ed ht H. Lee, opened a business called Lee Engineering and recorded the following transactions in its first month of operations. June 1 H. Lee, the owner, invested $120,000 cash, office equipment with a value of $10,000, and $70,000 of drafting equipment to launch the company. June 2 The company purchased land worth $54,000 for an office by paying $13,300 cash and signing a note payable for $40,700. June 2 The company purchased a portable building with $50,000 cash and moved it onto the land acquired on June 2. June 2 The company paid $6,000 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 $10,200 cash. June 12 The company purchased $26,000 of additional drafting equipment by paying $14,500 cash and signing a payable for $11,500. June 14 The company completed $22,000 of engineering services for a client. This amount is to be received in 30 days. June 15 The company purchased $1,650 of additional office equipment on credit. June 17 The company completed engineering services for $24,000 on credit. June 18 The company received a bill for rent of equipment that was used on a recently completed job. The $1,800 rent cost must be paid within 30 days. June 20 The company collected $11,000 cash in partial payment from the client billed on June 14. June 21 The company paid $1,200 cash for wages to a drafting assistant. June 23 The company paid $1,650 cash to settle the account payable created on June 15. June 24 The company paid $1,175 cash for repairs. June 26 H. Lee withdrew $9,680 cash from the company for personal use. June 28 The company paid $1,200 cash for wages to a drafting assistant. June 30 The company paid $2,900 cash for advertisements on the web during June. Descriptions of items that require adjusting entries on June 30, 2021, follow. a) The company has completed, but not yet billed, $10,000 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,250 salvage value, is $140 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $18,000 salvage value, is $1,300 per month. June 30 The company paid $2,900 cash for advertisements on the web during June. for wages to a drafting assistant. Descriptions of items that require adjusting entries on June 30, 2021, follow. a) The company has completed, but not yet billed, $10,000 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,250 salvage value, is $140 per m c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $18,000 salvage value, is $1,300 F month. d) Straight-line depreciation on the building, assuming a 25-year life and a $14,000 salvage value, is $120 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 $120. g) The drafting assistant is paid $1,200 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 Owners Equity Balance Sheet Impact on Income You may view either the unadjusted or adjusted trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Adjusted LEE ENGINEERING Trial Balance June 30, 2021