Correct Bank Reconciliation Sheet from the following transaction/info.

A physical inventory showed that only $369.00 worth of general office supplies remained on hand as of 31, June 30. This did not include any of the Super RoutePro. There were 5 units of Super RoutePro on hand. We use FIFO to determine the valuation of the supplies. The annual interest rate on the mortgage payable was 7.50 percent. Interest expense for one-nall 32 month should be computed because the building and land were purchased and the liability incurred 33. Record a journal entry to reflect that one half month's insurance has expired. 34. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $19,000.00 for the period of June 28-30. The Building and the Office Equipment have the following estimated useful lives: Building - 31.5 years 35 Office Equipment - 7.0 years Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building's salvage value is $7,000.00. The office equipment has a salvage value of $500.00. Calculate the depreciation for one month using the straight-line method of depreciation. The Computer Equipment has an estimated useful life of 5.00 vears. Management has decided that assets purchased during a month are treated as if purchased on the first 36 day of the month. The computer equipment's scrap value is $20,000.00. Calculate the depreciation for one month using the double declining method of depreciation. 37. A review of the payroll records show that unpaid salaries in the amount of $621.00 are owed by Byte for three days, June 28 - 30. Ignore payroll taxes. The note payable to Royce Computers (transactions 04 and 08) 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 $108,000.00. On June 10, eight days later, $20, 750.00 was repaid. Interest expense must be 38. calculated on the $108,000.00 for eight days. In addition, interest expense on the $87,250.00 balance of the loan ($108,000.00 less $20, 750.00 = $87,250.00) must be calculated for the 20 days remaining in the month of June. 39 Our CPA has informed us to estimate that 2.00% of Computer & Consulting Revenue will be uncollectable. 40 Based on the information on the "Bank Reconciliation" sheet prepare the journal entry required to increases cash. 41. Based on the information on the "Bank Reconciliation" sheet prepare the journal entry required to decreases cash 42 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 EntriesClosing Entries 43. Close the revenue accounts. 44. Close the expense accounts. 45. Close the income summary account. 46. Close the dividends account.Transaction Date Account Name Credit Description Debit Jun 01 1110 Cash 01 Lauryn's common stock purchase Jun 0 100 Capital Stock 157,552.50 Jun 01 Lauryn's common stock purchase 3110 Paid-in Capital in Excess Lauryn's common stock purchase 52.50 157,500.00 02 Jun 01 1110 Cash 02 Wiktor Invests in Byte for in Byte for Common Stock Jun 01 1311 Computer Equip. Wiktor Invests in Byte for 32,410.80 02 Jun 01 3100 Capital Stock Byte for Common S 45,615.20 02 Jun 01 Wiktor Invests in Byte for Common Stock 3110 Paid-in Capital in Excess |Wiktor Invests in Byte for Common Stock 26.00 78,000.00 03 Jun 01 1311 Computer Equip 03 Jun 01 Courtney's invests in Byte for Common Stock 1211 Office Equip. 15,605.20 03 Courtney's invests in Byte for Common Stock 03 Jun 01 3100 Capital Stock 780.26 Jun 01 Courtney's invests in Byte for Common Stock 3110 Paid-in Capital in Excess |Courtney's invests in Byte for Common Stock 3.46 16,380.00 04 Jun 02 1311 Computer Equip. 04 Jun 02 04 2202 Notes Payable Check #5002 Down Payment on Computer Equipment invoice 76542 135,000.00 Jun 02 Check #5002 Down Payment on Computer Equipment invoice 76542 1110 Cash 108,000.00 Check #5002 Down Payment on Computer Equipment invoice 76542 27,000.00 05 Jun 04 05 1211 Office Equip. Jun 04 2101 Accounts Payable computer equipment purchased invoice 98432 computer equipment purchased invoice 98432 700.00 00.00 06 Jun 08 06 2101 Accounts Payable Jun 08 office equipment returned 1211 Office Equip. office equipment returned 140.00 140.00 07/ Jun 08 07 1150 Office Supplies Jun 08 to record on account purchase 2101 Accounts Payable to record on account purchase 1,750.00 1,750.00 08 Jun 10 2202 Notes Payable 08 Jun 10 check #5003 to Royca as payment 1110 Cash 20,750.00 check #5003 to Royca as payment 20,750.00 09 Jun 14 09 1130 Prepaid Insurance Jun 14 1110 Cash paid for a year- check #5004- Seth's insurance 6,480.00 paid for a year- check #5004- Seth's insurance 6,480.00 10 Jun 16 1110 Cash 10 revenue from service Jun 16 7,250.00 4100 Computer & Consulting Rerevenue from service 1,250.00 Jun 16 1510 Land purchased land & building Jun 16 1411 Building 24,000.00 Jun 16 purchased land & building 1110 Cash purchased land & building 125,000.00 Jun 16 2201 Mortgage Payable purchased land & building 14,900.00 134, 100.00 12 Jun 17 1140 Prepaid Rent 12 paid for rent check #5006 Jun 17 1110 Cash 7,500.00 paid for rent check #5006 7,500.00 13 Jun 17 5030 Advertising Expense 13 advertising expens Jun 17 2101 Accounts Payable advertising expense 475.00 475.00 14 Jun 21 14 2101 Accounts Payable Jun 21 1110 Cash payments to account payables payments to account payables 560.00 560.0014 Jun 21 2101 Accounts Payable payments to account payables Jun 21 560.00 1110 Cash payments to account payables 560.00 15 Jun 21 1211 Office Equip purchase of equipment by cash 700.00 Jun 21 1110 Cash purchase of equipment by cash 700.00 Jun 21 1120 Accounts Receivable service revenue on account 4,800.00 Jun 21 4100 Computer & Consulting Reservice revenue on account 4,800.00 17 Jun 22 17 5020 Salary Expense paid Salary 1,035.00 Jun 22 1110 Cash paid Salary 1,035.00 Jun 22 5040 Repairs & Maint. Expense receipt of bill for computer repair 1,290.00 Jun 22 2101 Accounts Payable receipt of bill for computer repair 1,290.00 19 Jun 22 2101 Accounts Payable 19 payment of advertising payable 475.00 Jun 22 1110 Cash payment of advertising payable 475.00 20 Jun 23 1150 Office Supplies 20 purchase of supplies on account 875.00 Jun 23 2101 Accounts Payable purchase of supplies on account 875.00 Jun 23 1110 Cash received account recievable 3,845.00 Jun 23 1120 Accounts Receivable received account recievable 3,845.00 22 22 Jun 28 1120 Accounts Receivable service revenue on account 5,595.00 Jun 28 4100 Computer & Consulting Reservice revenue on account 5,595.00 Jun 29 2101 Accounts Payable payment of repairs payable 1,290.00 Jun 29 1110 Cash payment of repairs payable 1,290.00 Jun 29 1110 Cash 24 received account recievable 5,300.00 Jun 29 1120 Accounts Receivable received account recievable 5,300.00 25 Jun 29 5020 Salary Expense 25 paid Salary Jun 29 1,035.00 1110 Cash paid Salary 1035.00 26 Jun 30 5050 Oil & Gas Expense O&G Oil and Gas Company utility payable 26 Jun 30 840.00 2101 Accounts Payable O&G Oil and Gas Company utility payable 840.00 27 Jun 30 3300 Dividends 27 payment of dividend Lauryn, a shareholder 945.00 Jun 30 1110 Cash payment of dividend Lauryn, a shareholder 945.00 Jun 3 3300 Dividend paymnet of dividend Courtney, a shareholder Jun 30 1110 Cash 468.00 paymnet of dividend Courtney, a shareholder 468.00 29 Jun 3 3300 Dividends 29 payment of dividend Wiktor Figiel, a shareholder 98.28 Jun 30 1110 Cash payment of dividend Wiktor Figiel, a shareholder 98.28 30 Jun 30 5010 Rent Expense 30 expired rent for the month - 1/3rd 2,500.00 Jun 30 1140 Prepaid Rent expired rent for the month - 1/3rd 2,500.00 Jun 30 5080 Supplies Expense physical inventory expense Jun 30 1,496.00 1150 Office Supplies physical inventory expense 1,496.0032 Jun 3 5090 Interest Expense mortgage expense 32 419.06 Jun 30 2103 Interest Payable mortgage expense 419.06 33 Jun 30 5100 Insurance Expense 331 insurance expense Jun 30 270.00 1130 Prepaid Insurance insurance expense 270.00 Jun 30 un 30 1120 Accounts Receivable unbilled revenues 19,000.00 4100 Computer & Consulting Reunbilled revenues 19,000.00 Jun 30 5110 Depreciation Expense building, equipment depreciation Jun 30 3,966.07 1412 Accum. Depr.-Building building, equipment depreciation 3,746.03 Jun 30 1212 Accum. Depr.-Office Equip building, equipment depreciation 220.04 36 Jun 30 5110 Depreciation Expense 36 computer equipment depreciation 35,244.08 Jun 30 1312 Accum. Depr.-Computer E computer equipment depreciation 35,244.08 37 Jun 30 5020 Salary Expense 37 June 28-30 salaries 621.00 Jun 30 2105 Salaries Payable June 28-30 salaries 621.00 Jun 30 5090 Interest Expense note interes 38 869.67 Jun 30 2103 Interest Payable note interest 869.67 Jun 30 5120 Bad Debt Expense 39 Uncollectable Revenue 27,500.00 Jun 30 1121 Allowance for Doubtful Acc Uncollectable Revenue 27,500.00 40 Jun 30 1110 Cash 40 Services Performed 250.00 Jun 30 1120 Accounts Receivable Services Performed 250.00 Jun 30 5130 Bank Expense Billings Received 45.00 un 30 140 Telephone Expense Billings Receive 225.00 Jun 30 120 Accounts Receivable Billings Received Jun 30 2,875.00 1110 Cash Billings Received 3,145.00 42 Jun 30 421 5150 Round To Two Decimal PI Net Incomme After Tax 17,140.82 Jun 30 2106 Income Taxes Payable Round To Two Decimal Places 17,140.82 Jun 30 43 4100 Computer & Consulting RE Closing Revenue Account 36,645.00 Jun 30 3400 Income Summary Closing Revenue Account 36,645.00 Jun 30 3400 Income Summary close expense acc 50,341.21 Jun 30 5010 Rent Expense close expense accounts un 30 2,500.00 5020 Salary Expense close expense acc ount Jun 30 5030 Advertising Expense 2,691.00 clos ounts 475.00 un 30 5040 Repairs & Maint. Expense close expense account Jun 30 990.00 5050 Oil & Gas Expense close expense account BBBBBBBBBBBB 840.00 un 30 5080 Supplies Expense e expense accounts Jun 30 496.00 5090 Interest Expense close expense account 419.06 Jun 30 5100 Insurance Expense close expense accounts Jun 30 270.00 5110 Depreciation Expense close expense accounts 39,210.15 un 30 5120 Bad Debt Expense close expense accounts 405.00 Jun 30 5130 Bank Expense close expense accounts 45.00 Jun 30 45 3200 Retained Earnings close income summary account 13,696.21 un 30 3400 Income Summary close income summary account 13,696.21 16 Jun 30 3200 Retained Earnings 46 close dividends account 1,511.28 Jun 30 3300 Dividends close dividends account 1,511.28A Byte of Accounting, Inc. Worksheet For Period Ending June 30, 2021 Account Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Number Name Debit Credit Debit Credit Debit Credit 1110 Cash 23, 122.02 0.00 0.00 2,895.00 120,227.02 0.00 1120 Accounts Receivable 1,250.00 0.00 21,625.00 0.00 22,875.00 0.00 121 Allowance for Doubtful Accounts 0.00 0.00 0.00 27,500.00 0.00 27,500.00 130 Prepaid Insurance 6,480.00 0.00 0.00 270.00 5,210.00 0.00 140 Prepaid Rent 7,500.00 0.00 0.00 2,500.00 5,000.00 0.00 150 Office Supplies 2,625.00 0.00 0.00 ,496.00 1,129.00 0.00 211 Office Equip 2,040.26 0.00 0.00 0.00 2,040.26 0.00 1212 Accum. Depr.-Office Equip .00 0.00 0.00 220.04 0.00 220.04 1311 Computer Equip. 96,220.40 0.00 0.00 0.00 196,220.40 0.00 1312 Accum. Depr.-Computer Equip .00 0.00 0.00 35,244.08 0.00 35,244.08 1411 Building Cost 25,000.00 0.00 0.00 0.00 125,000.00 0.00 1412 Accum. Depr.-Building .00 0.00 0.00 3,746.03 0.00 3,746.03 1510 Land 24,000.00 0.001 0.00 0.00 24,000.00 0.00 2101 Accounts Payable 0.00 3,465.00 0.00 ).00 0.00 3,465.00 2102 Advanced Payments 0.00 0.00 0.00 0.00 0.00 0.00 2103 Interest Payabl .00 0.00 0.00 ,288.73 0.00 ,288.73 2105 Salaries Payable 0.00 0.00 0.00 621.00 0.00 621.00 2106 Income Taxes Payable 0.00 0.00 0.00 17,140.82 0.0 17,140.82 2201 Mortgage Payable 0.00 134, 100. 0.00 0.00 0.00 134, 100.00 2202 Notes Payable .00 87,250.00 0.00 0.00 0.00 87,250.00 3100 Capital Stock 0.00 83.96 0.00 0.00 0.00 83.96 3110 Paid-in Capital in Excess of Par Value 0.00 251,880.00 0.00 0.00 0.0 251,880.00 3200 Retained Earnings 0.00 .00 0.00 0.00 0.00 0.00 3300 Dividends 1,511.28 0.00 0.00 0.00 1,511.28 0.00 .00 0.00 0.00 0.00 0.00 0.00 4100 Computer & Consulting Revenue 0.00 17,645.00 0.00 19,000.00 0.00 36,645.00 5010 Rent Expense 0.00 0.00 2,500.00 0.00 2,500.00 0.00 5020 Salary Expense 2,070.00 0.00 621.00 0.00 2,691.00 0.00 5030 Advertising Expense 475.00 0.00 0.00 0.00 475.00 0.00 5040 Repairs & Maint. Expense 1,290.00 0.00 0.00 0.00 1,290.00 0.00 5050 Oil & Gas Expense 340.00 0.00 0.00 0.00 840.00 0.00 5080 Supplies Expense .0 0.00 1,496.00 0.0 1,496.00 0.00 5090 Interest Expense .00 0.00 ,288.73 0.00 ,288.73 0.00 5100 Insurance Expense 0.00 0.00 270.00 0.00 270.00 0.00 5110 Depreciation Expense 0.00 0.00 39,210.15 0.00 39,210.15 0.00 5120 Bad Debt Expense 0.00 0.00 27,500.0 0.00 27,500.00 0.00 5130 Bank Expense 0.00 0.00 45.0 0.00 45.0 0.00 5140 Telephone Expense 0.00 0.00 225.00 0.00 25.00 0.00 5150 Income Taxes Expense 0.00 0.00 17,140.82 0.00 17,140.82 0.00 Total 194,423.96 494,423.96 111,921.70 111,921.70 599, 184.66 599, 184.66 NET INCOME BalancePrevious Balance Account Number 33999999 Deposits/Credits 201,578.30 Statement Date 6/30/202x Checks/Debits 77,465.00 Ending Balance 124, 113.30 124, 113.30 Activity in date order Date Description Amoun Balance Jun 01 Deposit 89,963.30 89,963.30 Jun 07 Paid check # 5002 -27,000.00 162,963.30 Jun 15 Paid check # 5003 20,750.0 142,213.30 Jun 16 Deposit 7,520.00 149,733.30 Jun 21 Paid check # 5005 14,900.00 134,833.30 Jun 22 NSF -2,850.00 131,983.30 Jun 22 NSF service charge -25.00 131,958.30 Jun 22 Paid check # 500 7,500.00 124,458.30 Jun 23 Deposit 4,095.00 128,553.30 Jun 24 Paid check # 306 1,400.00 127, 153.30 Jun 26 Paid check # 5007 -560.00 126,593.30 Jun 26 Paid check # 5008 -700.00 125,893.30 Jun 27 Paid check # 5009 1,035.00 124,858.30 Jun 27 Elec Remit AT&T Telephone -225.00 124,633.30 Jun 27 Paid check # 5010 -475.00 124, 158.30 Jun 29 Service Charge- Checks -45.00 124, 113.30 Ending Balance 124, 113.30 Check # 306 is not our check Our policy is to charge the customer for any charges related to NSF checks The Deposit on Jun 16 was incorrectly recorded by the bank. The Deposit on Jun 23 was correctly recorded by the bank. We do not modify the original journal entry. Company's Books Bank Statement Ending Balance per books 123, 122.02 Ending balance per bank 124, 1 13.30 Additions Additions Error in Deposit Jun 16 270.00 Check #306 1,400.00 Check #5004 6,480.00 Check #5011 1,290.00 Error in Deposit Jun 23 250.00 Check #5012 1,035.00 1. Add to Books Total 1,511.28 10,836.28 2. Add to Bank Total 1,400.00 Deductions Deductions Not cleared June 23 2,850.00 NSF Service Charge 25.00 Not cleared June 29 5,300.00 Telephone Bill 225.00 Service Charge 45.00 3. Deduct from Books 8,445.00 4. Deduct from bank Ending Correct cash balance 125,513.30 Ending Correct cash balance 125,513.30