i need help on 32,35,37, financial statement, Change in Retained earning, and balance sheet!

point that are 2 are wrong.

n Description of transaction June 1: Byte of Accounting, Inc. acquired $50,600 in cash from Lauryn and issued 2,200 shares of its common stock after 2. June 1: Byte of Accounting, Inc. issued 2,620 shares of its common stock to $25,760 in cash and computer equipment with a fair market value of $34,500 were received. 23. June 1: Byte of Accounting, Inc. issued 2,362 shares of its common stock after acquiring from Courtney $40,250 in cash, computer equipment with a fair market value of $13,340 and office equipment with a fair value of $736. 04. June 2: A down payment of $29,000 in cash was made on additional computer equipment that was purchased for $145,000. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation 06. June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Byte paid $22,250 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 $6,480 in cash. The effective date of the policy was June 16. 09. June 16: A check in the amount of $6,000 was received for consulting revenue. Traneanti B 0. June 16: Byte purchased a building and the land it is on for $113,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $18,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,300 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 11. account. 12. June 17: Received a bill of $400 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 $825 cash. 15. June 21: Billed various miscellaneous local customers $4,200 for consulting services performed. 16. June 22: Paid salaries of $910 to equipment operators for the week ending June 18. 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 the advertising bill that was received on June 17. 19. June 23: Purchased office supplies for $655 on credit. Record the purchase as an increase to the assets. 20. June 23: Cash in the amount of $3,365 was received on billings. 21. June 28: Billed $6,225 to miscellaneous customers for services performed to June 25. 3 -6 37 22. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. Transactions General Journal Worksheet Income Statement Changes in Re Readive 23. June 29: Cash in the amount of $5,899 was received for billings. 0 24. June 29: Paid salaries of $910 to equipment operators for the week ending June 25. 51 52 53 54 25 June 30: Received a bill for the amount of $990 from O & G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.24 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.] 55 56 57 58 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. 59 60 28 A physical inventory showed that only $270.00 worth of office supplies remained on hand as of June 30. 61 62 29 The annual interest rate on the mortgage payable was 7.50 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 63 64 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. 65 66 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,750 for the period of June 28-30. 32 67 68 69 70 74 72 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 Transactions General Journal Worksheet B calculated on the $116,000 for eight days. In addition, interest expense on the $93,750 balance of the loan (5116,000 less $22,250 = $93,750) 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.) 32 33 84 Closing Entries 85 86 36. Close the revenue accounts. 87 88 37. Close the expense accounts. 89 90 38. Close the income summary account 39. Close the dividends account. 91 92 93 94 95 96 97 12 A B Number Name 2 1110 Cash 3 1120 Accounts Receivable 1130 Prepaid Insurance 5 1140 Prepaid Rent 6 1150 Office Supplies 7 1211 Office Equip. 8 1212 Accum. Depr.-Office Equip 1311 Computer Equip. 10 1312 Accum. Depr.-Computer Equip. 11 1411 Building Cost 1412 Accum. Depr.-Building 13 1510 Land 14 2101 Accounts Payable 15 2102 Advanced Payments 16 2103 Interest Payable 17 2105 Salaries Payable 18 2106 Income Taxes Payable 19 2201 Mortgage Payable 20 2202 Notes Payable 21 3100 Capital Stock 22 3200 Retained Eamings 23 3300 Dividends 24 3400 Income Summary 25 4100 Computer & Consulting Revenue 26 5010 Rent Expense 27 5020 Salary Expense 28 5030 Advertising Expense 29 5040 Repairs & Maint. Expense 30 5050 Oll & Gas Expense 5080 Supplies Expense 32 5090 Interest Expense 33 5100 Insurance Expense 34 5110 Depreciation Expense 35 5120 Income Tax Expense 36 C 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 31 37 38 39 have a score of 1,2 One or more errors have been found in the following transaction(s): Transaction 32 One or more of the credit amounts are wrong 35 One or more of the debit amounts are wrong 37 The account numbers are incorrect One or more of the credit amounts are wrong FINANCIAL STATEMENTS Points per error 2 Income Statement Revenues Computer Revenue 0 Expenses: Rent Expense WRONG 2 Salary Expense WRONG 2 X 6 NA FINANCIAL STATEMENTS Points per error 2 Income Statement Revenues Computer Revenue 0 Expenses WRONG 2 WRONG 2 WRONG 2 WRONG 2 Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense WRONG 2 WRONG 2 WRONG 2 0 0 Total WRONG 2 Net Income Before Tax 0 we Total WRONG 2 Net Income Before Tax 0 Income Tax Expense WRONG 2 WRONG 2 20 Net Income After Tax Total Income Statement Changes in Retained Earnings Balance Beginning of Period Net Income 0 0 WRONG 2 0 o 0 2 Dividends Balance, End of Period Total Changes in Retained Earnings Balance Sheet Assets Current Assets Cash 0 Accounts Receivable 0 Prepaid Insurance WRONG 2 Total Assets U 0 0 Liabilities 0 0 0 0 0 0 Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total WRONG 2 WRONG 2 WRONG 2 0 0 0 0 0 Long-Term Liabilities Mortgage Payable Notes Payable 0 Total WRONG 2 Total Liabilities WRONG 2 0 Long-Term Liabilities 0 0 Mortgage Payable Notes Payable 0 0 Total WRONG 2 Total Liabilities WRONG 2 0 0 Stockholder's Equity 0 0 0 0 Capital Stock Retained Earnings Total Total Liabilities and Stockholder's Equity Total Balance Sheet 0 WRONG 2 24 General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Account Name Description Debit Credit 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock 50,600.00 Being Record of Issus of 220 shares Being Record of Issus of 220 shares 50,600.00 0 1 12 13 14 15 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 3100 Capital Stock Being record of 2,620 Being record of 2,620 Being record of 2,620 25,760.00 34,500.00 60,260.00 03 03 03 03 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 1211 Office Equip 3100 Capital Stock 1311 Computer Equip 1110 Cash 2202 Notes Payable Being record of 2,362 shares 40,250.00 Being record of 2,362 shares 13,340.00 Being record of 2,362 shares 736.00 Being record of 2,362 shares Being purchase of computer equipmen 145,000.00 Being purchase of computer equipment by cash and n Being purchase of computer equipment by cash and n 54,326.00 22 23 04 04 04 Jun 02 Jun 02 Jun 02 29,000.00 116,000.00 25 26 27 05 05 Jun 04 Jun 04 1211 Office Equip 2101 Accounts Payable Being purchase of computer equipmer 300.00 Being purchase of computer equipment on credit 300.00 Transactions General Journal Worksheet Alacomo Sant A Byte of Accounting, General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Account Debit Credit 06 06 Jun 08 Jun 08 Name 2101 Accounts Payable 1211 Office Equip 60.00 Description Being equipment retumed Being equipment returned 60.00 -1 2 33 34 35 36 37 38 39 40 41 42 43 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash 22,250.00 Being payment made to note payable Being payment made to note payable 22,250.00 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash Being payment for insurance policy Being payment for insurance policy 6,480.00 6,480.00 09 09 Jun 16 Jun 16 45 46 47 48 49 50 51 1110 Cash Being record of consulting revenue on 6,000.00 4100 Computer & Consulting Being record of consulting revenue on cash 6,000.00 888348&sasa 52 10 10 10 10 53 54 55 56 Jun 16 Jun 16 Jun 16 Jun 16 18,000.00 95,000.00 1510 Land Being record of Land & Building 1411 Building Cost Being record of Land & Building 1110 Cash Being record of Land & Building 2201 Mortgage Payable Being record of Land & Building 1140 Prepaid Rent Being navment for prepaid rent General Journal Workahoot IN 11,300.00 101.700.00 1111 Jun 17 Transactions 4.200.00 Note: You can only enter data into the yellow filled cells Transaction Date Account Debit Credit 11 11 Jun 17 Jun 17 Name 1140 Prepaid Rent 1110 Cash Description Being payment for prepaid rent Being payment for prepaid rent 4,200.00 4,200.00 3 3 0 12 12 Jun 17 Jun 17 5030 Advertising Expense Being bill received for advertising 2101 Accounts Payable Being bill received for advertising 400.00 400.00 13 13 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash 240.00 Being payment to supplier Being payment to supplier 240.00 12 33 34 55 66 67 68 69 70 71 72 73 74 75 14 14 Jun 21 Jun 21 1211 Office Equip 1110 Cash To record fax machine purchased To record fax machine purchased 825.00 825.00 B% 76 15 15 Jun 21 Jun 21 1120 Accounts Receivable To record billed customers for providin 4,200.00 4100 Computer & Consulting To record billed customers for providing consulting ser 4,200.00 77 78 79 General Journal 2 3 Note: You can only enter data into the yellow filled cells. Transaction Account Debit Date Credit Description To record salary paid To record salary paid 910.00 Name 5020 Salary Expense 1110 Cash 16 16 910.00 Jun 22 Jun 22 1,115.00 17 17 Jun 22 Jun 22 5040 Repairs & Maint. Expert To record received bill for compute rep 2101 Accounts Payable To record received bill for compute repair 1,115.00 18 18 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash To record due amount for advertising 400.00 To record due amount for advertising expenso 400.00 655.00 19 19 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable To record office supplies on account To record office supplies on account 655.00 100 3,365.00 20 20 Jun 23 Jun 231 1110 Cash 1120 Accounts Receivable To record cash received from custom To record cash received from customer 102 3,365.00 Jun 28 1120 Accounts Receivable to record consulting service provided 5.225.00 B C 1 A Byte of Accounting, Inc. 2 General Journal 3 Note: You can only enter data into the yellow filled cells. Transaction Date Account Debit Credit Name Description 1120 Accounts Receivable To record consulting service provided 4100 Computer & Consulting To record consulting service provided 6,225.00 6,225.00 21 21 Jun 28 Jun 28 1,115,00 22 22 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash Computer repair bill Computer repair bil 1.115.00 5,899.00 4 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 23 23 Jun 29 Jun 29 1110 Cash 1120 Accounts Receivable To record cash collected on account To record cash collected on account 5,899.00 910.00 24, Jun 29 Jun 29 5020 Salary Expense 1110 Cash Weekly Salaries Weekly Salaries 910.00 990.00 25 25 Jun 30 Jun 30 5050 Oil & Gas Expense 2101 Accounts Payable Oil & gas expense Oil & gas expense 990.00 Transactions General Journal Worksheet Income Statement Changes in Retained Earnings C D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Transaction Account Debit Date Credit Description To record dividends paid To record dividends paid 1.723.68 26 26 Jun 30 Jun 30 Name 3300 Dividends 1110 Cash 1,723.68 $ ww 31 32 133 134 135 136 137 138 139 2,100.00 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent Being recorded of one month rent Being recorded of one month rent 2,100.00 140 385.00 141 142 143 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies Being record of supplies expense Being record of supplies expense 385.00 144 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Being interest of 7.50% recorded form 317.81 Being interest of 7.50% recorded for mortgage 317.81 145 146 147 148 149 150 151 152 153 154 155 156 270.00 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance Being record of half month insurance Being cord of half month insurance 270.00 311 Annal Transactions 1120 Accounts Receivable Being record of service renue A General Journal Worksheet Income Statement 5.750.00 Changes in Retained Earnings Ready A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Account Credit Debit Name Description 1120 Accounts Receivable Being record of service rebenue 4100 Computer & Consulting Being record of service rebenue & 5,750.00 31 31 Jun 30 Jun 30 5,750.00 3,464,07 32 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense Being record of depreciation 1212 Accum. Depr.-Office EqBeing record of depreciation 1312 Accum. Depr.-Compute Being record of depreciation 1412 Accum. Depr.-Building Being record of depreciation 5020 Salary Expense Being record of salaries & wages 2105 Salaries Payable Being record of salaries & wages 17.27 3,214.00 232.80 546.00 33 33 Jun 30 Jun 30 546.00 1 2 13 34 35 66 67 68 169 170 171 172 173 174 175 176 177 178 179 180 934.33 34 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Being record of interest expenses Being record of interest expenses 934.33 35 35 Jun 30 Jun 30 2,465.69 5120 Income Tax Expense to close income tax payable 2106 Income Taxes Payable to close income tax payable 2,465.69 9 Transactions General Journal Worksheet Income Statement Changes in Retained Earnings 1 A Byte of Accounting, Inc. 2 General Journal 3 Note: You can only enter data into the yellow filled cells. Transaction Date Account Debit Credit 36 36 22,175.00 Name Description 4100 Computer & Consulting Closing revenus account 3400 Income Summary Closing revenus account Jun 30 Jun 30 22.175.00 14,777.92 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 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 3400 Income Summary Closing expense account 5090 Interest Expense Closing expense account 1150 Office Supplies Closing expense account 5010 Rent Expense Closing expense account 5020 Salary Expense Closing expense account 5030 Advertising Expense Closing expense account 5040 Repairs & Maint. ExperClosing expense account 5050 Oil & Gas Expense Closing expense account 5100 Insurance Expense Closing expense account 5110 Depreciation Expense Closing expense account 5120 Income Tax Expense Closing expense account 3400 Income Summary Closing income summary account 3200 Retained Earnings Closing income summary account 1,252.15 385.00 2,100.00 2,336.00 400.00 1.115.00 990.00 270.00 3,464.08 2,465.69 38 38 Jun 30 Jun 30 7.397.08 7.397.08 39 39 Jun 30 Jun 30 3200 Retained Earnings 3300 Dividends Closing dividend account Closing dividend account 1,723.68 723.68 Transactions A General Journal Worksheet Income Statement Changes in Retained Earnings Dar A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Account Debit Credit 37 37 37 37 Name Description 5050 Oil & Gas Expense Closing expense account 5100 Insurance Expense Closing expense account 5110 Depreciation Expense Closing expense account 5120 Income Tax Expense Closing expense account 990.00 270.00 3,464.08 2,465.69 3 8 7 18 19 7,397.08 38 38 3400 Income Summary 3200 Retained Earnings Closing income summary account Closing incomo summary account 7,397.08 86 8888 1,723.68 39 39 Jun 30 Jun 30 3200 Retained Eamings 3300 Dividends 03 04 205 206 Closing dividend account Closing dividend account 1,723.68 A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2021 Revenues Computer & Consulting Revenue $ 22,175.00 Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Expenses $ 1,525.15 $ 385.00 $ 2,100.00 $ 2,336.00 $ 400.00 $ 1,115.00 $ 990.00 $ 270.00 $ 3,464.07 12,312.22 Net Income Before Tax $ 9,862.78 Income Tax Expense Round to we decimal places) 2,465.69 Net Income After Tax $ 7.397.08 A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2021 Total Balance, Beginning of Period Net Income 7.397.08 7,397.08 1.723.68 5,673.40 Dividends Balance, End of Period $ A Byte of Accounting, Inc. Balance Sheet As of June 30, 2021 3 4 5 6 Assets 9 10 11 12 13 14 15 16 17 18 Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total $ 52,520.32 $ 6,911.00 $ 2,100.00 6,210.00 $ 270.00 $ 68,011.32 20 21 Long-Term Assets Office Equip Accum. Depr.-Office Equip Computer Equip Accum. Depr.-Computer Equip. Building Cost Accum. Depr.-Building Land Total Total Assets $ 192,840.00 3,214.00 $ 189,626.00 $ 1,801.00 17.27 $ 1,783.73 $ 95,000.00 232.80 $ 94,767.20 18,000.00 23 24 26 $ 304,176.93 $ 372.188.24 Liabilities 27 28 29 30 31 32 33 34 35 36 37 38 39 40 22 Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Tota! $ 1,645.00 $ 1,252.15 $ 516.00 2,465.69 $ 101.700.00 A $ 107,578.84 Yule Liabilities Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total $ 1,645.00 $ 1,252.15 $ 516.00 $ 2,465.69 $ 101,700.00 $ 107,578.84 Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities $ 101,700.00 93,750.00 201,328.00 $ 201,328.84 Stockholder's Equity Capital Stock Retained Eamings Total Total Liabilities and Stockholder's Equity $ 165,186.00 5,673.40 170,859.40 $ 372.188.24 n Description of transaction June 1: Byte of Accounting, Inc. acquired $50,600 in cash from Lauryn and issued 2,200 shares of its common stock after 2. June 1: Byte of Accounting, Inc. issued 2,620 shares of its common stock to $25,760 in cash and computer equipment with a fair market value of $34,500 were received. 23. June 1: Byte of Accounting, Inc. issued 2,362 shares of its common stock after acquiring from Courtney $40,250 in cash, computer equipment with a fair market value of $13,340 and office equipment with a fair value of $736. 04. June 2: A down payment of $29,000 in cash was made on additional computer equipment that was purchased for $145,000. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation 06. June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Byte paid $22,250 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 $6,480 in cash. The effective date of the policy was June 16. 09. June 16: A check in the amount of $6,000 was received for consulting revenue. Traneanti B 0. June 16: Byte purchased a building and the land it is on for $113,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $18,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,300 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 11. account. 12. June 17: Received a bill of $400 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 $825 cash. 15. June 21: Billed various miscellaneous local customers $4,200 for consulting services performed. 16. June 22: Paid salaries of $910 to equipment operators for the week ending June 18. 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 the advertising bill that was received on June 17. 19. June 23: Purchased office supplies for $655 on credit. Record the purchase as an increase to the assets. 20. June 23: Cash in the amount of $3,365 was received on billings. 21. June 28: Billed $6,225 to miscellaneous customers for services performed to June 25. 3 -6 37 22. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. Transactions General Journal Worksheet Income Statement Changes in Re Readive 23. June 29: Cash in the amount of $5,899 was received for billings. 0 24. June 29: Paid salaries of $910 to equipment operators for the week ending June 25. 51 52 53 54 25 June 30: Received a bill for the amount of $990 from O & G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.24 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.] 55 56 57 58 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. 59 60 28 A physical inventory showed that only $270.00 worth of office supplies remained on hand as of June 30. 61 62 29 The annual interest rate on the mortgage payable was 7.50 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 63 64 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. 65 66 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,750 for the period of June 28-30. 32 67 68 69 70 74 72 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 Transactions General Journal Worksheet B calculated on the $116,000 for eight days. In addition, interest expense on the $93,750 balance of the loan (5116,000 less $22,250 = $93,750) 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.) 32 33 84 Closing Entries 85 86 36. Close the revenue accounts. 87 88 37. Close the expense accounts. 89 90 38. Close the income summary account 39. Close the dividends account. 91 92 93 94 95 96 97 12 A B Number Name 2 1110 Cash 3 1120 Accounts Receivable 1130 Prepaid Insurance 5 1140 Prepaid Rent 6 1150 Office Supplies 7 1211 Office Equip. 8 1212 Accum. Depr.-Office Equip 1311 Computer Equip. 10 1312 Accum. Depr.-Computer Equip. 11 1411 Building Cost 1412 Accum. Depr.-Building 13 1510 Land 14 2101 Accounts Payable 15 2102 Advanced Payments 16 2103 Interest Payable 17 2105 Salaries Payable 18 2106 Income Taxes Payable 19 2201 Mortgage Payable 20 2202 Notes Payable 21 3100 Capital Stock 22 3200 Retained Eamings 23 3300 Dividends 24 3400 Income Summary 25 4100 Computer & Consulting Revenue 26 5010 Rent Expense 27 5020 Salary Expense 28 5030 Advertising Expense 29 5040 Repairs & Maint. Expense 30 5050 Oll & Gas Expense 5080 Supplies Expense 32 5090 Interest Expense 33 5100 Insurance Expense 34 5110 Depreciation Expense 35 5120 Income Tax Expense 36 C 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 31 37 38 39 have a score of 1,2 One or more errors have been found in the following transaction(s): Transaction 32 One or more of the credit amounts are wrong 35 One or more of the debit amounts are wrong 37 The account numbers are incorrect One or more of the credit amounts are wrong FINANCIAL STATEMENTS Points per error 2 Income Statement Revenues Computer Revenue 0 Expenses: Rent Expense WRONG 2 Salary Expense WRONG 2 X 6 NA FINANCIAL STATEMENTS Points per error 2 Income Statement Revenues Computer Revenue 0 Expenses WRONG 2 WRONG 2 WRONG 2 WRONG 2 Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense WRONG 2 WRONG 2 WRONG 2 0 0 Total WRONG 2 Net Income Before Tax 0 we Total WRONG 2 Net Income Before Tax 0 Income Tax Expense WRONG 2 WRONG 2 20 Net Income After Tax Total Income Statement Changes in Retained Earnings Balance Beginning of Period Net Income 0 0 WRONG 2 0 o 0 2 Dividends Balance, End of Period Total Changes in Retained Earnings Balance Sheet Assets Current Assets Cash 0 Accounts Receivable 0 Prepaid Insurance WRONG 2 Total Assets U 0 0 Liabilities 0 0 0 0 0 0 Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total WRONG 2 WRONG 2 WRONG 2 0 0 0 0 0 Long-Term Liabilities Mortgage Payable Notes Payable 0 Total WRONG 2 Total Liabilities WRONG 2 0 Long-Term Liabilities 0 0 Mortgage Payable Notes Payable 0 0 Total WRONG 2 Total Liabilities WRONG 2 0 0 Stockholder's Equity 0 0 0 0 Capital Stock Retained Earnings Total Total Liabilities and Stockholder's Equity Total Balance Sheet 0 WRONG 2 24 General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Account Name Description Debit Credit 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock 50,600.00 Being Record of Issus of 220 shares Being Record of Issus of 220 shares 50,600.00 0 1 12 13 14 15 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 3100 Capital Stock Being record of 2,620 Being record of 2,620 Being record of 2,620 25,760.00 34,500.00 60,260.00 03 03 03 03 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 1211 Office Equip 3100 Capital Stock 1311 Computer Equip 1110 Cash 2202 Notes Payable Being record of 2,362 shares 40,250.00 Being record of 2,362 shares 13,340.00 Being record of 2,362 shares 736.00 Being record of 2,362 shares Being purchase of computer equipmen 145,000.00 Being purchase of computer equipment by cash and n Being purchase of computer equipment by cash and n 54,326.00 22 23 04 04 04 Jun 02 Jun 02 Jun 02 29,000.00 116,000.00 25 26 27 05 05 Jun 04 Jun 04 1211 Office Equip 2101 Accounts Payable Being purchase of computer equipmer 300.00 Being purchase of computer equipment on credit 300.00 Transactions General Journal Worksheet Alacomo Sant A Byte of Accounting, General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Account Debit Credit 06 06 Jun 08 Jun 08 Name 2101 Accounts Payable 1211 Office Equip 60.00 Description Being equipment retumed Being equipment returned 60.00 -1 2 33 34 35 36 37 38 39 40 41 42 43 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash 22,250.00 Being payment made to note payable Being payment made to note payable 22,250.00 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash Being payment for insurance policy Being payment for insurance policy 6,480.00 6,480.00 09 09 Jun 16 Jun 16 45 46 47 48 49 50 51 1110 Cash Being record of consulting revenue on 6,000.00 4100 Computer & Consulting Being record of consulting revenue on cash 6,000.00 888348&sasa 52 10 10 10 10 53 54 55 56 Jun 16 Jun 16 Jun 16 Jun 16 18,000.00 95,000.00 1510 Land Being record of Land & Building 1411 Building Cost Being record of Land & Building 1110 Cash Being record of Land & Building 2201 Mortgage Payable Being record of Land & Building 1140 Prepaid Rent Being navment for prepaid rent General Journal Workahoot IN 11,300.00 101.700.00 1111 Jun 17 Transactions 4.200.00 Note: You can only enter data into the yellow filled cells Transaction Date Account Debit Credit 11 11 Jun 17 Jun 17 Name 1140 Prepaid Rent 1110 Cash Description Being payment for prepaid rent Being payment for prepaid rent 4,200.00 4,200.00 3 3 0 12 12 Jun 17 Jun 17 5030 Advertising Expense Being bill received for advertising 2101 Accounts Payable Being bill received for advertising 400.00 400.00 13 13 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash 240.00 Being payment to supplier Being payment to supplier 240.00 12 33 34 55 66 67 68 69 70 71 72 73 74 75 14 14 Jun 21 Jun 21 1211 Office Equip 1110 Cash To record fax machine purchased To record fax machine purchased 825.00 825.00 B% 76 15 15 Jun 21 Jun 21 1120 Accounts Receivable To record billed customers for providin 4,200.00 4100 Computer & Consulting To record billed customers for providing consulting ser 4,200.00 77 78 79 General Journal 2 3 Note: You can only enter data into the yellow filled cells. Transaction Account Debit Date Credit Description To record salary paid To record salary paid 910.00 Name 5020 Salary Expense 1110 Cash 16 16 910.00 Jun 22 Jun 22 1,115.00 17 17 Jun 22 Jun 22 5040 Repairs & Maint. Expert To record received bill for compute rep 2101 Accounts Payable To record received bill for compute repair 1,115.00 18 18 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash To record due amount for advertising 400.00 To record due amount for advertising expenso 400.00 655.00 19 19 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable To record office supplies on account To record office supplies on account 655.00 100 3,365.00 20 20 Jun 23 Jun 231 1110 Cash 1120 Accounts Receivable To record cash received from custom To record cash received from customer 102 3,365.00 Jun 28 1120 Accounts Receivable to record consulting service provided 5.225.00 B C 1 A Byte of Accounting, Inc. 2 General Journal 3 Note: You can only enter data into the yellow filled cells. Transaction Date Account Debit Credit Name Description 1120 Accounts Receivable To record consulting service provided 4100 Computer & Consulting To record consulting service provided 6,225.00 6,225.00 21 21 Jun 28 Jun 28 1,115,00 22 22 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash Computer repair bill Computer repair bil 1.115.00 5,899.00 4 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 23 23 Jun 29 Jun 29 1110 Cash 1120 Accounts Receivable To record cash collected on account To record cash collected on account 5,899.00 910.00 24, Jun 29 Jun 29 5020 Salary Expense 1110 Cash Weekly Salaries Weekly Salaries 910.00 990.00 25 25 Jun 30 Jun 30 5050 Oil & Gas Expense 2101 Accounts Payable Oil & gas expense Oil & gas expense 990.00 Transactions General Journal Worksheet Income Statement Changes in Retained Earnings C D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Transaction Account Debit Date Credit Description To record dividends paid To record dividends paid 1.723.68 26 26 Jun 30 Jun 30 Name 3300 Dividends 1110 Cash 1,723.68 $ ww 31 32 133 134 135 136 137 138 139 2,100.00 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent Being recorded of one month rent Being recorded of one month rent 2,100.00 140 385.00 141 142 143 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies Being record of supplies expense Being record of supplies expense 385.00 144 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Being interest of 7.50% recorded form 317.81 Being interest of 7.50% recorded for mortgage 317.81 145 146 147 148 149 150 151 152 153 154 155 156 270.00 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance Being record of half month insurance Being cord of half month insurance 270.00 311 Annal Transactions 1120 Accounts Receivable Being record of service renue A General Journal Worksheet Income Statement 5.750.00 Changes in Retained Earnings Ready A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Account Credit Debit Name Description 1120 Accounts Receivable Being record of service rebenue 4100 Computer & Consulting Being record of service rebenue & 5,750.00 31 31 Jun 30 Jun 30 5,750.00 3,464,07 32 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense Being record of depreciation 1212 Accum. Depr.-Office EqBeing record of depreciation 1312 Accum. Depr.-Compute Being record of depreciation 1412 Accum. Depr.-Building Being record of depreciation 5020 Salary Expense Being record of salaries & wages 2105 Salaries Payable Being record of salaries & wages 17.27 3,214.00 232.80 546.00 33 33 Jun 30 Jun 30 546.00 1 2 13 34 35 66 67 68 169 170 171 172 173 174 175 176 177 178 179 180 934.33 34 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Being record of interest expenses Being record of interest expenses 934.33 35 35 Jun 30 Jun 30 2,465.69 5120 Income Tax Expense to close income tax payable 2106 Income Taxes Payable to close income tax payable 2,465.69 9 Transactions General Journal Worksheet Income Statement Changes in Retained Earnings 1 A Byte of Accounting, Inc. 2 General Journal 3 Note: You can only enter data into the yellow filled cells. Transaction Date Account Debit Credit 36 36 22,175.00 Name Description 4100 Computer & Consulting Closing revenus account 3400 Income Summary Closing revenus account Jun 30 Jun 30 22.175.00 14,777.92 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 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 3400 Income Summary Closing expense account 5090 Interest Expense Closing expense account 1150 Office Supplies Closing expense account 5010 Rent Expense Closing expense account 5020 Salary Expense Closing expense account 5030 Advertising Expense Closing expense account 5040 Repairs & Maint. ExperClosing expense account 5050 Oil & Gas Expense Closing expense account 5100 Insurance Expense Closing expense account 5110 Depreciation Expense Closing expense account 5120 Income Tax Expense Closing expense account 3400 Income Summary Closing income summary account 3200 Retained Earnings Closing income summary account 1,252.15 385.00 2,100.00 2,336.00 400.00 1.115.00 990.00 270.00 3,464.08 2,465.69 38 38 Jun 30 Jun 30 7.397.08 7.397.08 39 39 Jun 30 Jun 30 3200 Retained Earnings 3300 Dividends Closing dividend account Closing dividend account 1,723.68 723.68 Transactions A General Journal Worksheet Income Statement Changes in Retained Earnings Dar A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Account Debit Credit 37 37 37 37 Name Description 5050 Oil & Gas Expense Closing expense account 5100 Insurance Expense Closing expense account 5110 Depreciation Expense Closing expense account 5120 Income Tax Expense Closing expense account 990.00 270.00 3,464.08 2,465.69 3 8 7 18 19 7,397.08 38 38 3400 Income Summary 3200 Retained Earnings Closing income summary account Closing incomo summary account 7,397.08 86 8888 1,723.68 39 39 Jun 30 Jun 30 3200 Retained Eamings 3300 Dividends 03 04 205 206 Closing dividend account Closing dividend account 1,723.68 A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2021 Revenues Computer & Consulting Revenue $ 22,175.00 Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Expenses $ 1,525.15 $ 385.00 $ 2,100.00 $ 2,336.00 $ 400.00 $ 1,115.00 $ 990.00 $ 270.00 $ 3,464.07 12,312.22 Net Income Before Tax $ 9,862.78 Income Tax Expense Round to we decimal places) 2,465.69 Net Income After Tax $ 7.397.08 A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2021 Total Balance, Beginning of Period Net Income 7.397.08 7,397.08 1.723.68 5,673.40 Dividends Balance, End of Period $ A Byte of Accounting, Inc. Balance Sheet As of June 30, 2021 3 4 5 6 Assets 9 10 11 12 13 14 15 16 17 18 Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total $ 52,520.32 $ 6,911.00 $ 2,100.00 6,210.00 $ 270.00 $ 68,011.32 20 21 Long-Term Assets Office Equip Accum. Depr.-Office Equip Computer Equip Accum. Depr.-Computer Equip. Building Cost Accum. Depr.-Building Land Total Total Assets $ 192,840.00 3,214.00 $ 189,626.00 $ 1,801.00 17.27 $ 1,783.73 $ 95,000.00 232.80 $ 94,767.20 18,000.00 23 24 26 $ 304,176.93 $ 372.188.24 Liabilities 27 28 29 30 31 32 33 34 35 36 37 38 39 40 22 Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Tota! $ 1,645.00 $ 1,252.15 $ 516.00 2,465.69 $ 101.700.00 A $ 107,578.84 Yule Liabilities Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total $ 1,645.00 $ 1,252.15 $ 516.00 $ 2,465.69 $ 101,700.00 $ 107,578.84 Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities $ 101,700.00 93,750.00 201,328.00 $ 201,328.84 Stockholder's Equity Capital Stock Retained Eamings Total Total Liabilities and Stockholder's Equity $ 165,186.00 5,673.40 170,859.40 $ 372.188.24