its says "one or more of the debit amounts are wrong" for transaction #s 34, 35, 37 & 39

it also says to round to twp decimal places

B F G A E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Account Name Description Debit Credit 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock common stock issued common stock issued 58,000.00 58,000.00 02 02 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stock common stock issued common stock issued common stock issued 29,870.00 43,210.00 02 73,080.00 1 2 3 4 5 16 17 18 03 03 03 03 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 1211 Office Equip 3100 Capital Stock common stock issued common stock issued common stock issued common stock issued 36,250.00 12.180.00 1,276.00 19 49,706.00 20 21 22 04 04 04 Jun 02 1311 Computer Equip Jun 02 1110 Cash Jun 02 2202 Notes Payable computer bought in cash and notes pel 180,000.00 computer bought in cash and notes payable computer bought in cash and notes payable 23 36,000.00 144,000.00 05 05 Jun 04 Jun 04 1211 Office Equip 2101 Accounts Payable equipment bought on credit equipment bought on credit 700.00 700.00 24 25 26 27 28 29 30 31 32 33 06 06 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip unsatisfactory office equipment unsatisfactory office equipment 140.00 140.00 34 3 07 07 Jun 10 Jun 10 Name 2202 Notes Payable 1110 Cash byte paid the balance it owed on Jun 27,500.00 byte paid the balance it owed on Jun 02 purchase of 27,500.00 3 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash one year insurance policy covering its 5,304.00 one year insurance policy covering its computer equip 5,304.00 7.750.00 09 09 Jun 16 Jun 16 1110 Cash check received for consulting revenue 4100 Computer & Consulting check received for consulting revenue 7,750.00 23,000.00 120,000.00 D 1 2 3 4 5 6 7 58 19 50 51 32 53 54 55 56 57 58 59 60 61 62 63 84 65 66 AZ 10 10 10 10 Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building Cost 1110 Cash 2201 Mortgage Payable land and building purchased Land and building purchased land and building purchased land and building purchased paid prepaid rent paid prepaid rent 14,300.00 128.700.00 3,200.00 11 11 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash 3,200.00 250.00 12 12 Jun 17 Jun 17 5030 Advertising Expense 2101 Accounts Payable received bill for advertising received bill for advertising 250.00 13 13 Jun 21 Jun 21 2101 Accounts Payable 1110 cash 560.00 accounts payable pald Accounts navahin naid 580.00 14 14 Jun 21.1211 Office Equip. Jun 21 1110 Cash fax machine purchased fax machine purchased 675.00 675.00 15 15 Jun 21 Jun 21 1120 Accounts Receivable billed customers for consulting services 4100 Computer & Consulting billed customers for consulting services 4,000.00 4,000.00 16 16 Jun 22 Jun 22 5020 Salary Expense 1110 Cash paid salaries to equipment operators paid salaries to equipment operators 1,010,00 1,010.00 17 17 Jun 22 Jun 22 5040 Repairs & Maint. Expen received bil for computer equipmentre 2101 Accounts Payable received bill for computer equipment repairs 1,290.00 1,290.00 18 18 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash paid the advertising bill received Jun 1 paid the advertising bill received Jun 17 250.00 250.00 2 3 4 5 38 37 98 199 100 101 102 19 19 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable purchased office supplies on credti purchased office supplies on credti 705.00 705.00 20 20 Jun 23 Jun 23 1110 Cash 1120 Accounts Receivable cash received cash received 3,205.00 TY D 5,385.00 21 21 Jun 28 Jun 28 Name 1120 Accounts Receivable billed customers for consulting services 4100 Computer & Consulting billed customers for consulting services 5,385.00 1,290.00 22 22 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash paid bill received on Jun 22 paid bill received on Jun 22 1,290.00 5,101.00 23 23 Jun 29 Jun 29 1110 Cash 1120 Accounts Receivable cash received cash received 5,101.00 4 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 1,010.00 24 24 Jun 29 Jun 29 5020 Salary Expense 1110 Cash paid salaries to equipment operators paid salaries to equipment operators 1,010.00 25 25 Jun 30 Jun 30 5050 Oll & Gas Expense 2101 Accounts Payable 865.00 received bil from O&G Oil and Gas Co received bil from O&G Oil and Gas Co. 865.00 26 26 Jun 30 Jun 30 3300 Dividends 1110 Cash paid dividend of $0.16 per share paid dividend of $0.16 per share 997.44 997.44 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent one months rent expense lone months rent expenso 1,600.00 1,600.00 413.00 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies supplies expense supplies.expense 413.00 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable interest expense for one-half month or 496.03 interest expense for one-half month on mortgage 496.03 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance 221.00 prepaid Insurance account charged prepaid insurance account charged 221.00 31 31 Jun 30 Jun 30 1120 Accounts Receivable unbilled revenue recorded 4100 Computer & Consulting unbilled revenue recorded 5,250.00 5.250.00 4,243.27 32 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 3 5110 Depreciation Expense depreciation for one month 1412 Accum. Depr.-Building depreciation for one month 1312 Accum. Depr.-Computer depreciation for one month 1212 Accum. Depr.-Office Eq depreciation for one month 294.97 3,923.17 25.13 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable unpaid salary unpaid salary 606.00 606.00 5 8 7 8 9 0 1 2 34 34 Jun 30 Jun 301 5090 Interest Expense 2103 interest Pavable interent on notes payable interent on notes bavable 1.161.00 1.161.00 Transaction Date Account Debit Name Description Credit 2.305.00 35 35 Jun 30 Jun 30 5120 Income Tax Expense tax expense 2106 Income Taxes Payable tax expense 2,305.00 22,385.00 36 36 Jun 30 Jun 30 4100 Computer & Consulting computer and consulting 3400 Income Summary computer and consulting 22,385.00 15,470.00 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 accounts 5020 Salary Expense closing expense accounts 5030 Advertising Expense closing expense accounts 5040 Repairs & Maint. Expen closing expense accounts 5010 Rent Expense closing expense accounts 5110 Depreciation Expense closing expense accounts 5090 Interest Expense closing expense accounts 5080 Supplies Expense closing expense accounts 5050 OR & Gas Expense closing expense accounts 5120 Income Tax Expense closing expense accounts 5100 Insurance Expense closing expense accounts 1,600.00 2,626.00 250.00 1,290.00 865.00 413.00 1,657.00 221.00 4.243.00 2.305.00 3 4 5 6 7 8 39 DO 01 02 03 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Eamings 6,915.00 closing Income summary account closing income summary account 6,915.00 204 39 39 Jun 30 Jun 30 3200 Retained Earings 3300 Dividends closing dividends account closing dividends account 997.00 205 997.00 Byte of Accounting, Inc. Reagan Donnelly 9902 Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. acquired $58,000 in cash from Lauryn and issued 2,000 shares of its common stock. 02. June 1: Byte of Accounting, Inc. issued 2,520 shares of its common stock to Reagan Donnelly after S29,870 in cash and computer equipment with a fair market value of $43,210 were received. 8 03. June 1: Byte of Accounting, Inc. issued 1,714 shares of its common stock after acquiring from Courtney $36,250 in cash, computer equipment with a fair market value of $12,180 and office equipment with a fair value of $1.276. 9 10 04. June 2: A down payment of S36,000 in cash was made on additional computer equipment that was purchased for $180,000. A five-year note was executed by Byte for the balance. 11 12 OS June 4: Additional office equipment costing $700 was purchased on credit from Discount Computer Corporation. 13 14 06. June 8: Unsatisfactory office equipment costing S140 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 15 16 07. June 10: Byte paid $27,500 on the balance it owed on the June 2 purchase of computer equipment. 17 18 08. 19 20 June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5,304 in cash. The effective date of the policy was June 16. 09 June 16: A check in the amount of $7,750 was received for consulting revenue. 21 22 10. June 16: Byte purchased a building and the land it is on for $143,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $23,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $14,300 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 23 24 11. June 17: Cash of $3,200 was paid for rent for June and July. Put the total amount into the Prepaid Rent account. 25 26 12. June 17: Received a bill of $250 from the local newspaper for advertising. 27 28 13. 29 30 June 21: Accounts payable in the amount of S560 were paid, 14. June 21: A fax machine for the office was purchased for S675 cash. 31 32 15. June 21: Billed various miscellaneous local customers $4,000 for consulting services performed. 33 34 35 36 16. June 22: Paid salaries of $1,010 to equipment operators for the week ending June 18. 17. June 22: Received a bill for $1,290 from Computer Parts and Repair Co. for repairs to the computer equipment. 37 38 39 40 18. June 22: Paid the advertising bill that was received on June 17. 19. 41 42 June 23: Purchased office supplies for $705 on credit. Record the purchase as an increase to the assets 43 20. June 23: Cash in the amount of $3,205 was received on billings. A4 B 21. June 28: Billed $5,385 to miscellaneous customers for services performed to June 25. -5 56 37 48 22. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 49 23. 50 June 29: Cash in the amount of $5,101 was received for billings. June 29: Paid salaries of $1,010 to equipment operators for the week ending June 25. 24. 51 52 53 54 25. June 30: Received a bill for the amount of $865 from O & GOil and Gas Co. 26. June 30: Paid a cash dividend of $0.16 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.) 55 56 57 58 Adjusting Entries - Round to two decimal places. The rent payment made on June 17 was for Juno and July. Expense the amount associated with one month's rent. 27. 59 60 28. A physical inventory showed that only $292.00 worth of office supplies remained to hand as of June 30. 61 62 29. 63 64 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. 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, 30. 65 66 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,250 for the period of June 28-30 67 32. 69 70 71 72 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 $8,500. The office equipment has a scrap value of $400. The computer equipment has no scrap value. Calculate the depreciation for one month. 73 74 33, A review of the payroll records show that unpaid salaries in the amount of $606.00 are owed by Byte for 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 year. [IMPORTANT NOTE: The original note on the computer equipment purchaston June 2 was $144,000. On June 10, eight days later, $27,500 was repaid. Interest expense must be calculated on the $144,000 for eight days. In addition, interest expense on the $116,500 balance of the loan (S144,000 less $27,500 = $116,500) must be calculated for the 20 days remaining in the month of June.] 78 79 80 81 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 83 84 Closing Entries 85 86 36. Close the revenue accounts. 87 A B 36. Close the revenue accounts. 37. Close the expense accounts. 38. Close the income summary account. 39. Close the dividends account