2 A Byte of Accounung, Inc. General Journal Note: You can only enter data into the yellow filled cells 3 Transadion Date Account Name Description Debit Credit 01 01 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stock Cash for CIS Cash for C/S Cash for C/S 31,360.00 43,400.00 co 74,760.00 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Jun 01 Jun 01 Jun 011 Jun 01 NNNN 1110 Cash 1311 Computer Equip 1211 Office Equip 1110 Cash 02 02 Cash for E/S Cash for ES Cash for E/S Cash for EIS 51,800.00 14,000.00 1,316.00 1671 16.00 03 03 Jun 01 Jun 01 1110 Cash 3100 Capital Stock Cash for C/S Cash for C/S 95,200.00 95,200.00 20 170,000.00 04 04 04 Jun 02 Jun 02 Jun 02 1311 Computer Equip 1110 Cash 2202 Notes Payable Cash for E Cash for E Cash for E 34,000.00 136,000.00 05 05 Jun 04 Jun 04 1211 Omice Equip 1211 Office Equip O/E O/E 300.00 300.00 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 06 06 Jun 08 Jun 08 1211 Office Equip 1211 Office Equip O/E O/E 60.00 60.00 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash NP/Cash NP/Cash 26,000.00 07 26,000.00 OB 08 6,480.00 Jun 14 5100 Insurance Expense Cash | in 1 1110 cash Irash Transactions General Journal 480 Worksheet Income Statement Changes in General Journal Note: You can only enter data into the yellow filled cells 3 Transaction Date Account Credit Description 08 08 Name 5100 Insurance Expense Cash/E 1110 Cash Cash/E Jun 14 Jun 14 Debit 6,480.00 6,480.00 09 09 Jun 16 Jun 16 1110 Cash Cash/Rev 4100 Computer & Consulti Cash/Rev 8.250,00 8,250.00 _ 10 10 10 10 + Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building Cost 2201 Mortgage Payable 1110 Cash Cash/L/MP Cash/L/MP Cash/L/MP Cash/L/MP 23,000.00 120,000.00 128,700.00 14,300.00 11 11 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash Cash/Rev Cash/Rev 4,200.00 4,200.00 4 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 83 64 65 66 67 68 69 70 71 72 73 74 75 76 77 70 12 12 Jun 17 Jun 17 5030 Advertising Expense AE 2101 Accounts Payable AE 250.00 250.00 13 13 Jun 21 Jun 21 1120 Accounts Receivable AR 4100 Computer & ConsultiAR 4.700.00 4,700.00 14 14 Jun 21 Jun 21 1211 Office Equip 1110 Cash OE OE 800.00 800.00 15 15 240,00 al ca Jun 21 1110 Cash CIAE Jun 21 2101 Accounts Payable CIAE Transactions General Journal 240.00 Worksheet Income Statement Changes in Retair General Journal Note: You can only enter data into the yellow filled cells 3 Isadion Account Transa Date Name Description Debit Credit VONO 15 15 Jun 21 Jun 21 1110 Cash 2101 Accounts Payable CIAE CIAE 240.00 240.00 16 16 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash AP AP 250.00 250.00 + 17 17 Jun 22 Jun 22 5040 Repairs & Maint. Exp AP 2101 Accounts Payable AP 1,215.00 1,215.00 4. 74 75 76 77 78 79 80 81 82 93 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 18 18 Jun 22 Jun 22 5020 Salary Expense 1110 Cash Pay Sal Pay Sal 885.00 885.00 19 19 Jun 23 Jun 23 1110 Cash cash/A 1120 Accounts Receivable cashlar 3,765.00 3,765.00 20 20 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable OS OS 530.00 530.00 21 21 Jun 28 Jun 28 1120 Accounts Receivable AR 4100 Computer & Consult AR 6,225.00 6,225.00 22 TAR 5.899.00 201 1110 Cash Transactions A General Journal Worksheet Income Statement Changes in Retai 2 A Byte of Accounting, Inc. General Journal Note: You can only enter date into the yellow filled cells 3 Transaction Account Date Name Description Credit Debit 22 22 Jun 29 Jun 29 1110 Cash AR 1120 Accounts Receivable AR 5,899.00 5,899.00 23 23 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash AP 1.215.00 1215.00 + 24 24 Jun 29 Jun 29 5020 Salary Expense 1110 Cash Paysai Paysal 885.00 885.00 4 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 139 139 140 141 142 143 144 25 25 Jun 30 Jun 30 505010d & Gas Expense Expense 2101 Accounts Payable Expense 990.00 990 00 26 26 Jun 30 Jun 30 3300 Didends 1110 Cash D D 203208 203208 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent RE RE 2.100.000 2,100.00 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Omce Supplies SE SE 315.00 315.00 145 146 29 Jun 30 5090 interest Expense TE na Pavia Transactions General Journal 46922 46922 Income Statement Worksheet Changes in Retained Ear Ready W Accessibility: Investigate 2 A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells 3 Transadion Date Account Description 29 29 Name 5090 Interest Expense 2103 Interest Payable Debit Jun 30 Jun 30 Credit IE IE 459 22 469 22 30 30 Jun 30 Jun 30 1130 Prepaid Insurance IE 5100 Insurance Expenses 270.00 270.00 31 31 Jun 30 Jun 30 1120 Accounts Receivable AR 4100 Computer & Consult AR + 4 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 154 165 166 167 188 159 170 171 172 173 174 175 176 177 178 179 180 181 182 32 32 32 32 SSSS Jun 30 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense 1412 Accum. Depr Buildin Need a Description 1312 Accum Depr. Compu Need a Description 1212 Accum Dept Office Need a Description 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable Need a Description 34 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Need a Description 35 35 GGI Jun 30 Jun 30 5120 Income Tax Expense 2106 Income Taxes PayablNeed a Description 36 Transactions General Journal Worksheet Income Statement Changes in Retained Ea 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,125 for the period of June 28-30. 32. 66 67 68 69 70 71 The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5,0 years Office Equipment - 7.0 years Use the straight-line method of depreciation Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building's scrap value is $7,500. The office equipment has a scrap value of $500. The computer equipment has no scrap value. Calculate the depreciation for one month. 72 73 33 74 75 34. 76 A review of the payroll records show that unpaid salaries in the amount of $531 are owed by Byte for three days, June 28 - 30. The note payable relating to the June 2, and 10 transactions is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year. [IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $136.000. On June 10, eight days later, $26,000 was repaid. Interest expense must be calculated on the $136.000 for eight days. In addition, interest expense on the $110,000 balance of the loan ($136.000 less $26,000 - $110,000) must be calculated for the 20 days remaining in the month of June. 77 18 80 35 Income taxes are to be computed at the rate of 25 percent of net income before taxes. [LMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line, The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.) 81 82 83 84 Closing Entries 36. Close the reveme accounts. 85 86 87 37 Close the expense accounts. 88 89 90 38 Close the income summary account, 39 Close the dividends account, 91 92 93 94 + + Unadjusted Trial Balance Debit Credit 38,350.92 1.261 00 Adjusting Entries Debit Credit 270.00 Adjusted Trial Balance Debit Credit 38,350.92 1.261 00 270.00 2,100.00 214.00 2,116.00 4.200.00 530.00 2.116.00 2,100.00 316.00 227,400.00 227 400.00 120,000.00 - 120,000.00 23 000 00 1 23,000.00 1.760.00 1.76000 469 22 469 22 6 Account Z Number Name 8 1110 Cash 9 1120 Accounts Receivable 10 1130 Prepaid Insurance 11 1140 Prepaid Rent 12 1150 Office Supplies 13 1211 Office Equip 14 1212 Accum. Depr Office Equip 15 1311 Computer Equip 16 1312 Accum Dept. Computer Equip 17 1411 Building Cost 18 1412 Accum Depr Building 19 1510 Land 20 2101 Accounts Payable 21 2102 Advanced Payments 22 2103 Interest Payable 23 2105 Salanes Payable 24 2106 Income Taxes Payable 25 2201 Mortgage Payable 26 2202 Notes Payable 27 3100 Capital Stock 28 3200 Retained Earnings 29 3300 Dividends 30 31 4100 Computer & Consulting Revenue 32 5010 Rent Expense 33 5020 Salary Expenso 34 5030 Advertising Expense 35 5040 Repairs & Maint. Expense 36 5050 Oil & Gas Expense 37 5080 Supplies Expense 38 5090 Interest Expense 39 5100 Insurance Expense 40 5110 Depreciation Expense 41 5120 Income Tax Expense 42 - 128.700.00 110,000.00 169,960,00 128,700.00 110,000.00 169,960.00 2,032.08 2,032 08 19,175.00 19.175.00 2.100,00 1,770.00 250.00 1.215.00 990.00 - 2,100.00 1.770.00 250.00 1.215.00 990.00 316.00 469 22 6,210.00 316.00 469.22 6480.00 270 00 Transactions General Journal Worksheet Income Statement Changes in Retained Earnings Ba