Closing Entries: revenue, expense, income summary and dividends account.

Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14. e the amount associated with one half month's insurance A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,500 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-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 $8,500. The office equipment has a scrap value of S300. The computer equipment has no scrap value. Calculate the depreciation for one month. A review of the payroll records show that unpaid salaries in the amount of S591.00 are owed by Byte for three days, June 28 -30 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 $128,000. On June 10, eight days later, $24,500 was repaid. Interest expense must be calculated on the S128,000 for eight days. In addition, interest expense on the S103,500 balance of the loan ($128,000 less $24,500 $103,500) must be calculated for the 20 days remaining in the month of June.] 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.]