Kathy Perry opened a business called Perry Engineering and recorded the following transactions in its first month of operations. Jun. Jun. Jun. 1 Kathy 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. 2 The company purchased land worth $62,500 for an office by paying $25,200 cash and signing a long-term note payable for $37,300. 2 The company purchased a portable building with $41,500 cash and moved it onto the land acquired on June 2. Jun. 2 The company paid $11,100 cash for the premium on a 15-month insurance policy. Jun. 7 The company completed and delivered a set of plans for a client and collected $17,000 cash. Jun. 12 The company purchased $36,200 of additional drafting equipment by paying $23,000 cash and signing a long-term note payable for $13,200. Jun. 14 The company completed $35,600 of engineering services for a client. This amount is to be received in 30 days. Jun. 15 The company purchased $2,500 of additional office equipment on credit. Jun. 17 The company completed engineering services for $27,400 on credit. Jun. 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. Jun. 20 The company collected $17,800 cash in partial payment from the client billed on June 14. Jun. 21 The company paid $1,600 cash for wages to a drafting assistant. Jun. 23 The company paid $2,500 cash to settle the account payable created on June 15. Jun. 24 The company paid $1,600 cash for minor maintenance of its drafting equipment. Jun. 26 Kathy Perry withdrew $10,020 cash from the company for personal use. Jun. 28 The company paid $1,600 cash for wages to a drafting assistant. Jun. 30 The company paid $3,580 cash for advertisements on the web during June. Descriptions of items that require adjusting entries on June 30, 2019, 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