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D F G . 1 J K L M N O P Q R S T U = 1 2 8 A B Byte of Accounting, Inc. Junyi Zhao 9406 3 Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,560 shares of its common stock to Jeremy after $29.870 4 in cash and computer equipment with a fair market value of $44,370 were received. 5 02. June 1: Byte of Accounting. Inc. issued 2,302 shares of its common stock after acquiring from 6 Courtney $50.750 in cash, computer equipment with a fair market value of $15,080 and office equipment with a fair value of $928. 7 03. June 1: Byte of Accounting. Inc. acquired $87,000 in cash from Junyi Zhao and issued 3,000 shares of its common stock. 9 10 04. June 2: A down payment of $36,000 in cash was made on additional computer equipment that was purchased for $180.000. A five-year note was executed by Byte for the balance. 11 05. June 4: Additional office equipment costing $700 was purchased on credit from Discount 12 Computer Corporation 13 06. June 8: Unsatisfactory office equipment costing $140 was returned to Discount Computer for 14 credit to be applied against the outstanding balance owed by Byte. 15 07. June 10: Byte paid $27,500 on the balance it owed on the June 2 purchase of computer 16 equipment 17 18 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. 19 20 09. June 16: Computer consultation revenue of $6,500 was received. 21 10. June 16: Byte purchased a building and the land it is on for $143,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $23,000. 22 The balance of the cost is to be allocated to the building. Byte made a cash down payment of $14.300 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 23 24 11. June 17: Cash of $6,000 was paid for rent for June, July and August. Put the total amount into the K >> Transactions General Journal Worksheet Income Statement Changes in Retained Earnings Balance Sheet How to Create a Pivot .. + A B D F G . 1 J K L M N O P Q R s T U = 25 26 27 12. June 17: Received a bill of $475 from the local newspaper for advertising 28 29 13. June 21: Billed various miscellaneous local customers $4.400 for consulting services performed. 14. June 21: A fax machine for the office was purchased for $650 cash 30 31 32 15. June 21: Accounts payable in the amount of $560 were paid. 33 34 16. June 22: Paid the advertising bill that was received on June 17. 35 36 17. June 22: Received a bill for $1,165 from Computer Parts and Repair Co. for repairs to the computer equipment. 37 38 39 18. June 22: Paid salaries of $885 to equipment operators for the week ending June 18. 40 19. June 23: Cash in the amount of $3,525 was received on billings. 41 42 20. June 23: Purchased office supplies for $705 on credit. Record the purchase as an increase to the assets. 43 44 21. June 28: Billed $5,805 to miscellaneous customers for services performed to June 25. 45 46 22. June 29: Cash in the amount of $5,500 was received for billings 47 48 23. June 29: Paid the bill received on June 22. from Computer Parts and Repairs Co. 49 50 24. June 29: Paid salaries of $885 to equipment operators for the week ending June 25. 51 52 25. June 30: Received a bill for the amount of $815 from O&G Ol and Gas Co. 53 26. June 30: Paid a cash dividend of $0.20 per share to the three shareholders of Byte. 54 [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. 57 27. The rent payment made on June 17 was for June, July and August. Expense the amount associated K >> Transactions General Journal Worksheet Income Statement Changes in Retained Earnings Balance Sheet How to Create a Pivot .. + A D F G . 1 J K L M N O P Q R s T U = B 27. The rent payment made on June 17 was for June July and August. Expense the amount associated with one month's rent. 58 59 60 28. A physical inventory showed that only $292.00 worth of office supplies remained on hand as of June 30 61 62 29. The annual interest rate on the mortgage payable was 7.75 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16 63 64 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. 65 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,750 66 for the period of June 28-30 67 68 32. The fixed assets have estimated useful lives as follows: 69 Building - 31.5 years 70 Computer Equipment - 5.0 years 71 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 72 is $8.500. The office equipment has a scrap value of $350. The computer equipment has no scrap value. Calculate the depreciation for one month. 73 33. A review of the payroll records show that unpaid salaries in the amount of $531 are owed by Byte 74 for three days, June 28 - 30. 75 34. The note payable relating to the June 2. and 10 transactions is a five-year note, with interest at the 76 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 77 $144,000. On June 10, eight days later, $27,500 was repaid. Interest expense must be calculated on the $144,000 for eight days. In addition, interest expense on the $116,500 balance 78 of the loan ($144.000 less $27.500 = $116,500) must be calculated for the 20 days remaining in the month of June.] 79 80 35. Income taxes are to be computed at the rate of 25 percent of net income before taxes. K >> Transactions General Journal Worksheet Income Statement Changes in Retained Earnings Balance Sheet How to Create a Pivot .. + M N o P. Q R s U V w AA Balance Sheet Credit Debit 1110 Cash D E F G H J 1 A Byte of Accounting, Inc. 2 Worksheet 3 For Period Ending June 30, 2021 4 5 6 Account Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Income Statement 7 Number Name Debit Credit Debit Credit Debit Credit Debit Credit 8 20,419.00 20,419.00 9 1120 Accounts Receivable 1,180.00 5,750.00 6.930,00 10 1130 Prepaid Insurance 5,976.00 249.00 5,727.00 11 1140 Prepaid Rent 6,000.00 2,000.00 4,000.00 - 12 1150 Office Supplies 705.00 413.00 292.00 13 1211 Office Equip. 2,138.00 2,138.00 14 1212 Accum. Depr.-Office Equip. 24.62 24.62 15 1311 Computer Equip. 239,450.00 - 239,450.00 16 1312 Accum. Depr.-Computer Equip. 3,990.83 3.990.83 17 1411 Building Cost 120,000.00 120.000.00 18 1412 Accum. Depr.-Building 294.97 294.97 19 1510 Land 23,000.00 23,000.00 20 2101 Accounts Payable 1,520.00 1,520.00 21 2102 Advanced Payments 22 2103 Interest Payable 1,576.26 1,576.26 23 2105 Salaries Payable - 531.00 531.00 24 2106 Income Taxes Payable 25 2201 Mortgage Payable 128.700.00 128.700.00 26 2202 Notes Payable 116,500.00 116,500.00 27 3100 Capital Stock 161,240.00 161,240.00 28 3200 Retained Earnings 29 3300 Dividends 1,572.00 1,572.00 30 31 4100 Computer & Consulting Reveny 16,705.00 5,750.00 22.455.00 32 5010 Rent Expense 2,000.00 2,000.00 33 5020 Salary Expense 1,770.00 531.00 - 2.301.00 - 34 5030 Advertising Expense 475.00 475.00 35 5040 Repairs & Maint. Expense 1,165.00 1,165.00 36 5050 Oil & Gas Expense 815.00 815.00 37 5080 Supplies Expense 413.00 413.00 38 5090 Interest Expense 1,576.26 1.576.26 39 5100 Insurance Expense 249.00 249.00 40 5110 Depreciation Expense 4.310.42 4,310.42 41 5120 Income Tax Expense 42 43 44 45 46 47 TOTAL 424,665.00 424,665.00 14.829.68 14,829.68 436,832.68 436,832.68 48 NET INCOME 49 50 51 52 K >> Transactions General Journal Worksheet Income Statement Changes in Retained Earnings Balance Sheet How to Create a Pivot .. + F G HT J K L . N 0 Q R S T U V W Y Z 1 A B D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. 2 3 4 Account De bit Name Transaction Date Description Credit 5 6 Jun 01 Jun 01 Jun 01 7 1110 Cash 1311 Computer Equip. 3100 Capital Stock Issue of common stock Issue of common stock Issue of common stock 29.870.00 44,370.00 74,240.00 8 9 10 11 12 13 50,750.00 15.080.00 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 1211 Office Equip 1110 Cash Issue of common stock Issue of common stock Issue of common stock Issue of common stock 928.00 66.758.00 87,000.00 818 8 8 8 8 8 8 Hele Jun 01 Jun 01 1110 Cash 3100 Capital Stock Issue of common stock Issue of common stock 87,000.00 180,000.00 Jun 02 Jun 02 Jun 02 1311 Computer Equip. 1110 Cash 2202 Notes Payable Purchase of computer Purchase of computer Purchase of computer 36,000.00 144,000.00 700.000 Jun 04 Jun 04 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 1211 Office Equip 2101 Accounts Payable Purchase of office equipment Purchase of office equipment 700.00 140.00 06 06 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip Return office equipment Return office equipment 140.00 27,500.00 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash Payment of computer equipment Payment of computer equipment 27,500.00 08 Jun 14 1130 Prepaid Insurance Computer Insurance Introduction FAQ Welcome Chart of Accounts 5.976.000 Transactions I Introduction FAQ Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Changes in ... + F G HT J K L . N 0 Q R S T U V W Y Z 1 A B D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. 2 3 4 Account Debit Transaction Date Credit 291 Name 5090 Interest Expense 2103 Interest Payable Jun 30 Jun 30 Description interest adjustment interest adjustment 415.59 29 415.59 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance 249.00 insurance adjustment insurance adjustment 249.00 5.750.00 31 31 Jun 30 Jun 30 1120 Accounts Receivable unbilled revenue 4100 Computer & Consultin unbilled revenue 5,750.00 4,310.42) 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 32 32 32 321 Jun 30 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense depreciation expense 1312 Accum. Depr.-Comput depreciation expense 1212 Accum. Depr.-Office depreciation expense 1412 Accum. Depr.-Building depreciation expense 3,990.83 24.62 294.97 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable 531.00 salary expense salary expense 531.00 34 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable 1,160.67 interest adjustment interest adjustment 1,160.67 2,287.65 35 35 Jun 301 Jun 30 5120 Income Tax Expense income tax expense 2106 Income Taxes Payable income tax expense 2,287.651 22.455.00 361 361 Jun 301 4100 Computer & Consultin closing revenue Jun 301 3400lIncome Summary Iclosing revenue Introduction FAQ Welcome Chart of Accounts 22 455 00 General Journal Transactions Worksheet Income Statement Changes in ... + F G HT J K L . N 0 Q R S T U V W Y Z 1 A B D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. 2 3 4 Account De bit Transaction Date Credit 35/ Name Description 5120 Income Tax Expense income tax expense 2106 Income Taxes Payable income tax expense Jun 30 Jun 30 2.287.65 35 2,287.65 22,455.00 36 36 Jun 30 Jun 30 4100 Computer & Consultin closing revenue 3400 Income Summary closing revenue 22,455.00 15,592.37 O 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 37 37| 37 37 37 37 37 37 37 37 37 Jun 301 Jun 301 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 3400 Income Summary closing revenue 5010 Rent Expense closing revenue 5020 Salary Expense closing revenue 5030 Advertising Expense closing revenue 5040 Repairs & Maint. Expe closing revenue 5050 Oil & Gas Expense closing revenue 5080 Supplies Expense closing revenue 5090 Interest Expense closing revenue 5100 Insurance Expense closing revenue 5110 Depreciation Expense closing revenue 5120 Income Tax Expense closing revenue 2,000.00 2,301.00 475.00 1,165.00 815.00 413.000 1,576.30 249.00 4,310.42 2,287.65 6,862.95 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Earnings closing income summary closing income summary 6,862.95 1,572.00 391 39 Jun 30 Jun 30 3200 Retained Earnings 3300 Dividends closing dividends closing dividends 1,572.00 210 K Introduction FAQ Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Changes in ... +