Savod Greg Taylor opened a business called Taylor Engineering and recorded the following transactions in its first month of operations. Jun. 1 Greg Taylor, the owner, invested $126,000 cash, office equipment with a value of $11,500, and $75,000 of drafting equipment to launch the company. Jun. 2. The company purchased land worth $55,500 for an office by paying $15,400 cash and signing a long-term note payable for $10,100. Jun. 2 The company purchased a portable building with $48,500 cash and moved it onto the land acquired on June 2. Jun. 2 The company paid $6.900 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 $11,400 cash. Jun. 12 The company purchased $27,800 of additional drafting equipment by paying $16,000 cash and signing a long-term note payable for $11,500. Jun. 14 The company completed $24,400 of engineering services for a client. This amount is to be received in 30 days. Jun. 15 The company purchased $1,800 of additional office equipment on credit. Jun. 17 The company completed engineering services for $24,600 on credit. Jun. 18 The company received a bill for rent of equipment that was used on a recently completed job. The $1,950 rent cost must be paid within 30 days. Jun. 20 The company collected $12,200 cash in partial payment from the client billed on June 14. Jun. 21 The company paid $1,300 cash for wages to a drafting assistant. Jun. 23 The company paid $1,800 cash to settle the account payable created on June 15. Jun. 24 The company paid $1,250 cash for minor maintenance of its drafting equipment. Jun. 26 Gres Taylor withdrew 39,740 cash from the company for personal use. Jun. 28 The company paid $1,000 cash for wages to a drafting assistant. Jun. The company paid $3,020 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, $11,200 of engineering services for a client. b) Straight line depreciation on the office equipment, assuming a 5 year life and a $3,100 salvage value, is $170 per month c) Straight line depreciation on the drafting equipment, assuming a 5-year life and a $10,800 salvage value, is $1,500 per month d) Straight line depreciation on the building, assuming a 25-year life and a $9,500 salvage value, is $130 per month e) The balance 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 $130. 9) 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. General Requirement General Ledger Trial BalanceStatement Trial Balance income Journal St Owners Equity Balance Sheet Impact on Income For transactions ag, 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 Show less View transaction list General Journal Trial Balance Income Statement General Ledger Balan St Owners Equity Requirement For transactions a-g, review the unadjusted balance and prepare the adjusting entry ne earned or the expense incurred. Each adjustment is posted automatically to the genera "record entry": View transaction list Journal entry worksheet 4 5 6 Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,100 salvage value, is $170 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 Requirement General Ledger > Statement CYLILY equirement Journal Ledger or transactions a-g, review the unadjusted balance and prepare the adjusting entry ne arned or the expense incurred. Each adjustment is posted automatically to the gener record entry". View transaction list Journal entry worksheet 3 4 5 6 7 Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $10,800 salvage value, is $1,500 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 Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Bala For transactions a-9, review the unadjusted balance and prepare the adjusting entry ne earned or the expense incurred. Each adjustment is posted automatically to the gener "record entry". View transaction list Journal entry worksheet 567 Straight-line depreciation on the building, assuming a 25-year life and a $9,500 salvage value, is $130 per month. Prepare the required adjusting entry, if any. Note: Enter debits before credits Date Jun 30 Account Title Debit Credit Record entry Clear entry View general journal General Journal General Ledger Income Statement Trial Balance equirement St Owners Equity Balance S or transactions a-g, review the unadjusted balance and prepare the adjusting entry necess. arned or the expense incurred. Each adjustment is posted automatically to the general lede record entry". View transaction list Journal entry worksheet General Journal General Ledger Requirement Trial Balance Income Statement St Owners Equity Balance For transactions a-g, review the unadjusted balance and prepare the adjusting entry nece earned or the expense incurred. Each adjustment is posted automatically to the general le "record entry". View transaction list Journal entry worksheet Requirement General Journal General Ledger Trial Balance Income Statement St Owne Equity Use the drop-downs to select the accounts properly included on the incon balances will appear for each account, based on your selection. Unadjusted TAYLOR ENGINEERING Income Statement For Month Ended June 30, 2019 Revenues Expenses