Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

B TU $ 6868 Cor Merge & Center - Alignment . al % 9 Number Clipboard Font Transaction Description of transaction June 1: Byte of

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
B TU $ 6868 Cor Merge & Center - Alignment . al % 9 Number Clipboard Font Transaction Description of transaction June 1: Byte of Accounting, Inc, acquired $81,200 in cash from Lauryn and issued 2.800 shares of its common stock June 1: Byte of Accounting, Inc. issued 2,520 shares of its common stock to after $29.870 in cash and computer equipment with a fair market value of $43,210 were received June 1: Byte of Accounting, Inc. issued 2,194 shares of its common stock after acquiring from Courtney S47,850 in cash, computer equipment with a fair market value of $14,500 and office equipment with a fair value of $1,276. 04 June 2: A down payment of $36,000 in cash was made on additional computer equipment that was purchased for $180,000. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing $700 was purchased on credit from Discount Computer Corporation | June 8: Unsatisfactory office equipment costing $140 was returned to Discount Computer for Introduction FAQ Welcome Chart of Account Transactions General Journal Worksht ... P RIVA DES Marge Carte 5-% June & Unfactory credit to be applied ice equipment con$140 was returned to Discount Computer for t the c ling balance owed by Byte June 10Byte paid $27.500 on the balance it owed on the June 2 purchase of computer equipment CF FTP was purchased by Byte for June 14 A $5,304 in cash year insurance policy covers com e The effective date of the policy was Juse 16 June 16: A check in the amount of $6,750 was received for consulting revenue 10 June 16: Byte purchased a building the land is on for $143.000, to houses repas facilities and to store computer equipment. The lot on which the bang is located is valued at $23.000 The balance of the cost is to be located to the Byte made a cash down payment of $14,300 and executed a mortgage for the balance. The mortgage is payable inciht equal testants being July 1 June 17: Cash of $3,200 was paid for rent for me and July. Put the total amount into the Prepaid 12 19 R $400 Beste bol o 13 Accap e the 5560 were paid 14 21 A fos or the way for $325ch e 21 bed various cous local customers 54.000 for speed 16 2 Pad s of 5910 to operators for the week 18 June 22 Received af 51.190 from Completed Cofors to the June 22 Paid the advertising bill that was received on June 17 June 23 Parchasedice applied for S705 oct Record the past 20 21 Cash in the most of $3.205 was recen o ch 2 R $5385 B u scar for services performed to June 25 22 e 29 Pad the received ce June 22, from Computer Parts and Repas Co 23 June 29 Cash in the amount of $5,101 was received for billings 24 June 29 Pad s of $910 persons for the week and Jone 25 June 30 Received a bal for the amount of $865 from O&GOL and Gas Co June 30 Paida cash dividend of $0.16 per share to the three shareholders of Byte IMPORTANT NOTE The sumber of shares of capital stock o n can be determined from the first three transactions Adjusting Entries Road to two decimal places The rent payment made on June 17 was for me and July Expense the A physical investory showed that only 5292.00 worth of clice supplies and on and as of dech b od were wat hobe on June 16 the bed woma n June 14 Epen to the prepaid ce may be obtained from the the associated withou actrecordedos e re A review ofte's job worksheets show that there we w for the period of 28-30 the 55.250 The fixed assets have stated lives as follows B 315 years Computer Equip - 5.0 years Office la 70 years Use the stre hod of directo Mam as decided the during a month are treated as fuased on the first day of the month The 5500. The office has a scrap of $400 The comp We Can the decision for the purchased 's scrap ss a 16 Arw of the proces show that pada Byte for three days are 28 30. e s 160 The me pay to the 210 is a fre 12 per la peshoudbe da IMPORTANT NOTE The w o n the couple $144000 One 10. 527.500 was d cand on the Si000 foders in die wee of the (5144.000 less $27.500 = 5116 500) bea d espese the5116 500 be for the 20 de 31 35 Income taxes are to be computed the rate of 25 percent of income before IMPORTANT NOTE: Since the c ases are a percent of the time you will want to prepare the Statements through the Net Income Before Taxe. The worksheet all of the accounts and the balances which you can the brand to the statement Closing atries Closing Entries 36 Close there acco 37 Close the expense accounts SESSE Close the income su Close the dividends aco A Byte of Accounting, Inc Worksheet For Period Ending January 1900 110 1170 Accounce 1011 pd sunce 111140 Pepada 11600 Sappies 1211 10 Acum pop 15 Comp 1510 HODA 10 and 4100 Cm 010 Cang deos

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Forensics Body Of Knowledge

Authors: Darrell D. Dorrell, Gregory A. Gadawski

1st Edition

0470880856, 978-0470880852

More Books

Students also viewed these Accounting questions

Question

How would you distinguish shadowing and joint problem solving?

Answered: 1 week ago

Question

Evaluate the integral. sin 2x 1 + cos x dx

Answered: 1 week ago

Question

e. What are notable achievements of the group?

Answered: 1 week ago