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Morgan Grant 10011 Transaction Description of transactio Controls hidden. Press ESC to show June 1: Hudson Bloom invested $153,447.00 cash and computer equipment with a fair market value of $31,500.00 in his new business, Byte of Accounting. June 1: Check # 5000 was used to purchased computer equipment costing $12,600.00 from Morgan Grant. The invoice number was 20117. June 1: Check # 5001 was used to purchased office equipment costing $987.00 from Office Express The invoice number was 87417. June 2: Check # 5002 was used to make a down payment of $36,000.00 on additional computer 04. equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $180,000.00. A five-year note was executed by Byte for the balance. 05 June 4: Additional office equipment costing $400.00 was purchased on credit from Discount *Computer Corporation. The invoice number was 98432. 05 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. June 10: Check = 5003 was used to make a $27,500.00 payment reducing the principal owed on the June 2 purchase of computer equipment from Royce Computers. June 14: Check = 5004 was used to purchase a one-year insurance policy covering its computer 08. equipment for S5,136.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. June 16: A check in the amount of $6,500.00 was received for services performed for Pitman 09. Pictures June 16: A check in the amount of $6,500.00 was received for services performed for Pitman Pictures 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 10. 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. June 17: Check September. 5006 for $7,600.00 was paid for rent of the office space for June, July, August and June 17: Received invoice number 26354 in the amount of $300.00 from the local newspaper for advertising 13 June 21: Accounts payable in the amount of $320.00 were paid with Check 5007. 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. 15. June 21: Billed various miscellaneous local customers $4,300.00 for consulting services performed June 22: Check 5009 was used to pay salaries of $835.00 to equipment operators for the week ending June 18. Ignore payroll taxes. 37 17 June 22: Received a bill for $1.115.00 from Computer Parts and Repair Co. f. repairs to the computer equipment. The invoice number was 43254. 30 18 June 22: Check = 5010 was used to pay the advertising bill that was received on June 17. + Transactions - O Search the web and Windows e @ @ June 23: Purchased office supplies for $505.00 from Staples on account. The invoice number was 65498 20. June 23: Cash in the amount of $3,445.00 was received on billings. 21 June 28: Billed $5,490.00 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 with Check #5011. 23. June 29: Cash in the amount of $5,201.00 was received for billings. June 29: Check # 5012 was used to pay salaries of $835.00 to equipment operators for the week ending June 25. Ignore payroll taxes. June 30: Received a bill for the amount of $865.00 from 0 & G Oil and Gas Co. The invoice number was 784537 June 30: Check # 5013 was used to pay for airline tickets of $1,700.00 to send the kids to Grandma Ellen for the July 4th holiday Adjusting Entries - Round to two decimal places. The rent payment made on June 17 was for June, July, August and September. Expense the amount associated with one month's rent. 2. A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30. Transactions A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30. The annual interest rate on the mortgage payable was 8.00 percent. Interest expense for one half 29. month should be computed because the building and land were purchased and the liability incurred on June 16. 30. Record a journal entry to reflect that one half month's insurance has expired. 24 A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,125.00 for the period of June 28-30. The expense for depreciation follows: 32. Building - S241.00 Computer Equipment - $3,046,00 Office Equipment - S21.00 2 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. 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 for the period is $1,160.67. Closing Entries 35. Close the revenue accounts. 36. Close the expense accounts. 37 Close the income summary account + Transactions - The annual interest rate on the mortgage payable was 8.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. ). Record a journal entry 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 $5,125.00 for the period of June 28-30. The expense for depreciation follows: Building - S241.00 Computer Equipment - $3,046.00 Office Equipment - S21.00 A review of the payroll records show that unpaid salaries in the amount of S501.00 are owed by Byte for three days, June 28 - 30. Ignore payroll taxes 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 for the period is $1,160.67 Closing Entries 35. Close the revenue accounts. 36. Close the expense accounts. 37. Close the income summary account. 38. Close the withdrawals account. Transactions - Transactio Date Account Name Description Debit Credit Jun 011 1110 Jun 01 1311 Jun 01 3100 Cash Hudson Bloom Investment Computer Equip Hudson Bloom Investment Hudson Bloom, Capital Hudson Bloom Investment 155,447.00 31,500.00 186,947.00 Jun 01 Jun 01 1211 1110 Office Equip Cash 12.600.00 02 Office Equipment Office Equipment 12,600.00 987.00 Jun 01 1311 Jun 01 1110 Computer Equip Cash Computer Equipment Computer Equipment 987.00 9 04 180,000.00 Jun 02 1311 Jun 02 1110 Jun 02 2202 Computer Equip Cash Notes Payable Royce Computers Royce Computers Royce Computers 36,000.00 144,000.00 04 400.00 05 05 Jun 04 1211 Jun 04 2101 Office Equip Accounts Payable Purchaess on Credit Purchaess on Credit 400.00 9332 8000 Jun 08 2101 "Accounts Payable Jun 081211 Office Equip Invoice Number 98432 was Returnd Invoice Number 98432 was Returned 80 00 08 5,136.00 Jun 14 Jun 14 1130 1110 Prepaid Insurance Cash Seth's Insurance Seth's Insurance 081 5,136.00 6,500.00 09 09 Jun 16 Jun 16 1110 4100 Cash Pitman Pictures Computer & Consulting Pitman Pictures 6,500.00 107,000.00 17,000.00 10) 10 10 10) Jun 161 1510 Jun 16 1411 Jun 16 1110 Jun 16 2201 Land Building Cash Mortgage Payable Land and Building Purchased Land and Building Purchased Land and Building Purchased Land and Building Purchased 10.700.00 113,300.00 7,600.00 11 11 Jun 17 Jun 17 5030 2101 Advertising Expense Accounts Payable Building Check #5006 Building Check #5006 7,600.00 12) 12 Jun 17 5030Advertising Expense Jun 17 2101 Accounts Payable Invoice Number 26354 Invoice Number 26354 300.00 1 300.00 13 13) Jun 21 2101 Jun 211 1110 Accounts Payable Cash Accounts Payable with Check #500 Accounts Payable with Check #5007 3 20.00 320.00 nnor 675.00 4 1 Jun 21 Jun 21 1211 1110 Office Equip Cash Office Machines Expres SS Office Machines Express 675.00 4.300.00 15 15 Jun 21 1120 Jun 21 4100 Accounts Receivable Billed Service Perforned Computer & Consulting Billed Service Perforned 4.300.00 5,136.00 08 08 Jun 141130 Jun 14) 1110 Prepaid Insurance Cash Seth's Insurance Seth's Insurance 5.136.00 09 6.500.000 Jun 16 1110 Jun 16) 4100 Cash Pitman Pictures Computer & Consulting Pitman Pictures 09] 6,500.00 107,000.00 17,000.00 10 10 101 10] Jun 16 1510 Jun 16 1411 Jun 16 1110 Jun 16) 2201 Land Building Cash Mortgage Payable Land and Building Purchased Land and Building Purchased Land and Building Purchased Land and Building Purchased 10.700.00 113,300.00 _ 7.600.00 11 11 Jun 17 Jun 17 5030 2101 Advertising Expense Accounts Payable Building Check #5006 Building Check #5006 7,600.00 300.00 12] 12 Jun 17 5030 Jun 17 2101 Advertising Expense Accounts Payable Invoice Number 26354 Invoice Number 26354 300.00 13] 13) Jun 21 2101 Jun 211 1110 Accounts Payable Cash Accounts Payable with Check #5001 Accounts Payable with Check #5007 320.00 L 320.00 TO 14 14 OPERT Jun 21 Jun 21 1211 1110 Office Equip Cash Office Machines Express Office Machines Express 675,00 675.00 4.300.00 15 15 Jun 21 1120 Jun 21 4100 Accounts Receivable Billed Service Perforned Computer & Consulting Billed Service Perfomed 4.300.00 + Introduction - FAQ - Chart of Accounts - Welcome - Transactions - A Byte of Accounting 5,201.00 23 23 Jun 29 Jun 29 1110 1120 Cash Accounts Receivable Cash from Billings Cash from Billings 835.00 Jun 29 Jun 29 5020 1110 Salary Expense Cash Paid Salaries Paid Salaries 24 835.00 865.00 25 25 Jun 30 5050 Jun 30 2101 Oil & Gas Expense Accounts Payable O&G Oil and Gas Co. O&G Oil and Gas Co. 865.00 1.700.00 26) 2 6) Jun 301 3300 Jun 301110 Hudson Bloom, Withdral Owner's Drawing Cash Owner's Drawing 32 1.700.00 135 136 137 7,600.00 27 27 Jun 30 5010 Jun 30 1140 Rent Expense Prepaid Rent Rent Expenses Rent Expense 7.600.00 202.00 28 28 Jun 30 Jun 30 5080 1150 Supplies Expense Office Supplies Physical Inventory Physical Inventory 202.00 377 67 29 29 Jun 30 Jun 30 5090 2103 Interest Expense Interest Payable Interest on Mortgage Interest on Mortgage 37767 214001 Jun 30 5100 Jun 30 1130 Insurance Expense Prepaid Insurance Half Month's Insurance Expired Half Month's Insurance Expired 30 214.00 CAO- Chart of Accounts - Welcome - Transactions 835.00 16 16 Jun 22 Jun 22 5020 1110 Salary Expense Cash Paid Salaries Paid Salaries 835.00 17 1,115.00 Jun 22) 5040 Jun 22 2101 Repairs & Maint. Expen Computer Parts and Repair Co. Accounts Payable Computer Parts and Repair Co. 1.115.00 300.00 18 18 Jun 22 2101 Accounts Payable Jun 22l 1110 - Cash Pay Advertising Bill Pay Advertising Bill 300.00 19 505.00 Jun 23 1150 Jun 23 2101 Office Supplies Accounts Payable Purchase Office Supplies Purchase Office Supplies 505.00 3.445.00 20 20 Jun 23 Jun 23 1110 1120 C ash Accounts Receivable Cash from Billings Cash from Billings 3.445.00 5.490.00 21 21 Jun 28 Jun 28 1120 4100 Accounts Receivable Services Performed Computer & Consulting Services Performed 5,490.00 22 221 Jun 29 Jun 29 2101 1110 Accounts Payable Cash Paid Computer Parts and Repairs Paid Computer Parts and Repairs Co. 1.115.00 1.115.00 5.201.00 23 23 Jun 29 Jun 29 1110 1120 Cash Accounts Receivable Cash from Billings Cash from Billings 5.201.00 Introduction - FAQ - Chart of Accounts - Welcome - Transactions - A Byte of Accounting 5,201.00 23 23 Jun 29 Jun 29 1110 1120 Cash Accounts Receivable Cash from Billings Cash from Billings 5,201.00 835.00 Jun 29 Jun 29 5020 1110 Salary Expense Cash Paid Salaries Paid Salaries 24 835.00 865.00 25 25 Jun 30 5050 Jun 30 2101 Oil & Gas Expense Accounts Payable O&G Oil and Gas Co. O&G Oil and Gas Co. 865.00 1.700.00 26) 2 6) Jun 301 3300 Jun 301110 Hudson Bloom, Withdral Owner's Drawing Cash Owner's Drawing 32 1.700.00 135 136 137 7,600.00 27 27 Jun 30 5010 Jun 30 1140 Rent Expense Prepaid Rent Rent Expenses Rent Expense 7.600.00 202.00 28 28 Jun 30 Jun 30 5080 1150 Supplies Expense Office Supplies Physical Inventory Physical Inventory 202.00 377 67 29 29 Jun 30 Jun 30 5090 2103 Interest Expense Interest Payable Interest on Mortgage Interest on Mortgage 37767 214001 Jun 30 5100 Jun 30 1130 Insurance Expense Prepaid Insurance Half Month's Insurance Expired Half Month's Insurance Expired 30 214.00 CAO- Chart of Accounts - Welcome - Transactions ile Home Insert Page Layout Formulas Data Review View Help Analyze X fx -96300 Account Transaction Description Sum of Balance 1110 B1 Hudson Bloom Investment 153447 1110 2 Computer Equipment - 12600 1110 23 Office Equipment -987 1110 24 Computer Equipment -36000 1110 e7 Check #5003 Royce Computers -27500 1110 28 Computer Insurance -5136 1110 39 Computer Consultancy Revenue 6500 1110 2 10 Land and Building Purchased - 10700 1110 11 Payment of Rent -7600 1110 13 Accounts Payable with Check #5007 -320 1110 14 Purchase of Office Machines Express -675 1110 16 Paid Salaries -835 1110 18 Payment of Advertising Expense -300 1110 20 Receive Pyment 3445 1110 22 Payment Computer Parts and Repairs Co - 1115 1110 B23 Cash from Billings 5201 1110 24 Paid Salaries -835 1110 26 Hudson Bloom, Drawing - 1700 62290 1120 315 Consulting Revenue : 4300 1120 20 Receive Pyment -3445 1120 21 Services Performed 5490 1120 23 Cash from Billings -5201 1120 31 Unbilled Revenue 5125 6269 1130 B8 Computer Insurance 5136 1130 30 Insurance Adjustment -214 1110 Total nito 6 1120 Total 4922 29 1130 Total 1140 1140 11 Payment of Rent 27 Rent Expense 7600 -1900 5700 S05 303 32 1140 Total 1150 1150 19 Purchase of Office Supplies 28 Supplies expende 202 35 1150 Total 987 400 37 1211 1211 1211 1211 e3 Office Equipment B5 Purchaess on Credit 86 Returned Office Equipmnt 914 Purchase of Office Machines Express 675 1982 40 1211 Total 1212 32 Depreciation Expense 42 1212 Total 51311 31 Hudson Bloom Investment 31500 Sheet3 Ledgar + Ready Type Type here to search AutoSave Of File Home H Insert 2 : Page Layout Formulas Data Review View Help Search E70 1311 2 Computer Equipment 34 Computer Equipment 1311 12600 180000 224100 46 1311 Total 1312 -3046 48 1312 Total 32 Depreciation Expense ------- 10 Land and Building Purchased 1411 30-16 90000 90.000 50 1411 Total 1412 32 Depreciation Expense -241 1412 Total 1510 310 Land and Building Purchased 12000 1510 Total 12000 -400 2101 2101 2101 80 -300 2101 2101 B5 Purchaess on Credit 6 Returned Office Equipmnt 12 Invoice Number 26354 13 Accounts Payable with Check 5007 17 Computer Parts and Repair Co. 18 Payment of Advertising Expense 19 Purchase of Office Supplies - 22 Payment Computer Parts and Repairs Co. 25 O&G Oil and Gas Co. 320 -1115 300 2101 2101 -505 1115 2101 2101 64 2101 Total -1370 2103 29 Interest Adjustment 934 Interest Adjustment 2103 67 2101 Total - 1160.67 -1481.67 2105 33 Salary Expense 69 2105 Total 2201 10 Land and Building Purchased -96300 71 2201 Total 2202 4 Computer Equipment B7 Check 5003 Royce Computers 2202 - 144000 27500 - 116500 74 2202 Total 3100 3100 3100 1 Hudson Bloom Investment 337 Closing Income Summary 838 Closing withdrawals -9757.33 1700 -193004.33 1700 78 3100 Total 3300 3300 26 Hudson Bloom, Drawing 38 Closing withdrawals 80 81 3100 Total -1700 3400 3400 3400 B35 Closing Revenue 36 Closing Expense 37 Closing Income Summary -21415 11657.57 9757.33 85 3400 Total 4100 39 Computer Consultancy Revenue Sheet3 Ledgar Ready Tvne here to search n HE AutoSave Of File Home 2. Insert Page Layout Formulas Data Review View Help Sear E70 - X fix 4100 4100 4100 4100 15 Consulting Revenue 21 Services Performed 31 Unbilled Revenue 35 Closing Revenue -4300 -5490 -5125 21415 4100 Total B5010 5010 27 Rent Expense 236 Closing Expense 1900 - 1900 5010 Total 85020 835 9020 816 Paid Salaries - 24 Paid Salaries 233 Salary Expense 36 Closing Expense 835 5020 5020 501 -2171 99 5020 Total 5030 12 Invoice Number 26354 - 36 closing Expense 300 101 102 5010 Total 5030 -300 103 104 5040 5000 17 Computer Parts and Repair Co. 36 Closing Expense 1115 - 1115 105 5010 Total 106 B5050 5050 107 10B 5050 Total 25 O&G Oil and Gas Co. 36 Closing Expense 865 -365 109 110 111 SORO Total 5080 5080 2 8 Supplies expense 236 Closing Expense 303 -303 5090 5090 5090 29 Interest Adjustment 34 Interest Adjustment 36 Closing Expense 114 321 1160.67 -1481.67 115 5010 Total B5100 5100 30 Insurance Adjustment 36 Closing Expense 118 5100 Total 119 35110 5110 32 Depreciation Expense 36 Closing Expense 3308 -3308 121 5110 Total 122 Grand Total 1.45519E 11 126 127 128 129 Sheet3 Ledgar Ready ACCOU nadjusted in Balance Income Statement Debit 0.00 62.280.00 1.144.00 5180.00 7.00000 50500 1.962.00 000 224,100.00 0.00 90,000.00 0.00 17,000.00 Adjusting Entries Adjusted Tnal Balance Debit Debit Credt 0.00 62,290.00 0.00 6.269.00 214.00 4,902.00 1900.00 5,700.00 303 00 0.001 962.00 21.00 0.00 224 100 00 046.00 NumberNine 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Ofice Supplies 1211 Ofice Equip 1212 Accum. Dep-Once Equip 1311 Computer Equip 1312 Accum Depr Computer Equp 1411 Buking Cost 1412 Accum. Dep. Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2100 Income likes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Hudson Bloom Capital 3300 Hudson Bloom Waldrawals 0 OSOOOOOOOOOOOO O Balance Sheet Debit Credit 82 290.00 6.709 00 4922.00 5700 00 202.00 1,982 00 21.00 24,100.00 3,046 00 90,000.00 241.00 17 000 00 1, 370.00 ololololololoooooooOOOOOOO 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 888888888888888888888 17 000 0.00 188 88888888888888888888888888888 0.00 0.00 0.00 48187 0100 0.001 0.00 1,491 67 50100 0.00 0.00 0.00 9.300 00 0.00 116,500.00 0.00184.947.00 700.00 0.00 96,300.00 0.00116.500.00 184.947.00 1,700.00 98,300.00 110 00 00 184.917.00 1.700.00 800.00 1.800.00 50100 8 8 8 8 2 1/1 CO 4100 Computer Consulting Revenue 5010 Rent Expense 5020 Salasy Expense 5020 Advertising Expertse 5040 Repair & Maint Expense 5050 Oil & Gas Expense 5000 Supplies Expense 5030 Interest Expense 5100 Insurance Expense to Deprecation Experie 0.00 0.00 670 00 300.00 1.115 00 365.00 000 0.00 0.00 OOOOOOOOO ooooooooooo 8888888888888 0.00 1.90000 2 17100 300.00 1.115 00 385.00 303.00 1.481.67 214.00 21415.00 0.00 od 0.00 00 0.00 0.00 0.00 303.00 1481.87 214.00 3,308.00 300.00 1.115 00 865.00 303 00 1.40167 214.00 3,308 00 415, 40700415, 407.00 12,832 67 12,832 67 425 122.67425, 02 67 2 1,145.00 Total NET INCOME Balance 11 657 6 9.70733 21.415.00 414, 165.00 404,407 67 9,757 33 414, 16500414, 10500 21 145.00 Worksheet incol + Introduction FAQ Transactions General Journal Chart of Accounts - Welcome Type here to search