I just need help with 35 and 38

Transaction Description of transaction June 1: Byte of Accounting, Inc. acquired $50,000 in cash from Lauryn and issued 2,000 shares of its common stock. 01 June 1: Byte of Accounting, Inc. issued 2,550 shares of its common stock to Kelsie Kimmons after $26,750 in cash and computer equipment with a fair market value of $37,000 were received. 02 June 1: Byte of Accounting, Inc. issued 2,425 shares of its common stock after acquiring from Courtney $46,250 in cash, computer equipment with a fair market value of $13,500 and office equipment with a fair value of $875 03 June 2: A down payment of S36,000 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. 04 June 4: Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation 0 June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte n% 07. June 10: Byte paid $27,500 on the balance it owed on the June 2 purchase of computer equipment. 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 M8 June 16: A check in the amount of $6,750 was received for consulting revenue June 16: Byte purchased a building and the land it is on for $95,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $15,000. The 10. balance of the cost is to be allocated to the building. Byte made a cash down payment of S9,500 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1 June 17: Cash of $4,200 was paid for rent for June and July. Put the total amount into the Prepaid Rent account. 12 June 17: Received a bill of $325 from the local newspaper for advertising 13.June 21: Accounts payable in the amount of $240 were paid. 14. June 21: A fax machine for the office was purchased for $850 cash. 15. June 21: Billed various miscellaneous local customers $4,500 for consulting services performed. June 22: Paid salaries of $1,010 to equipment operators for the week ending June 18. June 22: Received a bill for $1,290 from Computer Parts and Repair Co. for repairs to the computer 16. equipment. 18.June 22: Paid the advertising bill that was received on June 17. 19. 20. June 23: Cash in the amount of $3,605 was received on billings June 28: Billed $5,280 to miscellaneous customers for services performed to June 25. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co June 29: Cash in the amount of $5,001 was received for billings. June 29: Paid salaries of $1,010 to equipment operators for the week ending June 25 2.1 23 21 25. June 30: Received a bill for the amount of $915 from & Oil and Gas Co June 30: Paid a cash dividend of $0.15 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.] 26 AjngEntries - Round to two decimal places. The rent payment made on June 17 was for June and July. Expense the amount associated with one month's rent 27 A physical inventory showed that only $247.00 worth of office supplies remained on hand as of June 30 28. me annuar mterest rate on tte morrgage payabre was 7.0o percent. merest expense Tor one-naI month should be computed because the building and land were purchased and the liability incurred 9 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. 302. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,625 for the period of June 28-30 31 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 duringa month are treated as if purchased on the first day of the month. The building's scrap value is $8,500. The office equipment has a scrap value of S300. The computer equipment has no scrap value. Calculate the depreciation for one month. A review of the payroll records show that unpaid salaries in the amount of $606.00 are owed by Byte for three days, June 28-30 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 $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 of the loan ($144,000 less $27,500 116,500) must be calculated for the 20 days remaining in thoe month of June.] 34 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 wl 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. Transaction Description of transaction June 1: Byte of Accounting, Inc. acquired $50,000 in cash from Lauryn and issued 2,000 shares of its common stock. 01 June 1: Byte of Accounting, Inc. issued 2,550 shares of its common stock to Kelsie Kimmons after $26,750 in cash and computer equipment with a fair market value of $37,000 were received. 02 June 1: Byte of Accounting, Inc. issued 2,425 shares of its common stock after acquiring from Courtney $46,250 in cash, computer equipment with a fair market value of $13,500 and office equipment with a fair value of $875 03 June 2: A down payment of S36,000 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. 04 June 4: Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation 0 June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte n% 07. June 10: Byte paid $27,500 on the balance it owed on the June 2 purchase of computer equipment. 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 M8 June 16: A check in the amount of $6,750 was received for consulting revenue June 16: Byte purchased a building and the land it is on for $95,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $15,000. The 10. balance of the cost is to be allocated to the building. Byte made a cash down payment of S9,500 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1 June 17: Cash of $4,200 was paid for rent for June and July. Put the total amount into the Prepaid Rent account. 12 June 17: Received a bill of $325 from the local newspaper for advertising 13.June 21: Accounts payable in the amount of $240 were paid. 14. June 21: A fax machine for the office was purchased for $850 cash. 15. June 21: Billed various miscellaneous local customers $4,500 for consulting services performed. June 22: Paid salaries of $1,010 to equipment operators for the week ending June 18. June 22: Received a bill for $1,290 from Computer Parts and Repair Co. for repairs to the computer 16. equipment. 18.June 22: Paid the advertising bill that was received on June 17. 19. 20. June 23: Cash in the amount of $3,605 was received on billings June 28: Billed $5,280 to miscellaneous customers for services performed to June 25. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co June 29: Cash in the amount of $5,001 was received for billings. June 29: Paid salaries of $1,010 to equipment operators for the week ending June 25 2.1 23 21 25. June 30: Received a bill for the amount of $915 from & Oil and Gas Co June 30: Paid a cash dividend of $0.15 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.] 26 AjngEntries - Round to two decimal places. The rent payment made on June 17 was for June and July. Expense the amount associated with one month's rent 27 A physical inventory showed that only $247.00 worth of office supplies remained on hand as of June 30 28. me annuar mterest rate on tte morrgage payabre was 7.0o percent. merest expense Tor one-naI month should be computed because the building and land were purchased and the liability incurred 9 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. 302. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,625 for the period of June 28-30 31 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 duringa month are treated as if purchased on the first day of the month. The building's scrap value is $8,500. The office equipment has a scrap value of S300. The computer equipment has no scrap value. Calculate the depreciation for one month. A review of the payroll records show that unpaid salaries in the amount of $606.00 are owed by Byte for three days, June 28-30 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 $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 of the loan ($144,000 less $27,500 116,500) must be calculated for the 20 days remaining in thoe month of June.] 34 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 wl 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