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please help J. Garcia, opened a business called Garcia Engineering and recorded the following transactions in its first month of operations. June 1 J. Carcia,
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J. Garcia, opened a business called Garcia Engineering and recorded the following transactions in its first month of operations. June 1 J. Carcia, the owner, invested $116,000 cash, office equipment with a value of $9,000, and $68,000 of drafting Tune 2 equipment to launch the company. June 2 The company purchaeed land worth $53,000 for an offlce by paying $11,900 cash and signing a note payable for June 2 The company purchased a portable building with $51,000 cash and moved it onto the land acquired on June 2 . June 2 The company paid $5,400 eash 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 $9,400 cash. June 12 The company purchased $24,800 of additional drafting equipment by paying $13,500 cash and 5 igning a payable for June 14 The company conpleted $20,400 of engineering services for a elfent. Thia anount is to be received in 30 days. June 15 The company purchased $1,550 of additional office equipment on eredit. June 17 The company completed engineering services for $23,600 on credit. June 18 The coapany received a bil1 for rent of equipment that was used on a recently completed job. The \$1, 700 rent Tune 20 cost must be paid Mithin 30 days. June 20 The company collected $10,200 cash in partial payment from the elient billed on June 14 . June 21 The coepany paid $1,800 eash for wages to a drafting anfistant. June 23 The company paid $1,550 cash to settle the account payable ereated on June 15 . June 24 The conpany paid $1,125 cash for repaire. June 26 J. Careia . Cithdrew $9,640 eash from the ecmpany for pernonal use. June 28 The company paid $1,800 cash for wages to a drafting assistant. June 30 The company paid $2,820 eash for advertisement 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, $9,200 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,350 salvage value. is $120 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5 -year life and a $17,800 salvage value, is $1,250 per month. d) Straight-line depreciation on the bullding. assuming a 25 -year life and a $21,000 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 $110. 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. Adjusted \begin{tabular}{l} Adjusting entry related to: \\ a) Unbilled fees: \\ b) Depreciation of office equipment \\ c) Depreciation of drafting equipment \\ d) Depreciation of building \\ e) Prepaid insurance \\ f) Accrued interest \\ g) Unpaid wages \\ \hline \end{tabular} Step by Step Solution
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