Journalize transactions all 1-38 with the following chart of accounts

Step 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 In the date field enter the date of the transaction. If you do not enter a date value an error message will appear. Transaction Account 01 Jun 01 Name Cash Description Credit In the account field enter the account number that corresponds to the account in the chart of accounts. Debit 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. Transaction Date Account 01 Jun 01 Name 1110 Cash Description Debit Credit Date Number Name Normal Balance 1110 Cash Debit Debit 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 1412 Accum. Depr.-Building Debit Debit Debit Debit Credit Debit Credit Debit Credit 1510 Land Debit 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Hudson Bloom, Capital Credit Credit Credit Credit Credit Credit Credit Credit 3300 Hudson Bloom, Withdrawals 3400 Income Summary Debit Credit 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 Credit Debit Debit Debit Debit Debit Debit Debit 5100 Insurance Expense Debit 5110 Depreciation Expense Debit Byte of Accounting arynn Cooper 1937 Transaction Description of transaction June 1: Hudson Bloom invested $137,340.00 cash and computer equipment with a fair market value of $32,760.00 01 in his new business, Byte of Accounting. June 1: Check # 5000 was used to purchased office equipment costing $1,050.00 from Office Express. The 02 invoice number was 87417. June 1 03 invoice number was 20117. Check # 5001 was used to purchased computer equipment costing $11,760.00 from arynn Cooper. The June 2: Check # 5002 was used to make a down payment of $33,000.00 on additional computer equipment that was 04. purchased from Royce Computers, invoice number 76542. The full price of the computer was $165,000.00. A five- year note was executed by Byte for the balance June 4: Additional office equipment costing $700.00 was purchased on credit from Discount Computer 05 Corporation. The invoice number was 98432. June 8: Unsatisfactory office equipment costing $140.00 from invoice number 98432 was returned to Discount 06 Computer for credit to be applied against the outstanding balance owed by Byte June 10: Check # 5003 was used to make a $25,250.00 payment reducing the prinicpal owed on the June 2 07. purchase of computer equipment from Royce Computers June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equipment for 08 $6,144.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. 09. June 16: A check in the amount of $6,250.00 was received for services performed for Pitman Pictures. 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 balance of the cost is to 10. be allocated to the building. Check # 5005 was used to make the down payment of $12,500.00. A thirty year 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 balance of the cost is to 10. 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 11. June 17: Check # 5006 for $7,500.00 was paid for rent of the office space for June, July and August 12. June 17: Received invoice number 26354 in the amount of $425.00 from the local newspaper for advertising 13. June 21: Billed various miscellaneous local customers $4,200.00 for consulting services performed June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for 14 $700.00. The invoice number was 975-328. 15. June 21: Accounts payable in the amount of $560.00 were paid with Check # 5007. 16. June 22: Check # 5010 was used to pay the advertising bill that was received on June 17. June 22: Received a bill for $1,240.00 from Computer Parts and Repair Co. for repairs to the computer equipment 17 The invoice number was 43254. June 22: Check # 5009 was used to pay salaries of $885.00 to equipment operators for the week ending June 18 18. Ignore payroll taxes. 19. June 23: Cash in the amount of $3,365.00 was received on billings 20. June 23: Purchased office supplies for $655.00 from Staples on account. The invoice number was 65498. 21. June 28: Billed $5,385.00 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount of $5,101.00 was received for billings. 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check # 5011 June 29: Check # 5012 was used to pay salaries of $885.00 to equipment operators for the week ending June 25 24. June 29: Check # 5012 was used to pay salaries of $885.00 to equipment operators for the week ending June 25. 24 Ignore payroll taxes 25. June 30: Received a bill for the amount of $990.00 from O & G Oil and Gas Co. The invoice number was 784537 June 30: Check # 5013 was used to pay for airline tickets of $1,600.00 to send the kids to Grandma Ellen for the 26. July 4th holiday. Adjusting Entries - Round to two decimal places. The rent payment made on June 17 was for June, July and August. Expense the amount associated with one 27 month's rent. 28. A physical inventory showed that only $270.00 worth of office supplies remained on hand as of June 30. The annual interest rate on the mortgage payable was 8.50 percent. Interest expense for one-half month should be 29 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. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,000 for the period of 31. June 28-30 The fixed assets have estimated useful lives as follows: Building 31.5 years Computer Equipment - 5.0 years 32. 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 $7,000. The office equipment has a scrap value of $400. The computer equipment has no scrap value. Calculate the depreciation for one month. C. 11 11 A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,000 for the period of 31 June 28-30 The fixed assets have estimated useful lives as follows: Building 31.5 years Computer Equipment - 5.0 years 32. 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 $7,000. The office equipment has a scrap value of $400. The computer equipment has no scrap value. Calculate the depreciation for one month A review of the payroll records show that unpaid salaries in the amount of $531.00 are owed by Byte for three 33 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 34 percent annually. Interest expense should be computed based on a 360 day year. Closing Entries 35. Close the revenue accounts 36. Close the expense accounts 37. Close the income summary account. 38. Close the withdrawals account