Lindsey Martin opened a business called Martin Engineering and recorded the following transactions in its first month of operations. June 1 Lindeey Martin, the orner, invested $122,000 cash, office equipent with a value of $10,500, and $71, 000 of drafting equiprent to launch the eompany in exehange for conton atock. June 2 the company purehased land worth $54,500 for an office by paying $14,000 cash and aigning a long-term note payable for $40,500. June 2 The company parchased a portable bailding with $49,500cash and moved it anto the land acquired on tane 2. Jane 2 The company paid $6,300 canh for the preniua on a 15-month insurance policy. June 7 The company completed and delivered a set of plans for a elient and collected $10,600 canh. June 12 she coepany purchaned $26,600 of additional drafting equipment by paying $15,000 cash and aigning a long-term note payable for $11,600. June 14 The conpany coepleted $22,800 of engineering wervicee tor a elient. This asount is to be received in 30 days. June 15 The eonpany purchased $1,700 of additional office equipment on eredit. Sane 17 The company completed engineering Anrvices for $24,200 on credit. June 18 the company received a bi11 for rent of equipment that was used on a recently coeplated fob. The 91, ASo rent cost muat be paid vithin 30 days. June 20 she conpany collected $11,400 cash in partial payent fron the elient billed on June 14. June 21 The company paid $1,400 caah for vagen to a drafting asaintant. June 23 The conpany paid 61,700 caah to settle the account payable ereated on June 15. June 24 The eonpany paid $1,200camh for minor maintenance of ith drafting equipont. June 26 The cospany paid $9,700canh in dividends. June 20 The coepany paid $1,460 canh for vages to a drafting assistant. Jane 30 The company paid $2,940 canh for advertisesiont on the veb during Jane. Descriptions of items that require adjusting entries on June 30 , follow. a) The company has completed, but not yet billed, $10,400 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5 -year life and a $3,200 satvage value, is $150 per month. c) Straight-tine depreciation on the drafting equipment, assuming a S-year life and a $10,600 salvage value, is $1,450 per month. d) Stralght-line depreciation on the building, assuming a 25 -yeor life and a $16,500 salvage value. is $110 per month. e) The bolance in prepaid insurance represents a 15 -month policy that went into effect on June 1 . 1) Accrued interest on the long-term note payable is $120. g) The drafting assistant is poid $1,400 for a 5 -doy work week, 2 days' wages have been incurred but are unpaid as of month-end. For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Journal entry worksheet Show less 4567 The company has completed, but not yet billed, $10,400 of engineering services for a client. Prepare the required adjusting entry, if any. Note: Enter debiks before eredits. For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Journal entry worksheet Show iess 4 Straight-line depreciation on the office equipment, assuming a 5 -year life and $3,200 salvage value, is $150 per month. Prepare the required adjusting entry, if any. Notes Enter debits before credits. For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Journal entry worksheet Show leas a 67 Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $10,600 salvage value, is $1,450 per month. Prepare the required adjusting entry, if any. Notil Initer debits before credits. For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Journal entry worksheet Show lestrin Note Enter debits before credits. For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Journal entry worksheet 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 credta. For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click "record entry". Journal entry worksheet 7 Accrued interest on the long-term note payable is $120. Prepare the required adjusting entry, if any. Notei Enter debits before credits. For transactions a-g, review the unadjusted balance and prepare the adjusting entry necessary to correctly i earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balanc "record entry". Journal entry worksheet