Carlos Sanchez opened a business called Sanchez Engineering and
recorded the following transactions in its first month of
operations.
| Jun. | 1 | Carlos Sanchez, the owner, invested $134,000 cash, office equipment with a value of $13,500, and $77,000 of drafting equipment to launch the company. | ||
| Jun. | 2 | The company purchased land worth $57,500 for an office by paying $18,200 cash and signing a long-term note payable for $39,300. | ||
| Jun. | 2 | The company purchased a portable building with $46,500 cash and moved it onto the land acquired on June 2. | ||
| Jun. | 2 | The company paid $8,100 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 $13,000 cash. | ||
| Jun. | 12 | The company purchased $30,200 of additional drafting equipment by paying $18,000 cash and signing a long-term note payable for $12,200. | ||
| Jun. | 14 | The company completed $27,600 of engineering services for a client. This amount is to be received in 30 days. | ||
| Jun. | 15 | The company purchased $2,000 of additional office equipment on credit. | ||
| Jun. | 17 | The company completed engineering services for $25,400 on credit. | ||
| Jun. | 18 | The company received a bill for rent of equipment that was used on a recently completed job. The $2,150 rent cost must be paid within 30 days. | ||
| Jun. | 20 | The company collected $13,800 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 $2,000 cash to settle the account payable created on June 15. | ||
| Jun. | 24 | The company paid $1,350 cash for minor maintenance of its drafting equipment. | ||
| Jun. | 26 | Carlos Sanchez withdrew $9,820 cash from the company for personal use. | ||
| Jun. | 28 | The company paid $1,600 cash for wages to a drafting assistant. | ||
| Jun. | 30 | The company paid $3,180 cash for advertisements on the web during June. |
For transactions a-g, review the unadjusted balance and
prepare the adjusting entry necessary to correctly
report the revenue earned or the expense
incurred. Descriptions of items that
require adjusting entries on June 30, 2017, follow.
a) The company has completed, but not yet billed, $12,800 of engineering services for a client.
b) Straight-line depreciation on the office equipment, assuming a 5-year life and a $2,900 salvage value, is $210 per month.
c) Straight-line depreciation on the drafting equipment, assuming a 5-year life and a $11,200 salvage value, is $1,600 per month.
d) Straight-line depreciation on the building, assuming a 25-year life and a $7,500 salvage value, is $130 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 $140.
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.
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