K. Perry, opened a business called Perry Engineering and recorded the following transactions in its first month of operations. 1 8 points Print June 1 K. Perry, the owner, invested $154,000 cash, office equipment with a value of $18,500, and $87,000 of drafting equipment to launch the company. June 2 The company purchased land worth $62,500 for an office by paying $25,200 cash and signing a note payable for $37,300. June 2 The company purchased a portable building with $41,500 cash and moved it onto the land acquired on June 2. June 2 The company paid $11,100 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 $17,000 cash. June 12 The company purchased $36,200 of additional drafting equipment by paying $23,000 cash and signing a payable for $13,200. June 14 The company completed $35,600 of engineering services for a client. This amount is to be received in 30 days. June 15 The company purchased $2,500 of additional office equipment on credit. June 17 The company completed engineering services for $27,400 on credit. June 18 The company received a bill for rent of equipment that was used on a recently completed job. The $2,650 rent cost must be paid within 30 days. June 20 The company collected $17,800 cash in partial payment from the client billed on June 14. June 21 The company paid $1,600 cash for wages to a drafting assistant. June 23 The company paid $2,500 cash to settle the account payable created on June 15. June 24 The company paid $1,600 cash for repairs. June 26 K. Perry withdrew $10,020 cash from the company for personal use. June 28 The company paid $1,600 cash for wages to a drafting assistant. June 30 The company paid $3,580 cash for advertisements on the web during June. Descriptions of items that require djusting entries on June 30, 2021, follow. a) The company has completed, but not yet billed, $16,800 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $2,400 salvage value, is $310 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $12,200 salvage value, is $1,850 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $8,500 salvage value, is $110 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 $180. g) The drafting assistant is paid $1,600 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 1 8 points General Journal tab - For each transaction, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Trial Balance tab - You may view either the unadjusted or adjusted trial balance by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement tab - Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Statement of Owner's Equity tab - The unadjusted or adjusted balances will appear for each account, based on your selection. Balance Sheet tab - Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted balances will appear for each account, based on your selection. Impact on Income tab - For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Select unadjusted on the dropdown.) Print 1 View transaction list Journal entry worksheet 8 points 2 3 5 6 7 > Print The company has completed, but not yet billed, $16,800 of engineering services for a client. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Record entry Clear entry View general journal Journal entry worksheet 8 points Print Straight-line depreciation on the office equipment, assuming a 5-year life and a $2,400 salvage value, is $310 per month. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet 8 points 3 4 5 6 7 > Print Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $12,200 salvage value, is $1,850 per month. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Record entry Clear entry View general journal View uansaction list Journal entry worksheet 3 4 5 6 7 > Straight-line depreciation on the building, assuming a 25-year life and a $8,500 salvage value, is $110 per month. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Record entry Clear entry View general journal View uansacuon su Journal entry worksheet at 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 Account Title Debit Credit Jun 30 Record entry Clear entry View general journal 1 View transaction list Journal entry worksheet 8 points Print Accrued interest on the long-term note payable is $180. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Jun 30 Record entry Clear entry View general journal Journal entry worksheet 8 points 2 3 4 5 6 7 > Print The drafting assistant is paid $1,600 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 Account Title Debit Credit Jun 30 Record entry Clear entry View general journal