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680 shares of its common stock to Jeremy after Gir market value of $35,880 were received CN oord June 1: Byte of Accounting, the issued 2,080 shares of its 525 760 in cash and computer equipment with a fair market value hares of its common stock after acquiring from with a fair market value of $11.040 and office Tue 1: Byte of Accounting, Inc. issued 1,774 shares of its com Courtney 528,750 in cash, computer equipment with a fair market equipment with a fair value of $1,012. 02 Lone Mu Inc. acquired $73.600 in cash from Rose Asombwile and issued Nowy June 1: Byte of Accounting, Inc, acquired $73.600 3.200 shares of its common stock made on additional computer equipment that - June 2: A down payment of $29,000 in cash was made on additional u rchased for $145,000. A five-year note was executed by Byte for the balance 04. D une 4. Additional office equipment costing $300 was purchased on credit from Dis Computer Corporation. 05.10 06.yone pune 8: Unse June 8: Unsatisfactory office equipment costing $60 was returned to Discount Com credit to be applied against the outstanding balance owed by Byte. 10 June 10: Byte paid $22.250 on the balance it owed on the June 2 purchase of computer 07.70 equipment 08:40 June 14: A one-year insurance policy covering its computer equipment was purchased by Byte s5,808 in cash. The effective date of the policy was June 16. to 55.808 in cash. Th 09.30 June 16: Computer consultation revenue of $7.250 was received. 1. Bone) 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 valu $18,000 The balance of the cost is to be allocated to the building. Byte made a cash dow payment of $11.300 and executed a mortgage for the balance. The mortgage is payable i equal annual installments beginning July 1. the June 17: Cash of $5,100 was paid for rent for June, July and August. Put the total amor the Prepaid Rent account 12.10 June 17: Received a bill of $425 from the local newspaper for advertising. 13. June 21: Billed various miscellaneous local customers $4,800 for consulting services 14 June 21: A fax machine for the office was purchased for $850 cash. 15. Mom June 21: Accounts payable in the amount of $240 were paid. 16.10 June 22: Paid the advertising bill that was received on _Description of transaction ceived on June 17. 17 sa June 22: Received a bill for $1.240 from Computer P computer equipment 1,240 from Computer Parts and Repair Co, for repairs to the 18. June 22: Paid salaries of $1.035 to equipmen to equipment operators for the week ending June 18. 19.10 June 23: Cash in the amount of $3.845 was received on billine 3Wits received on billings, 20 y TV June 23: Purchased office Supplies for $6655 on credit. Record the ased office supplies for $655 on credit Record the purchase as an increase to the assets. 21. June 28: Billed $5,805 to miscellan 2.009 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount sm in the amount of SS.500 was received for billings 23. June 29: Paid the bill received on June 22, from Paid the bill received on June 22 from Computer Parts and Repairs Co. 4. June 29: Paid salaries of $1.035 to equipment adaries of $1.035 to equipment operators for the week ending June 25. June 30: Received a bill for the amount of $700 from O&G Oil and Gas Co. NON Pune 30: Paid a cash dividend of $0.20 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. V Adjusting Entries - Round to two decimal places. the rent payment made on June 17 was for June, July and August. Expense the amount associated with one month's rent. A physical inventory showed that only $270.00 worth of office supplies remained on hand as of June 30. The annual interest rate on the mortgage payable was 9.00 percent. Interest expense for one-half - month should be computed because the building and land were purchased and the liability, incurred on June 16. 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, DIE UI ACCU Rose Acum saction Description of transaction 31. A review of Byte's job worksheets show that there for the period of June 28-30. s show that there are unbilled revenues in the amount of $5,250 pot done 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 during a month are treated as iurchased on the first day of the me value is $8,000. The office equipment has a scrap value of $300. no scrap value. Calculate the depreciation for one month preciation Management has decided that assets purchased urchased on the first day of the month. The building's scrap ent has a scrap value of $300. The computer equipment has 33. A review of on the payroll records show that unpaid salariss in the amount of S621 are owed by Byte for three days, June 28 - 30. 34. The note paya IMPORTANT NOTE: The original no Sone' e note payable relating to the June 2 and 10 transactions is a five-year note, with interest at the 12 percent annually. Interest expense should be computed based on a 360 day year. MPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $116,000. On June 10, cight days later. $22.250 was repaid. Interest expense must be calculated on the $116,000 for cight days. In addition, interest expense on the $93,750 balance of the loan (S116,000 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. Closing Entries 36. Close the revenue accounts. 37. Close the expense accounts. 38. Close the income summary account. 39. Close the dividends account Description of transaction June 1: Byte of Accounting, Inc. issued 2680 shares of its common stock to Jeremy aller 525, 760 in cash and computer equipment with a fair market value of $35,880 were received June 1: Byte of Accounting, Inc. issued 1.774 Juures of its common stock after acquiring from Courtney $28.750 in cash, computer equipment with a fair market value of $11,040 and office equipment with a fair value of $1.012. June 1: Byte of Accounting, Inc. acquired 573,600 in cash from Rose Asombwile and issued 3,200 shares of its common stock. 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 03. pune 4 Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation. June 8: Unsatisfactory office equipment costing 560 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 $5,808 in cash. The effective date of the policy was June 16. 09 June 16: Computer consultation revenue of $7.250 was received 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 $5,100 was paid for rent for June, July and August. Put the total amount into the Prepaid Rent account. 12. June 17: Received a bill of $425 from the local newspaper for advertising 13. June 21: Billed various miscellaneous local customers $4,800 for consulting services performed 14 June 21: A fax machine for the office was purchased for $850 cash. 15. June 21: Accounts payable in the amount of $240 were paid. Description of transaction 16. June 22: Paid the advertising bill that was received on June 17. 12 Pune 22: Received a bill for $1.240 from Computer Parts and Repair Co, for repairs to the computer equipment. 18. June 22: Paid salaries of $1.015 to quipment onerators for the week ending June 18. 19. June 23: Cash in the amount of $1.845 was received on billings. 20 June 23: Purchased office supplies for $655 on credit. Record the purchase as an increase to the June 28: Billed $5,805 to miscellaneous customers for services performed to June 25 22 June 29: Cash in the amount of $5,500 was received for billings 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 24. June 29: Paid salaries of $1,035 to equipment operators for the week ending June 25 25. June 30: Received a bill for the amount of $790 from O&G Oil and Gas Co. June 30: Paid a cash dividend of $0.20 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. 27. The rent payment made on June 17 was for June July and August. Expense the amount associated with one month's rent. 28. A physical inventory showed that only $270.00 worth of office supplies remained on hand as of June 30. 29. The annual interest rate on the mortgage payable was 9.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 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. Transaction 31. Description of transaction JA review of Byte's job worksheets show that there are unbilled revenues in the amount of $5 for the period of June 28-30. 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 month are treated as if purchased on the first day of the month. The building's scrap value is $8,000. The office equipment has a scrap value of $300. The computer equipment has no scrap value. Calculate the depreciation for one month. 33. A review of the payroll records show that unpaid salaries in the amount of 5621 are owed by Byte for three days, June 28 - 30. 34 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 $116,000. On June 10, eight days later, $22.250 was repaid. Interest expense must be calculated on the $116,000 for eight days. In addition, interest expense on the 593.750 balance of the loan (5116,000 less $22,250 - 593,750) must be calculated for the 20 days remaining in the month of June.) 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. 17. Close the expense accounts. 38. Close the income summary account. 39. Close the dividends account
