K$.$ Wright, opened a business called Wright Engineering and recorded the following transactions in its first month of operations.

June $1$K$.$ Wright, the owner, invested $$136,000$ cash, office equipment with a value of $$14,000,$ and $$78,000$ of drafting equipment to launch the company.June $2$The company purchased land worth $$58,000$ for an office by paying $$18,900$ cash and signing a note payable for $$39,100.$June $2$The company purchased a portable building with $$46,000$ cash and moved it onto the land acquired on June $2.$June $2$The company paid $$8,400$ 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 $$13,400$ cash.June $12$The company purchased $$30,800$ of additional drafting equipment by paying $$18,500$ cash and signing a payable for $$12,300.$June $14$The company completed $$28,400$ of engineering services for a client. This amount is to be received in $30$ days.June $15$The company purchased $$2,050$ of additional office equipment on credit.June $17$The company completed engineering services for $$25,600$ on credit.June $18$The company received a bill for rent of equipment that was used on a recently completed job. The $$2,200$ rent cost must be paid within $30$ days.June $20$The company collected $$14,200$ cash in partial payment from the client billed on June $14.$June $21$The company paid $$1,800$ cash for wages to a drafting assistant.June $23$The company paid $$2,050$ cash to settle the account payable created on June $15.$June $24$The company paid $$1,375$ cash for repairs.June $26$K$.$ Wright withdrew $$9,840$ cash from the company for personal use.June $28$The company paid $$1,800$ cash for wages to a drafting assistant.June $30$The company paid $$3,220$ 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, $$13,200$ of engineering services for a client.

b$)$ Straight$-$line depreciation on the office equipment, assuming a $5-$year life and a $$2,850$ salvage value, is $$220$ per month.

c$)$ Straight$-$line depreciation on the drafting equipment, assuming a $5-$year life and a $$18,800$ salvage value, is $$1,500$ per month.

d$)$ Straight$-$line depreciation on the building, assuming a $25-$year life and a $$10,000$ salvage value, is $$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 $$150.$

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. Descriptions of items that require adjusting entries on June $30,2021,$ follow.

a$)$ The company has completed, but not yet billed, $\backslash (\backslash$$ $13,200\backslash )$ of engineering services for a client.

b$)$ Straight$-$line depreciation on the office equipment, assuming a $5-$year life and a $\backslash (\backslash$$ $2,850\backslash )$ salvage value, is $\backslash (\backslash$$ $220\backslash )$ per month.

c$)$ Straight$-$line depreclation on the drafting equipment, assuming a $5-$year life and a $\backslash (\backslash$$ $18,800\backslash )$ salvage value, is $\backslash (\backslash$$ $1,500\backslash )$ per month.

d$)$ Straight$-$line depreclation on the bullding, assuming a $25-$year life and a $\backslash (\backslash$$ $10,000\backslash )$ salvage value, is $\backslash (\backslash$$ $120\backslash )$ per month.

e$)$ The balance In prepaid Insurance represents a $15-$month policy that went into effect on June $1.$

$)$ Accrued interest on the long$-$term note payable is $\backslash (\backslash$$ $150\backslash ).$

g$)$ The drafting assistant is paid $\backslash (\backslash$$ $1,800\backslash )$ for a $5-$day work week. $2$ days' wages have been Incurred but are unpaid as of month$-$end.

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".

Journal entry worksheet

The company has completed, but not yet billed, $\backslash (\backslash$$ $13,200\backslash )$ of engineering services for a client. Prepare the required adjusting entry, if any.

Note: Enter debits before credits.

You may view either the unadjusted or adjusted trial balance by choosing from the drop$-$down box below. Your choice will determine the reported values on the financial statement tabs$.$

Unadjusted

WRIGHT ENGINEERING

Trial Balance

June $30,2022$

Use the drop$-$downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection.

Unadjusted

Use the drop$-$downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted balances will appear for each account, based on your selection. Include all balance sheet accounts, even those with zero balances.

Unadjusted Descriptions of items that require adjusting entries on June $30,2021,$ follow.

a$)$ The company has completed, but not yet billed, $\backslash (\backslash$$ $13,200\backslash )$ of engineering services for a cllent.

b$)$ Straight$-$line depreclation on the office equipment, assuming a $5-$year life and a $\backslash (\backslash$$ $2,850\backslash )$ salvage value, is $\backslash (\backslash$$ $220\backslash )$ per month.

c$)$ Straight$-$IIne depreclation on the drafting equipment, assuming a $5-$year life and a $\backslash (\backslash$$ $18,800\backslash )$ salvage value, is $\backslash (\backslash$$ $1,500\backslash )$