I need help with the worksheet, income statemnet, owners equity and balance sheet. i attched the worksheet and what i put (yellow cells) but i dont think its correct if someone can help thatd be great ! the transactions and the general journal i also attched. in general journal parts 32-38 are missing
the transactions i provided in the pictures need to be put into a general journal, worksheet, income stament , owners equity and balance sheet the last 3 pictures are my attemps at it but I dont think i solved correctly
Font Alignment Clipboard D10 & fx 1 2 A B Byte of Accounting Aya 1-1 2184 Transaction Description of transaction June 1: Hudson Bloom invested $145,948.00 cash and computer equipment with a fair market value of 01. $33,880.00 in his new business, Byte of Accounting. 3 4 5 02 June 1: Check # 5000 was used to purchased office equipment costing $968.00 from Office Express. The invoice number was 87417. 6 7 03 June 1: Check # 5001 was used to purchased computer equipment costing $9,240.00 from Aya Mari. The invoice number was 20117. 8 9 June 2: Check # 5002 was used to make a down payment of $28,000.00 on additional computer equipment 04. that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $140,000.00. A five-year note was executed by Byte for the balance. 10 11 June 4: Additional office equipment costing $300.00 was purchased on credit from Discount Computer 05. Corporation. The invoice number was 98432. 12 13 06. June 8: Unsatisfactory office equipment costing $60.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 14 15 07 June 10: Check # 5003 was used to make a $21.500.00 payment reducing the principal owed on the June 2 purchase of computer equipment from Royce Computers. 16 17 Transactions General Journal Worksheet Income Statement Changes in Own 17 June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equipment 08. for $5,640.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387 18 19 20 09. June 16: A check in the amount of $7,250.00 was received for services performed for Pitman Pictures, 21 10 June 16: Byte purchased a building and the land it is on for $107,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $17,000.00. The balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $10,700.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance. 22 23 11. June 17: Check # 5006 for $7.200.00 was paid for rent of the office space for June, July and August. 24 25 12. June 17: Received invoice number 26354 in the amount of $425.00 from the local newspaper for advertising. 26 27 13. June 21: Billed various miscellaneous local customers $4,600.00 for consulting services performed. 28 29 14 June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $675.00. The invoice number was 975-328. 30 31 32 33 15. June 21: Accounts payable in the amount of $240.00 were paid with Check # 5007. Transactions General Journal Worksheet Income Statement Changes in B A June 29: Check # 5012 was used to pay salaries of $835.00 to equipment operators for the week ending June 24. 25. Ignore payroll taxes. 25 June 30: Received a bill for the amount of $990.00 from O & G Oil and Gas Co. The invoice number was 784537. June 30: Check # 5013 was used to pay for airline tickets of $1,900.00 to send the kids to Grandma Ellen 26. for the July 4th holiday. 4 5 Adjusting Entries - Round to two decimal places. 6 7 27 The rent payment made on June 17 was for June, July and August. Expense the amount associated with one month's rent 58 59 60 61 28. A physical inventory showed that only $281.00 worth of office supplies remained on hand as of June 30. 62 63 The annual interest rate on the mortgage payable was 8.50 percent. Interest expense for one-half month 29 should be computed because the building and land were purchased and the liability incurred on June 16. 30. Record a journal entry to refleurhat one half month's insurance has expired. 64 65 A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,250 for the 31 period of June 28-30 66 67 Transactions General Journal Worksheet Income Statement Changes in Owner a Tune here to search A 68 69 70 71 B The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5.0 years 32. Office Equipment - 7.0 years Use the straight-line method of depreciation. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building's scrap value is $8,500. The office equipment has a scrap value of $500. The computer equipment has no scrap value. Calculate the depreciation for one month. 72 73 33 A review of the payroll records show that unpaid salaries in the amount of $501.00 are owed by Byte for three days, June 28 - 30. Ignore payroll taxes. 74 75 34 The note payable to Royce Computers (transactions 04 and 07) 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. Closing Entries 35. Close the revenue accounts 78 79 BO 81 82 83 84 85 86 87 88 89 90 36. Close the expense accounts. + 37. Close the income summary account 38. Close the withdrawals account Transactions General Journal Worksheet Income Statement Changes in Ow 1:37 Please find the journal entries below with narration: JO Bate Cash 10 Pohon on a Nursion. To recorder cash and computer More Narration - To record purchased arcu equipment by check D Raration-record purchase of computer equipment by check sal Care D lo sation. To recorded computer verby gender Ju-Office Loup To Naration. To record purchased arti egipment from dit computer corpo credit Ome Narration. To record return of satisfactory office man made outcome C 10 ance 1300 JO IC NanoTo Cash D 20 Computer & conuitingen NarrationTo connect 10 Land 10 Narration. To record purchase of land building by initiating more and down Narration. To record dance payment of office ont by check: SOOG 12 Narration to record pending advertentalocale 13 compro Narration to record pending from local customer Cal Nation. To record that office comer by choo 95 Nation. To recorder by checked 96 Narration - So record and pending and more ons by checked 13 0 Narration to record purchase officient from dit computer credit 38 Cal OF Nation to record of any check 2.C ACCI Narvation. To record of income the check 29 D Resorts Narration. So record phase office wyn credit 21 Computer Scoutine Nation. Tocarded from all women 23 Acroble Narvation orecard D 115 o Narration. To record payment of by checks 24 Jun 23 > 25 Terror pentru by the 1912 Jun-001 & Gap Justin Boom Please find the adinustment entries below with narration Credit (in $) 27 24001 28 399 399 ations: Adjusting entries:- SL. No. Date Particulars Dr/Cr Debit (in $) Jun-30 Rent expenses Dr 2400 Prepaid rent Cr Narration - To record adjustment of prepaid rent expenses for the month of June Jun-30 Depreciation expenses Office supply Narration - To record depreciation in office supply 29 Jun-30 Interest expense Dr 341.06 Mortgage Payable Cr Narration - To record half months of interest on mortgage payable @8.5% P.A. 30 Insurance expenses 235 Prepaid insurance Narration - To record half months of expiry of insurance 31 Accounts receivable Dr 5250 Computer & consulting revenue Narration. To record Unbilled revenue 341.06 235 5250 A Byte of Accounting, Inc. Worksheet For Period Ending June 30, 2020 Income Statement Det Credit Adused Trul Barance Dett Credit 72 810 00 13 23500 540500 1.800.000 281.00 Balance Sheet Debt Credit 72 81000 13 235.00 5,406.00 400.00 281.00 1.300 1 2 3 4 5 6 Account 7 Number Name 1110 Cash 9 1120 Accounts Receivable 10 1130 Prepaid insurance 1100 Prepaid Rent 1150 Ofice Supplies 1211 Office Equip 14 1212 Accum Dept once Cup 15 1311 Computer Foup 16 1312 Accum. Depr. Computer 17 1411 Building Cost 1412 Accum Depr Building 1510 Land 20 2101 Accounts Payable 2102 Advanced Payments 2100 interest Pay 2105 salaries Payable 2201 Morge Payable 2200 Nos Payable 27 3100 Hudson Nom Capital 3300 Hudson Om Withdrawals ODO 183 120.00 183 120.00 Liradusid Tralance Crede 72 810.00 0.00 000 704500 56.10.00 0.00 7200.00 0.00 680.00 0.00 1883 00 0.00 000 000 183,120 00 0.00 0.00 90,000.00 0.00 000 0.00 17,000.00 0.00 1670 00 0.00 0.00 000 000 0.00 0.00 96 300.00 0.00 90 50000 000 170120 00 1.900.00 000 Adusting Entries Debt Cred 0.00 0.00 5250.00 0.00 0.00 236.00 0.00 2.400.00 000 309 00 0.00 0.00 000 000 0.00 0.00 0.00 000 0.00 0.00 000 000 0.00 0.00 0.00 0.00 000 0.00 0.00 0.00 000 000 341.06 0.00 0.00 0 od 0.00 0.00 0.00 90 000.00 90 000.00 17 000.00 17 000.00 1670.00 000 95 949.00 00 500.00 179 520 00 1.800 00 310000 310000 2.400.00 30 311 SP 33 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Agen 50.00 Repairs & Maint Expense 5050 O & Gas Expense SO80 Supplies Expense 5090 berest Expense 5100 Insurance Expense 5110 Depreciation Papers 0.00 0.00 1670 00 425.00 1,315 00 990.00 0.00 0.00 000 0.00 8,350 00 000 0.00 0.00 0.00 0.00 0.00 000 0.00 000 0.00 2.400.00 000 0.00 0.00 000 0.00 341 00 23500 399.00 5,250.00 000 0.00 0.00 000 0.00 0.00 0.00 0.00 0.00 1,670 00 425 00 1315.00 990 00 2.400.00 1.570.00 425.00 135 DO 990 00 35 37 341.00 399.00 40 41 384033.00 WA2.00 8.625 OF 8.625.06 397,93400 307.94400 5690.00 3.100.00 9841400 200 120.00 TOL NET INCOME Useance 43 44 General Journal Worksheet Income Statement Changes in Owner's Equity Balance Sheet Hov... ste BI U BGA- Alignment Font Clipboard X fx B A 16. June 22: Check # 5010 was used to pay the advertising bill that was received on June 17. June 22: Received a bill for $1,315.00 from Computer Parts and Repair Co. for repairs to the computer 17 equipment. The invoice number was 43254. June 22: Check # S009 was used to pay salaries of $835.00 to equipment operators for the week ending June 18 18. Ignore payroll taxes. 19. June 23: Cash in the amount of $3,685,00 was received on billings 20. June 23: Purchased office supplies for $680.00 from Staples on account. The invoice number was 65498. 21 June 28: Billed 55,700.00 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount of $5,400.00 was received for billings B 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check # 5011 24 June 29: Check # 5012 was ured to pay salaries of $835.00 to equipment operators for the week ending June 25. Ignore payroll taxes 0 -1 25 June 30: Received a bill for the amount of $990.00 from O&G Oil and Gas Co. The invoice number was 784537 52 53 4 Transactions General Journal Worksheet Income Statement Changes ir Type here to search
