I need help with solving transaction #31 using FIFO. This problem is to adjust entries for a general journal.

transaction 31- A physical inventory showed that only $358.00 worth of general office supplies remained on hand as of June 30.This did not include any of the Super RoutePro.There were 5 units of Super RoutePro on hand.We use FIFO to determine the valuation of the supplies.

Other transactions if needed to solve this equation:

50 SheetLegal Pad

Transaction Description of transaction

01. June 1:Jeremy made an investment in Byte of Accounting, Inc., by purchasing 2,630 shares of its common stock paying $33,011.00 in cash and by contributing computer equipment with a fair market value of $45,915.30.The par value of the common stock was $0.01 per share.

02. June 1:Courtney made an investment in Byte of Accounting, Inc., by purchasing 561 shares of its common stock by contributing computer equipment with a fair market value of $15,605.20 and office equipment with a fair value of $1,230.41.The par value of the common stock was $0.01 per share.

03. June 1:Clair made an investment in Byte of Accounting, Inc. by purchasing 4,150 shares of its common stock for $124,541.50 cash.The par value of the common stock was $0.01 per share.

04. June 2:Check # 5002 was used to make a down payment of $36,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542.The full price of the computer was $180,000.00.A five-year note was executed by Byte for the balance.

05. June 4:Additional office equipment costing $500.00 was purchased on credit from Discount Computer Corporation.The invoice number was 98432.

06. June 8:Unsatisfactory office equipment costing $100.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.

07. June 10:Check # 5003 was used to make a $27,500.00 payment reducing the principal owed on the June 2 purchase of computer equipment from Royce Computers.

08. June 10:Purchased office supplies for $1,700.00 from Staples on account.The invoice number was 61298.Included in the purchase was 10 units of Super RoutePro at a cost of $40.00 each.

09. June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equipment for $5,472.00 from Seth's Insurance.The effective date of the policy was June 16 and the invoice number was 2387.

10. June 16:Checks in the amount of$8,510.00 was received for services performed for cash customers.

11. June 16:Byte purchased a building and the land it is on for $119,000.00 to house its repair facilities and to store computer equipment.The lot on which the building is located is valued at $19,000.00.The balance of the cost is to be allocated to the building.Check # 5005 was used to make the down payment of $11,900.00.A thirty year mortgage with an inital payement due on August 1st, was established for the balance.

12. June 17:Check # 5006 for $6,900.00 was paid for rent of the office space for June, July and August.

13. June 17:Received invoice number 26354 in the amount of $475.00 from the local newspaper for advertising.

14. June 21: Billed various miscellaneous local customers $4,700.00 for consulting services performed.

15. June 21:Check # 5007 was used to purchase a fax machine for the office from Office Machines Express for $825.00.The invoice number was 975-328.

16. June 21:Accounts payable in the amount of $400.00 were paid with Check # 5008.

17. June 22:Check # 5009 was used to pay the advertising bill that was received on June 17.

18. June 22:Received a bill for $1,240.00 from Computer Parts and Repair Co. for repairs to the computer equipment.The invoice number was 43254.

19. June 22:Check # 5010 was used to pay salaries of $960.00 to equipment operators for the week ending June 18.Ignore payroll taxes.

20. June 23:Cash in the amount of $3,765.00 was received on billings.

21. June 23:Purchased office supplies for $850.00 from Staples on account.The invoice number was 65498. Included in the purchase was 10 units of Super RoutePro at a cost of $45.00 each.

22. June 28:Billed $5,805.00 to miscellaneous customers for services performed to June 25.

23. June 29:Cash in the amount of $5,500.00 was received for billings.

24. June 29:Paid the bill received on June 22, from Computer Parts and Repairs Co with Check # 5011.

25. June 29:Check # 5012 was used to pay salaries of $960.00 to equipment operators for the week ending June 25.Ignore payroll taxes.

26. June 30:Received a bill for the amount of $990.00 from O & G Oil and Gas Co.The invoice number was 784537.

27. June 30:Check # 5013 was used to pay for a cash dividend of $0.20 per share to Jeremy, a shareholder of Byte.

28. June 30:Check # 5014 was used to pay for a cash dividend of $0.20 per share to Clair a shareholder of Byte.

29. June 30:Check # 5015 was used to pay for a cash dividend of $0.20 per share to Courtney, a shareholder of Byte.

Adjusting Entries - Round to two decimal places.

30. The rent payment made on June 17 was for June, July and August.Expense the amount associated with one month's rent.

Completed General Journal: