I was wondering if someone could help me with Bank Reconciliation. I am having a hard time understanding what this question is asking and how to do this. I have attached a file of what I am working on. If it does not pop right up on the bank reconciliation tab then just click it and that's what I'm working on. Thanks!!

Building Blocks of Accounting .. A Financial Perspective to the same screen that the project was downloaded from: www.cybertext.com, The Book List, Building Blocks of Accounting .. A Financial Perspective, Enter Morgan, when you are ready toFile. your work graded you will upload this file MM4219.xls or password, Upload Your Excel have Keep two copies of your spreadsheet in two separate places in case one does not work. You may find it easier to work on this project if you print a hard copy of all the pages. NOTE: If there are any questions about the project e-mail markfriedman@miami.edu or call 305.284.6296. Grade will be based upon answers entered into the shaded boxes. F911 150126 MM4219.xlsx, Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective Page 1 FAQ FAQ 01 My file used to upload, why is it not uploading? Answer: Sometimes we unknowing add items to a workbook that inhibits the upload process. The conversion to an earlier version Somehow clean the files and they then upload without problem. If the problem continue simple send your file as an attachment with your username and password...friedman@cybertext.com Windows Operating System Select File Select Save As Select Save As Type: Select Microsoft 5.0/95 Workbook (*.xls) Select Save Select Continue or Yes if prompted or if it indicates that there is limited memory. Select Select Select Select Select Select File Close File Open and open the .xls file Save As Save As Type: Excel Workbook (*.xlsx) Save Upload the file at cybertext.com Apple Operating System Select File Select Save As Select Format: Select Microsoft 5.0/95 Workbook (*.xls) Select Save Select Continue or Yes if prompted or if it indicates that there is limited memory. Select Select Select Select Select Select File Close File Open and open the .xls file Save As Format: Excel Workbook (*.xlsx) Save Upload the file at cybertext.com Elf Village Productions MF1234.xlsx Excel 50 Sheet 5.0/95 Workbook (.xls) Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ FAQ 02 When I try to enter information in the General Journal why does an error appears indicating that the cell protected? Page 2 Answer: The computer program is designed to save you time. Instead of requiring you to enter the description four times the program automatically copies the description when you enter a new account number. This process requires that the data entry is limited to those cells which contain unique information. The cells that you can enter data into are the yellow filled cells. FAQ 03 In the feedback section, what does it mean when I have points under reverse? Answer: If you pay a telephone expense of $100.00 Telephone Expense 100 Cash 100 If you debit cash and credit telephone expense you have reversed the whole entry. Cash 100 Telephone Expense 100 If you debit cash and credit anything else you have reversed part of the entry. Cash 100 Rent Expense Elf Village Productions 100 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ FAQ 04 How does my instructor get my grade? Answer: Every time you upload your grade is recorded in a table. Your instructor can look at the table whenever they want to, although only the last grade counts. Keep a hard copy of your last upload for documentation. FAQ 05 I have entered all the transactions and have completed the worksheet however I get following message on the financial statements: "You must finish the worksheet before you can complete the ...." Answer: The worksheet demonstrates that the accounting system is working. If all of your journal entries are in balance then the Unadjusted Trial Balance and the Adjusting Entry columns will balance. The Adjusted Trial Balance columns net the Unadjusted Trial Balance and the Adjusting Entry columns. There are four steps to completing the worksheet: 1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the Balance Sheet columns, (debits remain debits and credits remain credits). 2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses. 3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet. Page 3 4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise there is an error in the completion of the worksheet. Building Blocks of Accounting -- A Financial Perspective The instructions start on row 22 of this page. FIRST Morgan LAST MacBeth SS 4219 File MM4219 Welcome to the world's first ePractice case, an individualized, internet generated and graded case study that focuses on the analytically portion of the accounting cycle while automating the repetitive posting cycle. NOTE: If the program is not working e-mail markfriedman@miami.edu, 305.284.6296. Step I - The Chart of Accounts The chart of accounts includes all of the accounts that you can use to solve your case. You may want to print the chart of accounts and use it as an easy reference guide. Step II - Journalizing the Transactions. Using your unique transactions record the corresponding general journal entry, rounding to two decimal places. For example, 01 June 1: Hudson Bloom made a $40,000 cash investment in his business, Byte of Accounting. 01 Jun 01 Description C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n In the date field enter the date of the transaction. If you do not enter a date value an error message will appear. Cash 01 Jun 01 Description C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n In the account field enter the account number that corresponds to the account in the chart of accounts. You can also use the pull down list to find the appropriate account number. If you use a number that is not on the chart of accounts an error message will appear. 1110 Cash The name of the account will automatically appear in the name column. If it is the wrong account renter the correct account number. C re di t C re di t 1110 Cash Description D eb it ou nt A cc Jun 01 Name D eb it 01 D at e Tr a ns ac tio n Enter the description in the description field. Hudson's investment ou nt A cc D at e Tr a ns ac tio n Enter the amount in the debit field. Name Description Transaction # 1 Not in Balance by $40,000. 01 Jun 01 1110 Cash Hudson's investment 40,000.00 Description C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n Enter the second account number. Transaction # 1 Not in Balance by $40,000. 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock Hudson's investment 40,000.00 Hudson's investment 01 Jun 01 1110 Cash 3100 Capital Stock Description Hudson's investment Hudson's investment C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n Enter the amount in the credit field. 40,000.00 40,000.00 Step III - Worksheet Although not graded, you need to complete the Worksheet. If each of your journal entries are in balance then your Unadjusted Trial Balance, the Adjusting Entry and Adjusted Trial Balance columns will be in balance. 1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the Balance Sheet columns, (debits remain debits and credits remain credits). 2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses. 3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet. 4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise there is an error in the completion of the worksheet. Press Here To Create The Step IV - Prepare the Financial Statements. After you have entered all of the transactions and prepared the Worksheet, you are General Ledger Income to prepare the Statement, Shareholder's Equity Statement and Balance Sheet using the forms provided. Step V - Prepare the Closing Entries. Based upon the information from your Worksheet or from your Financial Statements, prepare the closing entries. Step VI - Upload the File. Whenever you want to have cybertext.com grade your work submit it to them on the bottom of the screen that you downloaded the file. Grading: You will be graded on the Journal Entries and the three financial statement. The case will be computer graded, therefore make sure all numbers are in the appropriate cells. The computer will evaluate your transactions when grading your financial statements. Note: Save and make backup copies regularly. Number Name 1110 Cash 1120 Accounts Receivable 1121 Allowance for Doubtful Accounts 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip. 1212 Accum. Depr.-Office Equip. 1311 Computer Equip. 1312 Accum. Depr.-Computer Equip. 1411 Building 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3110 Paid-in Capital in Excess of Par Value 3200 Retained Earnings 3300 Dividends 3400 Income Summary 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 5120 Bad Debt Expense 5130 Bank Expense 5140 Telephone Expense 5150 Income Tax Expense Normal Balance Debit Debit Credit Debit Debit Debit Debit Credit Debit Credit Debit Credit Debit Credit Credit Credit Credit Credit Credit Credit Credit Credit Credit Debit Credit Credit Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit Error # 1 2 4 8 16 32 64 128 256 512 1024 Message Debit And Credit On Same Line Debit Before Credit Need An Account Number Round To Two Decimal Places Need a Description Need a Date Byte of Accounting Morgan MacBeth 4373 Description of transaction Transaction June 1: Jeremy made an investment in Byte of Accounting, Inc., by purchasing 2,660 shares of its stock paying $44,400 in cash and by contributing computer equipment with a fair market value of $62,000. The par value of the common stock was $24 per share. 01. common June 1: Courtney made an investment in Byte of Accounting, Inc., by purchasing 650 shares of its stock by contributing computer equipment with a fair market value of $24,000 and office equipment with a fair value of $2,000. The par value of the common stock was $24 per share. 02. common 03. June 1: Morgan MacBeth made an investment in Byte of Accounting, Inc. by purchasing 4,050 shares of its common stock for $162,000 cash. The par value of the common stock was $24 per share. June 2: Check # 5002 was used to make a down payment of $29,000.00 on additional computer Royce Computers, invoice number 76542. The full price of the computer was $145,000.00. A five-year note was executed by Byte for the balance. 04. equipment that was purchased from 05. June 4: Additional office equipment costing $400.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432. 06. June 8: Unsatisfactory office equipment costing $80.00 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 $22,250.00 payment reducing the prinicpal owed on the June 2 purchase of computer equipment from Royce Computers. 08. June 10: Purchased office supplies for $2,000.00 from Staples on account. The invoice number was 61298. Included in the purchase was 10 units of Super RoutePro at a cost of $50.00 each. June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer $5,472.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. 09. equipment for 10. June 16: Checks in the amount of $6,250.00 was received for services performed for cash customers. June 16: Byte purchased a building and the land it is on for $125,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $20,000.00. The 11. balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $12,500.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance. 12. June 13. June 17: Received invoice number 26354 in the amount of $250.00 from the local newspaper for advertising. 14. June 15. 17: Check # 5006 for $3,400.00 was paid for rent for June and July. 21: Billed various miscellaneous local customers $4,800.00 for consulting services performed. June 21: Check # 5007 was used to purchase a fax machine for the office from Office Machines Express for $650.00. The invoice number was 975-328. 16. June 21: Accounts payable in the amount of $320.00 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 $1,115.00 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 $910.00 to equipment operators for the week ending June 18. Ignore payroll taxes. 20. June 21. 23: Cash in the amount of $3,845.00 was received on billings. June 23: Purchased office supplies for $1,000.00 from Staples on account. The invoice number was 65498. Included in the purchase was 10 units of Super RoutePro at a cost of $54.00 each. 22. June 28: Billed $5,700.00 to miscellaneous customers for services performed to June 25. 23. June 29: Cash in the amount of $5,400.00 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 $910.00 to equipment operators for the week ending June 25. Ignore payroll taxes. 26. June 30: Received a bill for the amount of $965.00 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 $0.19 per share to Jeremy, a shareholder of Byte. 28. June 30: Check # 5014 was used to pay for a cash dividend of $0.19 per share to Morgan MacBeth a shareholder of Byte. 29. June 30: Check # 5015 was used to pay for a cash dividend of $0.19 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 and July. Expense the amount associated with one month's rent. A physical inventory showed that only $425.00 worth of general office supplies remained on hand as of 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. 31. June 32. The annual interest rate on the mortgage payable was 9.25 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 33. Record a journal entry 34. to reflect that one half month's insurance has expired. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $15,000 for the period of June 28-30. The fixed assets have estimated useful lives as follows: The Building and the Office Equipment have the following estimated useful lives: 35. Building - 31.5 years Office Equipment - 7.0 years Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building's salvage value is $8,000.00. The office equipment has a salvage value of $450.00. Calculate the depreciation for one month using the straight-line method of depreciation. The Computer Equipment has an estimated useful life of 5.00 years. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The computer equipment's scrap value is $20,000.00. Calculate the depreciation for one 36. month using the double declining method of depreciation. 37. A review of the payroll records show that unpaid salaries in the amount of $546.00 are owed by Byte for three days, June 28 - 30. Ignore payroll taxes. 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. 38. [IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $116,000.00. On June 10, eight days later, $22,250.00 was repaid. Interest expense must be calculated on the $116,000.00 for eight days. In addition, interest expense on the $93,750.00 balance of the loan ($116,000.00 less $22,250.00 = $93,750.00) must be calculated for the 20 days remaining in the month of June.] 39. Based on the information on the "Bank Reconciliation" sheet prepare the journal entry required to increases cash. 40. Based on the information on the "Bank Reconciliation" sheet prepare the journal entry required to decreases cash. 41. Our CPA has informed us to estimate that 1.00% of Computer & Consulting Revenue will be uncollectable. 42. 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 43. Close the revenue accounts. 44. Close the expense accounts. 45. Close the income summary account. 46. Close the dividends account. A Byte of Accounting General Journal al an ce 01 01 01 01 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash Jermeys investment 1311 Computer Equip. Jermeys investment 3100 Capital Stock Jermeys investment 3110 Paid-in Capital in Excess Jermeys investment 44,400.00 62,000.00 02 02 02 02 Jun 01 Jun 01 Jun 01 Jun 01 1311 Computer Equip. Courtney investment 1211 Office Equip. Courtney investment 3100 Capital Stock Courtney investment 3110 Paid-in Capital in Excess Courtney investment 24,000.00 2,000.00 03 03 03 Jun 01 Jun 01 Jun 01 1110 Cash Morgan MacBeth stock investment 3100 Capital Stock Morgan MacBeth stock investment 3110 Paid-in Capital in Excess Morgan MacBeth stock investment 04 04 04 Jun 02 Jun 02 Jun 02 1311 Computer Equip. 1110 Cash 2202 Notes Payable computer equipment Royce Computer 145,000.00 computer equipment Royce Computer computer equipment Royce Computer 05 05 Jun 04 Jun 04 1211 Office Equip. 2101 Accounts Payable additional office equipment additional office equipment 400.00 06 06 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip. office equipment returned office equipment returned 80.00 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash principal payment Royce Computers principal payment Royce Computers 08 08 Jun 10 Jun 10 1150 Office Supplies 2101 Accounts Payable Office supplies Office supplies 2,000.00 09 09 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash Prepaid Insurance Prepaid Insurance 5,472.00 10 10 Jun 16 Jun 16 1110 Cash service to cash customers 4100 Computer & Consulting service to cash customers 11 11 11 11 Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building 1110 Cash 2201 Mortgage Payable purchase building and land purchase building and land purchase building and land purchase building and land 12 12 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash June and July rent June and July rent 13 13 Jun 17 Jun 17 5030 Advertising Expense 2101 Accounts Payable advertising in newspaper advertising in newspaper 14 14 Jun 21 Jun 21 1120 Accounts Receivable consulting services performed 4100 Computer & Consulting consulting services performed 15 15 Jun 21 Jun 21 1211 Office Equip. 1110 Cash Fax machine from Office Machines Fax machine from Office Machines 650.00 16 16 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash check #5008 check #5008 320.00 17 17 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash Check #5009 paid advertising Check #5009 paid advertising 250.00 18 18 Jun 22 Jun 22 5040 Repairs & Maint. Expens invoice #43254 computer repair 2101 Accounts Payable invoice #43254 computer repair To ta lB Description C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n Note: You can only enter data into the yellow filled cells. 63,840.00 42,560.00 44400 62000 (63840) (42560) 15,600.00 10,400.00 24000 2000 (15600) (10400) 162,000.00 97,200.00 64,800.00 162000 (97200) (64800) 0 29,000.00 116,000.00 145000 (29000) (116000) 0 400.00 80.00 22,250.00 22,250.00 2,000.00 5,472.00 6,250.00 6,250.00 20,000.00 105,000.00 12,500.00 112,500.00 3,400.00 3,400.00 250.00 250.00 4,800.00 4,800.00 650.00 320.00 250.00 1,115.00 1,115.00 400 (400) 0 0 80 (80) 0 0 22250 (22250) 0 0 2000 (2000) 0 0 5472 (5472) 0 0 6250 (6250) 0 0 20000 105000 (12500) (112500) 3400 (3400) 0 0 250 (250) 0 0 4800 (4800) 0 0 650 (650) 0 0 320 (320) 0 0 250 (250) 0 0 1115 (1115) A Byte of Accounting General Journal al an ce To ta lB Description C re di t Name D eb it ou nt A cc D at e Tr a ns ac tio n Note: You can only enter data into the yellow filled cells. 0 0 19 19 Jun 22 Jun 22 5020 Salary Expense 1110 Cash Salaries WE June 18 Salaries WE June 18 910.00 20 20 Jun 23 Jun 23 1110 Cash 1120 Accounts Receivable cash received on AR cash received on AR 3,845.00 21 21 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable Office supplies Invoice #654987 Office supplies Invoice #654987 1,000.00 22 22 Jun 28 Jun 28 1120 Accounts Receivable Service billed for June 25 4100 Computer & Consulting Service billed for June 25 5,700.00 23 23 Jun 29 Jun 29 1110 Cash 1120 Accounts Receivable cash received on AR cash received on AR 5,400.00 24 24 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash Paid invoice# 43254 Paid invoice# 43254 1,115.00 25 25 Jun 29 Jun 29 5020 Salary Expense 1110 Cash Salaries WE June 25 Salaries WE June 25 910.00 26 26 Jun 30 Jun 30 5050 Oil & Gas Expense 2101 Accounts Payable pay invoice #784537 pay invoice #784537 965.00 27 27 Jun 30 Jun 30 3300 Dividends 1110 Cash dividends .19 per share Jeremy dividends .19 per share Jeremy 505.40 28 28 Jun 30 Jun 30 3300 Dividends 1110 Cash dividends .19 per share Morgan dividends .19 per share Morgan 769.50 29 29 Jun 30 Jun 30 3300 Dividends 1110 Cash dividends .19 per share Courtney dividends .19 per share Courtney 123.50 30 30 Jul 01 Jul 01 5010 Rent Expense 1140 Prepaid Rent expense July rent expense July rent 1,700.00 31 31 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies Inventory Inventory 2,305.00 32 32 Jun 16 Jun 16 5090 Interest Expense 2103 Interest Payable interest expense for one half month interest expense for one half month 433.59 33 33 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance one month insurance expired one month insurance expired 228.00 34 34 Jun 30 Jun 30 1120 Accounts Receivable unbilled revenue June 28 - 30 4100 Computer & Consulting unbilled revenue June 28 - 30 15,000.00 35 35 35 35 Jun 30 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense Depreciation expense 5110 Depreciation Expense Depreciation expense 1412 Accum. Depr.-Building Depreciation expense 1212 Accum. Depr.-Office EquiDepreciation expense 910.00 3,845.00 1,000.00 5,700.00 5,400.00 1,115.00 910.00 965.00 505.40 769.50 123.50 1,700.00 2,305.00 433.59 228.00 15,000.00 256.61 30.00 256.61 30.00 910 (910) 0 0 3845 (3845) 0 0 1000 (1000) 0 0 5700 (5700) 0 0 5400 (5400) 0 0 1115 (1115) 0 0 910 (910) 0 0 965 (965) 0 0 505 (505) 0 0 770 (770) 0 0 124 (124) 0 0 1700 (1700) 0 0 2305 (2305) 0 0 434 (434) 0 0 228 (228) 0 0 15000 (15000) 0 0 257 30 (257) (30) A Byte of Accounting General Journal al an ce Jun 30 Jun 30 Name Description 5110 Depreciation Expense double declining computer equip 1312 Accum. Depr.-Computer E double declining computer equip 37 37 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable unpaid salries June 28 to 30 unpaid salries June 28 to 30 546.00 38 38 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable interest paid for 20 days interest paid for 20 days 934.33 39 39 Jun 30 Jun 30 1110 Cash 1120 Accounts Receivable Increase cash Increase cash 270.00 40 40 40 40 Jun 30 Jun 30 Jun 30 Jun 30 5130 Bank Expense 5140 Telephone Expense 1120 Accounts Receivable 1110 Cash Record adjustment to cash Record adjustment to cash Record adjustment to cash Record adjustment to cash 41 41 Jun 30 Jun 30 5120 Bad Debt Expense Record adjustment for bad debts 1121 Allowance for Doubtful A Record adjustment for bad debts 42 42 Jun 30 Jun 30 5150 Income Tax Expense 2106 Income Taxes Payable 43 43 Jun 30 Jun 30 4100 Computer & Consulting Close Revenue Account 3400 Income Summary Close Revenue Account 31,750.00 44 44 44 44 44 44 44 44 44 44 44 44 44 44 Jun 30 Jun 30 Jun 30 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 5020 Salary Expense Closing expense account 5030 Advertising Expense Closing expense account 5040 Repairs & Maint. Expens Closing expense account 5050 Oil & Gas Expense Closing expense account 5080 Supplies Expense Closing expense account 5090 Interest Expense Closing expense account 5100 Insurance Expense Closing expense account 5110 Depreciation Expense Closing expense account 5120 Bad Debt Expense Closing expense account 5130 Bank Expense Closing expense account 5140 Telephone Expense Closing expense account 5150 Income Tax Expense Closing expense account 5010 Rent Expense Closing expense account 22,053.27 45 45 Jun 30 Jun 30 3400 Income Summary 3100 Capital Stock Closing Income summary account Closing Income summary account 9,696.73 46 46 Jun 30 Jun 30 3200 Retained Earnings 3300 Dividends closing dividends account closing dividends account To ta lB 36 36 C re di t D eb it ou nt A cc D at e Tr a ns ac tio n Note: You can only enter data into the yellow filled cells. 1,398.40 Record adjustment for income taxes Record adjustment for income taxes 7,700.00 7,700.00 546.00 934.33 270.00 25.00 195.00 3,235.00 3,455.00 317.50 317.50 3,232.24 3,232.24 31,750.00 2,366.00 250.00 1,115.00 965.00 2,305.00 1,367.92 228.00 7,986.61 317.50 25.00 195.00 3,232.24 1,700.00 9,696.73 1,398.40 7700 (7700) 0 0 546 (546) 0 0 934 (934) 0 0 270 (270) 0 0 25 195 3235 (3455) 318 (318) 0 0 3232 (3232) 0 0 31750 (31750) 0 0 22053 (2366) (250) (1115) (965) (2305) (1368) (228) (7987) (318) (25) (195) (3232) (1700) 9697 (9697) 0 0 1398 (1398) 0 0 (0) PublicBank Byte of Accounting 123 Speed Lane Miami, Florida 33999 P.O. Box 5551212, Miami, Florida 33999 Ph # (305) 555-1212 Previous Balance Deposits/Credits Checks/Debits Ending Balance Activity in date order Date Jun 01 Jun 07 4 Jun 15 7 Jun 16 10 Jun 21 11 Jun 22 Jun 22 Jun 22 12 Jun 23 20 Jun 24 Jun 26 15 Jun 26 16 Jun 27 17 Jun 27 Jun 27 19 Jun 29 216,865.00 74,435.00 142,430.00 142,430.00 Account Number Statement Date Description Deposit Paid check # 5002 Paid check # 5003 Deposit Paid check # 5005 NSF NSF service charge Paid check # 5006 Deposit Paid check # 306 Paid check # 5007 Paid check # 5008 Paid check # 5009 Elec Remit AT&T Telephone Paid check # 5010 Service Charge- Checks 33999999 6/30/200x Amount 206,400.00 -29,000.00 -22,250.00 6,520.00 -12,500.00 -3,200.00 -35.00 -3,400.00 3,945.00 -1,700.00 -650.00 -320.00 -250.00 -195.00 -910.00 -25.00 Balance 206,400.00 177,400.00 155,150.00 161,670.00 149,170.00 145,970.00 145,935.00 142,535.00 146,480.00 144,780.00 144,130.00 143,810.00 143,560.00 143,365.00 142,455.00 142,430.00 142,430.00 0 0 0 0 0 0 0 0 6250 6200 6000 200 50 6520 -3200 -35 100 -1700 0 195 0 25 Check # 306 is not our check Our policy is to charge the customer for any charges related to NSF checks The Deposit on Jun 16 was incorrectly recorded by the bank. The Deposit on Jun 23 was correctly recorded by the bank. We do not modify the original journal entry. Company's Books Ending Balance per books Additions Check #306 not our check 1. Add to Books 2. Add to Bank Total Bank Statement 143,719.60 Ending balance per bank 142,430.00 Additions 1,700.00 35.00 3,945.00 5,680.00 Total Deductions Deductions Deposit on Jun 16 was recorded wrong 3. Deduct from Books 4. Deduct from bank Ending Correct cash balance Ending Correct cash balance (6,520.00) A Byte of Accounting, Inc. Worksheet For Period Ending July 1, 2015 Account Number Name 1110 Cash 1120 Accounts Receivable 1121 Allowance for Doubtful Accounts 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip. 1212 Accum. Depr.-Office Equip. 1311 Computer Equip. 1312 Accum. Depr.-Computer Equip. 1411 Building Cost 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3110 Paid-in Capital in Excess of Par Valu 3200 Retained Earnings 3300 Dividends 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 5120 Bad Debt Expense 5130 Bank Expense 5140 Telephone Expense 5150 Income Taxes Expense Total NET INCOME Balance Unadjusted Trial Balance Debit Credit 143,719.60 0.00 1,255.00 0.00 0.00 0.00 5,472.00 0.00 3,400.00 0.00 3,000.00 0.00 2,970.00 0.00 0.00 0.00 231,000.00 0.00 0.00 0.00 105,000.00 0.00 0.00 0.00 20,000.00 0.00 0.00 3,965.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 112,500.00 0.00 93,750.00 0.00 176,640.00 0.00 117,760.00 0.00 0.00 1,398.40 0.00 0.00 0.00 0.00 16,750.00 0.00 0.00 1,820.00 0.00 250.00 0.00 1,115.00 0.00 965.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 521,365.00 521,365.00 Adjusting Entries Debit Credit 0.00 3,185.00 17,965.00 0.00 0.00 317.50 0.00 228.00 0.00 1,700.00 0.00 2,305.00 0.00 0.00 0.00 30.00 0.00 0.00 0.00 7,700.00 0.00 0.00 0.00 256.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,367.92 0.00 546.00 0.00 3,232.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,000.00 1,700.00 0.00 546.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,305.00 0.00 1,367.92 0.00 228.00 0.00 7,986.61 0.00 317.50 0.00 25.00 0.00 195.00 0.00 3,232.24 0.00 Adjusted Trial Balance Debit Credit 140,534.60 0.00 19,220.00 0.00 0.00 317.50 5,244.00 0.00 1,700.00 0.00 695.00 0.00 2,970.00 0.00 0.00 30.00 231,000.00 0.00 0.00 7,700.00 105,000.00 0.00 0.00 256.61 20,000.00 0.00 0.00 3,965.00 0.00 0.00 0.00 1,367.92 0.00 546.00 0.00 3,232.24 0.00 112,500.00 0.00 93,750.00 0.00 176,640.00 0.00 117,760.00 0.00 0.00 1,398.40 0.00 0.00 0.00 0.00 31,750.00 1,700.00 0.00 2,366.00 0.00 250.00 0.00 1,115.00 0.00 965.00 0.00 2,305.00 0.00 1,367.92 0.00 228.00 0.00 7,986.61 0.00 317.50 0.00 25.00 0.00 195.00 0.00 3,232.24 0.00 Income Statement Debit Credit 35,868.27 549,815.27 22,053.27 9,696.73 31,750.00 35,868.27 549,815.27 Balance Sheet Debit Credit 140,534.60 19,220.00 317.50 5,244.00 1,700.00 695.00 2,970.00 30.00 231,000.00 7,700.00 105,000.00 256.61 20,000.00 3,965.00 1,367.92 546.00 3,232.24 112,500.00 93,750.00 176,640.00 117,760.00 1,398.40 31,750.00 1,700.00 2,366.00 250.00 1,115.00 965.00 2,305.00 1,367.92 228.00 7,986.61 317.50 25.00 195.00 3,232.24 31,750.00 527,762.00 31,750.00 527,762.00 518,065.27 9,696.73 527,762.00 1 1 0 A Byte of Accounting Income Statement For Month Ending July 1, 2015 You must finish the worksheet before you can complete the Income Statement, see FAQ 02. 4100 Revenues Computer Revenue Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Bad Debt Expense Bank Expense 5110 Telephone Expense Total 5010 5020 5030 5040 5050 5080 5090 5100 5110 5120 $ 31,750.00 $ $ $ $ $ $ $ $ $ $ $ $ 1,700.00 2,366.00 250.00 1,115.00 965.00 2,305.00 1,367.92 228.00 7,986.61 317.50 25.00 195.00 Net Income Before Tax $ 18,821.03 $ 12,928.97 Income Tax Expense (Round to two decimal places) Net Income After Tax 3,232.24 Round to two places $ 9,696.73 1 1 0 A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending July 1, 2015 You must finish the worksheet before you can complete the Changes in Retained Earnings,see FAQ 02. Total Balance, Beginning of Period Net Income $ $ Dividends Balance, End of Period $ 9,696.73 9,696.73 1,398.40 8,298.33 1 d A Byte of Accounting Balance Sheet As of July 1, 2015 You must finish the worksheet before you can complete the Balance Sheet, see FAQ 02. Assets 1110 1120 1121 1130 1140 1150 1211 1212 Current Assets Cash Accounts Receivable Allowance for Doubtful Accounts Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets Office Equip. Accum. Depr.-Office Equip. $ 140,534.60 19,220.00 317.50 $ 2,970.00 30.00 $ 18,902.50 5,244.00 1,700.00 695.00 $ 167,076.10 2,940.00 1311 1312 Computer Equip. Accum. Depr.-Computer Equip. $ 231,000.00 7,700.00 $ 223,300.00 1411 1412 Building Cost Accum. Depr.-Building $ 105,000.00 256.61 1510 $ 104,743.39 Land Total Total Assets 20,000.00 $ 350,983.39 $ 518,059.49 Liabilities 2101 2102 2103 2105 2105 2201 2202 Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities $ $ $ $ $ 3,965.00 1,367.92 546.00 3,232.24 $ 9,111.16 $ 112,500.00 $ 93,750.00 206,250.00 $ 215,361.16 Stockholder's Equity Paid-in Capital Capital Stock Paid-in Capital in Excess of Par Value Total Paid-in Capital Retained Earnings Total Sockholder's Equity Total Liabilities and Stockholder's Equity $ 176,640.00 $ 117,760.00 $ 294,400.00 $ 8,298.33 302,698.33 $ 518,059.49