I desperately need help with problems 34-39 for my Byte of Accounting Project. Please help.

Building Blocks of Accounting .. A Financial Perspective AA1214.xls or Andrew, when you are ready to have your work graded you will upload this file 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. F311 150126 AA1214.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 File Close File Open and open the .xls file Save As Format: Excel Workbook (*.xlsx) Save Excel 5.0/95 Workbook (.xls) Upload the file at cybertext.com Elf Village Productions MF1234.xlsx 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ FAQ 02 When I try to enter information in the General Journal why does an error appears indicating that the cell protected? Page 2 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 Cash 100 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 Elf Village Productions 100 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 Andrew LAST Anderson SS 1214 File AA1214 Welcome to the worlds 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: Joseph made an investment in Byte of Accounting, Inc. by purchasing 2,000 shares of its common stock for $40,000 cash. The par value of the common stock was $20 per share. 01 Jun 01 Description C re di t Name D eb it ou nt A cc D at e Tr a ns 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 01 Jun 01 Description C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n 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 is not on the chart of accounts an error message will appear. 1110 Cash Land The name of the account will automatically appear in the name column. If it is the wrong account renter the correct account number. C re di t C re di t Description D eb it ou nt A cc Jun 01 Jun 01 Jun 01 Name D eb it 01 01 01 D at e Tr a ns ac tio n Enter the description in the description field. 1110 Cash Joseph's investment Advertising Joseph's investment Accounts PJoseph's investment ou nt A cc D at e Tr a ns ac tio n Enter the amount in the debit field. Name Description Transaction # 1 Not in Balance by $40,000. 01 01 Jun 01 Jun 01 1110 Cash 40,000.00 Joseph's investment Office SuppJoseph's investment Description C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n Enter the second account number. Transaction # 1 Not in Balance by $40,000. 01 01 01 Jun 01 Jun 01 Jun 01 1110 Cash 40,000.00 Joseph's investment 3100 Capital Stock Joseph's investment Cash Joseph's investment 01 Jun 01 Description C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n Enter the amount in the credit field. 1110 Cash 40,000.00 Joseph's investment 3100 Capital Stock Joseph's investment 40,000.00 Salary Exp Joseph's investment Cash Joseph's investment Step III - Worksheet Although not graded, you need to complete the Worksheet. If each of your journal entries are in balance then your Unadjusted Trial Balance and the Adjusting Entry columns will be in balance. Your Adjusted Trial Balance will balance when you place each of the account balances into the correct debit or credit position in the Adjusted Trial Balance section of 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. 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, Shareholder's Equity Statement and 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 Cost 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 Capital Stock 3200 Retained Earnings 3300 Dividends 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 5120 Income Tax Expense Normal Balance Debit Debit Debit Debit Debit Debit Credit Debit Credit Debit Credit Debit Credit Credit Credit Credit Credit Credit Credit Credit Credit Debit Credit Credit Debit 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, Inc. Andrew Anderson 1455 Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,600 shares of its common stock to Jeremy after $22,260 in cash and computer equipment with a fair market value of $32,340 were received. 02. June 1: Byte of Accounting, Inc. issued 2,220 shares of its common stock after acquiring from Courtney $36,750 in cash, computer equipment with a fair market value of $8,820 and office equipment with a fair value of $1,050. 03. June 1: Byte of Accounting, Inc. acquired $54,600 in cash from Andrew Anderson and issued 2,600 shares of its common stock. 04. June 2: A down payment of $31,000 in cash was made on additional computer equipment that was purchased for $155,000. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation. 06. June 8: Unsatisfactory office equipment costing $80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Byte paid $23,750 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 $5,808 in cash. The effective date of the policy was June 16. 09. June 16: Computer consultation revenue of $7,500 was received. 10. June 16: Byte purchased a building and the land it is on for $137,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $22,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $13,700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 11. June 17: Cash of $4,600 was paid for rent for June and July. Put the total amount into the Prepaid Rent account. 12. June 17: Received a bill of $250 from the local newspaper for advertising. 13. June 21: Billed various miscellaneous local customers $4,200 for consulting services performed. 14. June 21: A fax machine for the office was purchased for $875 cash. 15. June 21: Accounts payable in the amount of $320 were paid. 16. June 22: Paid the advertising bill that was received on June 17. 17. June 22: Received a bill for $1,215 from Computer Parts and Repair Co. for repairs to the computer equipment. 18. June 22: Paid salaries of $810 to equipment operators for the week ending June 18. 19. June 23: Cash in the amount of $3,365 was received on billings. 20. June 23: Purchased office supplies for $505 on credit. Record the purchase as an increase to the assets. 21. June 28: Billed $5,385 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount of $5,101 was received for billings. 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 24. June 29: Paid salaries of $810 to equipment operators for the week ending June 25. 25. June 30: Received a bill for the amount of $940 from O & G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.16 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.] Adjusting Entries - Round to two decimal places. 27. The rent payment made on June 17 was for June and July. Expense the amount associated with one month's rent. Byte of Accounting, Inc. Transaction Andrew Anderson 1455 Description of transaction 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 9.00 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. 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. 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,000 for the period of June 28-30. 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-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 $7,000. The office equipment has a scrap value of $300. 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 $486 are owed by Byte for three days, June 28 - 30. 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 $124,000. On June 10, eight days later, $23,750 was repaid. Interest expense must be calculated on the $124,000 for eight days. In addition, interest expense on the $100,250 balance of the loan ($124,000 less $23,750 = $100,250) must be calculated for the 20 days remaining in the month of June.] 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 statement.] Closing Entries 36. Close the revenue accounts. 37. Close the expense accounts. 38. Close the income summary account. 39. Close the dividends account. A Byte of Accounting, Inc. General Journal al an ce To ta lB Description C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n 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 Capital Stock Jeramy's Investment Jeramy's Investment Jeramy's Investment 22,260.00 32,340.00 22260 32340 54,600.00 (54600) 0 0 0 0 0 02 02 02 02 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 1211 Office Equip. 3100 Capital Stock Courtney's Investment Courtney's Investment Courtney's Investment Courtney's Investment 36,750.00 8,820.00 1,050.00 36750 8820 1050 46,620.00 (46620) 0 0 0 0 03 03 Jun 01 Jun 01 1110 Cash 3100 Capital Stock Andrew's Investment Andrew's Investment 54,600.00 54600 54,600.00 (54600) 0 0 0 0 0 0 04 04 04 Jun 02 Jun 02 Jun 02 1311 Computer Equip. 1110 Cash 2202 Notes Payable Downpayment for Computer Equip. Downpayment for Computer Equip. Downpayment for Computer Equip. 155,000.00 155000 31,000.00 (31000) 124,000.00 ### 0 0 0 0 0 05 05 Jun 04 Jun 04 1211 Office Equip. 2101 Accounts Payable Additional Office Equipment Additional Office Equipment 400 (400) 0 0 0 0 0 0 06 06 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip. Usatisfactory Office Equipment Usatisfactory Office Equipment 80.00 80 (80) 0 0 0 0 0 0 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash Computer Equipment Payment Computer Equipment Payment 23,750.00 23750 23,750.00 (23750) 0 0 0 0 0 0 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash Insurance Payment Insurance Payment 5,808.00 5808 (5808) 0 0 0 0 0 0 09 09 Jun 16 Jun 16 1110 Cash Computer Consultation Revenue 4100 Computer & ConsultingComputer Consultation Revenue 7500 (7500) 0 0 0 0 0 0 10 10 10 10 Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building Cost 1110 Cash 2201 Mortgage Payable Purchased Building Purchased Building Purchased Building Purchased Building 22000 115000 13,700.00 (13700) 123,300.00 ### 0 0 0 0 11 11 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash Rent for June and July Rent for June and July 4600 (4600) 0 0 0 0 0 0 12 12 Jun 17 Jun 17 5030 Advertising Expense 2101 Accounts Payable Adverising Expense Adverising Expense 250 (250) 0 0 0 0 0 0 13 13 Jun 21 Jun 21 1120 Accounts Receivable Billed Customers for Services 4100 Computer & ConsultingBilled Customers for Services 4200 (4200) 0 0 0 0 0 0 14 14 Jun 21 Jun 21 1110 Cash 1150 Office Supplies Purchased a Fax Machine Purchased a Fax Machine 875.00 875 (875) 0 0 0 0 0 0 15 15 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash Paid Accounts Payable Paid Accounts Payable 320.00 320 (320) 0 0 0 0 0 0 16 16 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash Paid Advertising Bill Paid Advertising Bill 250.00 250 (250) 0 0 0 0 0 0 17 17 Jun 22 Jun 22 5040 Repairs & Maint. ExpenReceived Bill for Repairs 2101 Accounts Payable Received Bill for Repairs 1215 (1215) 0 0 0 0 0 0 18 18 Jun 22 Jun 22 5020 Salary Expense 1110 Cash 810 (810) 0 0 Paid Salaries Paid Salaries 400.00 400.00 80.00 5,808.00 7,500.00 7,500.00 22,000.00 115,000.00 4,600.00 4,600.00 250.00 250.00 4,200.00 4,200.00 875.00 320.00 250.00 1,215.00 1,215.00 810.00 810.00 A Byte of Accounting, Inc. General Journal al an ce To ta lB Description C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n Note: You can only enter data into the yellow filled cells. 0 0 19 19 Jun 23 Jun 23 1110 Cash 1120 Accounts Receivable Cash Received on Billings Cash Received on Billings 20 20 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable Purchase of Office Supplies Purchase of Office Supplies 21 21 Jun 28 Jun 28 1120 Accounts Receivable Billed Customers for Services 4100 Computer & ConsultingBilled Customers for Services Jun 29 Jun 29 1110 Cash 1120 Accounts Receivable Received Cash from Billings Received Cash from Billings Jun 29 Jun 29 2101 Accounts Payable 1110 Cash Computer Repair Bill Computer Repair Bill Jun 29 Jun 29 5020 Salary Expense 1110 Cash Paid Salaries Paid Salaries Jun 30 Jun 30 5050 Oil & Gas Expense 2101 Accounts Payable Received a Bill Received a Bill Jun 30 Jun 30 3300 Dividends 1110 Cash Paid Share Holders Paid Share Holders Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent Adjusted Accumulated Rent Expense Adjusted Accumulated Rent Expense Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies Adjusted for Used Office Euipment Adjusted for Used Office Euipment 1,029.00 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Accumulated Interest on Mortgage Accumulated Interest on Mortgage Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance Half Month Insurance Half Month Insurance Jun 30 Jun 30 1120 Accounts Receivable Unbilled Revenues 4100 Computer & ConsultingUnbilled Revenues Jun 30 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense Adjusted for Accumulated Depreciatio 1212 Accum. Depr.-Office Equ djusted for Accumulated Depreciation A 1312 Accum. Depr.-Computer djusted for Accumulated Depreciation A 1412 Accum. Depr.-Building Adjusted for Accumulated Depreciation 3,625.99 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable Unpaid Salaries Unpaid Salaries 34 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Accrued Interest Accrued Interest 35 35 Jun 30 Jun 30 5120 Income Tax Expense Accrued Income Taxes 2106 Income Taxes Payable Accrued Income Taxes 0 0 0 0 810 (810) 0 0 0 0 0 0 940 (940) 0 0 0 0 0 0 1187 (1187) 0 0 0 0 0 0 2300 (2300) 0 0 0 0 0 0 1029 1,029.00 (1029) 0 0 0 0 0 0 372 (372) 0 0 0 0 0 0 242 (242) 0 0 0 0 0 0 5000 (5000) 0 0 0 0 0 0 3626 12.74 (13) 3,269.33 (3269) 343.92 (344) 0 0 0 0 486 (486) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 5,000.00 32 32 32 32 1215 (1215) 0 0 242.00 31 31 0 0 0 0 371.53 30 30 5101 (5101) 0 0 2,300.00 28 28 0 0 0 0 1,187.20 27 27 5385 (5385) 0 0 940.00 26 26 0 0 0 0 810.00 25 25 505 (505) 0 0 1,215.00 24 24 0 0 0 0 5,101.00 23 23 3365 (3365) 0 0 5,385.00 22 22 0 0 3,365.00 3,365.00 505.00 505.00 5,385.00 5,101.00 1,215.00 810.00 940.00 1,187.20 2,300.00 371.53 242.00 5,000.00 486.00 486.00 A Byte of Accounting, Inc. General Journal al an ce Name Description 4100 Computer & Consulting Revenue 3400 Income Summary Need a Description 37 37 37 37 37 37 37 37 37 37 37 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 38 38 39 39 To ta lB Jun 30 Jun 30 C re di t 36 36 D eb it ou nt A cc D at e Tr a ns ac tio n Note: You can only enter data into the yellow filled cells. 0 0 0 0 0 16 0 0 3400 Income Summary Closing Expenses 5010 Rent Expense Closing Expenses 5020 Salary Expense Closing Expenses 5030 Advertising Expense Closing Expenses 5040 Repairs & Maint. ExpenClosing Expenses 5050 Oil & Gas Expense Closing Expenses 5080 Supplies Expense Closing Expenses 5090 Interest Expense Closing Expenses 5100 Insurance Expense Closing Expenses 5110 Depreciation Expense Closing Expenses 5120 Income Tax Expense Closing Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Jun 30 Jun 30 3400 Income Summary 3200 Retained Earnings Cosing Income Summary Account Cosing Income Summary Account 0 0 0 0 0 0 0 0 Jun 30 Jun 30 3200 Retained Earnings 3300 Dividends Closing Dividends Closing Dividends 0 0 0 0 0 0 0 0 16 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 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends 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 5120 Income Tax Expense TOTAL NET INCOME ` Unadjusted Trial Balance Debit Credit 47,000.80 1,119.00 5,808.00 4,600.00 370.00 1,370.00 196,160.00 115,000.00 22,000.00 1,445.00 123,300.00 100,250.00 155,820.00 1,187.20 - Adjusting Entries Debit Credit 5,000.00 242.00 2,300.00 1,029.00 12.74 3,269.33 343.92 371.53 486.00 - Adjusted Trial Balance Debit Credit 47,000.80 6,119.00 5,566.00 2,300.00 1,399.00 1,370.00 12.74 196,160.00 3,269.33 115,000.00 343.92 22,000.00 1,445.00 371.53 486.00 123,300.00 100,250.00 155,820.00 1,187.20 - 1,620.00 250.00 1,215.00 940.00 - 17,085.00 - 2,300.00 486.00 1,029.00 371.53 242.00 3,625.99 - 5,000.00 - 2,300.00 2,106.00 250.00 1,215.00 940.00 1,029.00 371.53 242.00 3,625.99 - 22,085.00 - 398,270.00 398,270.00 13,054.52 13,054.52 408,782.52 408,782.52 Income Statement Debit Credit Balance Sheet Debit Credit A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2016 4100 5010 5020 5030 5040 5050 5080 5090 5100 5110 Revenues Computer & Consulting 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 Before Tax 5120 Income Tax Expense (Round to two decimal places) Net Income After Tax 0 0 0 You must finish the worksheet before you can complete the Income Statement, see FAQ 02. A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2016 Total Balance, Beginning of Period Net Income Dividends Balance, End of Period 0 You must finish the worksheet before you can complete the Changes in Retained Earnings, see FAQ 02. A Byte of Accounting, Inc. Balance Sheet As of June 30, 2016 d Assets 1110 1120 1130 1140 1150 1211 1212 Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets Office Equip. 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 2101 2102 2103 2105 2106 2201 2202 Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities Stockholder's Equity 3100 3200 Capital Stock Retained Earnings Total Total Liabilities and Stockholder's Equity 0 You must finish the worksheet before you can complete the Balance Sheet, see FAQ 02