make a general journal

Transaction Description of transaction June | Byte of Accounting, Inc issued 2610 shares of its common stock to Jeremy after $21,840 in cash and computer equipment with a fair market value of $32.970 were received 01. 02 June 1 Byte of Accounting Inc issued 2365 shares of its common stock after acquiring from Courtney S36.750 in cash computer equipment with a fair market value of $12,180 and office equipment with a fair value of $735 03 June 1 Byte of Accounting, Inc. acquired $54,600 in cash from Pamela Mayfield and issued 2.600 shares of its common stock 8 9 04 June 2. A down payment of $29.000 in cash was made on additional computer equipment that was purchased for $145,000. A five year note was executed by Byte for the balance. 10 11 05 June 4. Additional office equipment costing $600 was purchased on credit from Discount Computer Corporation 12 13 06 June 8. Unsatisfactory office equipment costing $120 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 14 15 07 June 10: Byte paid $22,250 on the balance it owed on the June 2 purchase of computer equipment 16 17 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 18 19 20 21 09 June 16: Computer consultation revenue of $7,500 was received 10 June 16 Byte purchased a building and the land it is on for $149,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $24,000 The balance of the cost is to be allocated to the building Byte made a cash down payment of $14.900 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1 22 B A 21 44 June 28 Billed $5.910 to miscellaneous customers for services performed to June 25. 45 46 22 June 29. Cash in the amount of $5.600 was received for billings 47 48 23 June 29. Paid the bill received on June 22. from Computer Parts and Repairs Co. 49 24 June 29. Paid salaries of $860 to equipment operators for the week ending June 25 50 51 52 53 25 June 30. Received a bill for the amount of $890 from O&G Ol and Gas Co. 26 June 30: Paid a cash dividend of $0 21 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 54 55 56 57 Adjusting Entries Round to two decimal places. 27 The rent payment made on June 17 was for June and July. Expense the amount associated with one month's tent 58 59 28 A physical inventory showed that only S247.00 worth of office supplies remamed on hand as of June 30 60 61 29 The annual interest rate on the mortgage payable was 8 25 percent Interest expense for one-half month should be computed because the bulding and land were purchased and the liability incurred on June 16 62 63 30 64 65 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 reveres in the amount of $5,625 for the period of June 28-30. 66 67 68 69 70 32 The fixed assets have estimated useful lives as follows Building - 31 5 years Computer Equipment - 5.0 years Transactions General Journal Worksheet Income Statement Changes in Retained Earnings Ready B Type here to search o 33 A review of the payroll records show that unpaid salaries in the amount of $516 are owed by Byte for three days, June 28:30 4 5 34 16 17 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 $116,000. On June 10, eight days later, $22 250 was repaid. Interest expense must be calculated on the $116,000 for eight days. In addition, interest expense on the $93,750 balance of the loan ($116,000 less $22,250 = $93.750) must be calculated for the 20 days remaining in the month of June.) 78 79 80 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.) 81 82 83 Closing Entries 36 84 85 86 87 Close the revenue accounts 37 Close the expense accounts: 38 Close the income summary account 39 Close the dividends account, 88 89 90 91 92 93 94 95 96 97 Transaction Description of transaction June | Byte of Accounting, Inc issued 2610 shares of its common stock to Jeremy after $21,840 in cash and computer equipment with a fair market value of $32.970 were received 01. 02 June 1 Byte of Accounting Inc issued 2365 shares of its common stock after acquiring from Courtney S36.750 in cash computer equipment with a fair market value of $12,180 and office equipment with a fair value of $735 03 June 1 Byte of Accounting, Inc. acquired $54,600 in cash from Pamela Mayfield and issued 2.600 shares of its common stock 8 9 04 June 2. A down payment of $29.000 in cash was made on additional computer equipment that was purchased for $145,000. A five year note was executed by Byte for the balance. 10 11 05 June 4. Additional office equipment costing $600 was purchased on credit from Discount Computer Corporation 12 13 06 June 8. Unsatisfactory office equipment costing $120 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 14 15 07 June 10: Byte paid $22,250 on the balance it owed on the June 2 purchase of computer equipment 16 17 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 18 19 20 21 09 June 16: Computer consultation revenue of $7,500 was received 10 June 16 Byte purchased a building and the land it is on for $149,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $24,000 The balance of the cost is to be allocated to the building Byte made a cash down payment of $14.900 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1 22 B A 21 44 June 28 Billed $5.910 to miscellaneous customers for services performed to June 25. 45 46 22 June 29. Cash in the amount of $5.600 was received for billings 47 48 23 June 29. Paid the bill received on June 22. from Computer Parts and Repairs Co. 49 24 June 29. Paid salaries of $860 to equipment operators for the week ending June 25 50 51 52 53 25 June 30. Received a bill for the amount of $890 from O&G Ol and Gas Co. 26 June 30: Paid a cash dividend of $0 21 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 54 55 56 57 Adjusting Entries Round to two decimal places. 27 The rent payment made on June 17 was for June and July. Expense the amount associated with one month's tent 58 59 28 A physical inventory showed that only S247.00 worth of office supplies remamed on hand as of June 30 60 61 29 The annual interest rate on the mortgage payable was 8 25 percent Interest expense for one-half month should be computed because the bulding and land were purchased and the liability incurred on June 16 62 63 30 64 65 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 reveres in the amount of $5,625 for the period of June 28-30. 66 67 68 69 70 32 The fixed assets have estimated useful lives as follows Building - 31 5 years Computer Equipment - 5.0 years Transactions General Journal Worksheet Income Statement Changes in Retained Earnings Ready B Type here to search o 33 A review of the payroll records show that unpaid salaries in the amount of $516 are owed by Byte for three days, June 28:30 4 5 34 16 17 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 $116,000. On June 10, eight days later, $22 250 was repaid. Interest expense must be calculated on the $116,000 for eight days. In addition, interest expense on the $93,750 balance of the loan ($116,000 less $22,250 = $93.750) must be calculated for the 20 days remaining in the month of June.) 78 79 80 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.) 81 82 83 Closing Entries 36 84 85 86 87 Close the revenue accounts 37 Close the expense accounts: 38 Close the income summary account 39 Close the dividends account, 88 89 90 91 92 93 94 95 96 97