EM2211 (1) Home Insert Draw Page Layout Formulas Data Review View Gen Arial Paste Bbharn Meridy 2476 Descripton of transaction 3 Transaction 1: Byte of Acoounting, Inc. issued 2,590 shares of its comon stock to Jeremy after $22,660 in cash and computer equipment with a fair market value of $34,320 were received. 01, une 1 une1: Byne of Aocounting, Inc issued 2,371 shares of is common stock afer acquiring from Courtney 02 $38,500 in cash,computer equipment with a fair market value of $12,760 and office equipment with a fair valse of $902 June I I: Byse of Accounting, Inc. aoquired $52,800 in cash from Ethan Mearidy and issued 2,400 shares 03. of its commmon stock June 2: A down payment of $29,000 in cash was made on additional computer equipment that was for $145,000. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing $700 was parchased on credit from Discount Compuser 05. 12 une & Unsaisfactory office eqsipment costing $140 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 7 June 10: Byte paid $22,250 on the balance t owed on the June 2 purchase of computer equipment. 07. June 14: A one-year insurance policy covering its computer equipment was purchased by Byle for $5,976 08. 20 09 June 16: Computer consultation revenue of $8,000 was received June 16: Byte purchased a building and the land it is on for $101,000, to house its repair facilities and to 10 e computer equipment. The kot on which the building is loscated is valued at $16,000. The balasce of the is to be allocated to the building. Byte made a cash down payment of $10,100 and execuled a morteage for the balience The mortgage is payable in cight equal annual installments beginning July Welcome Chart of Accounts Transactions General Journal worksheet EM2211 (1) Home Insert Draw Page Layout Formulas Data Review View General -"" 10 L' $ % , Merge & Center Paste s24 June 29t, Paid salburies of $85 to quipment operaiors fos the week ending June 2 ume 30: Received bil or bhe amount of $815 from O & GOl and Gas Co June 30: Paid a cash dividend of S0.20 per share to the thece shareholders of Byte. (IMPORTANT NOTE he number of shares of capital stock outstanding can be determined from the first three transactions ] Adjusting Eatries-Round to two decimal places. The rest payment made on June 17 was for June, July, August and September. Expense the amount 26. associated with one month's ret 28. A physical inventoey showed thait only $259.00 worth of office supplies remained on hand as of June 30 The annual interest rate on the mortgage payable was 8.50 percent. Interest expense for one-half month hould be conpted because builder and land were purchased and the liability named on June 16. 29. Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14 Expense the amount associated with one half monch's insurance A review of Byne's job workshects show that there are unbilled revenues in the amount of $5,375 for the 31. period of June 28-30 The fixed assets have estimated useful Iives as follows Building-31.5 years Computer Equt-5.0 ycars 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 $7,500. The office equipment has a scrap value of $350 The computer equipment has no scrap value. Calculate the depeociation for one month welcome Chart of Accounts Transactions General Journal Worksheet Income St. EM2211 (1 View Home Insert Draw Page Layout Formulas Data Review General Lt Arial Tial Belance Account Office Supplet 212 Acoum Dage Office Equs 171411 Buin Mevanced Payments 25 2201 Medgage 100 Captal Stock 2 3300 Didends 355040 Repain & Mar 50501015 Gast 080 Fapense 5090 Interest Expente Welcome Chart of Accounts Chart of Accounts Transactions General Journal Worksheet heom O1 and of 10. cost is to be allocated to the Merge & Center Equipment-5.0 years has a serap value of $350. The computer equipment has no scrap value. Calculate the percent annually, Interest expense should be oomputed based on a 360 dey year contains all of the accounts and Income Statements through the Net Income Before Tax line. The 38 01