Mitchell Moore 2821 Transaction Description of transaction 01 June 1: Byte of Accounting, Inc. acquired $79,200 in cash from Lauryn and issued 3,600 shares of its common stock 02 June 1: Byte of Accounting, Inc. issued 2,590 shares of its common stock to Mitchell Moore after $23,760 in cash and computer equipment with a fair market value of $33,220 were received 03 June 1: Byte of Accounting, Inc. issued 1991 shares of its common stock after acquiring from Courtney $29.700 in cash, computer equipment with a fair market value of $13,200 and office equipment with a fair value of $902 3 10 04. June 2: A down payment of 534,000 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 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 $140 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 15 16 07 June 10: Byte paid $26,000 on the balance it owed on the June 2 purchase of computer equipment. 17 18 08 June 14. A one-year insurance policy covering its computer equipment was purchased by Byte for $5,136 in cash. The effective date of the policy was June 16 19 20 21 22 09 June 16: A check in the amount of $6,500 was received for consulting revenue 10 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 23 24 11 June 17. Cash of $6,300 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 5275 from the local newspaper for advertising 25 26 27 28 29 30 13 June 21: Accounts payable in the amount of 5560 were paid 14 June 21. A fax machine for the office was purchased for 5725 cash 31 32 15 June 21 Billed various miscellaneous local customers 54.700 for consulting services performed 33 Transactions A General Journal Worksheet Income Statement Changes in Retai Ready 16. June 22: Paid salaries of $860 to equipment operators for the week ending June 18. 17. June 22: Received a bill for $1,190 from Computer Parts and Repair Co. for repairs to the computer equipment 18, June 22: Paid the advertising bill that was received on June 17. 19. June 23: Purchased office supplies for $630 on credit. Record the purchase as an increase to the assets. 20. June 23: Cash in the amount of $3,765 was received on billings 21. June 28: Billed $5,805 to miscellaneous customers for services performed to June 25. 22. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 23. June 29: Cash in the amount of $5,500 was received for billings. 24. June 29: Paid salaries of $860 to equipment operators for the week ending June 25. 25. June 30: Received a bill for the amount of $940 from O&G Oil and Gas Co. 26. June 30 Paid a cash dividend of $0.20 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.) Adjusting Entries - Round to two decimal places. 27 The rent payment made on June 17 was for June July and August. Expense the amount associated with one month's rent. 28 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 7.25 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 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 5,375 for the Tun 2830 32. 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 $7,000. The office equipment has a scrap value of $350. 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 $$16.00 are owed by Byte for three days, June 28 - 30. 34. 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, S26,000 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) 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 Closing Entries 36. Close the revenue accounts. I 37 Close the expense accounts 38. Close the income summary account, 39 Close the dividends account Save MM2556 @@20 Draw Page Layout me Insert Formulas Data Review View Tell me Arial General X cu Copy ~ Format aste _ Merge Co Condition 195 F G A B D E A Byte of Accounting, Inc. General Journal 3 Note: You can only enter data into the yellow filled cella Transaction Date Account Name Description Debit Credit 79,200.00 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock Issue of common stock Issue of common stock 79,200.00 Jun 01 Jun 01 Jun 01 02 1110 Cash 1311 Computer Equip 3100 Capital Stock 2 Not in Balance by-3220.00 issue of common stock Issue of common stock Issue of common stock 23 760.00 33,220.00 57,200.00 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 1211 Office Equip 3100 Capital Stock Issue of common stock Issue of common stock Issue of common stock Issue of common stock 29,700.00 13,200.00 902.00 03 43.80200 45ampounQuBB985 8% 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 38 37 38 204,000.00 88888888 Jun 02 Jun 02 Jun 02 1311 Computer Equip. 1110 Cash 2202 Notes Payable Purchase of computer Purchase of computer Purchase of computer 34,000.00 170,000.00 700.00 Jun 04 Jun 04 1211 Office Equip 2101 Accounts Payable Purchase of office equipment Purchase of office equipment 700.00 140.00 05 06 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip Return office equipment Return office equipment 140.00 25,000.00 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash Payment of notes Payment of notes 26,000.00 Transactions Gew Wh income Statement Changes in 11 96 Ready 40 @2... 2 MM2556 Insert Draw Page Layout Formulas Data Review View Tell me Arial Copy Format Con For F G A B D E A Byte of Accounting, Inc. General Journal te: You can only enter data into the yellow filled cells, Transaction Account Credit Date Name Description Debit 5,136.00 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash Computer insurance Computer Insurance 5,136.00 6,500.00 09 09 Jun 16 Jun 16 1110 Cash Computer consultancy revenue 4100 Computer & Consulting Computer consultancy revenue 6,500.00 110,000.00 21,000.00 Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building Cost 1110 Cash 2201 Mortgage Payable Purchase of land & building Purchase of land & building Purchase of land & building Purchase of land & building 13,100.00 117,900.00 6,300.00 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash Payment of rent Payment of rent 6,300.00 275.00 Jun 17 Jun 17 900 FENT 29 5030 Advertising Expense 2101 Accounts Payable Advertising Expense Advertising Expense 275.00 550.00 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash Payments of accounts payable Payments of accounts payable 560.00 725.00 Jun 21 Jun 21 1211 Office Equip 1110 Cash Purchase of fax machine Purchase of fax machine 725.00 Income Statement Changes in Retained Earnings Balance S wonat Transactions muma Ready MM2556 Ceneral Cena Formatting ABC. Insert Draw Page Layout Formulas Data Review View Tell me Cut Ariel 12 Copy v 3 Format Mercent f A B D E A Byte of Accounting, Inc. General Journal te: You can only unter data into the yellow filled cells G H Transaction Account Debit Date Name Description Credit 15 15 Jun 21 Jun 21 4,700.00 1120 Accounts Receivable Consulting revenue 4100 Computer & Consulting Consulting revenue 4,700.00 16 16 Jun 22 Jun 22 5020 Salary Expense 1110 Cash 850.00 Salary payment Salary payment 860.00 1,190,00 17 17 Jun 22 Jun 22 5040 Repairs & Maint. Expens Computer repairing fee 2101 Accounts Payable Computer repairing fee 1,190,00 275.00 18 18 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash Payment of advertising expense Payment of advertising expense 275.00 630.00 19 19 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable Purchase of office supplies Purchase of office supplies 630.00 3.765.00 20 20 Jun 23 Jun 23 1110 Cash 1120 Accounts Receivable Receive payment Receive payment 3,765.00 5.805.00 B 7 8 21 21 Jun 28 Jun 28 1120 Accounts Receivable Record of revenue 4100 Computer & Consulting Record of revenue 5.805.00 Worksheet Income and Transactions Changes in Retained Earnings Balance Sheet How to ABO2... AMM2556 Insert Draw Page Layout Formulas Data Review View Tell me Anal X Out Coor Format Con A B C F G D E A Byte of Accounting, Inc. General Journal pte: You can only enter data into the yellow filled calls Transaction Account Date Name Description Debit Credit 18 18 275.00 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash Payment of advertising experie Payment of advertising expense 275.00 630.00 19 19 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable Purchase of office supplies Purchase of office supplies 630.00 3.768.00 Jun 23 Jun 23 1110 Cash 1120 Accounts Receivable Receive payment Receive payment 3,765.00 5.805.00 21 Jun 28 Jun 28 1120 Accounts Receivable Record of maven 4100 Computer & Consulting Record of revenue 5.805.00 28 HENTA 1.190,00 Jun 20 Jun 29 2101 Accounts Payable 1110 Cash Payment of computer repair Payment of computer 1.19000 5500.00 2 3 0 5 6 7 38 19 20 21 Jun 29 Jun 20 1110 Cash 1120 Accounts Receivable Receive payment Receive payment 5.500.00 350.00 AN 24 Jun 20 24 Jun 20 Tractions 5020 Salary Experte 1110 Cash w Salary Day SAR tro 960 00 Chungen Rated ang How 11 Ready Save QB - - MM2556 Insert Drow Page Layout Formulas Data Review View Tell me Ana 12 X Cut [Copy Format & Candi are . Ja F G B C D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells Transaction Date Account Name Debit Description Credit 25 25 Jun 30 Jun 30 5050 Ol & Gas Expense 2101 Accounts Payable Ol & gas expense Ol & gas expense 900.00 940,00 26 26 Jun 30 Jun 30 3300 Dividends 1110 Cash 1,636.20 Dividends paid Dividends paid 1,636 20 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent 2.100.00 Rent expense recognized Rent expense recognized 2.100,00 28 26 Jun 30 Jun 30 371.00 5080 Supplies Experime 1150 Office Supplies Supplies expense Supplies suspense 371.00 3 9 0 1 2 3 14 15 16 47 48 49 50 51 52 153 154 29 29 Jun 30 Jun 30 356.16 5090 Interest Expense 2103 Interest Payable Interestedusert Interestadustment 356.16 30 30 8888 214.00 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid insurance Interestaden Interestadustment 21400 156 5375.00 156 157 158 31 31 Jun 30 Jun 30 1120 Accounts Receivable Und even 4100 Computer & Consulting Rubilee 5.375.00 Transactions Works Canges te rings ce How Ready * -GOVE SERRE Dr Papa Formula M C D A Byte of Accounting, Inc. General Journal Orphen JU JU 910 A Dor Comp Tofaer 3 VE 2103 w tur 410 CHILE ON tart NO LE . LE WTON 096 OBD2 PL D A Byte of Accounting, Inc. General Journal 1 A C T De -- ST 31 JO VE ME DA 5 31 . 1 510 5199 DOME le Dory 100 200 GK 20 CH 213 obave 92-O. mo Insert Draw Page Layout Formulas Data Review View Tell Arial 12 4 Es Cut I Copy Format 10 B TV E: AA fx A D o 0 D A Byte of Accounting, Inc. Income Statement For Month Ending June 10, 2021 Heves Concu Ex Satan Pepe or I Total Nico Belo ITE NetArt FEN . Insert Draw Page Layout Formulas Data Review View Tell me Anal ou Copy + Format A Byte of Accounting, Inc Statement of Changes in Retained Earnings For Month Ending June 30, 2021 To Berg of Net De Balance End of Ch Coloma 8 Invert DT Page Layout Formas Data Review View Tale Du Format Abys of Accounting, the en Wheel As of June 30, 2021 Anet Currence AI Part Langle Chee Aho AR Taste Ta