Aracel Engineering completed the following transactions in the month of June.Jenna Aracel, the owner, invested $170,000 cash, office equipment with a value of $8,500, and $62,000 of drafting equipment to launch the company.The company purchased land worth $53,000 for an office by paying $8,800 cash and signing a long-term note payable for $44,200.The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b.The company paid $2,200 cash for the premium on an 18-month insurance policy.The company completed and delivered a set of plans for a client and collected $9,700 cash.The company purchased $35,000 of additional drafting equipment by paying $10,300 cash and signing a long-term note payable for $24,700.The company completed $16,500 of engineering services for a client. This amount is to be received in 30 days.The company purchased $1,050 of additional office equipment on credit.The company completed engineering services for $28,000 on credit.The company received a bill for rent of equipment that was used on a recently completed job. The $1,604 rent cost must be paid within 30 days.The company collected $8,000 cash in partial payment from the client described in transaction g.The company paid $1,400 cash for wages to a drafting assistant.The company paid $1,050 cash to settle the account payable created in transaction h.The company paid $1,195 cash for minor maintenance of its drafting equipment.Jenna Aracel withdrew $9,600 cash from the company for personal use.The company paid $1,100 cash for wages to a drafting assistant.The company paid $3,200 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. ### General Ledger TemplateThis image shows a General Ledger template commonly used in accounting and financial record-keeping. The template is divided into multiple sections, each representing a different account. Each section contains columns for capturing details of individual financial transactions related to that specific account. The purpose of a general ledger is to provide a detailed and organized record of all financial transactions that occur within an organization.Here is a detailed description of each section and the columns within the template:#### Accounts and Associated Sections1. **172: Land** - **Columns**: - Transaction - Debit - Credit - Balance2. **201: Accounts Payable** - **Columns**: - Transaction - Debit - Credit - Balance3. **250: Notes Payable** - **Columns**: - Transaction - Debit - Credit - Balance4. **301: J. Aracel, Capital** - **Columns**: - Transaction - Debit - Credit - Balance5. **302: J. Aracel, Withdrawals** - **Columns**: - Transaction - Debit - Credit - Balance6. **402: Engineering Fees Earned** - **Columns**: - Transaction - Debit - Credit - Balance7. **601: Wages Expense** - **Columns**: - Transaction - Debit - Credit - Balance8. **602: Equipment Rental Expense** - **Columns**: - Transaction - Debit - Credit - Balance9. **603: Advertising Expense** - **Columns**: - Transaction - Debit - Credit - Balance10. **604: Repairs Expense** - **Columns**: - Transaction - Debit - Credit - Balance#### NavigationAt the bottom of the template, there are navigation buttons labeled "Required 1" and "Required 3". These buttons likely allow users to navigate between different sections or pages of the ledger system.### How to Use This Template:1. **Record Transactions**: Enter the details of each transaction in the respective rows under the "Transaction" column.2. **Debit/Credit Entries**: Record the corresponding ### Posting Journal Entries to Ledger AccountsTo ensure accurate bookkeeping and financial reporting, transactions must be recorded in the ledger accounts following their journal entries. Below is an empty template for various ledger accounts where transactions are posted. Each account is separated into columns indicating the transaction details, debits, credits, and the resulting balance.#### Ledger Accounts Template1. **101: Cash** - **Columns:** - Transaction - Debit - Credit - Balance2. **106: Accounts Receivable** - **Columns:** - Transaction - Debit - Credit - Balance3. **108: Prepaid Insurance** - **Columns:** - Transaction - Debit - Credit - Balance4. **163: Office Equipment** - **Columns:** - Transaction - Debit - Credit - Balance5. **164: Drafting Equipment** - **Columns:** - Transaction - Debit - Credit - Balance 6. **170: Building** - **Columns:** - Transaction - Debit - Credit - Balance 7. **172: Land** - **Columns:** - Transaction - Debit - Credit - Balance 8. **201: Accounts Payable** - **Columns:** - Transaction - Debit - Credit - Balance 9. **250: Notes Payable** - **Columns:** - Transaction - Debit - Credit - Balance 10. **301: J. Aracel, Capital** - **Columns:** - Transaction - Debit - Credit - Balance### Explanation of Ledger Account TableEach ledger account table consists of four main columns:- **Transaction:** Describes the nature or details of the transaction.- **Debit:** The amount to be debited to the specific account for each transaction.- **Credit:** The amount to be credited to the specific account for each transaction.- **Balance:** The running balance of the account after each transaction.Each row in the table will chronologically list the journal entries associated with the particular ledger account. Debits and credits will adjust the balance accordingly, helping manage and track financial transactions accurately.This template is customizable based on your

Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

Aracel Engineering completed the following transactions in the month of June. Jenna Aracel, the owner, invested $170,000 cash, office equipment with a value of $8,500, and $62,000 of drafting equipment to launch the company. The company purchased land worth $53,000 for an office by paying $8,800 cash and signing a long-term note payable for $44,200. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b. The company paid $2,200 cash for the premium on an 18-month insurance policy. The company completed and delivered a set of plans for a client and collected $9,700 cash. The company purchased $35,000 of additional drafting equipment by paying $10,300 cash and signing a long-term note payable for $24,700. The company completed $16,500 of engineering services for a client. This amount is to be received in 30 days. The company purchased $1,050 of additional office equipment on credit. The company completed engineering services for $28,000 on credit. The company received a bill for rent of equipment that was used on a recently completed job. The $1,604 rent cost must be paid within 30 days. The company collected $8,000 cash in partial payment from the client described in transaction g. The company paid $1,400 cash for wages to a drafting assistant. The company paid $1,050 cash to settle the account payable created in transaction h. The company paid $1,195 cash for minor maintenance of its drafting equipment. Jenna Aracel withdrew $9,600 cash from the company for personal use. The company paid $1,100 cash for wages to a drafting assistant. The company paid $3,200 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.