Anita Strods opened a business called Strods Engineering and recorded the following transactions in its first month of operations. June 1 Anita Strods, the owner, invested $156,000 cash, office equipment with a value of $19,000, and $88,000 of drafting equipment to launch the company in exchange for common stock. June 2 The company purchased land worth $63,000 for an office by paying $25,900 cash and signing a long-term note payable for $37,100. June 2 The company purchased a portable building with $41,000 cash and moved it onto the land acquired on June 2. June 2 The company paid $11,400 cash for the premium on a 15-month insurance policy. June 7 The company completed and delivered a set of plans for a client and collected $17,400 cash. June 12 The company purchased $36,800 of additional drafting equipment by paying $23,500 cash and signing a long-term note payable for $13,300. June 14 The company completed $36,400 of engineering services for a client. This amount is to be received in 30 days. June 15 The company purchased $2,550 of additional office equipment on credit. June 17 The company completed engineering services for $27,600 on credit. June 18 The company received a bill for rent of equipment that was used on a recently completed job. The $2,700 rent cost must be paid within 30 days. June 20 The company collected $18,200 cash in partial payment from the client billed on June 14. June 21 The company paid $1,800 cash for wages to a drafting assistant. June 23 The company paid $2,550 cash to settle the account payable created on June 15. June 24 The company paid $1,625 cash for minor maintenance of its drafting equipment. June 26 The company paid $10,040 cash in dividends. June 28 The company paid $1,800 cash for wages to a drafting assistant. June 30 The company paid $3,620 cash for advertisements on the web during June. Descriptions of items that require adjusting entries on June 30, follow. a) The company has completed, but not yet billed, $17,200 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $2,350 salvage value, is $320 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $19,800 salvage value, is $1,750 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $11,000 salvage value, is $100 per month. e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $190. g) The drafting assistant is paid $1,800 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end. Requirement General Journal General Ledger Trial Balance Income Statement St of Retained Earnings Balance Sheet Impact on Income Journal entry worksheet 1 2 3 4 5 67 The company has completed, but not yet billed, $17,200 of engineering services for a client. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date June 30 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 Straight-line depreciation on the office equipment, assuming a 5-year life and a $2,350 salvage value, is $320 per month. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date June 30 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $19,800 salvage value, is $1,750 per month. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date June 30 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 67 Straight-line depreciation on the building, assuming a 25-year life and a $11,000 salvage value, is $100 per month. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date June 30 Account Title Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 23 4 5 6 7 The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date June 30 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 Accrued interest on the long-term note payable is $190. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date June 30 Account Title Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 5 6 7 The drafting assistant is paid $1,800 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date June 30 Account Title Debit Credit View general journal Record entry Clear entry