Bety of accounts with questions $35,36,37$ and $38$

01. 02. 03. 05. 06. 07. 08. 09. 10. 12. 13. 14. 15. T ransaction 16. 18. 19. 21. 22. 23. 24, 25. 26. 27. 28. 29. 30. June l: Byte of Accounting, Inc. issued 2,680 shares of its common stock to Jeremy aner With a fair market value Of $32, 760 were received. S23.520 tn cash and June l: Byte of Accounting. Ine issued 2.562 shares of its common stock aner acquiring from Courtney S40,9SO in cash, computer equipment with a fair market value of S 12, 180 aml omee u ment with a fair value of $672. June l: Byte of Accounting, Inc. acquired S63,000 in issued 3.000 shares of its common June 2: A down payment of S27,OOO in cash was rna& additional computer equipment that was urchased for Sl 3S 000. A five- note was executed for the balance. June 4: Additional office equipment costing $300 was purchased on credit from Discount C ter June S: Unsatisfactory office equipment costing S60 was retumed to Discount Computer for credit to be lied the outstandin balance Owai June 10: Byte paid $20,750 on the balance it owed the June 2 mzrchase of u' ment. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $6 144 in cash. The date Of the June 16. June 16: ter consultation revenue of S7,000 was received. Junc Byte purchased a building and the it is On for S ,OOO to house its repair facilities and to store computer equipment. The lot on which thc building is located is valued at Sl 6.000. The balance of the cost is to be allocated to the building. Byte made a cash down of S 10.100 and executed a mortgage the balance. ne rnortgage is payable in eight ual annuafments June 17: Cash ofS5,000was paid for rent for June Put the total amount into the Rent account. June 17: June 21: June 21 : June 22: June 22: June 22: June 23: June 29: June 29: June 30: June 30: Received a bill of S250 from the local for ad June 21 : Billed various lal customers 800 for consu A fax machine fcy the office was urchased for S825 cach le in the amount of S240 were d. Accoun ts tion or transaction paid the advertisin bill that was received on June 17. Received a bill S I. 1 15 from ConTuter parts and Repair co. for repairs to the Paid salaries of S860 to i fcr the week June 18. June 23: Cash in the anu'unt Of S3,845 was received on bi Purchased office supplies for S70S on credit. Record the purchase as an increase to the June 28: Billed S6,015 to miscellaneous for services Cash in the Of SS 699 was received for bill' to June 25. Paid the bill received June 22. from June 29: Paid salaries of S860 to Parts ami ors for thc week endin June 25. Received a bill for the amount of $890 from O & G Oil and Gas Co. paid a cash dividend of $0.22 per share to the three shareholders ofByte. (IMPORTANT NOTE: The number of shares Of stock outstanding be determined from the first three transactions. Entries - Round to two decimal laces. The rent payment made on June 17 was for June aml July. Expense the amount associated with one rnonth's rent. A physical inventory showed that only S292.00 worth of onice supplies remained on hand as of June 30. annual interest rate on the mortgage payable was 9 d) percent. Interest expense fcr one-half month should be computed because the building and land were purchased and the liability incurred on June 16. Infomution relating to the prepaid insurance may obtained from the transaction recorded on June 14. Ex thc amount associated with one half mondfi insurance- 8:23 PM 31. 32. 33. 34. A review of Byte's job worksheets show that there arc unbilled revenues in the anxunt ofS5,7SO for the ofJune 28-30. The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5.0 years Offce 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. Thc building's scr'4' value is S8S00. The office equipment has a value of S40(). computer equipment has no value. Calculate th e for me rrunth. A review Of the records show that unpaid salaries in the amount of 16 are owed by B for three da Junc - 30. The note payable relating to the June 2, and 10 transactions is a five-year note, with interest at the rate of 12 t annually. Interest expense should be cornputed based on a 360 day year.