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380 income taxes are B C D A E Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,690 shares of its common stock to Jeremy after $23,520 in cash and computer equipment with a fair market value of $32,970 were received. 4 5 02. June 1: Byte of Accounting, Inc. issued 2,439 shares of its common stock after acquiring from Courtney 538,850 in cash, computer equipment with a fair market value of $11,760 and office equipment with a fair value of $609. 7 and issued 2,800 03. June 1: Byte of Accounting, Inc. acquired $58,800 in cash from shares of its common stock. 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. 10 11 05. Junc 4: Additional office equipment costing S300 was purchased on credit from Discount Computer Corporation. 12 13 06. June 8: Unsatisfactory office equipment costing $60 was retumed to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 14 15 16 17 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 $6312 in cash. The effective date of the policy was June 16. 18 19 20 21 09. June 16: Compur consultation revenue of $7,250 was received. 10. June 16: Byte purchased a building and the land it is on for $101.000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $16,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,100 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1 22 23 11. June 17: Cash of $6,400 was paid for rent for June, July, August and September. Put the total amount into the Prepaid Rent account. 12. June 17: Received a bill of $300 from the local newspaper for advertising 13. June 21: Billed various miscellancous local customers $4,900 for consulting services performed 24 25 26 27 28 29 30 31 32 33 34 35 14. June 21: A fax machine for the office was purchased for $875 cash, 15. June 21: Accounts payable in the amount of $240 were paid. 16. June 22: Paid the advertising bill that was received on June 17. 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 salaries f$885 to equipment operators for the week ending June 18. 36 37 38 39 40 41 42 43 19. June 23: Cash in the amount of $3,925 was received on billings. 20. June 23: Purchased office supplies for S705 on credit. Record the purchase as an increase to the 21. June 28: Billed 56,120 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount of $5,799 was received for billings. 44 45 46 47 48 49 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 50 51 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 8940 from O&G Oil and Gas Co. 52 53 26. June 30: Paid a cash dividend of 50.23 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.) 55 56 Adjusting Entries - Round to two decimal places. C 26. June 30: Paid a cash dividend of 50.23 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.) 54 55 Adjusting Entries - Round to two decimal places. 56 57 27. The rent payment made on June 17 was for June, July, August and September. Expense the amount associated with one month's rent. 58 59 28. A physical inventory showed that only $292.00 worth of office supplies remained on hand as of June 60 30. 61 29. The annual interest rate on the mortgage payable was 9.25 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred 62 63 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. 64 65 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $8,750 for the period of June 28-30. 66 68 69 70 71 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-ae 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 $450. The computer equipment has no scrap value. Calculate the depreciation for one month. 72 33. A review of the payroll records show that unpaid salaries in the amount of $531 are owed by Byte for three days. June 28-30 74 75 76 34. 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 X Arial 10 . 2 Wrap Text General Paste B IM Merge & Center $ B80 fic Income taxes are to be computed at the rate of 25 percent of net income before taxes. A B C TJ 76 77 34. 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 ($108,000 less $20,750 - $87,250) must be calculated for the 20 days remaining in the month of June.) 78 79 80 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 81 B2 Closing Entries 83 84 85 86 87 36. Close the revenue accounts, 37. Close the expense accounts. 88 38. Close the income summary account. 39. Close the dividends account 89 90 91 92 93 94 95 96 97 98 99 Transaction Date Account Name Description Debit Credit 5 lololol Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 3100 Capital Stock common stock issues to Jeremy common stock issues to foremy common stock issues to Jeremy 23,520.00 32.970.00 56,490.00 02 02 02 02 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 1211 Office Equio. 3100 Capital Stock common stock issued common stock issued common stock issued common stock issued 38,850.00 11,760.00 609.00 51,219.00 03 03 Jun 01 Jun 01 58,800.00 1110 Cash 3100 Capital Stock common stock issued common stock issued 58,800.00 04 04 04 Jun 02 Jun 02 Jun 02 1311 Computer Equip. 1110 Cash 2202 Notes Payable computer bought in cash and notos pel 135,000.00 computer bought in cash and notes payable computer bought in cash and notes payable 27,000.00 108,000.00 7 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 43 300.00 05 05 Jun 04 Jun 04 1211 Office Equip 2101 Accounts Payablo equipment bought on credit equipment bought on credit 300.00 -+ unsatisfactory office equipment unsatisfactory office equipment 60.00 06 06 Jun 08 Jun 08 2202 Notes Payable 1211 Office Equip 80.00 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash byte paid the balance it owed on Jung 20.750,00 byte paid the balance it owed on June 2 purchase of 20.750.00 08 OB Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash Done year insurance policy covering 0312.00 one year insurance policy covering computer egy 8,312.00 Transaction Date Account 4 Debit Credit 09 09 Name Description 1110 Cash cash was received for consulting rever 4100 Computer & Consulting cash was received for consulting revenue Jun 16 Jun 16 7.250.00 7.250.00 101,000.00 16,000.00 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 building purchased 10,100.00 106.900.00 6,400.00 11 11 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash paid prepaid rent paid prepaid rent 6,400.00 300.00 12 12 Jun 17 Jun 17 5030 Advertising Expense 2101 Accounts Payable received bill for advertising received bill for advertising 300.00 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 81 13 13 Jun 21 Jun 21 1120 Accounts Receivable billed customers for consulting services 4,900.00 4100l Computer & Consulting billed customers for consulting services preformed 4,900.00 875.00 14 14 Jun 21 Jun 21 EE fax machine purchased fax machine purchased 1211 Office Equip 1110 Cash 875.00 240.00 15 15 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash accounts payablo paid accounts payable paid 240.00 300.00 16 Jun 22 2101 Accounts Payable paid the advertising bill received June ining hill received an 17 300.00 Transaction Account Debit Date Credit 15 15 Name 2101 Accounts Payable 1110 Cash Jun 21 Jun 21 240.00 Description accounts payable paid accounts payablo paid 240.00 300.00 16 16 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash paid the advertising bil received June paid the advertising bill received June 17 300.00 1.140.00 17 17 Jun 22 Jun 22 5040 Repairs & Maint. Expen received bil for computer equipmentre 2101 Accounts Payable received bil for computer equipment repairs 1.140.00 76 77 78 79 BO 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 885.00 18 18 Jun 22 Jun 22 5020 Salary Expenso 1110 Cash pald salaries to equipment operators paid salaries to equloment operators 885.00 3.925.00 19 10 Jun 23 Jun 23 1110 Cash 1120 Accounts Receivable cash received from customers cash received from customers 3.925.00 purchased office supplies on credit purchased office supplies on credit 705.00 101 20 20 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable 705.00 102 103 104 105 106 107 108 100 21 21 Jun 28 Jun 28 1120 Accounts Receivable blled customers for consulting service 6.120.00 4100 Computer & Consulting billed customers for consulting services preformed 6.120.00 110 5.799,00 22 22 Jun 29 Jun 29 1110 Cash 1120 Accounts Receivable cash received from customers cash received from customers 5.799.00 111 112 113 114 115 116 117 118 1140.00 23 23 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash paid be paid ba 14140.00 Tanton Income Statement General Journal Worksheet Account Transaction Date Debit 24 24 Name 5020 Salary Expense 1110 Cash Credit Jun 29 Jun 29 Description paid salaries to equioment operators paid salaries to equipment operators 885.00 885.00 121 122 123 124 125 126 127 128 129 130 131 132 25 25 Jun 30 Jun 30 5050 Ol & Gas Expense 2101 Accounts Payable received ba from O&G Ol and Gas Co received bl from O&G Ol and Gas Co. 940.00 940.00 25 26 Jun 30 Jun 30 3300 Dividends 1110 Cash 1,823,67 paid dividend of $0 23 per share paid dividend of $0.23 per share 1.823.67 133 134 135 136 137 SEL 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent 1,500.00 One months rent expressed One months rent expressed 1.800.00 138 139 140 413.00 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies supplies expensed supplies exponsed 413.00 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable interest expense for one-hal month of 423.15 interest expense for one-half month on mortgage 423.15 30 30 263.00 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance prepaid insurance account charged prepaid insurance account charged 263.00 B.750.00 31 31 Jun 30 Jun 30 1120 Accounts Receivable unbilled revenue recorded 100 Computer & Consulting unbilled revenue recorded 8.750,00 32 32 22 Jun 30 Jun 30 inn 5110 Depreciation Expense depreciation for one month 1412 Acouum Depr. Bulding depreciation for one month 18 Acum. Renominion for one month 3.055.14 41.00 2.995.50 When Income Statement Tanul Credit Transaction Date Account Debit 3,055.14 32 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 Name Description 5110 Depreciation Expense depreciation for one month 1412 Accum. Depr.-Building depreciation for one month 1312 Accum. Depr.-Computer depreciation for one month 1212 Accum. Depr.-Office Eq depreciation for one month 41.00 2,995.50 18.64 33 33 Jun 30 Jun 30 5020 Salary Expanse 2103 Interest Payable 531.00 unpaid salary unpaid salary 531.00 4 TU 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 869.67 34 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable interest on notes payable interest on notes payable 869.67 2,036.96 35 35 Jun 30 Jun 30 5120 Income Tax Expense income taxes computed 2106 Income Taxes Payable income taxes computed 2.038.96 179 27,020.00 36 36 Jun 30 Jun 30 4100 Computer & Consulting closing revenue account 3400 Income Summary closing revenue account 27.020.00 180 181 182 183 184 185 186 187 188 189 190 19,011.58 37 37 37 37 37 37 37 37 37 37 37 191 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 50B0 Supplies Expense closing oxpense accounts 5050 Ol & Gas Expense closing expense accounts 5120 Income Tax Expense closing expense accounts 5100 Insurance Expense closing expense accounts 2,301.00 300.00 1,140.00 1.000.00 3.055.14 851.62 413.00 940.00 8.147.82 263.00 192 193 194 195 196 197 198 199 200 201 202 8,008 42 38 38 Jun 30 Jun 30 3400 Incomo Summary 3200 Retained Eamings closing Income summary account closing Income summary account 8.008.42 H181 A B C F G 1 D E A Byte of Accounting, Inc. General Journal 2 3 Debit Credit Transaction Date Account 39 39 Name 3200 Retained Earnings 3300 Dividends Jun 30 Jun 30 1,823.67 Description closing the dividends account closing the dividends account 1.823.67 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 + 226 NOT M For Pena Ending Juno 30, 2020 Income Statement Db Credit Urusted Trial Balance Debit 61.43333 1,290 00 6,312.00 6,400.00 705.00 1,724.00 Adusting Entries Debit Credit - 8.750,00 263 00 160000 413.00 - 18 84 Adjusted Trial Balance Debit 61,433,33 10,048.00 6,049.00 4,800.00 292.00 1.724.00 - 18.64 179,730.00 2,995.50 16,000.00 41.00 101,000.00 1.705.00 Balance Sheet Debit Greda 81.433 33 10.046,00 5.040.00 4.800.00 292 DO 1,724.00 18.54 179.730.00 2.995.50 15.000.00 41.00 101.000.00 1,705.00 179,730.00 2.995.00 16,000.00 41.00 101,000.00 1.705.00 1.823.82 1.823.82 1,823.82 ADEGUA 7 Number Name 3 1110 Cash 9 1120 Accounts Receivable 10 1130 Pregald Insur 11 1140 Prepaid Rent 1150 One Supplies 1211 Office Equip 14 212 Acum Dept. office Equip 15 1311 Computer Equip 16 1312 Acum Deor. Computer Equip 17 1410 Buiding Cool 1412 ACCUF Der Building 19 1510 Land 20 2101 Accounts Payable 21 2102 Advanced Payments 22 2103 Interest Payable 23 2105 Salaries Payable 24 2106 Income Taxes Payable 25 2201 Montpage Payable 26 2202 Notes Payable 3100 Capital Stock 25 3200 Retained Eaming 29 3300 Dividends 30 31 2100 Computer & Consulting Revenue 5010 Rant Expense 2020 Salary Expense 34 5030 Advertising Expense 5040 Rain Man Espense 36 5050l & Gas Expense 37 5080 Supplies Expense 5000 interest Expense 39 5100 Insurance Expance 510 Depreciation Expense 5120 [Income Tax Expense 2.036.00 106,900.00 B7/190,00 165,500.00 2,03696 106,900.00 87,190.00 166,500.00 2005 R8 100,900.00 87,190,00 166 509 00 1.823.67 1.423 67 1.823.67 18.270.00 8,750.00 27.020.00 27,020 00 . 1.000.00 531.00 + 1,770.00 300.00 1.140.00 040.00 1.800.00 2.301 00 300 00 1.140.00 140.00 413.00 1 292.82 203.00 2.005.14 2.036.96 1.600.00 2,301.00 300.00 1.140.00 04000 413.00 1.262.82 263.00 2.055 14 2.03604 413.00 1.292.82 263.00 3,065.14 2.036.96 . 43 45 45 380,674.00 380.574.00 17.041.92 17.941.92 306 220.92 296, 23.02 220.00 27.020.00 TOTAL NET INCOME 10.591.2 16 28.08 277000 219 219.99 163,660 342.898.00 27.020.00 362.890.00 49 56 57