June $1$: Hudson Bloom invested $$138,345$ cash and computer equipment with a fair market value of $$34,500$ in his new business, Byte of Accounting. June $1$: Check #$5000$ was used to purchased computer equipment costing $$11,500.$ The invoice number was $20117.$June $1$: Check #$5001$ was used to purchase office equipment costing $$805$ from Office Express. The invoice number was $87417.$June $2$: Check #$5002$ was used to make a down payment of $$30,000$ on additional computer equipment that was purchased from Royce Computers, invoice number $76542.$ The full price of the computer was $$150,000.$ A five$-$year note was executed by Byte for the balance.June $4$: Additional office equipment costing $$700$ was purchased on credit from Discount Computer Corporation. The invoice number was $98432.$June $8$: Unsatisfactory office equipment costing $$140$ 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 $$23,000$ payment reducing the principal owed on the June $2$ purchase of computer equipment from Royce Computers.June $14$: Check #$5004$ was used to purchase a one$-$year insurance policy covering its computer equipment for $$6,480$ 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 $$7,250$ was received for services performed for Pitman Pictures.June $16$: Byte purchased a building and the land it is on for $$107,000$ to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $$17,000.$ The balance of the cost is to be allocated to the building. Check #$5005$ was used to make the down payment of $$10,700.$ A thirty$-$year mortgage with an initial payment due on August $1$st$,$ was established for the balance.June $17$: Check #$5006$ for $$6,300$ was paid for rent of the office space for June, July, and August. June $17$: Received invoice number $26354$ in the amount of $$275$ from the local newspaper for advertising.June $21$: Accounts payable in the amount of $$560$ were paid with Check #$5007.$June $21$: Check #$5008$ was used to purchase a fax machine for the office from Office Machines Express for $$650.$ The invoice number was $975-328.$ June $21$: Billed various miscellaneous local customers $$4,100$ for consulting services performed.June $22$: Check #$5009$ was used to pay salaries of $$1,010$ to equipment operators for the week ending June $18.$ Ignore payroll taxes.June $22$: Received a bill for $$1,190$ from Computer Parts and Repair Co$.$ for repairs to the computer equipment. The invoice number was $43254.$June $22$: Check #$5010$ was used to pay the advertising bill that was received on June $17.$June $23$: Purchased office supplies for $$605$ from Staples on account. The invoice number was $65498.$June $23$: Cash in the amount of $$3,285$ was received on billings.June $28$: Billed $$6,120$ to miscellaneous customers for services performed to June $25.$June $29$: Paid the bill received on June $22,$ from Computer Parts and Repairs Co with Check #$5011.$June $29$: Cash in the amount of $$5,799$ was received for billings.June $29$: Check #$5012$ was used to pay salaries of $$1,010$ to equipment operators for the week ending June $25.$ Ignore payroll taxes.June $30$: Received a bill for the amount of $$965$ from O & G Oil and Gas Co$.$ The invoice number was $784537.$June $30$: Check #$5013$ was used to pay for airline tickets of $$2,300$ to send the kids to Grandma Ellen for the July $4$th 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 month's rent. A physical inventory showed that only $$247$ worth of office supplies remained on hand as of June $30.$ The annual interest rate on the mortgage payable was $7$ percent. Interest expense for one$-$half month should be computed because the building and land were purchased, and the liability incurred on June $16.$ Record a journal entry to reflect that one half month's insurance has expired. A review of Byte$$s job worksheets show that there are unbilled revenues in the amount of $$5,625$ for the period of June $28-30.$ The fixed assets have estimated useful lives as follows: Building $-31\mathrm{.}5$ years. Computer Equipment $-5$ years. Office Equipment $-7$ years. Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building$$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. A review of the payroll records shows that unpaid salaries in the amount of $$606$ are owed by Byte for three days, June $28-30.$ Ignore payroll taxes. The note payable to Royce Computers is a five$-$year note, with interest at the rate of $12\%$ annually. The original note on the computer equipment purchased on June $2$ was $$120,000.$ On June $10,8$ days later, $$23,000$ was reapid. Interest expenses must be calcuated at $$120,000$ for $8$ days.