Adjusting Entries - Round to two decimal places.
27.	The rent payment made on June 17 was for June, July, August and September. Expense the amount associated with one month's rent.
28.	A physical inventory showed that only $247.00 worth of office supplies remained on hand as of June 30.
29.	The annual interest rate on the mortgage payable was 7.75 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16.
30.	Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14. Expense the amount associated with one half month's insurance.
31.	A review of Bytes job worksheets show that there are unbilled revenues in the amount of $5,375 for the period of June 28-30.
32.	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 buildings scrap value is $8,500. The office equipment has a scrap value of $300. The computer equipment has no scrap value. Calculate the depreciation for one month.
33.	A review of the payroll records show that unpaid salaries in the amount of $501 are owed by Byte for three days, June 28 - 30.
34.	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 $132,000. On June 10, eight days later, $25,250 was repaid. Interest expense must be
	calculated on the $132,000 for eight days. In addition, interest expense on the $106,750 balance of the loan ($132,000 less $25,250 = $106,750) must be calculated for the 20 days remaining in the month of June.]
35.	Income taxes are to be computed at the rate of 25 percent of net income before taxes.
	[IMPORTANT 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.]
	Closing Entries
36.	Close the revenue accounts.
37.	Close the expense accounts.
38.	Close the income summary account.
39.	Close the dividends account.