i need all the yellow answered and can you check my income statement
Adjusting Entries Adjusted Trial Balance Debit Credit Debit Credit 59.324 73 8,750 00 10046.00 256.00 5888.00 5,000,00 5,000.00 303.00 202.00 1,754.00 3.755.00 3.756.00 225, 360.00 218,25 218.25 107,000.00 16.12 16 12 17 000 00 16120.00 - 6 Account Unadjusted Trial Balance 7 Number Name Debit Credit 8 1110 Cash 59 324 73 9 1120 Accounts Receivable 1296.00 10 1130 Prepaid Insurance 6,144.00 11 1140 Prepaid Rent 10 000 00 12 1150 Office Supplies 50500 13 1211 Office Equip 1.754.00 14 1212 Accum. Depr..Office Equip 15 1311 Computer Equip 225,360 00 16 1312 Accum Dopr-Computer Equip 17 1411 Building Cost 107 000.00 18 1412 Accum Depr.- Building 10 1510 L and 17000.00 20 2101 Accounts Payable 1420 00 21 2102 Advanced Payments 22 2103 Interest Payable 23 2105 salarios Payable 24 2106 Income Taxes Payable 25 2201 Mortgago Payable 113,300.00 20 2202 Notes Payablo 116.500.00 3100 Capital Stock 185,029.00 28 3200 Retained Earnings 29 3300 Didends 2,03527 30 31 4100 Computer & Consulting Revenue 17520.00 32 5010 Rent Expense 33 5020 Salary Expense 1.670 00 34 5030 Advertising Expense 450.00 35 5040 Repairs & Maint. Fipense 1 115.00 36 5050 oil & Gas Expense 915.00 37 50B0 Supplies Expense 3a 5090 Interest Expense 39 5100 insurance Expense 40 5110 Deprecaon Erpenge 45 5120 Income Tax Expense 42 149113 501.00 3.18241 1491 13 50100 3.182.41 113,300.00 116.500.00 185,829.00 2035 27 8.750.00 25270 00 5000.00 501.00 303.00 1,491.13 256.00 3.990.37 3,182 41 5000.00 2.171.00 450.00 1.115.00 915 00 303.00 1.49113 256.00 3990.37 3.18241 General Journal Note: You can only enter data into the yellow filled colle. Transaction Date Account Name Description 1990 Credit 7 665 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stock issue of common stock issue of common stock issue of common stock 23,310.00 32,760.00 56.070.00 9 10 11 12 13 14 15 8888 02 02 02 02 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 1211 Office Equip 3100 Capital Stock issue of common stock issue of common stock issue of common stock issue of common stock 45.150.00 12.600.00 609.00 58,359,00 03 03 Jun 01 Jun 01 1110 Cash 3100 Capital Stock 71,400.00 issue of common stock issue of common stock 71.400.00 20 180,000.00 22 04 04 04 Jun 02 Jun 021 Jun 02 1311 Computer Equip 1110 Cash 2202 Notes Payable purchase of computer equipment purchase of computer equipment purchase of computer equipment 36.000.00 144,000.00 OS 05 Jun 04 Jun 04 1211 Office Equip 2101 Accounts Payable purchase of office equipment purchase of office equipment 400.00 400.00 06 06 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip return office equipment return office equipment 80.00 80.00 34 39 38 37 27,500.00 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash payment of computer equipment payment of computer equipment 27 500.00 33 Transaction Account Debit Credit Date Name Description 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash 6.144.00 computer insurance computer insurance 6.144.00 09 Jun 16 Jun 16 6,500.00 1110 Cash computer consultancy revenue 4100 Computer & Consultin computer consultancy revenue 09 6,500.00 17.000.00 107.000.00 10 10 10 10 Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building Cost 1110 Cash 2201 Mortgage Payable purchase of land and building purchase of land and building purchase of land and building purchase of land and building 10.700.00 113,300.00 10,000.00 TI 11 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash payment of rent payment of rent 10,000.00 450.00 12 12 Jun 17 Jun 17 5030 Advertising Expense advertising expense 2101 Accounts Payable advertising expense 450.00 4,900.00 13 13 Jun 21 Jun 21 1120 Accounts Receivable consulting revenue 4100 Computer & Consultin consulting revenue 4.900.00 825.00 Jun 21 Jun 21 1211 Office Equip 1110 Cash purchase of fax machine purchase of fax machine 14 825.00 2 General Journal Note: You can only enter data into the yellow miled colla. 3 Transaction Date Account Debit Credit Name Description 320.00 15 15 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash payment of accounts payable payment of accounts payable 320.00 74 75 76 77 78 79 80 81 82 83 84 85 86 87 38 16 16 450.00 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash payment of advertising expense payment of advertising expense 450.00 IN 1,115.00 Jun 22 Jun 22 17 5040 Repairs & Maint. Expe computer repairing fee 2101 Accounts Payable computer repairing fee 1.115.00 3 835.00 18 18 Jun 22 Jun 22 5020 Salary Expense 1110 Cash salary payment salary payment 835.00 3,925.00 19 19 Jun 23 Jun 23 1110 Cash receive payment 1120 Accounts Receivable receive payment 3.925.00 30 31 505 00 20 20 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable purchase of office supplies purchase of office supplies 505.00 183 109 106 107 6,120.00 21 21 Jun 28 Jun 28 1120 Accounts Receivable record oftevenue 4100 Computer & Consultin record of revenue 6.120.00 109 General Journal Nute: You can only enter data into the yellow filed colla. Transaction Date Account Name Description Debit Creat 22 22 Jun 29 Jun 29 1110 Cash receive payment 1120 Accounts Receivable receive payment 5,799.00 5.799.00 9 3 1 2 13 14 15 16 .17 118 119 120 121 1122 23 23 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash 1.115.00 payment of computer repair payment of computer repair 1.115.00 24 835.00 Jun 29 Jun 29 5020 Salary Expense 1110 Cash 24 salary payment salary payment 835.00 915.00 25 25 Jun 30 Jun 30 5050 Oil & Gas Expense 2101 Accounts Payable oil and gas expense oil and gas expense 915.00 9 30 26 2,035.27 Jun 301 Jun 30 3300 Dividends 1110 Cash dividends paid dividends paid 26 2.035.27 5.000.00 27 27 Jun 30 Jun 30 5010 Rent Expenso 1140 Prepaid Rent tente pense tecognized tent expense recognized 5.000.000 132 138 134 155 136 132 138 139 140 141 142 143 154 303.00 Isle Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies supplies expense supplies expense General Journal 3 Note: You can only enter data into the yellow filled cells. Transadion Date Account Name Description Debit Credit 29 29 4 145 146 147 148 749 150 151 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable interest adjustment interest adjustment 330.46 330.46 30 30 Jun 30 Jun 30 152 5100 Insurance Expense 1130 Prepaid Insurance insurance adjustment insurance adjustment 256.00 256,00 153 154 155 156 57 31 31 Jun 30 Jun 30 8.750.00 1120 Accounts Receivable unbilled tevenue 4100 Computer & Consultin unbilled revenue 8.750.00 3,990.37 162 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense depreciation experte 1312 Acoum. Depr.-Compu depreciation expense 1212 Accum. Depr.-Office depreciation expense 1412 Acoum Dept.-Buildin depreciation expense 218.25 3.756.00 16.12 33 33 50100 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable salary expense salary expense 501.00 34 34 Jun 30 Jun 30 5080 Interest Expense 2103 Interest Payable 1.160.67 interest adjustment interest adjustment 1.160.67 174 175 17E 177 3.182.41 35 35 Jun 30 Jun 30 5120 Income Tax Expense income tax expense 2106 Income Taxes Payable income tax expense 3.182.41 179 B G A B D E 1 A Byte of Accounting, Inc. 2 General Journal 3 Nute: You can only enter date into the yellow filled cells. Transadion Date Account Debit Credit Name 4 Description 174 175 176 177 35 35 Jun 30 Jun 30 5120 Income Tax Expense income tax expense 2106 Income Taxes Payabl income tax expense 3.182.41 3,182.41 178 24,430.00 36 36 Jun 30 Jun 30 4100 Computer & Consultin closing revenue 3400 Income Summary closing revenue 24 430.00 14,882.78 179 180 181 182 183 184 185 155 10 18 153 50 131 182 93 194 195 138 197 188 199 200 201 202 209 204 205 206 2071 37 37 37 371 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 3400 Income Summary closing expense 5010 Rent Expense closing expense 5020 Salary Expense closing expense 5030 Advertising Expense closing expense 5040 Repaits & Maint. Expe closing expense 5050 Oil & Gas Expense closing expense 5080 Supplies Expense closing expense 5030 Interest Expense closing expenso 5100 Insurance Expense closing.expense 5110 Depreciation Expense closing experise 5120 Income Tax Expense closing expense 2,500.00 2,171.00 450.00 $15.00 303.00 256.00 859.00 256.00 3.990.37 3,182.41 9.54722 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Earnings closing income summary closing Income summary 9.547.22 2,035 27 39 39 Jun 30 Jun 30 3200 Retained Earnings 3300 Dividends closing dividends closing dividends 2.035.27 3 Transaction 01. Description of transaction June 1: Byte of Accounting, Inc. issued 2,670 shares of its common stock to Jeremy after $23,310 in cash and computer equipment with a fair market value of $32,760 were received. 5 02. June 1: Byte of Accounting, Inc. issued 2,779 shares of its common stock after acquiring from Courtney $45,150 in cash, computer equipment with a fair market value of $12,600 and office equipment with a fair value of $609. 6 7 03. June 1: Byte of Accounting, Inc. acquired $71,400 in cash from Jacob Harris and issued 3,400 shares of its common stock. CO 9 04. June 2: A down payment of $36,000 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. 10 11 os. June 4: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation 1 13 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, 14 15 07. June 10: Byte paid $27,500 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 $6,144 in cash. The effective date of the policy was June 16. 18 19 20 09 June 16: Computer consultation revenue of $6,500 was received B 10. June 16: Byte purchased a building and the land it is on for $107,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $17,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 3 11. June 17: Cash of $10,000 was paid for rent for June, July, August and September. Put the total amount into the Prepaid Rent account. 4 05 26 27 12 June 17: Received a bill of $450 from the local newspaper for advertising. 13. June 21. Billed various miscellaneous local customers $4.900 for consulting services performed. 28 29 14. June 21: A fax machine for the office was purchased for $825 cash. 31 15. June 21: Accounts payable in the amount of $320 were paid. 33 16. June 22: Paid the advertising bill that was received on June 17 17 June 22: Received a bill for $1,115 from Computer Parts and Repair Co. for repairs to the computer equipment 18 June 22: Paid salaries of $835 to equipment operators for the week ending June 18. 39 40 19. June 23: Cash in the amount of $3,925 was received on billings. June 23: Purchased office supplies for $505 on credit. Record the purchase as an increase to the 20. 42 assets 21. June 28: Billed $6,120 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount of $5,799 was received for billings. 43 44 45 46 47 48 49 50 51 52 53 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 24 June 29. Paid salaries of $835 to equipment operators for the week ending June 25. 25 June 30: Received a bill for the amount of $915 from O & G Oil and Gas Co. 26. 54 June 30: Paid a cash dividend of $0.23 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. 55 56 -7 27 The rent payment made on June 17 was for Juno, July, August and September Expense the amount associated with one month's rent 58 59 28 A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30 60 61 29. The annual interest rate on the mortgago payablo was 7.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16 82 63 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 B 33. A review of the payroll records show that unpaid salaries in the amount of $501 are owed by Byte for three days, June 28 - 30. 34. 6 7 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 the month of June.) 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.) Closing Entries 36. Close the revenue accounts. 37 37. Close the expense accounts. 39 38. Close the income summary account 91 39 Close the dividends account. 92 93 94 A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2021 Total Balance, Beginning of Period Net Income Dividends Balance, End of Period B F G D E A Byte of Accounting, Inc. Balance Sheet As of June 30, 2021 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total $ 59,324.73 $ 10,046.00 $ 5,888.00 $ 5,000.00 $ 202.00 Long-Term Assets Office Equip Accum. Depr.-Office Equip Computer Equip Accum Depr.-Computer Equip Building Cost Accum. Depr.-Building Land Total Total Assets B C D E F G Liabilities 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 Capital Stock Retained Earnings Total Total Liabilities and Stockholder's Equity Adjusting Entries Adjusted Trial Balance Debit Credit Debit Credit 59.324 73 8,750 00 10046.00 256.00 5888.00 5,000,00 5,000.00 303.00 202.00 1,754.00 3.755.00 3.756.00 225, 360.00 218,25 218.25 107,000.00 16.12 16 12 17 000 00 16120.00 - 6 Account Unadjusted Trial Balance 7 Number Name Debit Credit 8 1110 Cash 59 324 73 9 1120 Accounts Receivable 1296.00 10 1130 Prepaid Insurance 6,144.00 11 1140 Prepaid Rent 10 000 00 12 1150 Office Supplies 50500 13 1211 Office Equip 1.754.00 14 1212 Accum. Depr..Office Equip 15 1311 Computer Equip 225,360 00 16 1312 Accum Dopr-Computer Equip 17 1411 Building Cost 107 000.00 18 1412 Accum Depr.- Building 10 1510 L and 17000.00 20 2101 Accounts Payable 1420 00 21 2102 Advanced Payments 22 2103 Interest Payable 23 2105 salarios Payable 24 2106 Income Taxes Payable 25 2201 Mortgago Payable 113,300.00 20 2202 Notes Payablo 116.500.00 3100 Capital Stock 185,029.00 28 3200 Retained Earnings 29 3300 Didends 2,03527 30 31 4100 Computer & Consulting Revenue 17520.00 32 5010 Rent Expense 33 5020 Salary Expense 1.670 00 34 5030 Advertising Expense 450.00 35 5040 Repairs & Maint. Fipense 1 115.00 36 5050 oil & Gas Expense 915.00 37 50B0 Supplies Expense 3a 5090 Interest Expense 39 5100 insurance Expense 40 5110 Deprecaon Erpenge 45 5120 Income Tax Expense 42 149113 501.00 3.18241 1491 13 50100 3.182.41 113,300.00 116.500.00 185,829.00 2035 27 8.750.00 25270 00 5000.00 501.00 303.00 1,491.13 256.00 3.990.37 3,182 41 5000.00 2.171.00 450.00 1.115.00 915 00 303.00 1.49113 256.00 3990.37 3.18241 General Journal Note: You can only enter data into the yellow filled colle. Transaction Date Account Name Description 1990 Credit 7 665 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stock issue of common stock issue of common stock issue of common stock 23,310.00 32,760.00 56.070.00 9 10 11 12 13 14 15 8888 02 02 02 02 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 1211 Office Equip 3100 Capital Stock issue of common stock issue of common stock issue of common stock issue of common stock 45.150.00 12.600.00 609.00 58,359,00 03 03 Jun 01 Jun 01 1110 Cash 3100 Capital Stock 71,400.00 issue of common stock issue of common stock 71.400.00 20 180,000.00 22 04 04 04 Jun 02 Jun 021 Jun 02 1311 Computer Equip 1110 Cash 2202 Notes Payable purchase of computer equipment purchase of computer equipment purchase of computer equipment 36.000.00 144,000.00 OS 05 Jun 04 Jun 04 1211 Office Equip 2101 Accounts Payable purchase of office equipment purchase of office equipment 400.00 400.00 06 06 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip return office equipment return office equipment 80.00 80.00 34 39 38 37 27,500.00 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash payment of computer equipment payment of computer equipment 27 500.00 33 Transaction Account Debit Credit Date Name Description 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash 6.144.00 computer insurance computer insurance 6.144.00 09 Jun 16 Jun 16 6,500.00 1110 Cash computer consultancy revenue 4100 Computer & Consultin computer consultancy revenue 09 6,500.00 17.000.00 107.000.00 10 10 10 10 Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building Cost 1110 Cash 2201 Mortgage Payable purchase of land and building purchase of land and building purchase of land and building purchase of land and building 10.700.00 113,300.00 10,000.00 TI 11 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash payment of rent payment of rent 10,000.00 450.00 12 12 Jun 17 Jun 17 5030 Advertising Expense advertising expense 2101 Accounts Payable advertising expense 450.00 4,900.00 13 13 Jun 21 Jun 21 1120 Accounts Receivable consulting revenue 4100 Computer & Consultin consulting revenue 4.900.00 825.00 Jun 21 Jun 21 1211 Office Equip 1110 Cash purchase of fax machine purchase of fax machine 14 825.00 2 General Journal Note: You can only enter data into the yellow miled colla. 3 Transaction Date Account Debit Credit Name Description 320.00 15 15 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash payment of accounts payable payment of accounts payable 320.00 74 75 76 77 78 79 80 81 82 83 84 85 86 87 38 16 16 450.00 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash payment of advertising expense payment of advertising expense 450.00 IN 1,115.00 Jun 22 Jun 22 17 5040 Repairs & Maint. Expe computer repairing fee 2101 Accounts Payable computer repairing fee 1.115.00 3 835.00 18 18 Jun 22 Jun 22 5020 Salary Expense 1110 Cash salary payment salary payment 835.00 3,925.00 19 19 Jun 23 Jun 23 1110 Cash receive payment 1120 Accounts Receivable receive payment 3.925.00 30 31 505 00 20 20 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable purchase of office supplies purchase of office supplies 505.00 183 109 106 107 6,120.00 21 21 Jun 28 Jun 28 1120 Accounts Receivable record oftevenue 4100 Computer & Consultin record of revenue 6.120.00 109 General Journal Nute: You can only enter data into the yellow filed colla. Transaction Date Account Name Description Debit Creat 22 22 Jun 29 Jun 29 1110 Cash receive payment 1120 Accounts Receivable receive payment 5,799.00 5.799.00 9 3 1 2 13 14 15 16 .17 118 119 120 121 1122 23 23 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash 1.115.00 payment of computer repair payment of computer repair 1.115.00 24 835.00 Jun 29 Jun 29 5020 Salary Expense 1110 Cash 24 salary payment salary payment 835.00 915.00 25 25 Jun 30 Jun 30 5050 Oil & Gas Expense 2101 Accounts Payable oil and gas expense oil and gas expense 915.00 9 30 26 2,035.27 Jun 301 Jun 30 3300 Dividends 1110 Cash dividends paid dividends paid 26 2.035.27 5.000.00 27 27 Jun 30 Jun 30 5010 Rent Expenso 1140 Prepaid Rent tente pense tecognized tent expense recognized 5.000.000 132 138 134 155 136 132 138 139 140 141 142 143 154 303.00 Isle Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies supplies expense supplies expense General Journal 3 Note: You can only enter data into the yellow filled cells. Transadion Date Account Name Description Debit Credit 29 29 4 145 146 147 148 749 150 151 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable interest adjustment interest adjustment 330.46 330.46 30 30 Jun 30 Jun 30 152 5100 Insurance Expense 1130 Prepaid Insurance insurance adjustment insurance adjustment 256.00 256,00 153 154 155 156 57 31 31 Jun 30 Jun 30 8.750.00 1120 Accounts Receivable unbilled tevenue 4100 Computer & Consultin unbilled revenue 8.750.00 3,990.37 162 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense depreciation experte 1312 Acoum. Depr.-Compu depreciation expense 1212 Accum. Depr.-Office depreciation expense 1412 Acoum Dept.-Buildin depreciation expense 218.25 3.756.00 16.12 33 33 50100 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable salary expense salary expense 501.00 34 34 Jun 30 Jun 30 5080 Interest Expense 2103 Interest Payable 1.160.67 interest adjustment interest adjustment 1.160.67 174 175 17E 177 3.182.41 35 35 Jun 30 Jun 30 5120 Income Tax Expense income tax expense 2106 Income Taxes Payable income tax expense 3.182.41 179 B G A B D E 1 A Byte of Accounting, Inc. 2 General Journal 3 Nute: You can only enter date into the yellow filled cells. Transadion Date Account Debit Credit Name 4 Description 174 175 176 177 35 35 Jun 30 Jun 30 5120 Income Tax Expense income tax expense 2106 Income Taxes Payabl income tax expense 3.182.41 3,182.41 178 24,430.00 36 36 Jun 30 Jun 30 4100 Computer & Consultin closing revenue 3400 Income Summary closing revenue 24 430.00 14,882.78 179 180 181 182 183 184 185 155 10 18 153 50 131 182 93 194 195 138 197 188 199 200 201 202 209 204 205 206 2071 37 37 37 371 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 3400 Income Summary closing expense 5010 Rent Expense closing expense 5020 Salary Expense closing expense 5030 Advertising Expense closing expense 5040 Repaits & Maint. Expe closing expense 5050 Oil & Gas Expense closing expense 5080 Supplies Expense closing expense 5030 Interest Expense closing expenso 5100 Insurance Expense closing.expense 5110 Depreciation Expense closing experise 5120 Income Tax Expense closing expense 2,500.00 2,171.00 450.00 $15.00 303.00 256.00 859.00 256.00 3.990.37 3,182.41 9.54722 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Earnings closing income summary closing Income summary 9.547.22 2,035 27 39 39 Jun 30 Jun 30 3200 Retained Earnings 3300 Dividends closing dividends closing dividends 2.035.27 3 Transaction 01. Description of transaction June 1: Byte of Accounting, Inc. issued 2,670 shares of its common stock to Jeremy after $23,310 in cash and computer equipment with a fair market value of $32,760 were received. 5 02. June 1: Byte of Accounting, Inc. issued 2,779 shares of its common stock after acquiring from Courtney $45,150 in cash, computer equipment with a fair market value of $12,600 and office equipment with a fair value of $609. 6 7 03. June 1: Byte of Accounting, Inc. acquired $71,400 in cash from Jacob Harris and issued 3,400 shares of its common stock. CO 9 04. June 2: A down payment of $36,000 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. 10 11 os. June 4: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation 1 13 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, 14 15 07. June 10: Byte paid $27,500 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 $6,144 in cash. The effective date of the policy was June 16. 18 19 20 09 June 16: Computer consultation revenue of $6,500 was received B 10. June 16: Byte purchased a building and the land it is on for $107,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $17,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 3 11. June 17: Cash of $10,000 was paid for rent for June, July, August and September. Put the total amount into the Prepaid Rent account. 4 05 26 27 12 June 17: Received a bill of $450 from the local newspaper for advertising. 13. June 21. Billed various miscellaneous local customers $4.900 for consulting services performed. 28 29 14. June 21: A fax machine for the office was purchased for $825 cash. 31 15. June 21: Accounts payable in the amount of $320 were paid. 33 16. June 22: Paid the advertising bill that was received on June 17 17 June 22: Received a bill for $1,115 from Computer Parts and Repair Co. for repairs to the computer equipment 18 June 22: Paid salaries of $835 to equipment operators for the week ending June 18. 39 40 19. June 23: Cash in the amount of $3,925 was received on billings. June 23: Purchased office supplies for $505 on credit. Record the purchase as an increase to the 20. 42 assets 21. June 28: Billed $6,120 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount of $5,799 was received for billings. 43 44 45 46 47 48 49 50 51 52 53 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 24 June 29. Paid salaries of $835 to equipment operators for the week ending June 25. 25 June 30: Received a bill for the amount of $915 from O & G Oil and Gas Co. 26. 54 June 30: Paid a cash dividend of $0.23 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. 55 56 -7 27 The rent payment made on June 17 was for Juno, July, August and September Expense the amount associated with one month's rent 58 59 28 A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30 60 61 29. The annual interest rate on the mortgago payablo was 7.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16 82 63 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 B 33. A review of the payroll records show that unpaid salaries in the amount of $501 are owed by Byte for three days, June 28 - 30. 34. 6 7 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 the month of June.) 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.) Closing Entries 36. Close the revenue accounts. 37 37. Close the expense accounts. 39 38. Close the income summary account 91 39 Close the dividends account. 92 93 94 A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2021 Total Balance, Beginning of Period Net Income Dividends Balance, End of Period B F G D E A Byte of Accounting, Inc. Balance Sheet As of June 30, 2021 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total $ 59,324.73 $ 10,046.00 $ 5,888.00 $ 5,000.00 $ 202.00 Long-Term Assets Office Equip Accum. Depr.-Office Equip Computer Equip Accum Depr.-Computer Equip Building Cost Accum. Depr.-Building Land Total Total Assets B C D E F G Liabilities 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 Capital Stock Retained Earnings Total Total Liabilities and Stockholder's Equity
