Byte of Accounting, inc

BIU Format Painter 1:1 Merge & Center Clipboard Font Alignment NE 110 X B Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,610 shares of its common stock to Jeremy after $24,380 in cash and computer equipment with a fair market value of $35,650 were received 02. June 1: Byte of Accounting, Inc. issued 1,959 shares of its common stock after acquiring from Courtney $31,050 in cash, computer equipment with a fair market value of $13,340 and office equipment with a fair value of $667. 03. June 1: Byte of Accounting, Inc. acquired $78,200 in cash from Justin feaster and issued 3,400 shares of its common stock. 04. June 2: A down payment of $33,000 in cash was made on additional computer equipment that was purchased for $165,000. A five-year note was executed by Byte for the balance. 0 1 05. June 4. Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation 2 3 4 5 06. June 8: Unsatisfactory office equipment costing $80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 07. June 10: Byte paid $25,250 on the balance it owed on the June 2 purchase of computer equipment 16 17 08. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5,640 in cash. The effective date of the policy was June 16 18 19 20 21 09. June 16: Computer consultation revenue of S7,000 was received. 10. June 16: Byte purchased a building and the land it is on for $149,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $24,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $14.900 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 22 23 11. June 17: Cash of $6,400 was paid for rent for June, July, August and September. Put the total amount into the Prepaid Rent account 24 25 Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Type here to search RE e Arial 2 Wrap lext ID Copy til 111 aste BIU SI E Merge & Center $ Format Painter Clipboard Font Alignment 10 f A B 12. June 17: Received a bill of $375 from the local newspaper for advertising 13. June 21: Billed various miscellaneous local customers $4,300 for consulting services performed . 14. June 21: A fax machine for the office was purchased for $850 cash. 15. June 21: Accounts payable in the amount of $320 were paid. 1 2 3 4 -5 16. June 22: Paid the advertising bill that was received on June 17. 17. June 22: Received a bill for $1,265 from Computer Parts and Repair Co. for repairs to the computer equipment. 18. June 22: Paid salaries of S910 to equipment operators for the week ending June 18. 86 37 38 39 40 41 19. June 23: Cash in the amount of $3,445 was received on billings 20. June 23: Purchased office supplies for $705 on credit. Record the purchase as an increase to the assets. 42 43 21. June 28: Billed $5,280 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount of $5,001 was received for billings. 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 45 46 47 48 49 50 51 52 53 24. June 29. Paid salaries of $910 to equipment operators for the week ending June 25. 25. June 30: Received a bill for the amount of $890 from O&G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.15 per share to the three shareholders of Byte [IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first three transactions 54 55 56 Adjusting Entries - Round to two decimal places. 67 27 | The rent navment made on Tue 17 wefror Tone Tok Ameet and Sentember Welcome Chart of Accounts Transactions General Journal Worksheet France the Income Statement 4 Clipboard Font Alignment X B 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 $292.00 worth of office supplies remained on hand as of June 30 29. The annual interest rate on the mortgage payable was 9.25 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 Byte's job worksheets show that there are unbilled revenues in the amount of $8,750 for the period of June 28-30. 32. The expense for depreciation follows: Building - $243.00 Computer Equipment - $3,048.00 Office Equipment - $23.00 33. A review of the payroll records show that unpaid salaries in the amount of $546 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. The June interest expense from this note is $1,063.67. Welcome Chart of Accounts Transactions General Journal Worksheet Income Statemen 1 Type here to search O Tople General ste LECopy Format Painter BIO A. Merge & Center $ Clipboard Font Alignment 0 X A B. 32. The expense for depreciation follows: Building - $243.00 Computer Equipment - $3,048.00 Office Equipment $23.00 33. A review of the payroll records show that unpaid salaries in the amount of $546 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. The June interest expense from this note is $1,063.67. 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. Welcome Chart of Accounts Transactions General Journal Worksheet Income Statemer Paste [Copy Format Painter BIU ili ill IMI Inl Merge & Center $ % Clipboard Font Alignment Numb: AS : fo F G 1 A B D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. 2 3 Transaction Account Credit Name Date Description Debit 01 02 03 04 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 25 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 051 06 07 08 Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement HE Type here to search o B. D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Credit Account Name Description Debit 09 10 11 3 3 12 13 1 2 3 4 5 6 -7 8 59 "0 71 72 73 14 15 75 76 77 78 79 80 81 82 16 4 Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Type here to search O RI e G-SYNC 3D VISION F G B D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells 2 3 Transaction Dato Account Credit Name Description Debit 17 18 4 36 37 BB 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 19 20 106 21 22 107 108 109 110 111 112 113 114 115 116 23 117 119 119 120 121 122 24 Welcome Chart of Accounts Transactions General Journal Worksheet Income Stateme Type here to search o RA GESYNC 3D VISION Font Alignment Nur AS X B. A C D E 1 A Byte of Accounting, Inc. 2 General Journal 3 Note: You can only enter data into the yellow filled cells. Transaction Date Name 25 Account Description Dobit Credit 26 27 28 4 26 27 28 29 30 31 32 33 34 35 36 7 18 19 0 -1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 5 7 3 3 29 30 31 32 1 2 Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Type here to search O i F G B. D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Account Credit Name Description 33 Debit 34 35 36 37 7 3 38 D 1 Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Type here to search O RI -SYNC 3D VISION D 4 K 5 Unadjusted Tral Balance Debit Credit Adjusting Entries Debit Credit Adjusted Trail Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit 6 Account 7 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. Dep. Office Equip 15 1311 Computer Equip 16 1312 Accum Depr.-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 Salaries 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 Expense 34 5030 Advertising Expense 35 5040 Repairs & Maint Expense 36 5050 Ol & Gas Expense 37 5080 Supplies Expense 38 5090 Interest Expense 39 5100 Insurance Expense 40 5110 Depreciation Expense 41 5120 Income Tax Expense 42 43 45 46 47 48 TOTAL NET INCOME Welcome 4 Chart of Accounts Transactions General Journal Worksheet Income Statement Changes in Retained Earnings Balance Sheet