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can the following be filed out the eith the information provided O June 1: Byte of Accounting, Inc. acquired 593,600 in cash from Lauryn and

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O June 1: Byte of Accounting, Inc. acquired 593,600 in cash from Lauryn and issued 3,600 shares of its common stock June 1: Byte of Accounting, Inc. issued 2,620 shares of its common stock to after $28.860 in cash and computer equipment with a fair market value of $39.260 were received a June 1: Byte of Accounting, Inc. issued 2,214 shares of its common stock after acquiring from Courtney $45,500 in cash, computer equipment with a fait market value of $10,920 and office equipment with a fair value of $1,144. 04. June 2: A down payment of $31,000 in cash was made on additional computer equipment that was purchased for S155,000. A five-year note was executed by Byte for the balance 05. Junc 4: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation 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 $23.750 on the balance it owed on the June 2 purchase of computer equipment 08 June 14. A one-year insurance policy covering its computer equipment was purchased by Byte for $6,144 in cash. The effective date of the policy was June 16 09 June 16: A check in the amount of $7,500 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. June 17: Cash of $7,500 was paid for rent for June, July and August. Put the total amount into the Prepaid Rent account 12. June 17. Received a bill of S425 from the local newspaper for advertising June 21: Accounts payable in the amount of $320 were paid June 21: A fax machine for the office was purchased for $675 cash. Transaction Description of transaction 11 June 21. Billed various miscellaneous local customers $4.400 for consulting services performed June 22 Paid salaries of $935 to equipment operators for the week ending June 18 June 22: Received a bill for $1.090 from Computer Parts and Repair Co for repairs to the computer equipment 12 18 June 22 Paid the advertising bill that was received on June 17 June 23. Purchased office supplies for S630 on credit. Record the purchase as an increate to the assets 180 June 23: Cash in the amount of $3,525 was received on billings 21 June 28: Billed $6.120 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 $5,799 was received for billings 24 June 29: Paid salaries of $935 to equipment operators for the week ending June 25 25 June 30: Received a bill for the amount of $915 from O&G Oil and Gas Co. 26. June 30Paid a cash dividend of $0.23 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, July and August. Expense the amount associated with one month's rent 28 A physical inventory showed that only $259.00 worth of office supplies remained on hand as of June 30 29. The annual interest rate on the mortgage payable was 8.25 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 Transaction 31 32 Description of transaction A review of Byte's job worksheets show that there are unbilled revers in the amount of 55.250 for the period of June 28-30 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-linc 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 $400. The computer equipment has no scrap value. Calculate the depreciation for one month Ick 33 A review of the payroll records show that unpaid salaries in the amount of $561.00 are owed by Byte for three days. June 28 - 30 hift 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 $124,000. On June 10, eight days later, S23.750 was repaid. Interest expense must be calculated on the $124,000 for cight days. In addition, interest expense on the S100,250 balance of the loan (S124.000 less $23.750 - $100.250) must be calculated for the 20 days remaining in the month of June.] L 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. A Byte of Accounting, Inc. Income Statement For Month Ending January 0, 1900 Revenues Computer & Consulting Revenue w Expenses Rent Expense Salary Expenso Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Expenses Net Income Before Tax DODO Income Tax Expense Round 1 otecte Net Income After Tax A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending January 0, 1900 Total Balance, Beginning of Period Net Income Dividends Balance, End of Period A Byte of Accounting, Inc. Balance Sheet As of January 0, 1900 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets Office Equip Accum. Depr.-Office Equip. Computer Equip Accum. Depr-Computer Equip Building Cost Accum. Depr -Building Land Total Total Assets Liabilities Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities Stockholder's Equity Capital Stock Retained Earnings Total Total Liabilities and Stockholder's Equity

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