Robert King opened a business called King Engineering and recorded the following transactions in its first month of operations.

June 1	Robert King, the owner, invested $152,000 cash, office equipment with a value of $18,000, and $86,000 of drafting equipment to launch the company in exchange for common stock.
June 2	The company purchased land worth $62,000 for an office by paying $24,500 cash and signing a long-term note payable for $37,500.
June 2	The company purchased a portable building with $42,000 cash and moved it onto the land acquired on June 2.
June 2	The company paid $10,800 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 $16,600 cash.
June 12	The company purchased $35,600 of additional drafting equipment by paying $22,500 cash and signing a long-term note payable for $13,100.
June 14	The company completed $34,800 of engineering services for a client. This amount is to be received in 30 days.
June 15	The company purchased $2,450 of additional office equipment on credit.
June 17	The company completed engineering services for $27,200 on credit.
June 18	The company received a bill for rent of equipment that was used on a recently completed job. The $2,600 rent cost must be paid within 30 days.
June 20	The company collected $17,400 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 $2,450 cash to settle the account payable created on June 15.
June 24	The company paid $1,575 cash for minor maintenance of its drafting equipment.
June 26	The company paid $10,000 cash in dividends.
June 28	The company paid $1,400 cash for wages to a drafting assistant.
June 30	The company paid $3,540 cash for advertisements on the web during June.

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

a) The company has completed, but not yet billed, $16,400 of engineering services for a client.

b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $2,450 salvage value, is $300 per month.

c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $19,600 salvage value, is $1,700 per month.

d) Straight-line depreciation on the building, assuming a 25-year life and a $6,000 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 $180.

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.

Journal entry worksheet 234567 The company has completed, but not yet billed, $16,400 of engineering services for a client. Prepare the required adjusting entry, if any. Note: Enter debits before credits