Tony Turner opened a business called Turner Engineering and recorded the following transactions in its first month of operations. Jun. 1 Tony Turner, the owner, invested $144,000 cash, office equipment with a value of $16,000, and $82,000 of drafting equipment to launch the company in exchange for common stock. Jun. 2 The company purchased land worth $60,000 for an office by paying $21,700 cash and signing a long-term note payable for Jun. Jun. $36,300. 2 The company purchased a portable building with $44,000 cash and moved it onto the land acquired on June 2.1 2 The company paid $9,600 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 $15,000 cash. Jun. 12 The company purchased $33,200 of additional drafting equipment by paying $20,500 cash and signing a long-term note payable for $12,700. Jun. 14 The company completed $31,600 of engineering services for a client. This amount is to be received in 30 days. Jun, 15 The company purchased $2,250 of additional office equipment on credit. Jun. 17 The company completed engineering services for $26,400 on credit. Jun. 18 The company received a bill for rent of equipment that was used on a recently completed job. The $2,400 rent cost must be paid within 30 days. Jun. 20 The company collected $15,000 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 $2,250 cash to settle the account payable created on June 15. Jun. 24 The company paid $1,475 cash for minor maintenance of its drafting equipment... Jun. 26 The company paid $9,920 cash in dividends. Jun. 28 The company paid $1,600 cash for wages to a drafting assistant. Jun. 30 The company paid $3,300 cash for advertisements on the web during June. < Prev 12 of 12 Next Descriptions of items that require adjusting entries on June 30, follow. a) The company has completed, but not yet billed, $14,800 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $2,650 salvage value, is $260 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $19,200 salvage value, is $1,600 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $8,000 salvage value, is $120 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 $160 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. General Requirement Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income 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 View transaction list Show less A Journal entry worksheet < 1 2 3 4 5 6 7 The company has completed, but not yet billed, $14,800 of engineering services for a client. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Jun 30 Account Title Debit Credit > Journal entry worksheet < 1 2 3 4 5 9 7 Straight-line depreciation on the office equipment, assuming a 5-year life and a $2,650 salvage value, is $260 per month. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Jun 30 Account Title Debit Credit Journal entry worksheet < 1 2 3 4 5 67 Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $19,200 salvage value, is $1,600 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 Journal entry worksheet < 1 2 3 4 5 6 7 Straight-line depreciation on the building, assuming a 25-year life and a $8,000 salvage value, is $120 per month. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Jun 30 Account Title Debit Credit Record entor Clear entry View general tournat > Journal entry worksheet < 1 2 3 5 6 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 credits. Date Jun 30 Account Title Debit Credit Record ento Clear entry View general ioumal Journal entry worksheet < 1 2 3 4 5 6 7 Accrued interest on the long-term note payable is $160. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Jun 30 Account Title Debit Credit Record entr Clear entry View general in Journal entry worksheet < 1 2 3 4 5 6. 7 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. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Jun 30 Account Title Debit Credit Recontentor Clear.eptor View.general inurnal Unadjusted Revenues: TURNER ENGINEERING Income Statement For Month Ended June 30, 2019 es Expenses: Dray The unadjusted or adjusted balances will appear for each account, based on your selection. Unadjusted TURNER ENGINEERING Statement of Retained Earnings For Month Ended June 30, 2019 Retained earnings, June 1, 2019 $ 0 Add: Net income Less Dividends Retained earnings, June 30, 2019 4 (9,920) < Income Statement Balance Sheet > Current assets: Plant assets: TURNER ENGINEERING Balance Sheet June 30, 2019 ASSETS