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Byte of Accounting, Inc. Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. acquired $70,200 in cash from Lauryn and issued 2,600 shares of its common stock 02. June 1: Byte of Accounting, Inc. issued 2,540 shares of its common stock to in cash and computer equipment with a fair market value of $40,770 were received $27,810 03 June 1: Byte of Accounting, Inc. issued 1.976 shares of its common stock after acquiring from Courtney $36,450 in cash, computer equipment with a fair market value of $16,200 and office equipment with a fait value of $702. 04 June 2: A down payment of S34,000 in cash was made on additional computer equipment that was purchased for $170,000. A five-year note was executed by Byte for the balance 05. Orientation June 4: Additional office equipment costing $700 was purchased on or runt Computer Corporation 06 June 8: Unsatisfactory office equipment costing $140 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Byte paid $26.000 on the balance it owed on the June 2 purchase of computer equipment. 3 08. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5,976 in cash. The effective date of the policy was June 16. D 09. 1 2 June 16: A check in the amount of $6,500 was received for consulting revenue 10. June 16: Byte purchased a building and the land it is on for $131,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $21,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $13,100 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 24 24 11. June 17: Cash of $4,800 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, 25 26 27 28 29 30 13. June 21: Accounts payable in the amount of $560 were paid, 14 June 21: A fix machine for the office was purchased for $850 cash. 31 32 15. June 21: Billed various miscellaneous local customers $4,200 for consulting services performed 33 16 June 22: Paid salaries of 985 to equipment operators for the week ending June 18. 35 36 17. June 22: Received a bill for $1,315 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. Orientation 37 38 39 40 41 42 43 44 19. June 23 Purchased office supplies for $505 on credit. Record the purchase as an increase to the assets. 20. June 23: Cash in the amount of S3,365 was received on billings. 21. June 28: Billed $5.805 to miscellaneous customers for services performed to June 25. June 29: Paid the bill received on June 22. from Computer Parts and Repairs Co. 45 46 47 48 49 50 23. June 29: Cash in the amount of $5,500 was received for billings 24. June 29: Paid salaries of $985 to equipment operators for the week ending June 25, 51 52 53 25. June 30: Received a bill for the amount of $815 from 0 & GOil and Gas Co. 26, June 30: Paid a cash dividend of 50.20 per share to the three shareholders of Byte. (IMPORTANT NOTE: The number of shares of capital stock outstanding an be determined from the first three transactions.] 55 56 Transactions General Joumal Worksheet Income Statement Changes in Retained E Ready Formulas Data Review Page Layout Home Insert Draw View Tell me Arial 10 A A Wrap Text X [D Paste OA Merge & Center Font clipboard B82 Alignment Xfx (IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want A 35 three days, June 28 - 30 75 76 34 77 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 you [IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $136,000 On June 10, eight days later, 526,000 was repaid. Interest expense must be calculated on the $136,000 for eight days. In addition, interest expense on the S110,000 balance of the low (5136,000 less $26,000 - $110,000) must be calculated for the 20 days remaining in the month of June.) 70 80 31 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) 82 Closing Entries 85 16 36. Close the revenue accounts Orientation 87 88 37 Close the expense accounts 89 90 38. Close the income summary account 39. Close the dividends account. 91 92 93 94 95 15 97 98 90 100 101 102 103 104 105 100 107 4 Transactions General Journal Worksheet Income Statement Ready Changes in Reta Insert Draw Home Formulas Data Page Layout Tell me Review View Arial 10 Accounting Wrap Text X LG A Paste B 10 EE Morge & Center $% Alignment Nur F G H 1 J A Clipboard Font E11 x B c D E A Byte of Accounting, Inc. 2 General Journal 3 Note: You can only enter data inte the yellow led cells 1 Transaction Account Dato Name Description Debit Credit 70 200.00 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock Common Stock issued Common Stock issued 70,200.00 02 02 02 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 1211 Office Equip 27,810.00 40,230.00 Need a Description Need a Description 68,040.00 03 03 03 03 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 1211 Office Equip 3100 Capital Stock Need a Description Need a Description Need a Description 36.450.000 16,200.00 702.00 53.352.00 170,000.00 04 04 04 Jun 02 Jun 021 Jun 02 1311 Computer Equip 1110 Cash 2102 Advanced Payments Need a Description Need a Desototion 34,000.00 136,000.00 5 6 7 8 9 10 11 12 13 14 15 16 17 19 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 59 40 41 42 43 44 45 46 700.00 OS 05 Jun 04 Jun 04 1211 Office Equip 2101 Accounts Payable Need a Description 700.00 05 140.00 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip Need a Description 140.00 gel Jun 10 Jun 10 2202 Notes Payable 1110 Cash 25,000.00 Need a Description 26,000.00 5,976.00 0B 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash Need Descation 5,975.00 00 Jone HHO ons Transactions General Journal 9,000.00 Income Statement Worksheet A Changes in Retained Earni Ready Home Insert insert Draw Page Layout Formulas Data Review View Tell me X Is Arial 10 ' ay Wrap Text Accounting v III lili Paste BI = = Merge & Center $ % Clipboard Font Alignment Numb E27 ; x fe 12130 8 E F G H J 1 2 D A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2021 3 4 5 6 7 8 9 10 Revenues Computer & Consulting Revenue $ 16,505.00 Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense 01 & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Expenses 12 13 14 15 16 17 18 19 20 21 22 23 24 25 25 27 28 29 30 $ 1,970.00 $ 275.00 $ 1,315.00 $ 815 00 4,375.00 Net Income Before Tax $ 12,130.00 Income Tax Expenses in Net Income After Tax $ 12.130.00 32 33 34 35 35 37 38 39 40 41 42 43 44 45 46 47 X Arial Lb. 10 Wrap Text Accounting Paste os Merge i Center Clipboard F53 Font fx 365002 Alignment NU A 3 E G 1 A Byte of Accounting, Inc. Balance Sheet As of June 30, 2021 2 4 5 Assets 8 9 10 11 12 13 14 15 16 17 TE Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total $ 61,079.00 S 1.140.00 $ 5,975.00 $ 4,800.00 5 505.00 $ 73,500.00 $ 65,928.00 65,928.00 20 21 $ 226,430.00 Long-Term Assets Office Equip Accum Dept Office Equip Computer Equip Accum. Dept.-Computer Equip Building Cost Accum Dept Building Land Total Total Assets $ 226,430.00 23 24 $ 110,000.00 26 27 $ 110,000.00 21,000.00 $ 291, 502.00 $365.002.00 29 30 31 32 Liabilities $ 505.00 Current Liabilities Accounts Payable Advanced Payment Interest Payable Salais Payable Income Taxes Payable Total 34 35 35 37 30 30 40 41 42 43 44 49 $ 136,000.00 $ 135,505.00 Long-Term Liabilities Mongage Payable Nches Payable Total Total Labs $ 118,815.00 7 000.00 $2.515.00 $ 329 320.00 47 Transactions General Journal Ready Worksheet Income Statement Changes in Retained Earnings