None Aracel Engineering completed the following transactions in the month of June.a. J. Aracel, the owner, invested $225,000 cash, office equipment with a value of $5,900, and $65,000 of drafting equipment tolaunch the company in exchange for common stock.b. The company purchased land worth $51,000 for an office by paying $9,600 cash and signing a note payable for $41,400.c. The company purchased a portable building with $55,000 cash and moved it onto the land acquired in b.d. The company paid $2,200 cash for the premium on an 18-month insurance policy.e. The company provided services to a client and collected $8,300 cash.f. The company purchased $26,000 of additional drafting equipment by paying $9,700 cash and signing a note payable for $16,300.g. The company completed $20,000 of services for a client. This amount is to be received in 30 days.h. The company purchased $1,050 of additional office equipment on credit.i. The company completed $23,000 of services for a customer on credit.j. The company purchased $1,309 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 $2,400 cash for employee wages.m. The company paid $1,050 cash to settle the account payable created in transaction h.n. The company paid $1,130 cash for repairs.o. The company paid a $9,530 cash dividend.p. The company paid $2,300 cash for employee wages.q. The company paid $4,300 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.Complete this question by entering your answers in the tabs below.

The record of day-to-day transactions in the books of accounts is called journal entries. In a…

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.

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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 5PA: Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...

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