i just need help with the adjusting entries and closing entries.

Byte of Accounting, Inc. ANNA SAPP 3989 Transaction Description of transaction 01 June 1: Byte of Accounting, Inc. acquired $73,600 in cash from Lauryn and issued 3.200 shares of its common stock 5 3 02 June 1: Byte of Accounting, Inc. issued 2,610 shares of its common stock to ANNA SAPP after $25,530 in cash and computer equipment with a fair market value of $34,500 were received. 7 8 03 June 1: Byte of Accounting, Inc. issued 1.739 shares of its common stock after acquiring from Courtney $28,750 in casli, computer equipment with a fair market value of $10,580 and office equipment with a fair value of $667, + 9 10 04. June 2: A down payment of $28,000 in cash was made on additional computer equipment that was purchased for $140,000. A five-year note was executed by Byte for the balance, 11 12 OS. June 4: Additional office equipment costing 3400 was purchased on credit from Discount Computer Corporation 13 06. Jue 8: Unsatisfactory office equipment costing $80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 15 10 07 June 10: Byte paid $21.500 on the balance it owed on the June 2 purchase of computer equipment 17 18 19 08 June 14: A 00-year insurance policy covering its computer equipment was purchased by Byte for 56.480 in cash. The effective date of the policy was June 16. FAQ Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Change Jay e DELL F1 F2 F3 F4 F5 F6 F7 FB FO F10 63 The annual interest rate on the mortgage payable Was 8.00 A 20 21 22 09 June 16: A check in the amount of $7.250 was received for consulting revemme. 10. June 16: Byte purchased a building and the land it is on for $119,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $19.000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11.900 and executed a mortgage for the balance. The mortgage is payable in eight equal anual installments beginning July 1. 23 24 11. June 17: Cash of S6,300 was paid for rent for June July and August. Put the total amount into the Prepaid Rent account 25 265 12 June 17: Received a bill of $275 from the local newspaper for advertising. 27 28 + 13 June 21: Accounts payable in the amount of $320 were paid 29 30 31 14. June 21: A fax machine for the office was purchased for $750 cash. 32 15. June 21: Billed various miscellaneous local customers $4,300 for consulting services performed 33 34 35 16. June 22: Paid salaries of S810 to equipment operators for the week ending June 18. 17. June 22: Received a bill for $1.290 from Computer Parts and Repair Co. for repairs to the computer equipment 37 38 39 40 18. June 22: Paid the advertising bill that was received on June 17. 19 41 June 23: Purchased office supplies for $705 on credit. Record the purchase as an increase to the assets Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement FAQ Chan DELL F1 F2 53 F4 F5 F6 F7 FB F9 f The annual interest rate on the mortgate payable was 8.00 percent. Interest expense for one he 20. B June 23: Cash in the amount of $3,445 was received on billings. 21. June 28: Billed $5.280 to miscellaneous customers for services performed to June 25. 5 3 7 8 June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 19 23 June 29: Cash in the amount of $5,001 was received for billings. 24 June 29: Paid salaries of $810 to equipment operators for the week ending June 25. 52 53 54 25. June 30: Received a bill for the amount of $1,015 from O&G Oil and Gas Co. 26. June 30: Paid dividend of $0.15 per share to the three shareholders of Byte. (IMPORTANT NOTE: The number of shares of capital stock outstanding can be termined from the first three transactions. 55 50 57 58 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. 59 60 28 A physical inventory showed that only $292.00 worth of office supplies remained on hand as of June 30. 61 02 29. The annual interest rate on the mortgage payable was 8.00 percent. Interest expense for one-half mooth should be computed because the building and land were purchased and the liability incurred on June 16. 354 30 65 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 FAQ Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Change Ready DELL CC FB F9 The annual interest rate on the mortgage payable was 8.00 percent interes pense for one A 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $8,750 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 mouth. The building's scrap value is $8,000. The office equipment has a scrap value of $500. The computer equipment has no scrap value. Calculate the depreciation for one month. 3 4 33 A review of the payroll records show that paid salaries in the amount of S486.0t are owed by Byte for three days, June 28 - 30. -5 28 34. 77 The note payable relating to the June 2, and 10 transactions is a five-year note, with interest at the rate of 12 percentually. 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 $112,000. On June 10, eight days later. S21,500 was repaid. Interest expense must be calculated on the $112.000 for eight days. In addition, interest expense on the $90.500 balance of the loan ($112.000 less $21.500 - 590,500) must be calculated for the 20 days remaining in the month of Jime.) 79 80 31 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 82 83 84 Closing Entries FAO Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Change Beky e DELL 33 die w 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 S112,000. On June 10, eight days later, $21,500 was repaid. Interest expense must be calculated on the $112,000 for eight days. In addition, interest expense on the $90,500 balance of the loan ($112.000 less $21.500 - 590,500) must be calculated for the 20 days remaining in the mouth of Jme. 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 reveme accounts. 3 37 Close the expense accounts 3 0 38. Close the income summary account 39 1 12 33 24 Close the dividends account. 36 FAO Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Chan Ready DELL ET F2 ES GA E5 F7 FB 79 Byte of Accounting, Inc. ANNA SAPP 3989 Transaction Description of transaction 01 June 1: Byte of Accounting, Inc. acquired $73,600 in cash from Lauryn and issued 3.200 shares of its common stock 5 3 02 June 1: Byte of Accounting, Inc. issued 2,610 shares of its common stock to ANNA SAPP after $25,530 in cash and computer equipment with a fair market value of $34,500 were received. 7 8 03 June 1: Byte of Accounting, Inc. issued 1.739 shares of its common stock after acquiring from Courtney $28,750 in casli, computer equipment with a fair market value of $10,580 and office equipment with a fair value of $667, + 9 10 04. June 2: A down payment of $28,000 in cash was made on additional computer equipment that was purchased for $140,000. A five-year note was executed by Byte for the balance, 11 12 OS. June 4: Additional office equipment costing 3400 was purchased on credit from Discount Computer Corporation 13 06. Jue 8: Unsatisfactory office equipment costing $80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 15 10 07 June 10: Byte paid $21.500 on the balance it owed on the June 2 purchase of computer equipment 17 18 19 08 June 14: A 00-year insurance policy covering its computer equipment was purchased by Byte for 56.480 in cash. The effective date of the policy was June 16. FAQ Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Change Jay e DELL F1 F2 F3 F4 F5 F6 F7 FB FO F10 63 The annual interest rate on the mortgage payable Was 8.00 A 20 21 22 09 June 16: A check in the amount of $7.250 was received for consulting revemme. 10. June 16: Byte purchased a building and the land it is on for $119,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $19.000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11.900 and executed a mortgage for the balance. The mortgage is payable in eight equal anual installments beginning July 1. 23 24 11. June 17: Cash of S6,300 was paid for rent for June July and August. Put the total amount into the Prepaid Rent account 25 265 12 June 17: Received a bill of $275 from the local newspaper for advertising. 27 28 + 13 June 21: Accounts payable in the amount of $320 were paid 29 30 31 14. June 21: A fax machine for the office was purchased for $750 cash. 32 15. June 21: Billed various miscellaneous local customers $4,300 for consulting services performed 33 34 35 16. June 22: Paid salaries of S810 to equipment operators for the week ending June 18. 17. June 22: Received a bill for $1.290 from Computer Parts and Repair Co. for repairs to the computer equipment 37 38 39 40 18. June 22: Paid the advertising bill that was received on June 17. 19 41 June 23: Purchased office supplies for $705 on credit. Record the purchase as an increase to the assets Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement FAQ Chan DELL F1 F2 53 F4 F5 F6 F7 FB F9 f The annual interest rate on the mortgate payable was 8.00 percent. Interest expense for one he 20. B June 23: Cash in the amount of $3,445 was received on billings. 21. June 28: Billed $5.280 to miscellaneous customers for services performed to June 25. 5 3 7 8 June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 19 23 June 29: Cash in the amount of $5,001 was received for billings. 24 June 29: Paid salaries of $810 to equipment operators for the week ending June 25. 52 53 54 25. June 30: Received a bill for the amount of $1,015 from O&G Oil and Gas Co. 26. June 30: Paid dividend of $0.15 per share to the three shareholders of Byte. (IMPORTANT NOTE: The number of shares of capital stock outstanding can be termined from the first three transactions. 55 50 57 58 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. 59 60 28 A physical inventory showed that only $292.00 worth of office supplies remained on hand as of June 30. 61 02 29. The annual interest rate on the mortgage payable was 8.00 percent. Interest expense for one-half mooth should be computed because the building and land were purchased and the liability incurred on June 16. 354 30 65 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 FAQ Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Change Ready DELL CC FB F9 The annual interest rate on the mortgage payable was 8.00 percent interes pense for one A 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $8,750 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 mouth. The building's scrap value is $8,000. The office equipment has a scrap value of $500. The computer equipment has no scrap value. Calculate the depreciation for one month. 3 4 33 A review of the payroll records show that paid salaries in the amount of S486.0t are owed by Byte for three days, June 28 - 30. -5 28 34. 77 The note payable relating to the June 2, and 10 transactions is a five-year note, with interest at the rate of 12 percentually. 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 $112,000. On June 10, eight days later. S21,500 was repaid. Interest expense must be calculated on the $112.000 for eight days. In addition, interest expense on the $90.500 balance of the loan ($112.000 less $21.500 - 590,500) must be calculated for the 20 days remaining in the month of Jime.) 79 80 31 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 82 83 84 Closing Entries FAO Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Change Beky e DELL 33 die w 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 S112,000. On June 10, eight days later, $21,500 was repaid. Interest expense must be calculated on the $112,000 for eight days. In addition, interest expense on the $90,500 balance of the loan ($112.000 less $21.500 - 590,500) must be calculated for the 20 days remaining in the mouth of Jme. 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 reveme accounts. 3 37 Close the expense accounts 3 0 38. Close the income summary account 39 1 12 33 24 Close the dividends account. 36 FAO Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement Chan Ready DELL ET F2 ES GA E5 F7 FB 79