Can anyone double check my work on the journal entries. I believe the totals at the bottom of the worksheet are supposed to be equal and only one set of mine are. i posted the transactions and journal entries above.
Byte of Accounting, Inc. 1 - - 2 3 Transaction 4 Description of transaction 01. June 1: Byte of Accounting, Inc. acquired $75,400 in cash from Lauryn and issued 2,600 shares of its common stock 5 6 02. June 1: Byte of Accounting, Inc. issued 2.520 shares of its common stock to K after $30,160 in cash and computer equipment with a fair market value of $42,920 were received 8 03 June 1: Byte of Accounting, Inc. issued 2,100 shares of its common stock after acquiring from Courtney $44.950 in cash, computer equipment with a fair market value of $14,500 and office equipment with a fair value of $1,450. 9 10 04. June 2: A down payment of $27,000 in cash was made on additional computer equipment that was purchased for $135.000. A five-year note was executed by Byte for the balance. 11 12 05. June 4: Additional office equipment costing $600 was purchased on credit from Discount Computer Corporation. 13 14 06. June 8: Unsatisfactory office equipment costing $120 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 15 16 07. 17 June 10: Byte paid $20.750 on the balance it owed on the June 2 purchase of computer equipment. FAQ Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement 4 06. June 8: Unsatisfactory office equipment costing $120 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 5 6 07. June 10: Byte paid $20,750 on the balance it owed on the June 2 purchase of computer equipment 17 18 08 June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5.136 in cash: The effective date of the policy was June 16. 19 20 21 22 09 June 16: A check in the amount of $7,000 was received for consulting revenue. 10. June 16: Byte purchased a building and the land it is on for $137.000. to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $22,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $13.700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 23 24 11. June 17: Cash of $5,000 was paid for rent for June and July. Put the total amount into the Prepaid Rent account 25 26 27 28 12. June 17: Received a bill of $400 from de local newspaper for advertising. 13. June 21: Accounts payable in the amount of $480 were paid.. 29 30 31 14. June 21: A fax machine for the office was purchased for $775 cash. 18. June 22: Paid the advertising bill that was received on June 17. 19. June 23: Purchased office supplies for $655 on credit. Record the purchase as an increase to the assets. 20. June 23: Cash in the amount of $3,845 was received on billings. 21. June 28: Billed $6,225 to miscellaneous customers for services performed to June 25. 22. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 23 June 29: Cash in the amount of $5.899 was received for billings. 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 $790 from O&G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.24 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.) Adjusting Entries Round to two decimal places. 27. The rent payment made on June 17 was for June and July. Expense the amount associated with one month's rent. 50 28. A physical inventory showed that only $270.00 worth of office supplies remained on hand as of June 30. 51 32 29. The annual interest rate on the mortgage payable was 8.50 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 53 34 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. 55 56 31. 57 A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,000 for the period of June 28-30. 38 39 32 70 71 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 building's scrap value is $7,000. The office equipment has a scrap value of $350. The computer equipment has no scrap value. Calculate the depreciation for one month. 73 74 33 75 ZA A review of the payroll records show that unpaid salaries in the amount of $546.00 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 $108.000. On June 10, eight days later, $20.750 was repaid. Interest expense must be calculated on the $108,000 for eight days. In addition, interest expense on the $87,250 balance of the loan (S108.000 less $20,750 = $87,250) 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. B H 1 A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. 2 3 Account Transaction Date Name Description Debit Credit 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock Investment Investment 75,400.00 75,400.00 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 02 02 02 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stock Common Stock to Kalista Common Stock to Kalista Common Stock to Kalista 30,160.00 42,920.00 73,080.00 03 031 03 03 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 1211 Office Equip 3100 Capital Stock Common stock issue Common stock issue Common stock issue Common stock issue 44,950.00 14,500.00 1,450.00 60,900.00 135,000.00 22 04 04 04 Jun 02 Jun 02 Jun 02 1311 Computer Equip 1110 Cash 2202 Notes Payable computer in cash and notes payable computer in cash and notes payable computer in cash and notes payable 27,000.00 108,000.00 23 24 25 26 27 28 29 Jun 04 Jun 04 05 1211 Office Equip 2101 Accounts Payable 600.00 Equipment bought on credit Equipment bought on credit 600.00 06 06 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip Unsatisfactory equipment Unsatisfactory equipment 120.00 120.00 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash Byte paid balance Byte paid balance 20.750.00 20 750.00 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash One year insurance policy One year insurance policy 5,136.00 5,136.00 09 Jun 16 09 Jun 16 1110 Cash Computer consulting 4100 Computer & Consulting Computer consulting 7,000.00 7 000.00 10 10 10 10 Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building Cost 1110 Cash 2201 Mortgage Payable Land and building Land and building Land and building Land and building 115,000.00 22,000.00 13.700.00 123,300.00 5,000.00 11 11 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash. Prepaid rent Prepaid ront 5,000.00 400.00 12 12 Jun 17 Jun 17 5030 Advertising Expense Bil for advertising 2101 Accounts Payable Bill for advertising 400.00 480.00 55 56 57 58 59 80 81 62 63 64 65 66 67 88 69 70 71 72 73 74 75 76 77 78 79 13 13 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash Accounts payable paid Accounts payable-paid 480.00 14 775.00 Jun 20 Jun 21 1211 Office Equip 1110 Cash Fax machine Fax machine 775.00 4,800.00 15 15 Jun 21 Jun 21 1120 Accounts Receivable Bill for consulting service 4100 Computer & Consulting Bill for consulting service 4,800.00 16 16 Jun 22 Jun 22 5020 Salary Expense 1110 Cash 910.00 Salary for equip operators Salary for equip. operators 910.00 17 17 Jun 22 Jun 22 5040 Repairs & Maint. Expe Bill for computer repair 2101 Accounts Payable Bill for computer repair 1.165.00 1,165.00 18 18 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash 400.00 Paid advertising bill Paid advertising bill 400.00 3 19 19 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable 655.00 Purchase of office supplies Purchase of office supplies 655.00 3 0 11 2 03 04 20 20 Jun 23 Jun 23 1110 Cash Cash in bilings 1120 Accounts Receivable Cash in billings 3.845.00 3.845.00 21 21 Jun 28 Jun 28 1120 Accounts Receivable Billed customers for services 4100 Computer & Consulting Billed customers for services 6,225.00 6,225.00 22 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash Paid computer repair bill Paid computer repair bill 1,165,00 22 1,165.00 23 23 Jun 29 Jun 29 1110 Cash Cash received for billings 1120 Accounts Receivable Cash received for billings 5,899.00 5,899.00 910.00 24 24 Jun 29 Jun 29 5020 Salary Expense 2101 Accounts Payable Paid salary for equip operators Paid salary for equip operators 910.00 5 6 27 25 25 Jun 30 Jun 30 5050 Oil & Gas Expense 2101 Accounts Payable 790.00 Bill received for oil Bill received for oil 790.00 D 00 26 26 Jun 30 Jun 30 3300 Dividends 1110 Cash Paid dividends of 24 per share Paid dividends of 24 per share 1,732 80 1,732.80 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent One months rent One months rent 2,500.00 2,500.00 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies Supplies expensed Supplies expensed 385.00 385.00 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Interest expense Interest expense 435 63 435.63 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance Prepaid insurance charged Prepaid insurance charged 214.00 214.00 214.00 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance Prepaid insurance charged Prepaid insurance charged 214.00 5,000.00 31 31 Jun 30 Jun 30 1120 Accounts Receivable Unbilled revenue recorded 4100 Computer & Consulting Unbilled revenue recorded 5,000.00 1 2 3 54 55 56 57 59 59 160 561 162 163 164 165 166 167 168 189 170 171 3,520.75 32 32 32 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense Accumulated dep 1412) Accum. Depr. -Building Accumulated dep 1212 Accum. Depr.-Office Accumulated dep Need An Account Number 285 71 28.04 3.207.00 546.00 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payablo Unpaid salaries Unpaid salarios 546.00 870 00 34 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Interest expense on note Interest expense on note 172 870.00 173 174 175 176 35 2.594.65 B Jun 30 5120 Income Tax Expense Income tax expense LE Transactions General Journal Worksheet Income Statement Changes in Retained Earnings Balance Sheet De 36 36 Cre Name Description 4100 Computer & Consulting Closing revenue account 3400 Income Summary Closing revenue account Jun 30 Jun 30 23,025.00 23,025.00 15,241 03 37 37 37 37 37 37 37 37 37 37 37 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 3400 Income Summary Closing expense account 5010 Rent Expense Closing expense account 5020 Salary Expense Closing expense account 5030 Advertising Expense Closing expense account 5040 Repairs & Maint Expe Closing expense account 5050 Oil & Gas Expense Closing expense account 5080 Supplies Expense Closing expense account 5090 Interest Expense Closing expense account 5100 Insurance Expense Closing expense account 5110 Depreciation Expense Closing expense account 5120 Income Tax Expense Closing expense account 2 2,500.00 2.366.00 400.00 1,165.00 790.00 385.00 1,305.63 214.00 3,520.75 2,594.65 3 1 3 3 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Earnings Closing income summary account Closing income summary account 7,783.96 7,783 96 7 8 9 0 1 2 3 14 39 39 Jun 30 Jun 30 3200 Retained Eamings 3300 Dividends Closing dividends account Closing dividends account 1.732.80 1.732.80 06 5,000.00 1,281.00 5,136.00 5,000.00 655.00 2,705.00 214.00 2,500.00 385.00 6,281.00 4,922.00 2,500.00 270.00 2.705.00 28.04 28.04 192,420.00 192,420.00 22,000.00 22,000.00 285.71 285.71 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip 1212 Accum. Depr.-Office Equip 1311 Computer Equip 1312 Accum. Depr. Computer Equip 1411 Building Cost 1412 Accum. Depr -Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends 115,000.00 115,000.00 2,355.00 2,355.00 1,305,63 546.00 2,594 65 123,300.00 87 250.00 209,380.00 1,305.63 546.00 2,594.65 123,300 00 87,250.00 209,380.00 1.732.80 1,732.80 30 18,025.00 5,000.00 23,025.00 2,500.00 546.00 31 32 33 34 35 36 37 38 39 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint Expense 5050 Oil & Gas Expense 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 5120 Income Tax Expense 1,820.00 400.00 1,165.00 790.00 2,500.00 2.366.00 400.00 1,165.00 790.00 385.00 1,305.63 214.00 3.520.75 2,594 65 385.00 1,305.63 21400 3.520.75 2,594 65 40 41 42 Transactions General Journal Worksheet Income Statement Changes in Retained Earnings Balance Sheet 1,305.63 546.00 2,594.65 2102 Adve 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends 123,300.00 87 250.00 209,380.00 1,305,63 546.00 2,594.65 123,300.00 87 250.00 209,380.00 1.732.80 1,732 80 18,025.00 5,000.00 23,025.00 2,500.00 546 00 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Exponse 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 5120 Income Tax Expense 1,820.00 400.00 1,165.00 790.00 2,500.00 2,366.00 400.00 1,165.00 790.00 385.00 1,305.63 214.00 3,520.75 2,594.65 385.00 1,305.63 214.00 3,520 75 2,594.65 TOTAL 440,310.00 440 310 00 16,066.03 12,859.03 453 277 03 450,070.03 Byte of Accounting, Inc. 1 - - 2 3 Transaction 4 Description of transaction 01. June 1: Byte of Accounting, Inc. acquired $75,400 in cash from Lauryn and issued 2,600 shares of its common stock 5 6 02. June 1: Byte of Accounting, Inc. issued 2.520 shares of its common stock to K after $30,160 in cash and computer equipment with a fair market value of $42,920 were received 8 03 June 1: Byte of Accounting, Inc. issued 2,100 shares of its common stock after acquiring from Courtney $44.950 in cash, computer equipment with a fair market value of $14,500 and office equipment with a fair value of $1,450. 9 10 04. June 2: A down payment of $27,000 in cash was made on additional computer equipment that was purchased for $135.000. A five-year note was executed by Byte for the balance. 11 12 05. June 4: Additional office equipment costing $600 was purchased on credit from Discount Computer Corporation. 13 14 06. June 8: Unsatisfactory office equipment costing $120 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 15 16 07. 17 June 10: Byte paid $20.750 on the balance it owed on the June 2 purchase of computer equipment. FAQ Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement 4 06. June 8: Unsatisfactory office equipment costing $120 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 5 6 07. June 10: Byte paid $20,750 on the balance it owed on the June 2 purchase of computer equipment 17 18 08 June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5.136 in cash: The effective date of the policy was June 16. 19 20 21 22 09 June 16: A check in the amount of $7,000 was received for consulting revenue. 10. June 16: Byte purchased a building and the land it is on for $137.000. to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $22,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $13.700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 23 24 11. June 17: Cash of $5,000 was paid for rent for June and July. Put the total amount into the Prepaid Rent account 25 26 27 28 12. June 17: Received a bill of $400 from de local newspaper for advertising. 13. June 21: Accounts payable in the amount of $480 were paid.. 29 30 31 14. June 21: A fax machine for the office was purchased for $775 cash. 18. June 22: Paid the advertising bill that was received on June 17. 19. June 23: Purchased office supplies for $655 on credit. Record the purchase as an increase to the assets. 20. June 23: Cash in the amount of $3,845 was received on billings. 21. June 28: Billed $6,225 to miscellaneous customers for services performed to June 25. 22. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 23 June 29: Cash in the amount of $5.899 was received for billings. 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 $790 from O&G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.24 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.) Adjusting Entries Round to two decimal places. 27. The rent payment made on June 17 was for June and July. Expense the amount associated with one month's rent. 50 28. A physical inventory showed that only $270.00 worth of office supplies remained on hand as of June 30. 51 32 29. The annual interest rate on the mortgage payable was 8.50 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 53 34 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. 55 56 31. 57 A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,000 for the period of June 28-30. 38 39 32 70 71 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 building's scrap value is $7,000. The office equipment has a scrap value of $350. The computer equipment has no scrap value. Calculate the depreciation for one month. 73 74 33 75 ZA A review of the payroll records show that unpaid salaries in the amount of $546.00 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 $108.000. On June 10, eight days later, $20.750 was repaid. Interest expense must be calculated on the $108,000 for eight days. In addition, interest expense on the $87,250 balance of the loan (S108.000 less $20,750 = $87,250) 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. B H 1 A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. 2 3 Account Transaction Date Name Description Debit Credit 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock Investment Investment 75,400.00 75,400.00 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 02 02 02 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stock Common Stock to Kalista Common Stock to Kalista Common Stock to Kalista 30,160.00 42,920.00 73,080.00 03 031 03 03 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 1211 Office Equip 3100 Capital Stock Common stock issue Common stock issue Common stock issue Common stock issue 44,950.00 14,500.00 1,450.00 60,900.00 135,000.00 22 04 04 04 Jun 02 Jun 02 Jun 02 1311 Computer Equip 1110 Cash 2202 Notes Payable computer in cash and notes payable computer in cash and notes payable computer in cash and notes payable 27,000.00 108,000.00 23 24 25 26 27 28 29 Jun 04 Jun 04 05 1211 Office Equip 2101 Accounts Payable 600.00 Equipment bought on credit Equipment bought on credit 600.00 06 06 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip Unsatisfactory equipment Unsatisfactory equipment 120.00 120.00 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash Byte paid balance Byte paid balance 20.750.00 20 750.00 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash One year insurance policy One year insurance policy 5,136.00 5,136.00 09 Jun 16 09 Jun 16 1110 Cash Computer consulting 4100 Computer & Consulting Computer consulting 7,000.00 7 000.00 10 10 10 10 Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building Cost 1110 Cash 2201 Mortgage Payable Land and building Land and building Land and building Land and building 115,000.00 22,000.00 13.700.00 123,300.00 5,000.00 11 11 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash. Prepaid rent Prepaid ront 5,000.00 400.00 12 12 Jun 17 Jun 17 5030 Advertising Expense Bil for advertising 2101 Accounts Payable Bill for advertising 400.00 480.00 55 56 57 58 59 80 81 62 63 64 65 66 67 88 69 70 71 72 73 74 75 76 77 78 79 13 13 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash Accounts payable paid Accounts payable-paid 480.00 14 775.00 Jun 20 Jun 21 1211 Office Equip 1110 Cash Fax machine Fax machine 775.00 4,800.00 15 15 Jun 21 Jun 21 1120 Accounts Receivable Bill for consulting service 4100 Computer & Consulting Bill for consulting service 4,800.00 16 16 Jun 22 Jun 22 5020 Salary Expense 1110 Cash 910.00 Salary for equip operators Salary for equip. operators 910.00 17 17 Jun 22 Jun 22 5040 Repairs & Maint. Expe Bill for computer repair 2101 Accounts Payable Bill for computer repair 1.165.00 1,165.00 18 18 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash 400.00 Paid advertising bill Paid advertising bill 400.00 3 19 19 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable 655.00 Purchase of office supplies Purchase of office supplies 655.00 3 0 11 2 03 04 20 20 Jun 23 Jun 23 1110 Cash Cash in bilings 1120 Accounts Receivable Cash in billings 3.845.00 3.845.00 21 21 Jun 28 Jun 28 1120 Accounts Receivable Billed customers for services 4100 Computer & Consulting Billed customers for services 6,225.00 6,225.00 22 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash Paid computer repair bill Paid computer repair bill 1,165,00 22 1,165.00 23 23 Jun 29 Jun 29 1110 Cash Cash received for billings 1120 Accounts Receivable Cash received for billings 5,899.00 5,899.00 910.00 24 24 Jun 29 Jun 29 5020 Salary Expense 2101 Accounts Payable Paid salary for equip operators Paid salary for equip operators 910.00 5 6 27 25 25 Jun 30 Jun 30 5050 Oil & Gas Expense 2101 Accounts Payable 790.00 Bill received for oil Bill received for oil 790.00 D 00 26 26 Jun 30 Jun 30 3300 Dividends 1110 Cash Paid dividends of 24 per share Paid dividends of 24 per share 1,732 80 1,732.80 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent One months rent One months rent 2,500.00 2,500.00 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies Supplies expensed Supplies expensed 385.00 385.00 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Interest expense Interest expense 435 63 435.63 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance Prepaid insurance charged Prepaid insurance charged 214.00 214.00 214.00 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance Prepaid insurance charged Prepaid insurance charged 214.00 5,000.00 31 31 Jun 30 Jun 30 1120 Accounts Receivable Unbilled revenue recorded 4100 Computer & Consulting Unbilled revenue recorded 5,000.00 1 2 3 54 55 56 57 59 59 160 561 162 163 164 165 166 167 168 189 170 171 3,520.75 32 32 32 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense Accumulated dep 1412) Accum. Depr. -Building Accumulated dep 1212 Accum. Depr.-Office Accumulated dep Need An Account Number 285 71 28.04 3.207.00 546.00 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payablo Unpaid salaries Unpaid salarios 546.00 870 00 34 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Interest expense on note Interest expense on note 172 870.00 173 174 175 176 35 2.594.65 B Jun 30 5120 Income Tax Expense Income tax expense LE Transactions General Journal Worksheet Income Statement Changes in Retained Earnings Balance Sheet De 36 36 Cre Name Description 4100 Computer & Consulting Closing revenue account 3400 Income Summary Closing revenue account Jun 30 Jun 30 23,025.00 23,025.00 15,241 03 37 37 37 37 37 37 37 37 37 37 37 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 3400 Income Summary Closing expense account 5010 Rent Expense Closing expense account 5020 Salary Expense Closing expense account 5030 Advertising Expense Closing expense account 5040 Repairs & Maint Expe Closing expense account 5050 Oil & Gas Expense Closing expense account 5080 Supplies Expense Closing expense account 5090 Interest Expense Closing expense account 5100 Insurance Expense Closing expense account 5110 Depreciation Expense Closing expense account 5120 Income Tax Expense Closing expense account 2 2,500.00 2.366.00 400.00 1,165.00 790.00 385.00 1,305.63 214.00 3,520.75 2,594.65 3 1 3 3 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Earnings Closing income summary account Closing income summary account 7,783.96 7,783 96 7 8 9 0 1 2 3 14 39 39 Jun 30 Jun 30 3200 Retained Eamings 3300 Dividends Closing dividends account Closing dividends account 1.732.80 1.732.80 06 5,000.00 1,281.00 5,136.00 5,000.00 655.00 2,705.00 214.00 2,500.00 385.00 6,281.00 4,922.00 2,500.00 270.00 2.705.00 28.04 28.04 192,420.00 192,420.00 22,000.00 22,000.00 285.71 285.71 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip 1212 Accum. Depr.-Office Equip 1311 Computer Equip 1312 Accum. Depr. Computer Equip 1411 Building Cost 1412 Accum. Depr -Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends 115,000.00 115,000.00 2,355.00 2,355.00 1,305,63 546.00 2,594 65 123,300.00 87 250.00 209,380.00 1,305.63 546.00 2,594.65 123,300 00 87,250.00 209,380.00 1.732.80 1,732.80 30 18,025.00 5,000.00 23,025.00 2,500.00 546.00 31 32 33 34 35 36 37 38 39 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint Expense 5050 Oil & Gas Expense 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 5120 Income Tax Expense 1,820.00 400.00 1,165.00 790.00 2,500.00 2.366.00 400.00 1,165.00 790.00 385.00 1,305.63 214.00 3.520.75 2,594 65 385.00 1,305.63 21400 3.520.75 2,594 65 40 41 42 Transactions General Journal Worksheet Income Statement Changes in Retained Earnings Balance Sheet 1,305.63 546.00 2,594.65 2102 Adve 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends 123,300.00 87 250.00 209,380.00 1,305,63 546.00 2,594.65 123,300.00 87 250.00 209,380.00 1.732.80 1,732 80 18,025.00 5,000.00 23,025.00 2,500.00 546 00 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Exponse 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 5120 Income Tax Expense 1,820.00 400.00 1,165.00 790.00 2,500.00 2,366.00 400.00 1,165.00 790.00 385.00 1,305.63 214.00 3,520.75 2,594.65 385.00 1,305.63 214.00 3,520 75 2,594.65 TOTAL 440,310.00 440 310 00 16,066.03 12,859.03 453 277 03 450,070.03
