L16 2 A D WN- O O O 10 11 12 - X C Number Name Normal Balance 1110 Cash Debit 1120 Accounts Receivable Debit 1130 Prepaid Insurance Debit 1140 Prepaid Rent Debit 1150 Office Supplies Debit 1211 Office Equip. Debit 1212 Accum. Depr.-Office Equip. Credit 1311 Computer Equip. Debit 1312 Accum. Depr.-Computer Equip. Credit 1411 Building Cost Debit 1412 Accum. Depr.-Building Credit 1510 Land Debit 2101 Accounts Payable Credit 2 102 Advanced Payments Credit 2 103 Interest Payable Credit 2 105 Salaries Payable Credit Credit 2106 Income Taxes Payable Credit Credit 2201 Mortgage Payable Credit 2202 Notes Payable Credits Credit 3100 Capital Stock Credit 3200 Retained Earnings Credit 3300 Dividends Debit 3400 Income Summary C redit 4100 Computer & Consulting Revenue Credit 5010 Rent Eynence nahit Introduction FAQ Welcome Chart of Accounts 14 15 16 17 18 Transa : * vf 1411 Building Cost Debit 1412 Accum. Depr.-Building Credit 1510 Land Debit 2101 Accounts Payable Credit 2102 Advanced Payments Credit 2103 Interest Payable Credit 2105 Salaries Payable Credit 2106 Income Taxes Payable Credit 2201 Mortgage Payable Credit 2202 Notes Payable Credit 3100 Capital Stock Credit 3200 Retained Earnings Credit 3300 Dividends Debit 3400 Income Summary Credit 4100 Computer & Consulting Revenue Credit 5010 Rent Expense Debit 5020 Salary Expense Debit 5030 Advertising Expense Debit 5040 Repairs & Maint. Expense Debit 5050 Oil & Gas Expense Debit 5080 Supplies Expense Debit 5090 Interest Expense 5100 Insurance Expense Debit 5110 Depreciation Expense Debit 5120 Income Tax Expense Debit Debit uction FAQ Home Chart A Alignment Number Byte of Accounting, Inc. Bryco Leatherwood 2128 3 Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. acquired $66,000 in cash from Lauryn and issued 3,000 shares of its common stock 02. June 1: Byte of Accounting, Inc. issued 2,560 shares of its common stock to Bryce Leatherwood after $23.760 in cash and computer equipment with a fair market value of $32,560 were received 03 June 1: Byte of Accounting, Inc. issued 2,640 shares of its common stock after acquiring from Courtney $45,100 in cash, computer equipment with a fair market value of $11,880 and office equipment with a fair value of $1,100. 0 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. = Tune Introduction Additional office cuinment cocina $700 wan ased on credit from Discount FAQW elcome Chart of Accounts Transactions General Journal Worksheet ... ACCOUNTING PROJECT - Repaired - Compatibility Insert Draw Page Layout Formulas Data Review View Help Search = = = 2 Times New Romar" 12 BIU - - AA A. Wrap Text Merge & Center - $ -% , Com Form Font Alignment Number 05. June 4: Additional office equipment costing $700 was purchased on credit from Discount 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. 08. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $6,312 in cash. The effective date of the policy was June 16. June 16: A check in the amount of $7,250 was received for consulting revenue. 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. Introduction FAQ Welcome Chart of Accounts Transactions General Journal Worksheet ... Home Insert Draw Page Layout Formulas Data Review View Help Search - A A = = Times New Romar - 12 BIU - A te = S Wrap Text Merge & Center - $ -% board Format Font Alignment Number - X V fx 1 11. June 17: Cash of $5,400 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. 13. June 21: Accounts payable in the amount of $560 were paid. June 21: A fax machine for the office was purchased for $725 cash. 15. June 21: Billed various miscellaneous local customers $4,400 for consulting services performed. 1 AW 16. June 22: Paid salaries of $935 to equipment operators for the week ending June 18. 17. June 22: Received a bill for $1.265 from Computer Parts and Repair Co, for repairs to the computer equipment. O . June 22: Paid the advertising bill that was received on June 17. 22. Dewchacada c line for C620 on dit Danandhankans aan iemand to the Introduction FAQ Welcome Chart of Accounts Transactions General Journal Worksheet ... Home Insert Draw Page Layout Formulas Data Review View Help Search Times New Romar- 12 - AA = = = HE Wrap Text Merge & Center - BIU E A . E $ -% , 9 Forma ard Font Alignment Number - X V fr 1 19. June 23: Purchased office supplies for $630 on credit. Record the purchase as an increase to the assets. June 23: Cash in the amount of $3,525 was received on billings. June 28: Billed $5,490 to miscellaneous customers for services performed to June 25. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 23. June 29: Cash in the amount of $5,201 was received for billings. June 29: Paid salaries of $935 to equipment operators for the week ending June 25. June 30: Received a bill for the amount of $790 from O & G Oil and Gas Co. 26. June 30: Paid a cash dividend of S0.17 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.] .. A .... Introduction .. FAQ . . Welcome . .. Chart of Accounts .1---- Transactions General Journal Worksheet ... 190_ Mew DULU Review View Help Search Arial B I = = = . .10 - A A - A. Wrap Text Merge & Center - U - $ - % . 68- co Fom Font Alignment Number X & fi 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 $259.00 worth of office supplies remained on hand as of June 30. 29. The annual interest rate on the mortgage payable was 9.00 percent. Interest expense for one- half month should be computed because the building and land were purchased and the liability incurred on June 16. 30. 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. 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,000 for the period of June 28-30. The fixed assets have estimated useful lives as follows: Building. 31 5 veurs Introduction FAQ Welcome Chart of Accounts Transactions General Journal Worksheet ... ALLUUNTING PRUELT - Repaired - Compatibility Home Insert Draw Page Layout Formulas Data Review View Help Search E Arial 10 - AA === BIU. -DA- 2 Wrap Text Merge & Center - 3 $ - % 9 48-20 Cond Forma d to Font Alignment Number 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 $450. The computer equipment has no scrap value. Calculate the depreciation for one month. 33. A review of the payroll records show that unpaid salaries in the amount of $561.00 are owed by Byte for three days, June 28 - 30. 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 purchased on June 2 was $136,000. On June 10, eight days later, $26,000 was repaid. Interest expense must be calculated on the $136,000 for eight days. In addition, interest expense on the $110,000 balance of the loan ($136,000 less $26,000 = $110,000) must be calculated for the 20 days remaining in the month of June. NOSSA A review of the payroll records show that unpaid salaries in the amount of $561.00 are owed by Byte for three days, June 28 - 30. 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 purchased on June 2 was $136,000. On June 10, eight days later, $26,000 was repaid. Interest expense must be calculated on the $136,000 for eight days. In addition, interest expense on the $110,000 balance of the loan (S136,000 less $26,000 = $110,000) must be calculated for the 20 days remaining in the month of June.] 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.] Closing Entries Introduction FAQ Welcome Chart of Accounts Transactions General Journal Worksheet ... Fastes BIUB 14 A bes 10 ull Merge & Cel Clipboard Font Alignment / / A6 - : * fio 2A 33 34 Closing Entries RAAN 86 . 36. Close the revenue accounts. / / / / 85 / / 87 88 3 7. Close the expense accounts. 90 3 8. Close the income summary account. 92 39. Close the dividends account. X A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells Account Name Description 501 mo 10 1102 14 15 SA 22NE 2311 2605 271NT 28 29 34 07EU 37 39 roduction FAQ Chart of Accounts Transacti puuara Font Alignment J4 4 C A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. 3 Name Description 3607 37 38 39 4108 42 ZILEL E 43L 44E 45 4609 47 48 52 TL 53 55 5611 58E 59 60 6112 622 63 65 6613 67 S hoes 89 70 Introduction FAO Welcome Chef LI Paste 10 Arial BI U AA== A A Wrap Merg Clipboard Alignment 14 4 F G H A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells 3 Name 7114 72 73 15 78 16 UITLE LITU 921 93 94 95 99 100 10120 Introduction FAQ/Welcome Chart of Accounts Transactions 4 IF G H DET A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. 3 olant de la ge Name Description 100 10120 102 103 104 105 106 107 108 109 110 111 22 112 113 114 115 117 TESSE 122 123 124 125S 126 25 1273 128 129 130 13126 132 133 134 Introduction FAQ Welcome Chart of Accounts Transactions Clipboard Font Alignmer A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cel 3 Name Description Debit Credit 1331 134 1351 136 137 138 139 140 14128F 142 R 144 145 14629 147 149 151 301 154 15631 157 158 159 16132 Introduction FAQ Welcome Chart of Accounts Trans Clipboard Font Alignment A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells 3 0 1 Description 4 159 160 16132 165DE 16633 170 17134 172 173 174 175 17635 177 178 179 180S 181361 182 183 184 185 186 187 188 - 190 191 192 193 Introduction FAQ Welcome Chart of Accounts Transactions H 2 O BNe Clipboard Font Alignment J4 - X Fox DEL FIGHT A Byte of Accounting, Inc. General Journal an only enter data into the yellow filed cells Note N ame of Description SE 4110 173 174 175 176 35 U R 1791 180 18136S 182 1 186 187 188 189 193 196 198.38SSTE 199 200 201 20339 204 2051 206 Introduction FAQ Welcome Chart of Accounts Transactions G HOO B eowo CD F G A Byte of Accounting, Inc. Worksheet For Period Ending January 0, 1900 Adjusted Trial Balance Debit Credit Account Unadjusted Trial Balance The Adjusting Entries Number Name Debit Credit Debit Credit 1110 Cash 2 1120 Accounts Receivable 0 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 Cost 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 22 2103 Interest Payable 2105 Salaries Payable 24 2106 Income Taxes Payable 252201 Morriano Pavable ... FAQ Welcome Chart of Accounts Transactions General Journal Worksheet 20 Income State ... AutoSave o 9. 8.. ACCOUNTING PROJECT - Repaired - Comp File Home Insert Draw Page Layout Formulas Data Review View Help Sean === Arial - 10 - AA BIUR A Wrap Text Merge & Center - $ - % 8 Clipboard Font Alignment Number D12 18 19 20 ... a 23 1412 Accum. Depr.- Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends hotel 25 27 2B 29 32 31 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 35 5040 Repairs & Maint. Expense 36 5050 Oil & Gas Expense 37 5080 Supplies Expense 38 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 41be5120 Income Tax Expense 42 . .. FAQ Welcome Chart of Accounts 39 Transactions General Journal Worksheet Income State ... ACCOUNTING PROJECT - Repaired - Compatibility Mode - AutoSave o 9. 8.. File Home Insert Draw Page Layout Arial - 10 - A A = Paste BIU - B A Search X Formulas Data Review View Help = = %. 23 Wrap Text 33 Merge & Center - $ - % , 8-98 Conditional Formatting - Clipboard Font Alignment Number D12 - X fx 24 2106 Income Taxes Payable 25 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 28 3200 Retained Earnings 29 3300 Dividends 30 314 100 Computer & Consulting Revenue 32 5010 Rent Expense 33 5020 Salary Expense 34 5030 Advertising Expense 35 5040 Repairs & Maint. Expense 36 5050 Oil & Gas Expense 37 5080 Supplies Expense 38 5090 Interest Expense 395100 Insurance Expense 40 5110 Depreciation Expense 41 5120 Income Tax Expense 42 TOTALE ... FAQ Welcome Chart of Accounts Transactions General Journal Worksheet income State ... O o ge ? acer A G H DE A Byte of Accounting, Inc. Income Statement For Month Ending January 0, 1900 Revenues Computer & Consulting Revenue Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Net Income Before Tax ... Welcome Chart of Accounts Transactions General Journal Worksheet Income Statement ... OOO @WOX Home Insert Draw Page Layout Formulas File Data Review View Help - 10 - AA Arial = = a Wrap Text General 0 E Paste BIU - .O. A- E Merge & Center - $ - % Clipboard 6 Font Alignment Num J14 X fie E Revenues Computer & Consulting Revenue Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Net Income Before Tax Income Tax Expense (Round to two decimal places) Net Income After Tax Home Insert Draw Page Layout Formulas Data Review View Help M == General Arial 10 BIU - H- - A A D. E Wrap Text E Merge & Center - $-% 9 hoard Font Alignment Number X fr A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending January 0, 1900 Total Balance, Beginning of Period Net Income Dividends Balance, End of Period L ely LCI Font Alignment X fc BC EDEF A Byte of Accounting, Inc. Balance Sheet As of January 0, 1900 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets Office Equip Accum. Depr.-Office Equip. Computer Equip. Accum. Depr.-Computer Equip. Building Cost Accum. Depr.-Building Changes in Retained Earnings Balance Sheet How to Create a Pivot Table Data for G Long-Term Assets Office Equip Accum. Depr.-Office Equip. Computer Equip Accum. Depr.-Computer Equip. Building Cost Accum. Depr.- Building Land Total Total Assets Liabilities Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total - ... Changes in Retained Earnings Balance Sheet How to Create a Pivot Table Data for General Lec. 0 0 0 y = = = * Merge & Center Font Font Alignment A D E B C Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities Stockholder's Equity Capital Stock Retained Earnings Total Total Liabilities and Stockholder's Equity