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Aracel Engineering completed the following transactions in the month of June.
Required:
Question 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); Engineering Fees Earned (402); Wages Expense (601); Equipment Rental Expense (602); Advertising Expense (603); and Repairs Expense (604).
Question 2. Post the journal entries from part 1 to the ledger accounts.
Question 3. Prepare trial balance as of the end of June.
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