I need help solving Transaction 48! PleaseHelp
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\begin{tabular}{|c|c|} \hline 01. & December1:anewinvestor,madeaninvestmentinBytebypurchasing2,700sharesofitscommonstockpaying$108,054.00incash.Theparvalueofthecommonstockwas$.02pershare. \\ \hline 02. & December3:BytepurchasedaRicohColorCopierfor$5,000.00.Theinvoicenumberwas61298.Bytepaid10%incashandsignedathree-yearnotefortheremainingbalance.Interestatarateof6%ayearwillbepaidsemiannually. \\ \hline 03. & December3:Check#6001for$2,700.00wasissuedbyBytetopayforrentoftheofficespaceforDecember. \\ \hline 04. & December3:Bytereceived12SuperTonersforresaletocustomersatacostof$23.00pertoner.Theinvoicenumberwas7249,andrequirespaymentwithin30days. \\ \hline 05. & December10:Bytesold4SuperTonerstoacustomeronaccountfor$53.00each.TheSalesordernumberwas12100. \\ \hline 06. & December10:Byterecordsthecostofthe4SuperTonerssoldusingFIFO.Thesalesordernumberwas12100. \\ \hline 07. & December11:Check#6002wasissuedtopaysalariesof$2,000.00toequipmentoperators.(Ignorepayrolltaxesatthistime.) \\ \hline 08. & December14:Check#6003wasissuedtopurchaseaone-yearinsurancepolicycoveringitscomputerequipment.Thecostoftheinsuranceis$6,504.00andpaidtoSethsInsurance.TheeffectivedateofthepolicywasDecember16andtheinvoicenumberwas2387. \\ \hline 09. & December 15: Byte received an invoice and $350.00 of supplies from World Wide Supplies. \\ \hline 10. & December16:Bytereceived11SuperTonerspurchasedforresaletocustomers.Thecostwas$31.00pertoner.Theinvoicenumberwas7959,andpaymentisrequiredin30days. \\ \hline 11. & December17:BytewasinformedthatMr.Madoffwhohasanaccountwiththecompanywillneverpaythe$506.00heowes.RecordthetransactiontowriteoffMr.Madoffsaccountsreceivableaccountusingtheallowancemethod. \\ \hline 12. & December17:Bytereceivedinvoicenumber26354intheamountof$775.00fromthelocalnewspaperforadvertising. \\ \hline 13. & December 18: Check \# 6004 was issued to pay Accounts Payable in the amount of $1,020.00. \\ \hline 14. & December19:Bytesold17Supertonerstoacustomeronaccountfor$53.00each.Thesalesordernumberwas12101. \\ \hline 15. & December19:Byterecordsthecostofthe17SuperTonerssoldusingFIFO.Thesalesordernumberwas12101. \\ \hline 16. & December21:Bytereceivedanemailedinvoiceintheamountof$7,000.00forcomputersthatweredropshippedandreceivedtoday. \\ \hline 17. & December21:Bytebilledvariousmiscellaneouslocalcustomers$14,000.00forcomputersthatweredeliveredtoday. \\ \hline 18. & December 21: Record the cost of the computers that were sold today. \\ \hline 19. & December22:Check#6005wasissuedtopaysalariesof$2,000.00toequipmentoperators.(Ignorepayrolltaxesatthistime.) \\ \hline \end{tabular} \begin{tabular}{|r|l|r|r|} \hline \multicolumn{2}{|l|}{ Account } & \multicolumn{2}{c|}{ Unadjusted Trial Balance } \\ \hline Number & Name & \multicolumn{1}{c|}{ Debit } & Credit \\ \hline 1110 & Cash & 103,619.00 & \\ \hline 1120 & Accounts Receivable & 26,000.00 & \\ \hline 1121 & Allowance for Doubtful Accounts & & $ \\ \hline 1130 & Prepaid Insurance & 2,700.00 & \\ \hline 1140 & Prepaid Rent & 2,700.00 & \\ \hline 1150 & Supplies & & \\ \hline 1160 & Inventory & 65,100.00 & \\ \hline 1211 & Office Equipment & & \\ \hline 1212 & Accum. Depr.-Office Equip. & 20,000.00 & \\ \hline 1311 & Computer Equipment & & 6,200.00 \\ \hline 1312 & Accum. Depr.-Computer Equip. & & \\ \hline 2101 & Accounts Payable & & 3,000.00 \\ \hline 2102 & Unearned Revenue & & \\ \hline 2103 & Interest Payable & & \\ \hline 2105 & Salaries and Wages Payable & & \\ \hline 2106 & Income Taxes Payable & & \\ \hline 2202 & Notes Payable & & \\ \hline 3100 & Common Stock & & \\ \hline 3120 & Paid-In Capital in Excess of Par & & \\ \hline 3200 & Retained Earnings & & \\ \hline 3300 & Dividends & & \\ \hline & & & \\ \hline 4100 & Sales Revenue & & \\ \hline 5010 & Rent Expense & & \\ \hline 5020 & Salaries and Wages Expense & & \\ \hline 5030 & Advertising Expense & & \\ \hline 5040 & Maintenance \& Repairs Expense & & \\ \hline 5080 & Supplies Expense & & \\ \hline 5090 & Interest Expense & & \\ \hline 5100 & Insurance Expense & & \\ \hline 5110 & Depreciation Expense & & \\ \hline 5120 & Bad Debt Expense & & \\ \hline 5140 & Telephone and Internet Expense & & \\ \hline 5150 & Income Tax Expense & & \\ \hline 5300 & Cost of Goods Sold & & \\ \hline & Total & & \\ \hline \hline \end{tabular} \begin{tabular}{|c|c|} \hline 20. & December22:Bytereceivedabillfor$1,035.00fromComputerPartsandRepairCo.forrepairstothecomputerequipment.Theinvoicenumberwas43254. \\ \hline 21. & December22:Check#6006wasissuedtopaytheadvertisingbillthatwaspreviouslyreceivedandrecordedfromthelocalnewspaperforadvertising,invoicenumber26354. \\ \hline 22. & December22:Bytereceived18SuperTonerspurchasedforresaletocustomers.Thecostwas$33.00pertoner.Theinvoicenumberwas8988,andpaymentisrequiredin30days. \\ \hline 23. & December 23: Byte received $21,400.00 from customers billed when they received delivery. \\ \hline 24. & December23:Bytereceivedanemailedinvoiceintheamountof$8,250.00forcomputersthatweredropshippedandreceivedtoday. \\ \hline 25. & December28:Bytebilledvariousmiscellaneouslocalcustomers$16,500.00forcomputersthatweredeliveredtoday. \\ \hline 26. & December 28: Record the cost of the computers that were sold today. \\ \hline 27. & December28:BytepaidthebillthatwaspreviouslyreceivedandrecordedfromComputerPartsandRepairsCowithCheck#6007.Theinvoicenumberwas43254. \\ \hline 28. & December 29: Byte received $14,625.00 from customers billed when they received delivery. \\ \hline 29. & December29:Bytereceivedabillfortheamountof$680.00fromAT&Tforthetelephoneandinternetaccess.Theinvoicenumberwas784537. \\ \hline 30. & December30:Check#6008wasissuedtopaysalariesof$2,000.00toequipmentoperators.(Ignorepayrolltaxesatthistime.) \\ \hline 31. & December30:Check#6009wasissuedtopayacashdividendof$.30persharetoLauryn,ashareholderofByte. \\ \hline 32. & December30:Check#6010wasissuedtopayacashdividendof$.30persharetoHaydenMangru,ashareholderofByte. \\ \hline 33. & December30:Bytereceiveda$9,465.00checkfromwillbedeliveredinJanuary. \\ \hline 34. & December 30: Byte received an invoice and $440.00 of supplies from World Wide Supplies. \\ \hline 35. & December 31: Check \# 6012 was issued to pay Accounts Payable in the amount of $2,040.00. \\ \hline 36. & December 31: Check \# 6013 was issued to pay $680.00 to AT\&T for the telephone and internet access. \\ \hline \end{tabular} 37. The cash received and deposited from customers was $14,650.00 not the $14,625.00 orignially recorded. 38. A physical inventory showed that only $910.00 worth of supplies remained on hand as of December 31 . 39. The interest on the note for the Ricoh Color Copier will be paid every six months. Record the December accrued interest on the note payable for the Ricoh purchased on December 1. 40. Record a journal entry to reflect that one-half month's insurance has expired. 41. A review of Byte's emails indicated that they received an invoice in the amout of $4,535.00 for computers that were drop shipped and received on December 28. 42. Bill various miscellaneous customers 200% of the cost of the computers that were drop shipped and received on December 28. The computer equipment on the Post Closing Trial Balance from last year was purchased last January 44. for $20,000.00. It is being depreciated based upon an estimated useful life of 5.0 years with no salvage value. Calculate the depreciation for one year using the double-declining method of depreciation. 45. The Ricoh Color Copier, part of the office equipment, is estimated to make 480,000 copies a year, have a useful life of 5 years and a salvage value of \$.00. During December, 9,750 copies were made. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. Calculate the depreciation for one month using the straight-line method of depreciation. The remaining office equipment, $65,100.00, was purchased last January and has an estimated useful 46. life of 10.0 years with a salvage value of $3,100.00. Calculate the depreciation for one year using the straight-line method of depreciation. 47. A review of Byte's payroll records show that unpaid salaries in the amount of $1,200.00 are owed by Byte for three days, December 28 - 31. (Ignore payroll taxes at this time.) 48. Byte's CPA estimated bad debt to be 8.00% of the outstanding Accounts Receivable. Record the entry to adjust the Allowance for Doubtful Accounts. 49. Byte's income taxes are to be computed at the rate of 25% 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 Statement through the Net Income Before Tax line.] A Byte of Accounting, Inc. Post Closing Trial Balance As of December 31, 2021 \begin{tabular}{|r|l|r|r|} \hline \multicolumn{2}{|c|}{ Account } & & \multicolumn{1}{c|}{ Credit } \\ \hline Number & Name & \multicolumn{1}{c|}{ Debit } & \multicolumn{1}{c|}{} \\ \hline 1110 & Cash & 87,574.00 & \\ \hline 1120 & Accounts Receivable & 30,000.00 & \\ \hline 1121 & Allowance for Doubtful Accounts & 900.00 \\ \hline 1140 & Prepaid Rent & 2,700.00 & \\ \hline 1150 & Supplies & 900.00 & \\ \hline 1211 & Office Equipment & & 6,100.00 \\ \hline 1212 & Accum. Depr.-Office Equip. & 20,000.00 & \\ \hline 1311 & Computer Equipment & & 8,000.00 \\ \hline 1312 & Accum. Depr.-Computer Equip. & & 47,330.00 \\ \hline 2101 & Accounts Payable & & 800.00 \\ \hline 2105 & Salaries and Wages Payable & & 11,000.00 \\ \hline 2106 & Income Taxes Payable & & 44.00 \\ \hline 3100 & Common Stock & & 88,000.00 \\ \hline 3120 & Paid-In Capital in Excess of Par & & 44,000.00 \\ \hline 3200 & Retained Earnings & 206,274.00 & 206,274.00 \\ \hline & Total & & \\ \hline \end{tabular} \begin{tabular}{|c|c|} \hline 01. & December1:anewinvestor,madeaninvestmentinBytebypurchasing2,700sharesofitscommonstockpaying$108,054.00incash.Theparvalueofthecommonstockwas$.02pershare. \\ \hline 02. & December3:BytepurchasedaRicohColorCopierfor$5,000.00.Theinvoicenumberwas61298.Bytepaid10%incashandsignedathree-yearnotefortheremainingbalance.Interestatarateof6%ayearwillbepaidsemiannually. \\ \hline 03. & December3:Check#6001for$2,700.00wasissuedbyBytetopayforrentoftheofficespaceforDecember. \\ \hline 04. & December3:Bytereceived12SuperTonersforresaletocustomersatacostof$23.00pertoner.Theinvoicenumberwas7249,andrequirespaymentwithin30days. \\ \hline 05. & December10:Bytesold4SuperTonerstoacustomeronaccountfor$53.00each.TheSalesordernumberwas12100. \\ \hline 06. & December10:Byterecordsthecostofthe4SuperTonerssoldusingFIFO.Thesalesordernumberwas12100. \\ \hline 07. & December11:Check#6002wasissuedtopaysalariesof$2,000.00toequipmentoperators.(Ignorepayrolltaxesatthistime.) \\ \hline 08. & December14:Check#6003wasissuedtopurchaseaone-yearinsurancepolicycoveringitscomputerequipment.Thecostoftheinsuranceis$6,504.00andpaidtoSethsInsurance.TheeffectivedateofthepolicywasDecember16andtheinvoicenumberwas2387. \\ \hline 09. & December 15: Byte received an invoice and $350.00 of supplies from World Wide Supplies. \\ \hline 10. & December16:Bytereceived11SuperTonerspurchasedforresaletocustomers.Thecostwas$31.00pertoner.Theinvoicenumberwas7959,andpaymentisrequiredin30days. \\ \hline 11. & December17:BytewasinformedthatMr.Madoffwhohasanaccountwiththecompanywillneverpaythe$506.00heowes.RecordthetransactiontowriteoffMr.Madoffsaccountsreceivableaccountusingtheallowancemethod. \\ \hline 12. & December17:Bytereceivedinvoicenumber26354intheamountof$775.00fromthelocalnewspaperforadvertising. \\ \hline 13. & December 18: Check \# 6004 was issued to pay Accounts Payable in the amount of $1,020.00. \\ \hline 14. & December19:Bytesold17Supertonerstoacustomeronaccountfor$53.00each.Thesalesordernumberwas12101. \\ \hline 15. & December19:Byterecordsthecostofthe17SuperTonerssoldusingFIFO.Thesalesordernumberwas12101. \\ \hline 16. & December21:Bytereceivedanemailedinvoiceintheamountof$7,000.00forcomputersthatweredropshippedandreceivedtoday. \\ \hline 17. & December21:Bytebilledvariousmiscellaneouslocalcustomers$14,000.00forcomputersthatweredeliveredtoday. \\ \hline 18. & December 21: Record the cost of the computers that were sold today. \\ \hline 19. & December22:Check#6005wasissuedtopaysalariesof$2,000.00toequipmentoperators.(Ignorepayrolltaxesatthistime.) \\ \hline \end{tabular} \begin{tabular}{|r|l|r|r|} \hline \multicolumn{2}{|l|}{ Account } & \multicolumn{2}{c|}{ Unadjusted Trial Balance } \\ \hline Number & Name & \multicolumn{1}{c|}{ Debit } & Credit \\ \hline 1110 & Cash & 103,619.00 & \\ \hline 1120 & Accounts Receivable & 26,000.00 & \\ \hline 1121 & Allowance for Doubtful Accounts & & $ \\ \hline 1130 & Prepaid Insurance & 2,700.00 & \\ \hline 1140 & Prepaid Rent & 2,700.00 & \\ \hline 1150 & Supplies & & \\ \hline 1160 & Inventory & 65,100.00 & \\ \hline 1211 & Office Equipment & & \\ \hline 1212 & Accum. Depr.-Office Equip. & 20,000.00 & \\ \hline 1311 & Computer Equipment & & 6,200.00 \\ \hline 1312 & Accum. Depr.-Computer Equip. & & \\ \hline 2101 & Accounts Payable & & 3,000.00 \\ \hline 2102 & Unearned Revenue & & \\ \hline 2103 & Interest Payable & & \\ \hline 2105 & Salaries and Wages Payable & & \\ \hline 2106 & Income Taxes Payable & & \\ \hline 2202 & Notes Payable & & \\ \hline 3100 & Common Stock & & \\ \hline 3120 & Paid-In Capital in Excess of Par & & \\ \hline 3200 & Retained Earnings & & \\ \hline 3300 & Dividends & & \\ \hline & & & \\ \hline 4100 & Sales Revenue & & \\ \hline 5010 & Rent Expense & & \\ \hline 5020 & Salaries and Wages Expense & & \\ \hline 5030 & Advertising Expense & & \\ \hline 5040 & Maintenance \& Repairs Expense & & \\ \hline 5080 & Supplies Expense & & \\ \hline 5090 & Interest Expense & & \\ \hline 5100 & Insurance Expense & & \\ \hline 5110 & Depreciation Expense & & \\ \hline 5120 & Bad Debt Expense & & \\ \hline 5140 & Telephone and Internet Expense & & \\ \hline 5150 & Income Tax Expense & & \\ \hline 5300 & Cost of Goods Sold & & \\ \hline & Total & & \\ \hline \hline \end{tabular} \begin{tabular}{|c|c|} \hline 20. & December22:Bytereceivedabillfor$1,035.00fromComputerPartsandRepairCo.forrepairstothecomputerequipment.Theinvoicenumberwas43254. \\ \hline 21. & December22:Check#6006wasissuedtopaytheadvertisingbillthatwaspreviouslyreceivedandrecordedfromthelocalnewspaperforadvertising,invoicenumber26354. \\ \hline 22. & December22:Bytereceived18SuperTonerspurchasedforresaletocustomers.Thecostwas$33.00pertoner.Theinvoicenumberwas8988,andpaymentisrequiredin30days. \\ \hline 23. & December 23: Byte received $21,400.00 from customers billed when they received delivery. \\ \hline 24. & December23:Bytereceivedanemailedinvoiceintheamountof$8,250.00forcomputersthatweredropshippedandreceivedtoday. \\ \hline 25. & December28:Bytebilledvariousmiscellaneouslocalcustomers$16,500.00forcomputersthatweredeliveredtoday. \\ \hline 26. & December 28: Record the cost of the computers that were sold today. \\ \hline 27. & December28:BytepaidthebillthatwaspreviouslyreceivedandrecordedfromComputerPartsandRepairsCowithCheck#6007.Theinvoicenumberwas43254. \\ \hline 28. & December 29: Byte received $14,625.00 from customers billed when they received delivery. \\ \hline 29. & December29:Bytereceivedabillfortheamountof$680.00fromAT&Tforthetelephoneandinternetaccess.Theinvoicenumberwas784537. \\ \hline 30. & December30:Check#6008wasissuedtopaysalariesof$2,000.00toequipmentoperators.(Ignorepayrolltaxesatthistime.) \\ \hline 31. & December30:Check#6009wasissuedtopayacashdividendof$.30persharetoLauryn,ashareholderofByte. \\ \hline 32. & December30:Check#6010wasissuedtopayacashdividendof$.30persharetoHaydenMangru,ashareholderofByte. \\ \hline 33. & December30:Bytereceiveda$9,465.00checkfromwillbedeliveredinJanuary. \\ \hline 34. & December 30: Byte received an invoice and $440.00 of supplies from World Wide Supplies. \\ \hline 35. & December 31: Check \# 6012 was issued to pay Accounts Payable in the amount of $2,040.00. \\ \hline 36. & December 31: Check \# 6013 was issued to pay $680.00 to AT\&T for the telephone and internet access. \\ \hline \end{tabular} 37. The cash received and deposited from customers was $14,650.00 not the $14,625.00 orignially recorded. 38. A physical inventory showed that only $910.00 worth of supplies remained on hand as of December 31 . 39. The interest on the note for the Ricoh Color Copier will be paid every six months. Record the December accrued interest on the note payable for the Ricoh purchased on December 1. 40. Record a journal entry to reflect that one-half month's insurance has expired. 41. A review of Byte's emails indicated that they received an invoice in the amout of $4,535.00 for computers that were drop shipped and received on December 28. 42. Bill various miscellaneous customers 200% of the cost of the computers that were drop shipped and received on December 28. The computer equipment on the Post Closing Trial Balance from last year was purchased last January 44. for $20,000.00. It is being depreciated based upon an estimated useful life of 5.0 years with no salvage value. Calculate the depreciation for one year using the double-declining method of depreciation. 45. The Ricoh Color Copier, part of the office equipment, is estimated to make 480,000 copies a year, have a useful life of 5 years and a salvage value of \$.00. During December, 9,750 copies were made. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. Calculate the depreciation for one month using the straight-line method of depreciation. The remaining office equipment, $65,100.00, was purchased last January and has an estimated useful 46. life of 10.0 years with a salvage value of $3,100.00. Calculate the depreciation for one year using the straight-line method of depreciation. 47. A review of Byte's payroll records show that unpaid salaries in the amount of $1,200.00 are owed by Byte for three days, December 28 - 31. (Ignore payroll taxes at this time.) 48. Byte's CPA estimated bad debt to be 8.00% of the outstanding Accounts Receivable. Record the entry to adjust the Allowance for Doubtful Accounts. 49. Byte's income taxes are to be computed at the rate of 25% 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 Statement through the Net Income Before Tax line.] A Byte of Accounting, Inc. Post Closing Trial Balance As of December 31, 2021 \begin{tabular}{|r|l|r|r|} \hline \multicolumn{2}{|c|}{ Account } & & \multicolumn{1}{c|}{ Credit } \\ \hline Number & Name & \multicolumn{1}{c|}{ Debit } & \multicolumn{1}{c|}{} \\ \hline 1110 & Cash & 87,574.00 & \\ \hline 1120 & Accounts Receivable & 30,000.00 & \\ \hline 1121 & Allowance for Doubtful Accounts & 900.00 \\ \hline 1140 & Prepaid Rent & 2,700.00 & \\ \hline 1150 & Supplies & 900.00 & \\ \hline 1211 & Office Equipment & & 6,100.00 \\ \hline 1212 & Accum. Depr.-Office Equip. & 20,000.00 & \\ \hline 1311 & Computer Equipment & & 8,000.00 \\ \hline 1312 & Accum. Depr.-Computer Equip. & & 47,330.00 \\ \hline 2101 & Accounts Payable & & 800.00 \\ \hline 2105 & Salaries and Wages Payable & & 11,000.00 \\ \hline 2106 & Income Taxes Payable & & 44.00 \\ \hline 3100 & Common Stock & & 88,000.00 \\ \hline 3120 & Paid-In Capital in Excess of Par & & 44,000.00 \\ \hline 3200 & Retained Earnings & 206,274.00 & 206,274.00 \\ \hline & Total & & \\ \hline \end{tabular}
