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AutoSave OFF LP6572 Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 2 Insert v X [G } v v Paste Ideas Sensitivity V B76 Arial 10 v AA ab Wrap Text Ceneral 1 Uy = = = Merge & Center Conditional Format Cell Sort Find & Formatting es Table Styles Format v Filter Select fx 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. B D E F H Description of transaction June 1: Byte of Accounting, Inc. issued 2,690 shares of its common stock to Jeremy after $29,120 in cash and computer equipment with a fair market value of $40,820 were received. A | 3 Transaction 01. 4 5 02. June 1: Byte of Accounting, Inc. issued 1,939 shares of its common stock after acquiring from Courtney S35,100 in cash, computer equipment with a fair market value of $14,560 and office equipment with a fair value of $754. 6 7 03. June 1: Byte of Accounting, Inc. acquired $72,800 in cash from Leonel Pablo and issued 2,800 shares of its common stock 8 9 June 2: A down payment of 532.000 in cash was made on additional computer equipment that was purchased for $160,000. A five-year note was executed by Byte for the balance. 10 11 05. June 4: Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation. 12 13 06. June 8: Unsatisfactory office oquipment costing $60 was retumed to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 14 15 07 June 10: Byte paid $24,500 on the balance it owed on the June 2 purchase of computer equipment. 16 17 08. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5,472 in cash. The effective date of the policy was June 16. 18 19 09. June 16: Computer consultation revenue of $6,000 was received. 20 21 Junie 16: Byle purchased a building and the land it is on for $131,000, lo house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $21,000. The balance of 10. Chart of Accounts Transactions A General Journal Worksheet Income Statement Changes in Retained Earings A Balance Shoot How to Create a Pivot Table Data for G+ | 5 132% % AutoSave OFF LP6572 Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments 2 Insert v X [G } v v Paste Ideas Sensitivity V Arial 10 VAR A ab Wrap Text Ceneral 1 Uy Merge & Center v Conditional Format Cell Sort Find & Formatting es Table Styles Format v Filter Select fx 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, B D E F H B76 A | K 10. June 16: Byte purchased a building and the land it is on for $131,000, to house its repair facilities and to sture computer equipment. The lot on which the building is located is valued at $21,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $13,100 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 56,300 was paid for rent for June, July and August. Put the total amount into the Prepaid Rent account 24 25 12 June 17: Received a bill of S425 from the local newspaper for advertising. 27 13. June 21: Billed various miscellancous local customers 54,900 for consulting services performed. 28 29 14. Junie 21: A fax machine for the office was purchased for $875 cash. 15. June 21: Accounts payable in the amount of $240 were paid. 31 32 33 34 35 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 37 38 39 18. June 22: Paid salaries of $1,010 to equipment operators for the week ending June 18. 19. June 23: Cash in the amount of S3,925 was received on billings. 40 41 42 20. June 23: Purchased office supplies for $580 on credit. Record the purchase as an increase to the assets 43 21. June 28: Billod $5,595 to miscellaneous customers for services performed to June 25. 44 45 20. C. in ihniSS 300 ... iww.inbill Chart of Accounts Transactions Gencral Journal A Worksheet A Income Statement A Changes in Retained Eamings A Balance Shoot How to Create a Pivot Table Data for G+ 5 132% % AutoSave OFF LP6572 Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X [G 28 v v Paste Ideas Sensitivity Arial 10 ab Wrap Text Insert v Ceneral 2 1 = = = Merge & Center Conditional Format Cell Sort Find & Formatting es Table Styles Format v Filter Select f. 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. B C D E F H B76 A I K 45 46 47 22. June 29: Cash in the amount of $5,300 was received for billings 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co 48 49 50 24. Junie 29: Paid salaries of $1,010 to equipment operators for the week ending June 25. 51 25. June 30: Received a bill for the amount of $940 from O&G Oil and Gas Co. 52 53 26. June 30: Paid a cash dividend of $0.18 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 56 57 Adjusting Entries - Round to two decimal places. 27. The rent payment made on June 17 was fur Jurie, July and August. Expense the amount associated with une month's rent. 58 59 28. A physical inventory showed that only $236.00 worth of office supplies remained on hand as of June 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 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. 64 65 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $8,750 for the Iperiod of June 28-30. 67 Chart of Accounts Transactions General Journal A Worksheet A Income Statement A Changes in Retained Eamings A Balance Shoot How to Create a Pivot Table Data for G+ 5 132% % AutoSave IF LP6572 Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X [G } v Paste Ideas Sensitivity V Arial 10 v AA Wrap Text Insert v Ceneral 2 v BIU Merge & Center v Conditional Format Cell Sort Find & Formatting es Table Styles Format v Filter Select fx 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, B C D E F H B76 A | K 67 68 32 70 71 The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5.0 years Oflice 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 $500. The office equipment has a scrap value of $450. The computer equipment has no scrap value. Calculate the depreciation for one month. 72 73 33. A review of the payroll records show that unpaid salaries in the amount of $606 are owed by Byte for three days, June 28 - 30, 74 75 34. 76 77 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 $128,000. On June 10, eight days later, $24,500 was repaid. Interest expense must be calculated on the $128,000 for eight days. In addition, interest expense on the S103,500 balance of the loan ($128,000 less $24,500 - $103,500) 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 niet incurre 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.] 81 82 Closing Entries 84 36. Close the revenue accounts 86 Chart of Accounts Transactions A General Journal A Workshoot A A Income Statement A Changes in Retained Eamings A Balance Shoot How to Create a Pivot Table Data for G+ 5 132% % AutoSave IF LP6572 Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X [G Arial 10 Wrap Text 2 Insert v Ceneral } v v Paste Ideas Sensitivity V B76 A 1 Uy Merge & Center Conditional Format Cell Sort Find & Formatting es Table Styles Format v Filter Select f. 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. B C D E F H |THIRUNUUUU AUUUMMAI loan ($128.000 less $24,500 = $103,500) must be calculated for the 20 days remaining in the month of Junc.] | K 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 statement.] 81 82 Closing Entries 83 84 85 Close the revenuc accounts. 87 37. Close the expense accounts. 88 89 38. Close the income summary account. 90 39. Close the dividends account. 91 92 93 95 97 99 100 101 102 103 104 105 106 107 Chart of Accounts Transactions A General Journal A Worksheet A Income Statement A Changes in Retained Eamings A Balance Shoot How to Create a Pivot Table Data fort 3 ,, 132%