I am having problems figuring out question 32 can you help me?

Building Blocks of Accounting .. A Financial Perspective A SOLE PROPRIETORSHIP BA6785.xls BONNIELEE, when you are ready to have your work graded you will upload th to the same screen that the project was downloaded from: www.cybertext.com, The Book List, Building Blocks of Accounting .. A Financial Perspective, Enter password, Upload Your Excel File. Keep two copies of your spreadsheet in two separate places in case one does not work. You may find it easier to work on this project if you print a hard copy of all the pages. NOTE: If there are any questions about the project e-mail markfriedman@miami.edu or call 305.284.6296. Grade will be based upon answers entered into the shaded boxes. F111 150123 or BA6785.xlsx, Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective Page 1 FAQ FAQ 01 My file used to upload, why is it not uploading? Answer: Sometimes we unknowing add items to a workbook that inhibits the upload process. The conversion to an earlier version Somehow clean the files and they then upload without problem. If the problem continue simple send your file as an attachment with your username and password...friedman@cybertext.com Windows Operating System Select File Select Save As Select Save As Type: Select Microsoft 5.0/95 Workbook (*.xls) Select Save Select Continue or Yes if prompted or if it indicates that there is limited memory. Select Select Select Select Select Select File Close File Open and open the .xls file Save As Save As Type: Excel Workbook (*.xlsx) Save Upload the file at cybertext.com Apple Operating System Select File Select Save As Select Format: Select Microsoft 5.0/95 Workbook (*.xls) Select Save Select Continue or Yes if prompted or if it indicates that there is limited memory. Select Select Select Select Select Select MF1234.xlsx File Close File Open and open the .xls file Save As Format: Excel Workbook (*.xlsx) Save Upload the file at cybertext.com Excel 5.0/95 Workbook (.xls) Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective Page 2 FAQ FAQ 02 When I try to enter information in the General Journal why does an error appears indicating that the cell protected? Answer: The computer program is designed to save you time. Instead of requiring you to enter the description four times the program automatically copies the description when you enter a new account number. This process requires that the data entry is limited to those cells which contain unique information. The cells that you can enter data into are the yellow filled cells. FAQ 03 In the feedback section, what does it mean when I have points under reverse? Answer: If you pay a telephone expense of $100.00 Telephone Expense 100 100 Cash If you debit cash and credit telephone expense you have reversed the whole entry. Cash 100 Telephone Expense 100 If you debit cash and credit anything else you have reversed part of the entry. Cash 100 Rent Expense 100 Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ FAQ 04 How does my instructor get my grade? Answer: Every time you upload your grade is recorded in a table. Your instructor can look at the table whenever they want to, although only the last grade counts. Keep a hard copy of your last upload for documentation. FAQ 05 I have entered all the transactions and have completed the worksheet however I get following message on the financial statements: "You must finish the worksheet before you can complete the ...." Answer: The worksheet demonstrates that the accounting system is working. If all of your journal entries are in balance then the Unadjusted Trial Balance and the Adjusting Entry columns will balance. The Adjusted Trial Balance columns net the Unadjusted Trial Balance and the Adjusting Entry columns. There are four steps to completing the worksheet: 1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the Balance Sheet columns, (debits remain debits and credits remain credits). 2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses. 3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet. 4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise there is an error in the completion of the worksheet. Page 3 Building Blocks of Accounting -- A Financial Perspective The instructions start on row 22 of this page. FIRST BONNIELEE LAST AMBERG SS 6785 File BA6785 Welcome to the world's first ePractice case, an individualized, internet generated and graded case study that focuses on the analytically portion of the accounting cycle while automating the repetitive posting cycle. NOTE: If the program is not working e-mail markfriedman@miami.edu, 305.284.6296. Step I - The Chart of Accounts The chart of accounts includes all of the accounts that you can use to solve your case. You may want to print the chart of accounts and use it as an easy reference guide. Step II - Journalizing the Transactions. Using your unique transactions record the corresponding general journal entry, rounding to two decimal places. For example, 01 June 1: Hudson Bloom made a $40,000 cash investment in his business, Byte of Accounting. Jun 01 Description di t Cr e it Name De b e Da t 01 Ac co un t Tr an s ac tio n In the date field enter the date of the transaction. If you do not enter a date value an error message will appear. Cash In the account field enter the account number that corresponds to the account in the chart of accounts. You can also use the pull down list to find the appropriate account number. If you use a number that Jun 01 Description di t Cr e it Name De b e Da t 01 Ac co un t Tr an s ac tio n is not on the chart of accounts an error message will appear. 1110 Cash The name of the account will automatically appear in the name column. If it is the wrong account renter the correct account number. 01 01 Jun 01 Jun 01 01 Jun 01 1110 Cash Advertising Expense Accounts Payable Description di t Cr e it Name De b e Da t Ac co un t Tr an s ac tio n Enter the description in the description field. Hudson's investment Hudson's investment Hudson's investment Description Transaction # 1 Not in Balance by $40,000. 01 01 Jun 01 Jun 01 1110 Cash Cash Hudson's investment Hudson's investment 40,000.00 di t Cr e it Name De b e Da t Ac co un t Tr an s ac tio n Enter the amount in the debit field. Description di t Cr e it Name De b e Da t Ac co un t Tr an s ac tio n Enter the second account number. Transaction # 1 Not in Balance by $40,000. 01 Jun 01 1110 Cash Hudson's investment 01 Jun 01 3100 Hudson Bloom, Capital Hudson's investment 40,000.00 Jun 01 Description 1110 Cash Hudson's investment 3100 Hudson Bloom, Capital Hudson's investment di t Cr e it Name De b e Da t 01 Ac co un t Tr an s ac tio n Enter the amount in the credit field. 40,000.00 40,000.00 Step III - Worksheet Although not graded, you should complete the Worksheet. If each of your journal entries are in balance then your Unadjusted Trial Balance, Adjusting Entry and Adjusted Trial Balance columns will be in balance. 1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the Balance Sheet columns, (debits remain debits and credits remain credits). 2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses. 3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet. 4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise there is an error in the completion of the worksheet. Step IV - Prepare the Financial Statements. After you have entered all of the transactions and prepared the Worksheet, you are to prepare the Income Statement, Changes in Owners' Equity Statement and the Balance Sheet using the forms provided. Step V - Prepare the Closing Entries. Based upon the information from your Worksheet or from your Financial Statements, prepare the closing entries. Step VI - Upload the File. Whenever you want to have cybertext.com grade your work submit it to them on the bottom of the screen that you downloaded the file. Grading: You will be graded on the Journal Entries and the three financial statement. The case will be computer graded, therefore make sure all numbers are in the appropriate cells. The computer will evaluate your transactions when grading your financial statements. Note: Save and make backup copies regularly. 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 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 Hudson Bloom, Capital 3300 Hudson Bloom, Withdrawals 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 Normal Balance Debit Debit Debit Debit Debit Debit Credit Debit Credit Debit Credit Debit Credit Credit Credit Credit Credit Credit Credit Credit Debit Credit Credit Debit Debit Debit Debit Debit Debit Debit Debit Debit Error # 1 2 4 8 16 32 64 128 256 512 1024 Message Debit And Credit On Same Line Debit Before Credit Need An Account Number Round To Two Decimal Places Need a Description Need a Date Byte of Accounting BONNIELEE AMBERG 7027 Transaction Description of transaction 01. June 1: Hudson Bloom invested $161,001.00 cash and computer equipment with a fair market value of $41,040.00 in his new business, Byte of Accounting. 02. June 1: Check # 5000 was used to purchased computer equipment costing $15,120.00 from BONNIELEE AMBERG. The invoice number was 20117. 03. June 1: Check # 5001 was used to purchased office equipment costing $621.00 from Office Express. The invoice number was 87417. June 2: Check # 5002 was used to make a down payment of $34,000.00 on additional computer 04. equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $170,000.00. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $700.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432. 06. June 8: Unsatisfactory office equipment costing $140.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Check # 5003 was used to make a $26,000.00 payment reducing the prinicpal owed on the June 2 purchase of computer equipment from Royce Computers. June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equipment 08. for $6,144.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. 09. June 16: A check in the amount of $7,000.00 was received for services performed for Pitman Pictures. June 16: Byte purchased a building and the land it is on for $131,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $21,000.00. The 10. balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $13,100.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance. 11. June 17: Check # 5006 for $5,100.00 was paid for rent of the office space for June, July and August. 12. June 17: Received invoice number 26354 in the amount of $350.00 from the local newspaper for advertising. 13. June 21: Accounts payable in the amount of $560.00 were paid with Check # 5007. 14. June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $675.00. The invoice number was 975-328. 15. June 21: Billed various miscellaneous local customers $4,300.00 for consulting services performed. 16. June 22: Check # 5009 was used to pay salaries of $1,035.00 to equipment operators for the week ending June 18. Ignore payroll taxes. 17. June 22: Received a bill for $1,115.00 from Computer Parts and Repair Co. for repairs to the computer equipment. The invoice number was 43254. 18. June 22: Check # 5010 was used to pay the advertising bill that was received on June 17. 19. June 23: Purchased office supplies for $505.00 from Staples on account. The invoice number was 65498. 20. June 23: Cash in the amount of $3,445.00 was received on billings. 21. June 28: Billed $5,910.00 to miscellaneous customers for services performed to June 25. 22. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check # 5011. 23. June 29: Cash in the amount of $5,600.00 was received for billings. 24. June 29: Check # 5012 was used to pay salaries of $1,035.00 to equipment operators for the week ending June 25. Ignore payroll taxes. 25. June 30: Received a bill for the amount of $865.00 from O & G Oil and Gas Co. The invoice number was 784537. 26. June 30: Check # 5013 was used to pay for airline tickets of $2,100.00 to send the kids to Grandma Ellen for the July 4th holiday. Adjusting Entries - Round to two decimal places. 27. The rent payment made on June 17 was for June, July and August. Expense the amount associated with one month's rent. 28. A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30. 29. The annual interest rate on the mortgage payable was 7.50 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. Record a journal entry to reflect that one half month's insurance has expired. 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $9,250.00 for the period of June 28-30. The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5.0 years 32. 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 $8,000.00. The office equipment has a scrap value of $400.00. The computer equipment has no scrap value. Calculate the depreciation for one month. 33. A review of the payroll records show that unpaid salaries in the amount of $621.00 are owed by Byte for three days, June 28 - 30. Ignore payroll taxes. 34. The note payable to Royce Computers (transactions 04 and 07) 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. Closing Entries 35. Close the revenue accounts. 36. Close the expense accounts. 37. Close the income summary account. 38. Close the withdrawals account. A Byte of Accounting General Journal al Ba la nc To t Description C re di t Name D eb it t Ac co un D at e Tr an sa ct io n e Note: You can only enter data into the yellow filled cells. 01 01 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 3100 Hudson Bloom, Capital Owner Investment Owner Investment Owner Investment 161,001.00 41,040.00 02 02 Jun 01 Jun 01 1311 Computer Equip. 1110 Cash purchase computer equipment ck # 5 15,120.00 purchase computer equipment ck # 5000 03 03 Jun 01 Jun 01 1211 Office Equip. 1110 Cash purchase office equipment ck # 5001 purchase office equipment ck # 5001 04 04 04 Jun 02 Jun 02 Jun 02 1311 Computer Equip. 1110 Cash 2202 Notes Payable purchase computer equip ck # 5002 purchase computer equip ck # 5002 purchase computer equip ck # 5002 05 05 Jun 04 Jun 04 1211 Office Equip. 2101 Accounts Payable additional office equip purchased additional office equip purchased 700.00 06 06 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip. damaged office equipment damaged office equipment 140.00 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash ck # 5003 make pymt to reduce princip 26,000.00 ck # 5003 make pymt to reduce principal 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash ck#5004 purchase 1 year insurnance ck#5004 purchase 1 year insurnance 09 09 Jun 16 Jun 16 1110 Cash services performed for Pitman Picture 4100 Computer & Consulting services performed for Pitman Pictures 10 10 10 10 Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building 1110 Cash 2201 Mortgage Payable purchased land and building ck # 500 21,000.00 purchased land and building ck # 500 110,000.00 purchased land and building ck # 5005 13,100.00 purchased land and building ck # 5005 117,900.00 11 11 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash prepaid rent for June, July , Aug prepaid rent for June, July , Aug 12 12 Jun 17 Jun 17 5030 Advertising Expense 2101 Accounts Payable rcvd inv 26354 for advertising rcvd inv 26354 for advertising 350.00 13 13 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash paid with ck # 5007 paid with ck # 5007 560.00 14 14 Jun 21 Jun 21 1211 Office Equip. 1110 Cash purchase fax machine inv #975-328 purchase fax machine inv #975-328 675.00 15 15 Jun 21 Jun 21 1120 Accounts Receivable billed clients for services performed 4100 Computer & Consulting billed clients for services performed 4,300.00 16 16 Jun 22 Jun 22 5020 Salary Expense 1110 Cash pay salaries to equip. operators wk e 1,035.00 pay salaries to equip. operators wk ending June 18 1,035.00 17 17 Jun 22 Jun 22 5040 Repairs & Maint. Expens Repairs to computer equip. inv # 432 1,115.00 2101 Accounts Payable Repairs to computer equip. inv # 43254 1,115.00 202,041.00 15,120.00 621.00 621.00 170,000.00 34,000.00 136,000.00 700.00 140.00 26,000.00 6,144.00 6,144.00 7,000.00 7,000.00 5,100.00 5,100.00 350.00 560.00 675.00 4,300.00 161001 41040 (202041) 0 0 0 0 0 15120 (15120) 0 0 0 0 0 0 621 (621) 0 0 0 0 0 0 170000 (34000) (136000) 0 0 0 0 0 700 (700) 0 0 0 0 0 0 140 (140) 0 0 0 0 0 0 26000 (26000) 0 0 0 0 0 0 6144 (6144) 0 0 0 0 0 0 7000 (7000) 0 0 0 0 0 0 21000 110000 (13100) (117900) 0 0 0 0 5100 (5100) 0 0 0 0 0 0 350 (350) 0 0 0 0 0 0 560 (560) 0 0 0 0 0 0 675 (675) 0 0 0 0 0 0 4300 (4300) 0 0 0 0 0 0 1035 (1035) 0 0 0 0 0 0 1115 (1115) 0 0 0 0 0 0 A Byte of Accounting General Journal al Ba la nc To t Description C re di t Name D eb it t Ac co un D at e Tr an sa ct io n e Note: You can only enter data into the yellow filled cells. 18 18 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash ck 5010 paid inv 26354 advertising e 350.00 ck 5010 paid inv 26354 advertising expense 350.00 19 19 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable Purchased office supplies on account Purchased office supplies on account 505.00 20 20 Jun 23 Jun 23 1110 Cash 1120 Accounts Receivable cash received from billings cash received from billings 21 21 Jun 28 Jun 28 1120 Accounts Receivable billed cust for service June 25 4100 Computer & Consulting billed cust for service June 25 5,910.00 22 22 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash Pd inv # 43254 ck # 5011 Pd inv # 43254 ck # 5011 1,115.00 23 23 Jun 29 Jun 29 1110 Cash 1120 Accounts Receivable Rcvd Cash for previous billings Rcvd Cash for previous billings 5,600.00 24 24 Jun 29 Jun 29 5020 Salary Expense 1110 Cash Pay salaries to equip. operators wk e 1,035.00 Pay salaries to equip. operators wk ending June 25 25 25 Jun 30 Jun 30 5050 Oil & Gas Expense 2101 Accounts Payable Inv # 784537 Inv # 784537 26 26 Jun 30 Jun 30 3300 Hudson Bloom, Withdrawa Cash withdrawn to purchase air ticket 1110 Cash Cash withdrawn to purchase air tickets 2,100.00 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent June Rent Adjustment June Rent Adjustment 1,700.00 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies Supplies left on hand Supplies left on hand 29 29 Jun 30 Jun 30 2103 Interest Payable 5090 Interest Expense half month interest half month interest 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance 1/2 month expired insurance 1/2 month expired insurance 31 31 Jun 30 Jun 30 1120 Accounts Receivable unbilled revenues 4100 Computer & Consulting unbilled revenues 32 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense Unpaid salaries for June 28-30 1212 Accum. Depr.-Office EquiUnpaid salaries for June 28-30 5110 Depreciation Expense Debit Before Credit 1212 Accum. Depr.-Office EquiUnpaid salaries for June 28-30 291.20 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable 621.00 34 Unpaid salaries for June 28-30 Unpaid salaries for June 28-30 505.00 3,445.00 3,445.00 5,910.00 1,115.00 5,600.00 1,035.00 865.00 865.00 2,100.00 1,700.00 303.00 303.00 256.00 256.00 9,250.00 9,250.00 291.20 17.00 17.00 621.00 350 (350) 0 0 0 0 0 0 505 (505) 0 0 0 0 0 0 3445 (3445) 0 0 0 0 0 0 5910 (5910) 0 0 0 0 0 0 1115 (1115) 0 0 0 0 0 0 5600 (5600) 0 0 0 0 0 0 1035 (1035) 0 0 0 0 0 0 865 (865) 0 0 0 0 0 0 2100 (2100) 0 0 0 0 0 0 1700 (1700) 0 0 0 0 0 0 303 (303) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 256 (256) 0 0 0 0 0 0 9250 (9250) 0 0 0 0 0 0 291 (291) 17 (17) 0 0 2 0 621 (621) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 A Byte of Accounting General Journal al Ba la nc To t Description C re di t Name D eb it t Ac co un D at e Tr an sa ct io n e Note: You can only enter data into the yellow filled cells. 35 0 0 0 0 0 0 0 0 36 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 37 0 0 0 0 0 0 0 0 38 0 0 0 0 0 0 0 0 A Byte of Accounting, Inc. Worksheet For Period Ending June 30, 2016 Account 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 2201 Mortgage Payable 2202 Notes Payable 3100 Hudson Bloom, Capital 3300 Hudson Bloom, Withdrawals 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 Total NET INCOME Balance ` Unadjusted Trial Balance Debit Credit 70,091.00 0.00 1,165.00 0.00 6,144.00 0.00 5,100.00 0.00 505.00 0.00 1,856.00 0.00 0.00 0.00 226,160.00 0.00 0.00 0.00 110,000.00 0.00 0.00 0.00 21,000.00 0.00 0.00 1,370.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 117,900.00 0.00 110,000.00 0.00 202,041.00 2,100.00 0.00 Adjusting Entries Debit Credit 0.00 0.00 9,250.00 0.00 0.00 256.00 0.00 1,700.00 0.00 303.00 0.00 0.00 0.00 308.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 621.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,070.00 350.00 1,115.00 865.00 0.00 0.00 0.00 0.00 17,210.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,700.00 621.00 0.00 0.00 0.00 303.00 0.00 256.00 308.20 9,250.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 448,521.00 448,521.00 12,438.20 12,438.20 Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit 0 A Byte of Accounting 0 Income Statement 0 For Month Ending June 30, 2016 You must finish the worksheet before you can complete the Income Statement 4100 5010 5020 5030 5040 5050 5080 5090 5100 5110 Revenues Computer Revenue Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Net Income 0 A Byte of Accounting Statement of Owner's Equity For Month Ending June 30, 2016 You must finish the worksheet before you can complete the Changes in Owner's Equity Total 0 0 0 Balance, Beginning of Period Investment Net Income Withdrawals Balance, End of Period 0 d A Byte of Accounting Balance Sheet As of June 30, 2016 You must finish the worksheet before you can complete the Balance Sheet Assets 1110 1120 1130 1140 1150 Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets 1211 Office Equip. 1212 Accum. Depr.-Office Equip. 1311 1312 Computer Equip. Accum. Depr.-Computer Equip. 1411 1412 Building Cost Accum. Depr.-Building 1510 Land Total Total Assets Liabilities Current Liabilities 2101 Accounts Payable 2102 Advanced Payment 2103 Interest Payable 2105 Salaries Payable Total 2201 2202 Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities Owner's Equity Hudson Bloom, Capital Total Liabilities and Owner's Equity