I'm stuck at General journal No.32. How to get the number for each accounts? and whats the collect answer for this entry.

Building Blocks of Accounting .. A Financial Perspective Naoya, when you are ready to have your work graded you will upload this fileNS9557.xls to the same screen that the project was downloaded from: www.cybertext.com, The Book List, Building Blocks of Accounting - A Financial Perspective, Enter password, Upload Your Excel File. 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. F301 150126 or NS9557.xlsx, Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ Page 1 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 MF1234.xlsx File Close File Open and open the .xls file Save As Format: Excel Workbook (*.xlsx) Save Upload the file at cybertext.com Excel 5.0/95 Workbook (.xls) Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective FAQ Page 2 FAQ 02 When I try to enter information in the General Journal why does an error appears indicating that the cell protected? 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 100 100 Telephone Expense If you debit cash and credit anything else you have reversed part of the entry. Cash 100 Rent Expense 100 Elf Village Productions 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. 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. Page 3 Building Blocks of Accounting -- A Financial Perspective The instructions start on row 22 of this page. FIRST Naoya LAST Sato SS 9557 File NS9557 Welcome to the worlds 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: Joseph made an investment in Byte of Accounting, Inc. by purchasing 2,000 shares of its common stock for $40,000 cash. The par value of the common stock was $20 per share. 01 Jun 01 Description it C re d Name D eb it ou nt Ac c Da te Tr an sa ct io 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 In the account field enter the account number that corresponds to the account in the chart of accounts. 01 Jun 01 Description it C re d Name D eb it ou nt Ac c Da te Tr an sa ct io n 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 Building Co The name of the account will automatically appear in the name column. If it is the wrong account renter the correct account number. Enter the description in the description field. Description 01 01 Jun 01 Jun 01 1110 Cash Joseph's investment Advertising Joseph's investment 01 Jun 01 Accounts PJoseph's investment it C re d D eb it ou nt Da te Ac c ct io n Tr an sa Name Description it C re d Name D eb it ou nt Ac c Da te Tr an sa ct io n Enter the amount in the debit field. Transaction # 1 Not in Balance by $40,000. 01 01 Jun 01 Jun 01 1110 Cash Cash 40,000.00 Joseph's investment Joseph's investment Description it C re d Name D eb it ou nt Ac c Da te Tr an sa ct io 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 01 Jun 01 Cash Joseph's investment 40,000.00 Joseph's investment Joseph's investment 01 Jun 01 1110 Cash Description Joseph's investment it 40,000.00 3100 Capital Stock Joseph's investment Accounts PJoseph's investment Cash C re d Name D eb it ou nt Ac c Da te Tr an sa ct io n Enter the amount in the credit field. 40,000.00 Joseph's investment 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 and the Adjusting Entry columns will be in balance. Your Adjusted Trial Balance will balance when you place each of the account balances into the correct debit or credit position in the Adjusted Trial Balance section of the Worksheet. Then copy each of the account balances to their appopiate location in the Income statement or Balance Sheet columns of your worksheet. If the net income balance both the Income Statment and the Balance Sheet then your worksheet is completed. Although not graded, you need to complete the Worksheet. If each of your journal entries are in balance then your Unadjusted Trial Balance and the Adjusting Entry columns will be in balance. Your Adjusted Trial Balance will balance when you place each of the account balances into the correct debit or credit position in the Adjusted Trial Balance section of the Worksheet. Then copy each of the account balances to their appopiate location in the Income statement or Balance Sheet columns of your worksheet. If the net income balance both the Income Statment and the Balance Sheet then your worksheet is completed. Step IV - Prepare the Financial Statements. After you have entered all of the transactions and prepared the Worksheet, you are to prepare the Income 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 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 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 Income Tax Expense Normal Balance Debit Debit Debit Debit Debit Debit Credit Debit Credit Debit Credit Debit Credit Credit Credit Credit Credit Credit Credit Credit Credit Debit Credit Credit 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, Inc. Naoya Sato 9834 Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. acquired $63,800 in cash from Lauryn and issued 2,200 shares of its common stock. 02. June 1: Byte of Accounting, Inc. issued 2,610 shares of its common stock to Naoya Sato after $31,900 in cash and computer equipment with a fair market value of $43,790 were received. 03. June 1: Byte of Accounting, Inc. issued 1,959 shares of its common stock after acquiring from Courtney $39,150 in cash, computer equipment with a fair market value of $16,820 and office equipment with a fair value of $841. 04. June 2: A down payment of $33,000 in cash was made on additional computer equipment that was purchased for $165,000. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $500 was purchased on credit from Discount Computer Corporation. 06. June 8: Unsatisfactory office equipment costing $100 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Byte paid $25,250 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 $5,640 in cash. The effective date of the policy was June 16. 09. June 16: A check in the amount of $7,500 was received for consulting revenue. 10. June 16: Byte purchased a building and the land it is on for $101,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $16,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,100 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 11. June 17: Cash of $5,400 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 $275 from the local newspaper for advertising. Byte of Accounting, Inc. Naoya Sato 9834 Transaction 13. Description of transaction June 21: Accounts payable in the amount of $400 were paid. 14. June 21: A fax machine for the office was purchased for $850 cash. 15. June 21: Billed various miscellaneous local customers $4,500 for consulting services performed. 16. June 22: Paid salaries of $810 to equipment operators for the week ending June 18. 17. June 22: Received a bill for $1,165 from Computer Parts and Repair Co. for repairs to the computer equipment. 18. June 22: Paid the advertising bill that was received on June 17. 19. June 23: Purchased office supplies for $605 on credit. Record the purchase as an increase to the assets. 20. June 23: Cash in the amount of $3,605 was received on billings. 21. June 28: Billed $5,910 to miscellaneous customers for services performed to June 25. 22. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 23. June 29: Cash in the amount of $5,600 was received for billings. 24. June 29: Paid salaries of $810 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. 26. June 30: Paid a cash dividend of $0.21 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. 28. 29. 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 $247.00 worth of office supplies remained on hand as of June 30. The annual interest rate on the mortgage payable was 8.75 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. Byte of Accounting, Inc. Transaction 30. 31. 32. Naoya Sato 9834 Description of transaction 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. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $8,750 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 $500. The computer equipment has no scrap value. Calculate the depreciation for one month. 33. 34. 35. A review of the payroll records show that unpaid salaries in the amount of $486.00 are owed by Byte for three days, June 28 - 30. 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 $132,000. On June 10, eight days later, $25,250 was repaid. Interest expense must be calculated on the $132,000 for eight days. In addition, interest expense on the $106,750 balance of the loan ($132,000 less $25,250 = $106,750) 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. 37. Close the expense accounts. 38. Close the income summary account. 39. Close the dividends account. A Byte of Accounting, Inc. General Journal al an ce To ta lB Description C re di t Name D eb it Ac co un t D at e Tr an sa ct io n Note: You can only enter data into the yellow filled cells. 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock Lauryn's investment Lauryn's investment 63,800.00 63800 63,800.00 (63800) 0 0 0 0 0 0 02 02 02 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 3100 Capital Stock Naoya Sato's investment Naoya Sato's investment Naoya Sato's investment 31,900.00 43,790.00 31900 43790 75,690.00 (75690) 0 0 0 0 0 03 03 03 03 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 1211 Office Equip. 3100 Capital Stock Couteny's investment Couteny's investment Couteny's investment Couteny's investment 39,150.00 16,820.00 841.00 39150 16820 841 56,811.00 (56811) 0 0 0 0 04 04 04 Jun 02 Jun 02 Jun 02 1311 Computer Equip. 1110 Cash 2202 Notes Payable Purchase of computer equipment Purchase of computer equipment Purchase of computer equipment 165,000.00 165000 33,000.00 (33000) 132,000.00 ### 0 0 0 0 0 05 05 Jun 04 Jun 04 1211 Office Equip. 2101 Accounts Payable Purchase office equipment from Disc 500.00 Purchase office equipment from Discount Computer 500.00 500 (500) 0 0 0 0 0 0 06 06 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip. Return office equipment to Discount 100.00 Return office equipment to Discount Computer 100.00 100 (100) 0 0 0 0 0 0 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash Payment to computer equipment Payment to computer equipment 25,250.00 25250 25,250.00 (25250) 0 0 0 0 0 0 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash Purchase insurance Purchase insurance 5,640.00 5640 5,640.00 (5640) 0 0 0 0 0 0 09 09 Jun 16 Jun 16 1110 Cash Computer consulation revenue 4100 Computer & ConsultingComputer consulation revenue 7,500.00 7500 7,500.00 (7500) 0 0 0 0 0 0 10 10 10 10 Jun 16 Jun 16 Jun 16 Jun 16 1411 Building Cost 1510 Land 2201 Mortgage Payable 1110 Cash Purchase building Purchase building Purchase building Purchase building 16,000.00 85,000.00 16000 85000 90,900.00 (90900) 10,100.00 (10100) 0 0 0 0 11 11 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash Prepaid rent Prepaid rent 5,400.00 5400 5,400.00 (5400) 0 0 0 0 0 0 12 12 Jun 17 Jun 17 5030 Advertising Expense 2101 Accounts Payable Owe to local newspaper for adversitin Owe to local newspaper for adversiting 275.00 275 (275) 0 0 0 0 0 0 13 13 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash Payment for account payable Payment for account payable 400.00 400 (400) 0 0 0 0 0 0 14 14 Jun 21 Jun 21 1211 Office Equip. 1110 Cash Purchase fac machine Purchase fac machine 850.00 850 (850) 0 0 0 0 0 0 15 15 Jun 21 Jun 21 1120 Accounts Receivable Billing to miscellaneous local custome 4100 Computer & ConsultingBilling to miscellaneous local customers 4500 4,500.00 (4500) 0 0 0 0 0 0 16 16 Jun 22 Jun 22 5020 Salary Expense 1110 Cash 810 (810) 0 0 0 0 0 0 17 17 Jun 22 Jun 22 5040 Repairs & Maint. ExpenRepair to computer equipment 2101 Accounts Payable Repair to computer equipment 1,165.00 1165 1,165.00 (1165) 0 0 0 0 0 0 18 18 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash 5,400.00 5400 5,400.00 (5400) 0 0 0 0 0 0 Paid salary for the week ending june Paid salary for the week ending june 18 Pay advertising bill Pay advertising bill 275.00 400.00 850.00 4,500.00 810.00 810.00 A Byte of Accounting, Inc. General Journal al an ce 19 19 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable Purchase office supply Purchase office supply 20 20 Jun 23 Jun 23 1110 Cash 1120 Accounts Receivable Recive cash Recive cash 21 21 Jun 28 Jun 28 1120 Accounts Receivable Billing to miscellaneous local custome 4100 Computer & ConsultingBilling to miscellaneous local customers 22 22 Jun 29 Jun 29 23 23 To ta lB Description C re di t Name D eb it Ac co un t D at e Tr an sa ct io n Note: You can only enter data into the yellow filled cells. 605.00 605 (605) 0 0 0 0 0 0 3,605.00 3605 3,605.00 (3605) 0 0 0 0 0 0 5,910.00 5910 5,910.00 (5910) 0 0 0 0 0 0 2101 Accounts Payable 1110 Cash Pay bill to Computer Parts and Repair 1,165.00 Pay bill to Computer Parts and Repairs Co. 1165 1,165.00 (1165) 0 0 0 0 0 0 Jun 29 Jun 29 1110 Cash 1120 Accounts Receivable Casg wash received for billings Casg wash received for billings 5600 5,600.00 (5600) 0 0 0 0 0 0 24 24 Jun 29 Jun 29 5020 Salary Expense 1110 Cash Paid salary for the week ending June Paid salary for the week ending June 25 810.00 810 (810) 0 0 0 0 0 0 25 25 Jun 30 Jun 30 5050 Oil & Gas Expense 2101 Accounts Payable Billing from O&G Oil and Gas Co. Billing from O&G Oil and Gas Co. 790.00 790 (790) 0 0 0 0 0 0 26 26 Jun 30 Jun 30 3300 Dividends 1110 Cash Pay dividend Pay dividend 1,421.49 1421 1,421.49 (1421) 0 0 0 0 0 0 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent Expense for a month Expense for a month 1,800.00 1800 1,800.00 (1800) 0 0 0 0 0 0 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies Office supplier at the end of the mont Office supplier at the end of the month 358.00 358 (358) 0 0 0 0 0 0 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Investment payment incurr Investment payment incurr 331.41 331 (331) 0 0 0 0 0 0 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance Insurance expense Insurance expense 235.00 235 (235) 0 0 0 0 0 0 31 31 Jun 30 Jun 30 1120 Accounts Receivable Unbilled revenue 4100 Computer & ConsultingUnbilled revenue 8750 8,750.00 (8750) 0 0 0 0 0 0 32 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense Recording depreciation of the month 1212 Accum. Depr.-Office EqRecording depreciation of the month 1312 Accum. Depr.-ComputerRecording depreciation of the month 1412 Accum. Depr.-Building Recording depreciation of the month 0 0 0 0 0 0 0 0 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable Ubpaid salaries Ubpaid salaries 0 0 0 0 0 0 0 0 34 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Interest for the note of computer equipemt Interest for the note of computer equipemt 0 0 0 0 0 0 0 0 35 35 Jun 30 Jun 30 5120 Income Tax Expense Income tax 2106 Income Taxes Payable Income tax 0 0 0 0 0 0 0 0 36 36 Jun 30 Jun 30 4100 Computer & ConsultingClosing revenue 3400 Income Summary Closing revenue 0 0 0 0 0 0 0 0 605.00 5,600.00 810.00 790.00 358.00 331.41 235.00 8,750.00 A Byte of Accounting, Inc. General Journal al an ce To ta lB Description C re di t Name D eb it Ac co un t D at e Tr an sa ct io n Note: You can only enter data into the yellow filled cells. 37 37 37 37 37 37 37 37 37 37 37 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 5010 Rent Expense Closing expense 5020 Salary Expense Closing expense 5030 Advertising Expense Closing expense 5040 Repairs & Maint. ExpenClosing expense 5050 Oil & Gas Expense Closing expense 5080 Supplies Expense Closing expense 5090 Interest Expense Closing expense 5100 Insurance Expense Closing expense 5110 Depreciation Expense Closing expense 1120 Accounts Receivable Closing expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Earnings Closing income summary Closing income summary 0 0 0 0 0 0 0 0 39 39 Jun 30 Jun 30 3200 Retained Earnings 3300 Dividends Closing dividend Closing dividend 0 0 0 0 0 0 0 0 A Byte of Accounting, Inc. Worksheet For Period Ending June 30, 2016 Account Number Name 1110 Cash 1120 Accounts Receivable 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 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 Income Tax Expense TOTAL NET INCOME Unadjusted Trial Balance Debit Credit 61,308.51 1,205.00 5,640.00 5,400.00 605.00 2,091.00 225,610.00 16,000.00 85,000.00 3,730.00 90,900.00 106,750.00 196,301.00 1,421.49 - Adjusting Entries Debit Credit 8,750.00 235.00 1,800.00 358.00 331.41 - Adjusted Trial Balance Debit Credit 61,308.51 9,955.00 5,405.00 3,600.00 247.00 2,091.00 225,610.00 16,000.00 85,000.00 3,730.00 331.41 90,900.00 106,750.00 196,301.00 1,421.49 - 1,620.00 275.00 1,165.00 790.00 - 17,910.00 - 1,800.00 358.00 331.41 235.00 - 8,750.00 - 1,800.00 1,620.00 275.00 1,165.00 790.00 358.00 331.41 235.00 - 26,660.00 - 411,861.00 411,861.00 11,474.41 11,474.41 420,942.41 420,942.41 Income Statement Debit Credit GOOD ` Balance Sheet Debit Credit A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2016 4100 5010 5020 5030 5040 5050 5080 5090 5100 5110 Revenues Computer & Consulting Revenue Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Net Income Before Tax 5120 Income Tax Expense (Round to two decimal places) Net Income After Tax 1 0 1 You must finish the worksheet before you can complete the Income Statement, see FAQ 02. A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2016 Total Balance, Beginning of Period Net Income Dividends Balance, End of Period 1 You must finish the worksheet before you can complete the Changes in Retained Earnings, see FAQ 02. etained Earnings, see FAQ 02. A Byte of Accounting, Inc. Balance Sheet As of June 30, 2016 d Assets 1110 1120 1130 1140 1150 1211 1212 Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets Office Equip. Accum. Depr.-Office Equip. 1311 1312 Computer Equip. Accum. Depr.-Computer Equip. 1411 1412 Building Cost Accum. Depr.-Building 1510 Land Total Total Assets Liabilities 2101 2102 2103 2105 2106 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 Stockholder's Equity 3100 3200 Capital Stock Retained Earnings Total Total Liabilities and Stockholder's Equity 1 You must finish the worksheet before you can complete the Balance Sheet, see FAQ 02