June 1 S. Walker, the owner, invested $112,000 cash, office equipment with a value of $8,000, and $66,000 of drafting equipment to launch the company. June 2 The company purchased land worth $52,000 for an office by paying $10,500 cash and signing a note payable for $41,500. June 2 The company purchased a portable building with $52,000 cash and moved it onto the land acquired on June 2. June 2 The company paid $4,800 cash 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 $8,600 cash. June 12 The company purchased $23,600 of additional drafting equipment by paying $12,500 cash and signing a payable for $11,100. June 14 The company completed $18,800 of engineering services for a client. This amount is to be received in 30 days. June 15 The company purchased $1,450 of additional office equipment on credit. June 17 The company completed engineering services for $23,200 on credit. June 18 The company received a bill for rent of equipment that was used on a recently completed job. The $1,600 rent cost must be paid within 30 days. June 20 The company collected $9,400 cash in partial payment from the client billed on June 14. June 21 The company paid $1,400 cash for wages to a drafting assistant. June 23 The company paid $1,450 cash to settle the account payable created on June 15. June 24 The company paid $1,075 cash for repairs. June 26 S. Walker withdrew $9,600 cash from the company for personal use. June 28 The company paid $1,400 cash for wages to a drafting assistant. June 30 The company paid $2,740 cash for advertisements 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, $8,400 of engineering services for a client. b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $3,450 salvage value, is $100 per month. c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $17,600 salvage value, is $1,200 per month. d) Straight-line depreciation on the building, assuming a 25-year life and a $16,000 salvage value, is $120 per month. e) The balance in prepaid insurance represents a 15-month policy that went into effect on June 1. f) Accrued interest on the long-term note payable is $100. g) The drafting assistant is paid $1,400 for a 5-day work week. 2 days' wages have been incurred but are unpaid as of month-end.