Can someone please check my work on this?Aracel Engineering completed the following transactions in the month of June.J. Aracel, the owner, invested $240,000 cash, office equipment with a value of $10,000, and $77,000 of drafting equipment to launch the company.The company purchased land worth $53,000 for an office by paying $7,400 cash and signing a note payable for $45,600.The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b.The company paid $2,900 cash for the premium on an 18-month insurance policy.The company provided services to a client and collected $8,700 cash.The company purchased $26,000 of additional drafting equipment by paying $10,500 cash and signing a note payable for $15,500.The company completed $17,500 of services for a client. This amount is to be received in 30 days.The company purchased $1,600 of additional office equipment on credit.The company completed $25,000 of services for a customer on credit.The company purchased $1,338 of TV advertising on credit.The company collected $6,000 cash in partial payment from the client described in transaction g.The company paid $1,500 cash for employee wages.The company paid $1,600 cash to settle the account payable created in transaction h.The company paid $1,040 cash for repairs.J. Aracel withdrew $10,990 cash from the company for personal use.The company paid $1,500 cash for employee wages.The company paid $4,100 cash for advertisements on the Web during June.Required: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); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repairs Expense (604).Post the journal entries from part 1 to the ledger accounts.Prepare a trial balance as of the end of June. **ARACEL ENGINEERING****Trial Balance****As of June 30**| **Account** | **Debit** | **Credit** ||-----------------------------|---------------|--------------|| Cash | $ 157,170 | || Accounts receivable | $ 42,500 | || Prepaid insurance | $ 2,900 | || Office equipment | $ 8,400 | || Drafting equipment | $ 103,000 | || Building | $ 56,000 | || Land | $ 53,000 | || Accounts payable | | $ 27,938 || Notes payable | | $ 45,600 || J. Aracel, Capital | | $ 240,000 || J. Aracel, Withdrawals | $ 10,990 | || Services revenue | $ 8,700 | || Wages expense | $ 3,000 | || Advertising expense | $ 5,438 | || Repairs expense | $ 1,040 | || **Totals** | **$ 671,670** | **$ 94,006** |This trial balance provides a snapshot of ARACEL ENGINEERING's financial standing as of June 30. ### Explanation of Accounts:- **Assets**: Includes cash, accounts receivable, prepaid insurance, office equipment, drafting equipment, building, and land, which are represented in the debit column.- **Liabilities**: Includes accounts payable and notes payable, found in the credit column.- **Owner’s Equity**: Includes J. Aracel, Capital (credit) and J. Aracel, Withdrawals (debit).- **Revenues and Expenses**: Services revenue (debit) and various expenses such as wages expense, advertising expense, and repairs expense (all in the debit column).### Note:A Trial Balance is prepared to ensure that the total debits equal the total credits, ensuring the books are balanced. Here, however, the debits and credits do not balance, indicating there may be an error that requires further investigation. ## Journal Transactions### OverviewThe table below displays various journal transactions, detailing the transaction number, description, account title, debit, and credit amounts. This table is useful for understanding how different types of transactions affect financial accounts in an organization.### Table of Transactions| No | Transaction | Account Title | Debit | Credit ||----|-------------|---------------------------|--------|---------|| 1 | a | Cash | 240,000| || | | Office equipment | 10,000 | || | | Drafting equipment | 77,000 | || 2 | b | Cash | 53,000 | || | | Notes payable | | 45,600 || 3 | c | Cash | 56,000 | || 4 | d | Prepaid insurance | 2,900 | || 5 | e | Services revenue | 8,700 | || 6 | f | Drafting equipment | 26,000 | || | | Cash | 10,500 | || | | Notes payable | | 15,500 || 7 | g | Accounts receivable | 17,500 | || 8 | h | Office equipment | 1,600 | || 9 | i | Services revenue | 25,000 | || 10 | j | Advertising expense | 1,338 | || 11 | k | Cash | 6,000 | || 12 | l | Wages expense | 1,500 | || 13 | m | Cash | 1,600 | || 14 | n | Repairs expense | 1,040 | || 15 | o | J. Aracel, Withdrawals | | -10,990 || 16 | p | Wages expense | 1,500 | || 17 | q | Advertising expense | 4,100 | |### Explanation of Transaction Records

A journal entry is a form of accounting entry that is used to report a business transaction in a…

Can someone please check my work on this? Aracel Engineering completed the following transactions in the month of June. J. Aracel, the owner, invested $240,000 cash, office equipment with a value of $10,000, and $77,000 of drafting equipment to launch the company. The company purchased land worth $53,000 for an office by paying $7,400 cash and signing a note payable for $45,600. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b. The company paid $2,900 cash for the premium on an 18-month insurance policy. The company provided services to a client and collected $8,700 cash. The company purchased $26,000 of additional drafting equipment by paying $10,500 cash and signing a note payable for $15,500. The company completed $17,500 of services for a client. This amount is to be received in 30 days. The company purchased $1,600 of additional office equipment on credit. The company completed $25,000 of services for a customer on credit. The company purchased $1,338 of TV advertising on credit. The company collected $6,000 cash in partial payment from the client described in transaction g. The company paid $1,500 cash for employee wages. The company paid $1,600 cash to settle the account payable created in transaction h. The company paid $1,040 cash for repairs. J. Aracel withdrew $10,990 cash from the company for personal use. The company paid $1,500 cash for employee wages. The company paid $4,100 cash for advertisements on the Web during June. Required: 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); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repairs Expense (604). Post the journal entries from part 1 to the ledger accounts. Prepare a trial balance as of the end of June.

Can someone please check my work on this? Aracel Engineering completed the following transactions in the month of June. J. Aracel, the owner, invested $240,000 cash, office equipment with a value of $10,000, and $77,000 of drafting equipment to launch the company. The company purchased land worth $53,000 for an office by paying $7,400 cash and signing a note payable for $45,600. The company purchased a portable building with $56,000 cash and moved it onto the land acquired in b. The company paid $2,900 cash for the premium on an 18-month insurance policy. The company provided services to a client and collected $8,700 cash. The company purchased $26,000 of additional drafting equipment by paying $10,500 cash and signing a note payable for $15,500. The company completed $17,500 of services for a client. This amount is to be received in 30 days. The company purchased $1,600 of additional office equipment on credit. The company completed $25,000 of services for a customer on credit. The company purchased $1,338 of TV advertising on credit. The company collected $6,000 cash in partial payment from the client described in transaction g. The company paid $1,500 cash for employee wages. The company paid $1,600 cash to settle the account payable created in transaction h. The company paid $1,040 cash for repairs. J. Aracel withdrew $10,990 cash from the company for personal use. The company paid $1,500 cash for employee wages. The company paid $4,100 cash for advertisements on the Web during June. Required: 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); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repairs Expense (604). Post the journal entries from part 1 to the ledger accounts. Prepare a trial balance as of the end of June.

Pkg Acc Infor Systems MS VISIO CD

10th Edition

ISBN:9781133935940

Author:Ulric J. Gelinas

Publisher:Ulric J. Gelinas

Chapter11: The Billing/accounts Receivable/cash receipts (b/ar/cr) Process

Section: Chapter Questions

Problem 4DQ

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Required:

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); Services Revenue (403); Wages Expense (601); Advertising Expense (603); and Repairs Expense (604).
Post the journal entries from part 1 to the ledger accounts.
Prepare a trial balance as of the end of June.

**ARACEL ENGINEERING**

**Trial Balance**

**As of June 30**

| **Account** | **Debit** | **Credit** |
|-----------------------------|---------------|--------------|
| Cash | $ 157,170 | |
| Accounts receivable | $ 42,500 | |
| Prepaid insurance | $ 2,900 | |
| Office equipment | $ 8,400 | |
| Drafting equipment | $ 103,000 | |
| Building | $ 56,000 | |
| Land | $ 53,000 | |
| Accounts payable | | $ 27,938 |
| Notes payable | | $ 45,600 |
| J. Aracel, Capital | | $ 240,000 |
| J. Aracel, Withdrawals | $ 10,990 | |
| Services revenue | $ 8,700 | |
| Wages expense | $ 3,000 | |
| Advertising expense | $ 5,438 | |
| Repairs expense | $ 1,040 | |
| **Totals** | **$ 671,670** | **$ 94,006** |

This trial balance provides a snapshot of ARACEL ENGINEERING's financial standing as of June 30.

### Explanation of Accounts:

- **Assets**: Includes cash, accounts receivable, prepaid insurance, office equipment, drafting equipment, building, and land, which are represented in the debit column.
- **Liabilities**: Includes accounts payable and notes payable, found in the credit column.
- **Owner’s Equity**: Includes J. Aracel, Capital (credit) and J. Aracel, Withdrawals (debit).
- **Revenues and Expenses**: Services revenue (debit) and various expenses such as wages expense, advertising expense, and repairs expense (all in the debit column).

### Note:
A Trial Balance is prepared to ensure that the total debits equal the total credits, ensuring the books are balanced. Here, however, the debits and credits do not balance, indicating there may be an error that requires further investigation.

## Journal Transactions

### Overview
The table below displays various journal transactions, detailing the transaction number, description, account title, debit, and credit amounts. This table is useful for understanding how different types of transactions affect financial accounts in an organization.

### Table of Transactions

| No | Transaction | Account Title | Debit | Credit |
|----|-------------|---------------------------|--------|---------|
| 1 | a | Cash | 240,000| |
| | | Office equipment | 10,000 | |
| | | Drafting equipment | 77,000 | |
| 2 | b | Cash | 53,000 | |
| | | Notes payable | | 45,600 |
| 3 | c | Cash | 56,000 | |
| 4 | d | Prepaid insurance | 2,900 | |
| 5 | e | Services revenue | 8,700 | |
| 6 | f | Drafting equipment | 26,000 | |
| | | Cash | 10,500 | |
| | | Notes payable | | 15,500 |
| 7 | g | Accounts receivable | 17,500 | |
| 8 | h | Office equipment | 1,600 | |
| 9 | i | Services revenue | 25,000 | |
| 10 | j | Advertising expense | 1,338 | |
| 11 | k | Cash | 6,000 | |
| 12 | l | Wages expense | 1,500 | |
| 13 | m | Cash | 1,600 | |
| 14 | n | Repairs expense | 1,040 | |
| 15 | o | J. Aracel, Withdrawals | | -10,990 |
| 16 | p | Wages expense | 1,500 | |
| 17 | q | Advertising expense | 4,100 | |

### Explanation of Transaction Records

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