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Cyber text assignment C ansaction Description of transaction 01. June 1: Byte of Accounting, Inc. acquired $75,600 in cash from Lauryn and issued 2,800 shares
Cyber text assignment
C ansaction Description of transaction 01. June 1: Byte of Accounting, Inc. acquired $75,600 in cash from Lauryn and issued 2,800 shares of its common stock 02. June 1: Byte of Accounting, Inc. issued 2,570 shares of its common stock to Jessica Paul after 528,620 in cash and computer equipment with a fair market value of $40,770 were received. 03. Juno 1: Byte of Accounting, Inc. issued 1,965 shares of its common stock after noquiring from Courtney $39,150 in cash, computer equipment with a fair market value of $12,960 and office equipment with a fair value of $945. 04. Jane 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. OS June 4: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation 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 $20,750 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 $5,976 in cash. The effective date of the policy was June 16. 09. June 16: A check in the amount of $6,250 was received for consulting revenue. 10. June 16: Byte purchased a building and the land it is on for $113,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $18,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,300 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 11. June 17: Cash of $3,200 was paid for rent for June and July. Put the total amount into the Prepaid Rent Bccount. Transactions General Journal Workshoot Income Statement Chang Wrap Text Paste Merge & Ces 12 June 17: Received a bill of $250 from the local newspaper for advertising, June 21: Accounts payable in the amount of $320 were paid. 13. 14. June 21: A fax machine for the office was purchased for S675 cash. 15. June 21: Billed various miscellaneous local customers 54,900 for consulting services performed. 16. June 22: Paid salaries of $885 to equipment operators for the week ending June 18. June 22: Received a bill for $1,140 from Computer Parts and Repair Co. for repairs to the computer equipment 17. 18. June 22: Paid the advertising bill that was received on June 17. 19. June 23: Purchased office supplies for $605 on credit. Record the purchase as an increase to the assets. 20. June 23: Cash in the amount of $3,925 was received on billings. 21. June 28: Billed $5,490 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 $5,201 was received for billings. 24. June 29: Paid salaries of $885 to equipment operators for the week ending June 25 25. June 30: Received a bill for the amount of $990 from O & G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.17 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. Transactions General Journal Worksheet Income Statement Cha A A = E Wrap Text Paste Merge & Center ES A 28. A physical inventory showed that only $247.00 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. 4 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. 5 46 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,625 for the period of June 28-30. 32 57 58 39 70 71 72 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 2 month are treated as if purchased on the first day of the month. The building's scrap value is $500. 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. A review of the payroll records show that unpaid salaries in the amount of S53100 are owed by Byte for three days, June 28 - 30. 75 78 34 77 78 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 (5108.000 less 520,750 - 587,250) must be calculated for the 20 days remaining in the month of June.] 79 80 81 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 82 83 84 Closing Entries Transactions General Journal Worksheet Income Statement Changes in Home Insert Draw Page Layout Formulas Data Review View Tell me Wrap Text ID: Paste Merge & Cer ES 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, 520,750 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 ($108,000 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 Transactions General Journal A Worksheet Inc Wrap Text A Merge & Cente Paste F176 H 1 2 A B C D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled calle 3 Transaction Date Account Credit Name Description Debit 5 75 600.00 ON 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock issues of common stock issues of common stock 75,800.00 02 02 02 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stock 28,620.00 40.770.00 issues of common stock issues of common stock issues of common stock 69 390.00 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1211 Office Equip 131) Computer Equip. 3100 Capital Stock issues of common stock Issues of common stock issues of common stock issues of common stock 39,150.00 945.00 12.960.00 03 53.055.00 Jun 02 Jun 02 Jun 02 18 888 888 88 1311 Computer Equip 1110 Cash 2202 Notes Payable computer bought in cash and notes pd 135 000.00 computer bought in cash and notes payable computer bought in cash and notes payable 27001100 108,000.00 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 400.00 Jun 04 Sun 04 1211 Office Equip 2101 Accounts Payable Equipment bought Equipment bought 400.00 80 00 08 06 Jun 08 Sun 08 2101 Accounts Payable 1211 Office Equip Unsatifactory office equipment Unsatifactory office equipment 80.00 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash Byte paid the balance on pino 2 purch 20,750.00 Byte paid the balance on une purchase of compute 20.750.00 OB OB Jun 14 Jun 12 5130 Prepaid Insurance 1110 Cash a one year insurance policy coverage 5,976,00 a one year insurance policy covering is computer egu 5,976.00 T 09 09 Jun 16 1110 Cash cash received for consulting Jun 16 4100 Computer & Consting cash received for consulting Transactions A General Journal Worksheet 6.260.00 6,250.00 Income Statement Change E = Wrap Text Merge & Center H A B C D E A Byte of Accounting, Inc. General Journal ote: You can only enter data into the yellow filled cells Transaction Date Account Debit Credit Name Description 95,000.00 18,000.00 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 purchased Land and building purchased Land and building purchased Land and bulding purchased 11,300.00 101.700.00 11 11 Jun 17 Jun 17 3,200.00 1140 Prepaid Rent 1110 Cash Paid prepaid rent Paid prepaid rent 3.200.00 250.00 12 12 Jun 17 Jun 17 5030 Advertising Expense 2101 Accounts Payable Treceived bil for advertising received bil for advertising 250.00 320.00 13 13 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash accounts payable paid accounts payable paid 320.00 14 14 675.00 Jun 21 Jun 21 1211 Office Equip 1110 Cash fax machine purchased fax machine purchased 675.00 15 15 Jun 21 Jun 21 1120 Accounts Receivable billed customers for consulting servical 4.900.00 4100 Computer & Consulting billed customers for consulting Services performed 4,900.00 16 16 Jun 22 Jun 22 5020 Salary Expense 1110 Cash 885.00 Pald salaries to equipment operator Pald salaries to equipment operators 885.00 17 17 7 Jun 221 Jun 22 5040 Repairs & Maint. Expen Received bil for computer equipment 2101 Accounts Payable Received bull for computer equipment repair 1.140.00 1.140.00 9 0 Transactions General Journal A Workshoot Income Statement Changes Merge & G B D E A Byte of Accounting, Inc. General Journal You can only enter data into the yellow filled cells. hsaction Date Account Name Description Debit Credit 3,925.00 20 20 20 Jun 23 Jun 23 Jun 23 1110 Cash 1120 Accounts Receivable cash received from customers #REFI cash received from customers 3,925.00 21 21 Jun 28 Jun 28 1120 Accounts Receivable billed customers for consulting services 4100 Computer & Consulting billed customers for consulting services 5.490.00 5.490,00 22 22 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash paid bill I paid bill 1.140.00 1.140.00 23 23 Jun 29 Jun 29 1110 Cash 1120 Accounts Receivable cash received cash received 5,201.00 5.26 24 24 Jun 29 Jun 29 5020 Salary Exponse 1110 Cash aid salatries to equipment operators paid salatries to equipment operators 885.00 385.00 Jun 30 25 25 5050 01 & Gas Expense 2101 Accounts Payable Jun 30 received bill from O & Gol and gas col received bil from O & Goll and gas col 990.00 990.00 26 26 Jun 30 Jun 30 3300 Dividends 1110 Cash paid divident of $0.17 per share paid divident of $0.17 per share 1.246.95 1.246.95 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent one months rent expensed one months rent expensed 1,600.00 1,800.00 28 247.00 Jun 30 5080 Supplies Expense supplies expensed DI Transactions A General Journal A Worksheet Income Statement Chans B C D E F G A Byte of Accounting, Inc. General Journal : You can only enter data into the yellow filled cells ansaction Account Debit Date Credit 30 30 Name 5100 Insurance Expense 1130 Prepaid Insurance Jun 30 Jun 30 249.00 Description prepaid insurance account charged prepaid insurance account charged 249.00 31 31 Jun 30 Jun 30 1120 Accounts Receivable unbilled revenue recorded 4100 Computer & Consulting unbiled revenue recorded 5,625.00 5.625.00 38,528.70 32 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense depreciation for one month 1412 Accum. Depr.-Building depreciation for one month 1312 Accum. Depr.-Computer depreciation for one month 1212 Acoum Depr.-Office Eq depreciation for one month 555.56 37,746.00 227.14 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable unpaid salary unpaid salary 531.00 531.00 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable interest on notes payable interest on notes payable 869.67 869.67 35 35 Jun 30 Jun 30 5120 Income Tax Expense Income taxes computed 2106 Income Taxes Payable income taxes computed 36 36 Jun 30 Jun 30 4100 Computer & Consulting Closing revenue account 3400 Income Summary Closing revenue account 37 37 37 37 37 37 37 37 Jun 30 3400 Income Summary closing expense accounts Jun 30 5020 Salary Expense closing expense accounts Jun 30 5030 Advertising Expense closing expense accounts Jun 30 5040 Repair & Maint Expen closing expense accounts Jun 30 5010 Rent Expense closing expense accounts Jun 30 5110 Depreciation Expenso closing expense accounts Jun 30 5090 interest Expense closing expense accounts Jun 30 500 Supplies Expense closing expense accounts Transactions General Journal Worksheet Income Statement Chang Merge & C aste 26 X F G A B C D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled calle Transaction Account Date Name 3400 Income Summary Description Closing revenue account Debit Credit Jun 30 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 accounts 5020 Salary Expense closing expense accounts 5030 Advertising Expense closing expense accounts 5040 Repairs & Maint. Expen closing expense accounts 5010 Rent Expense closing expense accounts 5110 Depreciation Expense closing expense accounts 5090 Interest Expense closing expense accounts 5000 Supplies Expense closing expense accounts 5050 Oil & Gas Expense closing expense accounts 5120 Income Tax Expense closing expense accounts 5100 Insurance Expense closing expense accounts Jun 30 38 38 Jun 30 3400 Income Summary 3200 Retained Eamings closing income summary account closing income summary account 39 39 Jun 30 Jun 30 3200 Retained Eamings 3300 Dividends closing the dividends account closing the dividends account 1 2 3 4 5 6 7 18 19 RO 21 22 Transactions General Journal Worksheet Income Statement Char LO do Wrap Text Merge & Center ste A B D E F H Adjusting Entries Debit Credit - Unadjusted Trial Balance Debit Credit 81,193 05 1,264.00 5.976.00 3,200.00 605.00 1,940,00 5.625.00 249.00 1,600.00 247.00 Adjusted Trial Balance Debit Credit 81.193.05 6,889.00 5.727.00 1.800.00 358.00 1.940.00 227. 14 188.730.00 37.746.00 18.000.00 555 56 95.000.00 1.595.00 227.14 188.730.00 Account umber Name 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip 1212 Accum Dopr-Office Equip 1311 Computer Equip 1312 Accum Dept.-Computer Equip 1411 Building Cost 1412 Accum. Dept. Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Morteage Payable 2202 Notes Payable 3100 Captal Stock 3200 Retained Eamings 3300 Dividends 37.746.00 18,000.00 555.56 95.000.00 1,595.00 - 1 219.26 531.00 1,219.26 531.00 101.700.00 87,250.00 198,045.00 101.700.00 87,250.00 198.045.00 1.246.95 1.246.95 16,640.00 5,625.00 22,265.00 1,600.00 531.00 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repair & Maint. Expense 5050 Ol Gas Expense SOBO Supplies Expense 5000 Interest Expense 5100 Insurance Expense 5110 Depreciation Expono 5120 Income Tax Expense 1.770.00 250.00 1.140.00 990.00 - 1,600.00 2,301.00 250.00 1,140.00 990.00 247.00 1,219.26 249.00 38,528.70 247.00 1219.26 249.00 38,528.70 TOTAL 401305.00 405,230.00 47 099.96 47.990.00 447 208.96 451,133.96 Transactions General Journal Worldsheet Income Statement Changes in Rd Formulas Review Draw Data View sert Page Layout Arial ab 10 = = ce BI UB A B E F F G D Income Statement For Month Ending June 30, 2021 Revenues Computer & Consulting Revenue $ 5,625.00 $ 1.600.00 $ 531.00 Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Ol & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Expenses Net Income Before Tax Income Tax Expense Round to be dedim Net Income After Tax 10 Arial = E 3 BI U B ===== x v fx B D E A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2021 Total Balance, Beginning of Penod Net Income Dividends Balance, End of Period A Byte of Accounting, Inc. Balance Sheet As of June 30, 2021 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 Salarios Payable Income Taxes Payable Total Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabetes Stockholder's Equity Transactions General Journal Worksheet Income Statement Step by Step Solution
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