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7911 Compatibility Mode File insert Page Layout Formulas Data Review View Help Tell me what you want to do X Cut Copy B I -A iliig Merge & Center, $1% , Format Painter Font Al Number Number Name Normal Balance 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 6 1150 Office Supples 8 1212 Accum. Dopr-Office Equip Credit 0 1312 Accum. Depr-Computer Equip Credit Debit 1211 Office Equp 1311 Computer Equip 411 Building 21412 Accum Depr -Buiding 1510 Land 14 2101 Accounts Payable 5 2102 Advanced Payments 16 2103 Interest Payable 72105 Salaries Payable 8 2106 Income Taxes Payable 19 2201 Morlgage Payable 20 2202 Notes Payable Crodt Credi Cred 3100 Hudson Bloom, Capital 000 Hudson Bloom, withdrawals 3400 Income Summary Credt Deba 4100 Computer&Consuling Revenue Crode 25 5010 Rent Expense 26 5020 Salary Expense 5030 Advertising Expense 28 5040 Repairs& Maint Expense 29 5050 Oil & Gas Expense 0 5080 Supplios Expense 15090 Interest Expense 5100 Insurance Expense introduction FAQ Welcome Chart of Accounts Transactions General Journal Worksheet Income State O Type here to search Esc F6 o E7911 Compatibility Mode Excel Fde Insert Page Layout Formulas Data Review Wiew Help Tell me what you want to do Normal a Times New R 12AA Copy Format Painter B 1 u Cipboard ,6 Hudson Bloom invested S152,216.00 cash and computer equement witha fair market value of S12.28 , "June 1 Byte of Accounting Elijah Jolly 8165 ne1:Hadson Bloom invested $152.236.00 cash and computer equipment with a fair market value of Jwe 1 : Check # 5000 was used to purchased computer equipment costing $12,880.00 from Elijah Description of transaction 01 of Jolly. The invoice mmber was 20117 June 1- Check # 5001 was used to purchased office equipment costing $1,31600 from Office Express. 03 The invoice mimber was 87417 June 2: Check #5002 was used to make a down payment of $30,000.00 on additional commputer computer was $150,000.00. A five-year note was executed by Byte for the balance 4 equipamenat that was purchased from Royce Compaters, invoice aumber 76542. The fall price of the os June 4: Additional office equipment costing $700.00 was purchased on credit fron Discount Computer Corporation. The invoice number was 98432 os June 8: Unasatisfactory office equipment costing $140.00 from invoice mumber 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte June 10: Check W5003 was used to make a $23,000.00 payment reducing the prinicpal owed on the 07. June 2 purchase of computer equipment from Royce Compoters Junc 14 Check # 5004 was used to carchase one- a onc-vear insurance poliev covering its computer press ENTER or dheose Paste O Type here to search ny File Insert Page Layout Formulas Data Review View Help Tell me what you want to do Cut Copy Fomat Painter Times New Ro-112-1 = wrap Tevt Paste Number 85 XJune 1: Hudson Bloom invested $152,236.00 cash and computer equipment with a fair market value of 07 Jine 10: Check # 5003 was used to make a S23 ,000.00 payment reducing the prinicpal owed on the June 2 purchase of computer equipement from Royce Computers June 14: Check 5004 was used to purchase a one-year insurance policy covering its computer 08equipment for $5,808.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice sumber was 2387 20 09 June 16: A check in the amount of $7,750.00 was received for services performed for Pitman Pichares June 16: Byte purchased a building and the land it is on for $107,000.00 to house its repair facilities 10 balance of the cost is to be allocated to the building Check W 5005 was used to make the down payment 21 nd to store computer equipment. The lot on which the building is located is valued at $17,000.00. The of S 10.700.00. A thirty year mortgage with an inital payenent due on Angast st, was established for the 25 11 June 17: Check 5006 for $5, 100.00 was paid for rent of the office space for June, July and Augast June 17: Recved nvoice mube2634 the amount of $350.00 fro the local newspaper for 27advertising 13 June 21: Accounts payable in the amount of $$60.00 were paid with Check 8 5007 14 June 21 : Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $850.00. The invoice nmber was 975-328. 21: Billed s introduction FAQ Welcome Chart of Accounts Transactions General Journal Wor miscellaneous local customers$4,700.00 for consultine services performed income Statemer nd press ENTtR or choose O Type here to search s % Cut Times New Ro .112 .|! 1 wrap Teit Copy " Format Painter Formatting Tbl Xi June 1: Hudson Bloom invested $152,236.00 cash and computer equipment with a fair market value 33 15 June 21: Billed various miscellancous local customers $4,700.00 for consulting services performed. 34 June 22: Check # 5009 was used to pay salaries of$935.00 to equipment operators for the week ending 16 35 June 18. Ignore payroll taxes June 22: Received a bill for $1,115.00 from Computer Parts and Repair Co. for repairs to the computer 17 equipment. The invoice momber was 43254 18 June 22: Check # 5010 was used to pay the advertising bill that was received on June 17 o Jume 23: Purchased office supplies for $180.00 from Staples on account. The invoice number was 99 | 41 65498. 20 June 23: Cash in the amount of $3,765.00 was received on billings. s 21 June 28: Biled $6,225.00 to miscellanecous customers for services performed to June 25 22 June 29: Paid the bill received on June 22. from Computer Parts and Repairs Co with Oheck # 5011. 47 48 9 23 June 29: Cash in the anmount of $5.899.00 was received for billings Junie 29: Check # 5012 was used to pay salaries of$935. June 25. Ignore payroll taxes 24 00 to equipment operators for the week ending Introduction FAQ WelcomeChart of Accounts Transactions General Journal Worksheet Income Statemer deination and press ENTER or choose Paste O Type here to search Esc F1 F2 F3 F4 F5 F6 F7 F8 e E7911 Compatibility Mode Excel insert Page Layout Formulas Data Review View Help Tell me what you want to do Times New Ro .112 ,1"-719- wrap Norma Copy Format Painter Cipboard / JG .hne 1: Hudson Bloom invested S152.236. 00 cash and computer equipment with a fair market value of S42. 2s June 29: Check # 5012 was used to pay salaries of $935.00 to equipment operators for the week ending 24. Jne 25. Ignore payroll tases June 30: Received a bill for the amount of S890.00 from O & G Oil ml Gas Co. The invoice number was 784537 June 30: Ceck # 5013 was used to pay for airline tickets of S2.400.00 to send the kids to Grandnam Ellen for the July 4th holiday Adjusting Entries Round to two decimal places. 26 : o7 The rent paysent made on June 17 was for June, July and August. Expense the arsount associated with one month's rent 28. A plysical inventory showed that only $191.00 worth of office supplies remained on hand as of June 30. e The anmual interest rate on the mortgnge payable was 7.25 percent Interest expense for one-half month should be computed becmuse the building and laed were pirchased and the liability incurred on Jane 16 65 30 Record a journal entry to reflect that one half monthy's insurance has expired A review of Byte's job worksheets show that there are unbilled revenses in the amount of $5,125.00 for the period of June 28-30 31 a, 68 The fixed assets have estimated usefal lives as follows Introduction FAQWelcome Chart of Accounts Transactions General lournal O Type here to search Esc F1 F2 F3 F4 F5 F8 7911 . Compatibility Mode-Excel Insert Page Layout Formulas Data Review View Help Tell me what you want to do X Cut Times New Ro-112A Nom Copy Foemat Painter Clpboard une 1: Hudson Bloom invested $152,236.00 cash and computer equipment with a fair market value of $42 A review of Byte's job worksheets show that there are unbilled revenmes in the amount of $5,125.00 for the period of June 28-30 The fixed assets have estimated useful lives as follows Building-31 5 years , 71 Computer Equipasent 5.0 years 72 32. Office Equipsent-7.0 years Use the straigh-line method of deprecintion. Management has decided that assets parchased during a north are treated as if purchased on the first day of the month. The building's scrap value is S500 00. The office equipment has a scrap value of $300.00. The computer equipment has no scrap value 73 Calculate the depreciation for one month a A review of the payroll records show that unpaid salaries in the amount of $561.00 are owed by Byte sfor three days, June 28-30 Igaore payroll taxes. 4 The sote payable to Royce Coesputers (transactions 04 and 07) is a five-year note, with interest at the rate of 12 percent ansusally. Interest expense sbould be computed based on a 360 day year Closing Entries 83 35 Close the reveme acconts 85 36 Close the 37 Close the income summary accout 89 38 Close the withdrawals account. Introduction FAQ Welcome Chart of Accounts Transactions General lournal Worksheet income Statemer press ENTER R or theese Paste 0 Type here to search Esc F1 F2 F3 F4 FS F6 F7 F8 Worksheet For Period Ending January 0, 1900 Debit Dobit Credit 3 2 2 2 2 8 2 2 2 1312 8 2 2 8 2 2 2 0001 000 000 8 2 2 2 2 tions FAQ 2 8 8 8 2 2 2 2 2 2 8 2 8 Introduction | FAQ Type here to search Paste Copy Noma Format Painter Cipbeard A Byte of Accounting General Journal Note: You can only enter deta into the yellow fitled cells Description 01 02 20 21 04 28 FAQ Welcome Chart of Accounts Transactions General Journal Worksheet Income Statemer Type here to search oWE RT insert Page Layout Formules Data Review View Help Tell me what you want to do X, cut Normal 2 Format Painteru A1 A Byte of Accounting General Journal Note: You can only enter deta into the yellow fiWed cells Description Tor 95 Introduction FAQ Welcome Chart of Accounts Transactions General Journal Worksheet Income Statemer O Type here to search F4 F6 ,F7 F3 2 3 4 5