Cybertext accounting 1 excel workbook. (if possible, show the excel formulas for the answers).

the 6th picture and 7th picture is the beginning and end of the byte of accounting sheet. From 1-39

2:52 JP7525 . > 11 12 14 15 16 17 13 19 20 21 22 23 24 25 26 27 Number Name Normal Balance 1110 Cash Debi 1120 Accounts Receivable Debit 1130 Prepaid Insurance Debit 1140 Prepaid Rent Debe 1150 Office Supplies Debi 1211 Office Equip Debit 1212 Accum. Depr.-Office Equip Credit 1311 Computer Equip Debit 1312 Accum. Depe-Computer Equip Credit 1411 Building Cost Debil 1412 Accum. Depr.-Building Credit 1510 Land Dobil 2101 Accounts Payable Credit 2102 Advanced Payments Credit 2103 Interest Payable Credit 2105 Salaries Payable Credit 2106 Income Taxes Payable Credit 2201 Mortgage Payable Credit 2202 Notes Payable Credit 3100 Capital Stock Credit 3200 Retained Earnings Credit 3300 Dividends Debit 3400 Income Summary Credit 4100 Computer & Consulting Revenue Credit 5010 Rent Expense Debit 5020 Salary Expense Debit 5030 Advertising Expense Debit 5040 Repairs & Maint. Expense Debit 5050 Oil & Gas Expense Debit 5080 Supplies Expense Debit 5090 Interest Expense Debit 5100 Insurance Expense Debit 5110 Depreciation Expense Debe 5120 Income Tax Expense Debit 32 33 35 37 39 39 40 41 42 Welcome Chart of Accounts 2:56 JP2525 fx Byte of Accounting, Inc. Drurgia altra let: Hy of Accounting, Inc. capired 575.00 is canh trom and are of income 01 02 June 1 Byte of Accounting. We 2.500 or is commande 528.630 in cash and computer Coupe market 54.7 03 Lume 1. Byte of Accounting, Inc.of its commented the Courtesy 579,150 in cash computer equipment with a farket value of 532.560 que foi o 4 10 14 June 2. A down payment527.000 inch wamach was purchased for $135.000 Aveyotes Recuted by Before he 05 June : Additional office equipment conting 500 was purchased credit Computer Corporation Juman #: Jnanindarry TI GPlu $ w Guysic credit to be applied against the outstanding balanced by lyse IN 07 Just to Byte p.30.750 the balance the June 14 Ayarance policy covering the for 55.976 inch. The elective of the policy when ak Acheck in the met SA Forge IN 10 June 16 Byte purchased a building and the land $13.00, to be and to store compler equipment. The lat whic wedis. The helance of the celebe allocated to the built by made a capsed $11.300 derecuted a must for the balance. The more phoqul Installmente beginning July 11 Juse 1 Clash of 1.30 paid for rent for me and Jolly Patel |hm Det It Received all of 50 from the local partising 12 13 21. Acciable in the east of 20 was paid 14 June 21. A formachine see the office was purchased to $85 15 June 21: Bd various cellaneous locales 54.900 for coming speed 16 Jun 22 Price of SARS to get fit the whole 12 2 Received a hill 1,19 Canadair Care computer quiet IX Paide advertenhill that was formed.me 12 2:57 fx 19 June 23 Purchased office supplies Sort Record the phone Jun 2 Cash in the amount of 3.325 was recentes Luna Billed 5,49 customers June 29 Paid the bill receivede 22.fr Cand. 23 5:24 Jan 29 Cash in the meal of 5 201 warned for hilings Dne 29. Poid lies of SBS to pupenent perts for the wees Jane 31 Received all the most efs99 Frem D&G Set Padda canh tridend of $0.19 per share the three bedeniyle IMPORTANT NOTE The number of real stockings Adjusting Fars Reund te decimal places The repayment med en Just 17 was Sete Saly. Expose theme 21 28 A physical imtary showed a cal 47.00 un felice N The Interest rate as the magage payable was 1.25 percent of performe methode comedogenland were the imento La format selating to the prepudiate my besede Am of Blytjob who show that these the past the The find themselves as Building-313 years Computer. 50 years Office Equipment -70 ya lue the trained of depi Meesta decided the during and are treated asid purchased the day of them. The building valet 5500. The tice equipment basah5356. The compte erup value. Calolate the depreciation for me 33 Aww of the polls show that pe sind 14 The te pable dating to the June 2nd action is a free the rate of 12 percentually Interexposed be computed hand IMPORTANT NOTE The won the compa 10.000. Ole 10 have 520.750 was preses call on the SO2.0 fight day at the the 150.000 less $20750 - 587,230) be called the maig BO BE13 es are to be computed at the rate of orice teses IMPORTANT NOTE Same the come the new prepare the Income Statements that the New Tale The all of the cand their homes which you the tranficial Clint Escrire 2:58 JP7525 fx | = 63 ... 2:58 JP7525 . fx Ang ET game wa 10 am act Der Pate 3 DER 2003 200 Barcelona DELERS LG mo LOCE General Journal Worksheet 2:58 JP7525 fx A Byte of Accounting, Inc. Income Statement For Month Ending June 1, 2021 Revenues Computer & Consulting Revenue 10 11 12 13 16 17 18 19 20 21 22 23 24 Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Expenses Net Income Before Tax Income Tax Expense and to the desire Net Income After Tax 27 28 20 22 33 34 35 38 ay 39 48 47 1 Worksheet Income Statement 2:59 UP7525 . fx A Byte of Accounting, Inc. Balance Sheet As of June 1, 2021 Current Assets Cash Accu Hecenate Prepaid in Prender Otie Sie Total Long-Term Assets Office Eque. Accu Deptice Eque Computer four Accur Depr computer . Building Cost Accum. Dest. Building Land Total Total Asset = Labs Current white Accounts Payable Advanced Payment terest Payotte Sales Pays meone To Pay Long-Term Lisbie More Pasti Pay Total TotalLine Stockholder's Equery Relared Earnings Total Total abilities and Stockholders alty Changes in Retained... Balance Sheet . B D E 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Number Name 1110 Cash 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 Eamings 3300 Dividends 3400 Income Summary 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 Normal Balance Debit Debit Debit Debit Debit Debit Credit Debit Credit Debit Credit Debit Credit Credit Credit Credit Credit Credit Credit Credit Credit Debit Credit Credit Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Byte of Accounting, Inc. Transaction 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 cash and computer equipment with a fair market value of $40,770 were received. After $28,620 in 03. June 1: Byte of Accounting, Inc. issued 1,965 shares of its common stock after acquiring 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. 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. 05. 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 Just 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 account 12. June 17: Received a bill of $250 from the local newspaper for advertising 13. June 21: Accounts payable in the amount of $320 were paid. 14. June 21: A fax machine for the office was purchased for $675 cash. 15. June 21: Billed various miscellaneous local customers $4,900 for consulting services performed. 16. June 22: Paid salaries of $885 to equipment operators for the week ending June 18. 17. June 22: Received a bill for $1,140 from Computer Parts and Repair Co. for repairs to the computer equipment 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 Pots 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. 4 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.] 5 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 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. 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. 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. 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 $500. The office equipment has a scrap value of $350. The computer equipment has no scrap value. Calculate the depreciation for one month. 3 74 33. A review of the payroll records show that unpaid salaries in the amount of $531.00 are owed by Byte for three days, June 28 - 30. 75 76 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 cal ated 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.] 79 80 A B 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 1 2 39. Close the dividends account. A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells Transaction Date Account Name Description Debit Credit S 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock issues of common stock issues of common stock 75,800.00 75,600.00 3 02 02 02 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stock issues of common stock issues of common stock issues of common stock 0 1 2 13 14 15 16 17 78 19 20 21 22 23 24 25 26 27 28 03 03 03 03 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 1211 Office Equip 3100 Capital Stock issues of common stock issues of common stock issues of common stock issues of common stock 04 05 30 31 06 07 35 36 37 38 39 40 41 42 08 09 44 45 46 47 48 49 50 AL Chart of Accounts Transactions General Journal Worksheet 21 fx H A B D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow Riled cells. Transaction Account Date Name Description Debit Credit 33 34 0 1 2 3 -4 15 TE 77 78 79 80 81 82 35 36 37 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 38 202 39 203 204 205 206 207 208 Transactions Chart of Accounts Worksheet A General Journal B D . E A Byte of Accounting, Inc. Worksheet For Period Ending June 1, 2021 Unadjusted Trial Balance Debit Credit 75,000.00 Adusting Entries Debit Credit Ad usted Trial Balance Debit Credit 75,000.00 Account ember Name 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150|Omce Supplies 1211 Office Equip 1212 Accum. Dept.-Office Equip 1311 Computer Equip 1312 Accum. Dep-Computer Equip 1411 Building Cost 1412 Accum. Des. Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 income Taxes Payable 2201 Morogo Payable 2202 Notes Payable 3100 C Stock 3200 Retained Earnings 3300 Dividends 75 800.00 75.600.00 4100 Computer Conditing Revenue 5010 Rent Expense 5020 Sal y Expense 5030 Advertising Expense 5010 Repairs & Maint Expense 50600l & Gas Expense 5080 Supplies Expense 5000rs Experts 5100 Tue Experte 5110 Decrecion Expense 5120 income Tax Expert 20 1 44 760000 75,000.00 75.600.00 TOTAL 75,600.00 47 4 49 50 5 55 56 57 Worksheet Chart of Accounts Transactions a General Journal 2:52 JP7525 . > 11 12 14 15 16 17 13 19 20 21 22 23 24 25 26 27 Number Name Normal Balance 1110 Cash Debi 1120 Accounts Receivable Debit 1130 Prepaid Insurance Debit 1140 Prepaid Rent Debe 1150 Office Supplies Debi 1211 Office Equip Debit 1212 Accum. Depr.-Office Equip Credit 1311 Computer Equip Debit 1312 Accum. Depe-Computer Equip Credit 1411 Building Cost Debil 1412 Accum. Depr.-Building Credit 1510 Land Dobil 2101 Accounts Payable Credit 2102 Advanced Payments Credit 2103 Interest Payable Credit 2105 Salaries Payable Credit 2106 Income Taxes Payable Credit 2201 Mortgage Payable Credit 2202 Notes Payable Credit 3100 Capital Stock Credit 3200 Retained Earnings Credit 3300 Dividends Debit 3400 Income Summary Credit 4100 Computer & Consulting Revenue Credit 5010 Rent Expense Debit 5020 Salary Expense Debit 5030 Advertising Expense Debit 5040 Repairs & Maint. Expense Debit 5050 Oil & Gas Expense Debit 5080 Supplies Expense Debit 5090 Interest Expense Debit 5100 Insurance Expense Debit 5110 Depreciation Expense Debe 5120 Income Tax Expense Debit 32 33 35 37 39 39 40 41 42 Welcome Chart of Accounts 2:56 JP2525 fx Byte of Accounting, Inc. Drurgia altra let: Hy of Accounting, Inc. capired 575.00 is canh trom and are of income 01 02 June 1 Byte of Accounting. We 2.500 or is commande 528.630 in cash and computer Coupe market 54.7 03 Lume 1. Byte of Accounting, Inc.of its commented the Courtesy 579,150 in cash computer equipment with a farket value of 532.560 que foi o 4 10 14 June 2. A down payment527.000 inch wamach was purchased for $135.000 Aveyotes Recuted by Before he 05 June : Additional office equipment conting 500 was purchased credit Computer Corporation Juman #: Jnanindarry TI GPlu $ w Guysic credit to be applied against the outstanding balanced by lyse IN 07 Just to Byte p.30.750 the balance the June 14 Ayarance policy covering the for 55.976 inch. The elective of the policy when ak Acheck in the met SA Forge IN 10 June 16 Byte purchased a building and the land $13.00, to be and to store compler equipment. The lat whic wedis. The helance of the celebe allocated to the built by made a capsed $11.300 derecuted a must for the balance. The more phoqul Installmente beginning July 11 Juse 1 Clash of 1.30 paid for rent for me and Jolly Patel |hm Det It Received all of 50 from the local partising 12 13 21. Acciable in the east of 20 was paid 14 June 21. A formachine see the office was purchased to $85 15 June 21: Bd various cellaneous locales 54.900 for coming speed 16 Jun 22 Price of SARS to get fit the whole 12 2 Received a hill 1,19 Canadair Care computer quiet IX Paide advertenhill that was formed.me 12 2:57 fx 19 June 23 Purchased office supplies Sort Record the phone Jun 2 Cash in the amount of 3.325 was recentes Luna Billed 5,49 customers June 29 Paid the bill receivede 22.fr Cand. 23 5:24 Jan 29 Cash in the meal of 5 201 warned for hilings Dne 29. Poid lies of SBS to pupenent perts for the wees Jane 31 Received all the most efs99 Frem D&G Set Padda canh tridend of $0.19 per share the three bedeniyle IMPORTANT NOTE The number of real stockings Adjusting Fars Reund te decimal places The repayment med en Just 17 was Sete Saly. Expose theme 21 28 A physical imtary showed a cal 47.00 un felice N The Interest rate as the magage payable was 1.25 percent of performe methode comedogenland were the imento La format selating to the prepudiate my besede Am of Blytjob who show that these the past the The find themselves as Building-313 years Computer. 50 years Office Equipment -70 ya lue the trained of depi Meesta decided the during and are treated asid purchased the day of them. The building valet 5500. The tice equipment basah5356. The compte erup value. Calolate the depreciation for me 33 Aww of the polls show that pe sind 14 The te pable dating to the June 2nd action is a free the rate of 12 percentually Interexposed be computed hand IMPORTANT NOTE The won the compa 10.000. Ole 10 have 520.750 was preses call on the SO2.0 fight day at the the 150.000 less $20750 - 587,230) be called the maig BO BE13 es are to be computed at the rate of orice teses IMPORTANT NOTE Same the come the new prepare the Income Statements that the New Tale The all of the cand their homes which you the tranficial Clint Escrire 2:58 JP7525 fx | = 63 ... 2:58 JP7525 . fx Ang ET game wa 10 am act Der Pate 3 DER 2003 200 Barcelona DELERS LG mo LOCE General Journal Worksheet 2:58 JP7525 fx A Byte of Accounting, Inc. Income Statement For Month Ending June 1, 2021 Revenues Computer & Consulting Revenue 10 11 12 13 16 17 18 19 20 21 22 23 24 Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Expenses Net Income Before Tax Income Tax Expense and to the desire Net Income After Tax 27 28 20 22 33 34 35 38 ay 39 48 47 1 Worksheet Income Statement 2:59 UP7525 . fx A Byte of Accounting, Inc. Balance Sheet As of June 1, 2021 Current Assets Cash Accu Hecenate Prepaid in Prender Otie Sie Total Long-Term Assets Office Eque. Accu Deptice Eque Computer four Accur Depr computer . Building Cost Accum. Dest. Building Land Total Total Asset = Labs Current white Accounts Payable Advanced Payment terest Payotte Sales Pays meone To Pay Long-Term Lisbie More Pasti Pay Total TotalLine Stockholder's Equery Relared Earnings Total Total abilities and Stockholders alty Changes in Retained... Balance Sheet . B D E 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Number Name 1110 Cash 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 Eamings 3300 Dividends 3400 Income Summary 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 Normal Balance Debit Debit Debit Debit Debit Debit Credit Debit Credit Debit Credit Debit Credit Credit Credit Credit Credit Credit Credit Credit Credit Debit Credit Credit Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 Byte of Accounting, Inc. Transaction 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 cash and computer equipment with a fair market value of $40,770 were received. After $28,620 in 03. June 1: Byte of Accounting, Inc. issued 1,965 shares of its common stock after acquiring 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. 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. 05. 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 Just 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 account 12. June 17: Received a bill of $250 from the local newspaper for advertising 13. June 21: Accounts payable in the amount of $320 were paid. 14. June 21: A fax machine for the office was purchased for $675 cash. 15. June 21: Billed various miscellaneous local customers $4,900 for consulting services performed. 16. June 22: Paid salaries of $885 to equipment operators for the week ending June 18. 17. June 22: Received a bill for $1,140 from Computer Parts and Repair Co. for repairs to the computer equipment 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 Pots 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. 4 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.] 5 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 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. 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. 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. 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 $500. The office equipment has a scrap value of $350. The computer equipment has no scrap value. Calculate the depreciation for one month. 3 74 33. A review of the payroll records show that unpaid salaries in the amount of $531.00 are owed by Byte for three days, June 28 - 30. 75 76 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 cal ated 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.] 79 80 A B 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 1 2 39. Close the dividends account. A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells Transaction Date Account Name Description Debit Credit S 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock issues of common stock issues of common stock 75,800.00 75,600.00 3 02 02 02 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stock issues of common stock issues of common stock issues of common stock 0 1 2 13 14 15 16 17 78 19 20 21 22 23 24 25 26 27 28 03 03 03 03 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 1211 Office Equip 3100 Capital Stock issues of common stock issues of common stock issues of common stock issues of common stock 04 05 30 31 06 07 35 36 37 38 39 40 41 42 08 09 44 45 46 47 48 49 50 AL Chart of Accounts Transactions General Journal Worksheet 21 fx H A B D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow Riled cells. Transaction Account Date Name Description Debit Credit 33 34 0 1 2 3 -4 15 TE 77 78 79 80 81 82 35 36 37 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 38 202 39 203 204 205 206 207 208 Transactions Chart of Accounts Worksheet A General Journal B D . E A Byte of Accounting, Inc. Worksheet For Period Ending June 1, 2021 Unadjusted Trial Balance Debit Credit 75,000.00 Adusting Entries Debit Credit Ad usted Trial Balance Debit Credit 75,000.00 Account ember Name 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150|Omce Supplies 1211 Office Equip 1212 Accum. Dept.-Office Equip 1311 Computer Equip 1312 Accum. Dep-Computer Equip 1411 Building Cost 1412 Accum. Des. Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 income Taxes Payable 2201 Morogo Payable 2202 Notes Payable 3100 C Stock 3200 Retained Earnings 3300 Dividends 75 800.00 75.600.00 4100 Computer Conditing Revenue 5010 Rent Expense 5020 Sal y Expense 5030 Advertising Expense 5010 Repairs & Maint Expense 50600l & Gas Expense 5080 Supplies Expense 5000rs Experts 5100 Tue Experte 5110 Decrecion Expense 5120 income Tax Expert 20 1 44 760000 75,000.00 75.600.00 TOTAL 75,600.00 47 4 49 50 5 55 56 57 Worksheet Chart of Accounts Transactions a General Journal