start operation on October 1st, 2015

MESEC has paid $15,000 to a team of engineering students at McGill University, for researching the project of a human canon launcher. The University holds its "Crazy Engineering Projects" competition every year. If research is successful the canon launcher will be developed commercially, MESEC will have full rights to the technology. While test jumps have been completed with watermelons (some of which were intact at landing), human tests and government approval have not yet been obtained. MESEC has reported the payment of $15,000 as an asset called "Cannon Launcher Equipment". When completed, the useful life of the equipment is expected to be 5 years. 8. On July 5th, 2016, an electricity bill in the amount of $510, from Light & Power Limited for June 2016 has been received but not yet entered nor paid. The bookkeeper claims that since the bill from Light & Power was received after the year end there is no need to be concerned with it. 9. 10. From October 15t, 2015, to June 30th, 2016, the company has purchased supplies for $3,000. However, since not much of supplies have been used, the bookkeeper decides to not book any supplies expense as the amount is immaterial. As of June 30th, 2016, $2,850 of supplies is still unused. Required: Analyze with the accounting equation (e.g., Cash $200 (AT), Revenue (E), Interest Expense (E), Loss on disposal of property (E), etc.) on June 30, 2016, for each of the above situations. Remember each situation at least affects two accounts. If no adjustment is required, write "NONE