages Expense Transaction Debit Credit 602: Equipment Rental Expense Transaction Debit Credit Balance Balance 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 belo Required Required Required 1 2. 3 Prepare a trial balance as of the end of June. ARACEL ENGINEERING Trial Balance June 30 Debit Credit Totals