How to fill the work sheet
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 .. +
