Need help to check my numbers and also with the changes in retained earnings and finishing the balance sheet.

Transaction 01. Description of transaction June 1: Byte of Accounting, Inc. issued 2,640 shares of its common stock to Jeremy after $26,750 in cash and computer equipment with a fair market value of $39,250 were received. 02. June 1: Byte of Accounting, Inc. issued 2,548 shares of its common stock after acquiring from Courtney $48,750 in cash, computer equipment with a fair market value of $14,000 and office equipment with a fair value of $950. 03. June 1: Byte of Accounting, Inc. acquired $55,000 in cash from Ryan Zornig and issued 2,200 shares of its common stock 04. June 2: A down payment of $36,000 in cash was made on additional computer equipment that was purchased for $180,000. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation 06. June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Byte paid $27,500 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 $5,640 in cash. The effective date of the policy was June 16. 09. June 16: Computer consultation revenue of $6,500 was received. 10. June 16: Byte purchased a building and the land it is on for $95,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $15,000. The balance of the cost is to be allocated to the building, Byte made a cash down payment of $9,500 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 3 June 17: Cash of $6,000 was paid for rent for June, July and August. Put the total amount into the Prepaid FAQ Welcome Chart of Accounts Transactions General Journal B 11. June 17: Cash of $6,000 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: Billed various miscellaneous local customers 54,400 for consulting services performed. 14. June 21: A fax machine for the office was purchased for $800 cash. 15. June 21: Accounts payable in the amount of $240 were paid. 16. June 22: Paid the advertising bill that was received on June 17. 17. June 22: Received a bill for $1,265 from Computer Parts and Repair Co. for repairs to the computer equipment 18. June 22: Paid salaries of $985 to equipment operators for the week ending June 18. 19. June 23: Cash in the amount of $3,525 was received on billings. 20. June 23: Purchased office supplies for $605 on credit. Record the purchase as an increase to the assets. June 28: Billed $6,225 to miscellaneous customers for services performed to June 25. 21. 22 June 29: Cash in the amount of $5,899 was received for billings. 23 June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 24. June 29: Paid salaries of $985 to equipment operators for the week ending June 25. 25. June 30: Received a bill for the amount of $865 from O & G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.24 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.] FAQ Welcome Chart of Accounts Transactions General Journal 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 $247.00 worth of office supplies remained on hand as of June 30. 29. The annual interest rate on the mortgage payable was 9.25 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 $5,500 for the period of June 28-30. 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 $8,000. The office equipment has a scrap value of $500. 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 $591 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 $144,000. On June 10, eight days later, $27,500 was repaid. Interest expense must be FAQ Welcome A Chart of Accounts Transactions General Journal 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 $144,000. On June 10, eight days later, $27,500 was repaid. Interest expense must be calculated on the $144,000 for eight days. In addition, interest expense on the $116,500 balance of the loan ($144,000 less $27,500 = $116,500) 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. 37. Close the expense accounts. 38. Close the income summary account. 39. Close the dividends account. A B D E F G 2 A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells, 3 Transaction Date Account Debit Credit lololol Jun 01 Jun 01 Jun 01 Name 1110 Cash 1311 Computer Equip. 3100 Capital Stock Description Common Stock Issues to Jeremy Common Stock Issues to Jeremy Common Stock Issues to Jeremy 26,750.00 39,250.00 66,000.00 02 02 02 02 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 1211 Office Equip 3100 Capital Stock Common Stock Issued Common Stock Issued Common Stock Issued Common Stock Issued 48,750.00 14,000.00 950.00 63,700.00 03 03 Jun 01 Jun 01 1110 Cash 3100 Capital Stock Common Stock Issued Common Stock Issued 55,000.00 55,000.00 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 36 04 04 04 Jun 02 Jun 02 Jun 02 1311 Computer Equip 1110 Cash 2202 Notes Payable Computer bought in cashrend notes p 180,000.00 Computer bought in castind notes payable Computer bought in cash and notes payablo 36,000.00 144,000.00 05 05 Jun 04 Jun 04 1211 Office Equip 2101 Accounts Payable Equipment bought on credit Equipment bought on credit 300.00 300.00 06 06 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip unsatisfactory office equipment unsatisfactory office equipment 60.00 60.00 07 07 Jun 10 Jun 10 37 2202 Notes Payable 1110 Cash Payment of computer equipment Payment of computer equipment 27,500.00 27,500.00 38 39 40 41 42 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash computer insurance computerinsurance 5,640.00 5,640.00 FAQ Welcome Chart of Accounts Transactions General Journal Ready General Journal 2 3 Note: You can only enter data into the yellow filled cells. Date Account Debit Transaction Name Credit Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash Description computer insurance computer insurance 5,640.00 5,640.00 Jun 16 Jun 16 6,500.00 1110 Cash Cash received for consulting revenue 4100 Computer & Consulting Cash received for consulting revenue 6,500.00 Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building Cost 1110 Cash 2201 Mortgage Payable land and building purchased land and building purchased land and building purchased land and building purchased 15,000.00 80,000.00 9,500.00 85,500.00 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash payment of rent payment of rent + 6,000.00 6,000.00 4 TO 41 08 42 08 43 44 45 46 09 47 09 48 49 50 51 10 52 10 53 54 55 56 11 57 11 58 59 60 61 12 62 12 63 64 65 66 13 67 13 68 69 70 71 14 14 73 74 75 76 15 7715 Jun 17 Jun 17 5030 Advertising Expense 2101 Accounts Payable 275.00 Advertising expense Advertising expense 275.00 Jun 21 Jun 21 4,400.00 1120 Accounts Receivable Consulting revenue 4100 Computer & Consulting Consulting revenue 4.400.00 Jun 21 Jun 21 1211 Office Equip 1110 Cash 72 Purchase of fax machine Purchase of fax machine 800.00 800.00 240.00 Jun 21 2101 Accounts Payable Jun 21 1110 Cash ALFAO A Welcome a Payment of accounts payable Payment of accounts payable Charta Anunte 240.00 Tonation in AutoSave RZA Home Insert Draw Page Layout Formulas Data Review View Tell me fx V A v Define Name . AutoSum Recently Financial Logical Used Q e Date & Lookup & Math & Time Reference Trig Insert Function Text More Functions Create from Selection F33 F G H 1 2 A B D A Byte of Accounting, Inc. General Journal Note: You can only a des into the yewlied we 3 Date Account Debit Credit Transaction 10 Name 2101 Acoounts Payable 1110 Cash Jun 22 kun 22 Description Pay of advertising expense Pavant of advertising expense 275.00 275,00 17 1.265.00 Jan 22 Jun 22 5040 Repan & Maint Exper Computer reparing foe 2101 Aunts Payable Computer reparing for 1.255.00 1B se 5020 Sal Expense 1110 Cash 985.00 Jan 22 Salary payment Salary 085.00 3 Jun 23 3.525.00 elel 81 12 83 84 85 08 87 88 89 90 91 92 93 94 95 96 97 90 90 100 101 102 103 104 105 106 107 10B 109 110 111 112 113 114 115 1110 Cash 1120 Accounts Receivable Receive payment Receive payment 3525.00 20 20 Juntza Jun 23 1150 Supplies 2101 Accounts Payable Purchase of office supplies Purchase of office supplies 505.00 60500 21 21 Jun 28 Jun 20 1920 Accounts Receivable Record or 4100 Computer & Consulting Record of love 6.225.00 0.226.00 22 22 Jun 29 Jun 29 1110 1120 Accounts Receivable Receive Receive payment 5,599.00 5,899.00 116 23 117 210 Acos Payable 1110 Cash Jun 20 Payment of computer reper Payment of computer repair Chart of Accounts 1.295.00 General Journal FAQ Welcome Transactions Worksho Ready 30 ty 1 2 A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells, Debit Transaction Date Account Credit 24 24 Name 5020 Salary Expense 1110 Cash Jun 29 Jun 29 Description Salary payment Salary payment 985,00 985.00 25 25 Jun 30 Jun 30 865.00 5050 Ol & Gas Expense 2101 Accounts Payable Oil & gas expense Oil & gas expense 865.00 26 26 Jun 30 Jun 30 3300 Dividends 1110 Cash Dividends pald Dividends pald 1.773.12 1,773.12 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent one months rent expensed one months rent expenst 2,000.00 2,000.00 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 13B 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 LO 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies supplies expensed supplies expensed 358.00 358.00 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable interest expense interest expense 330.00 330.00 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance prepaid insurance amount charged prepaid insurance amount charged 235.00 235.00 31 31 Jun 30 Jun 30 1120 Accounts Receivable unbilled rovenue recorded 4100 Computer & Consulting unbilled revenue recorded 5,500.00 5,500.00 FAQ A Welcome Achadol Account ATA B D F G H E 1 A Byte of Accounting, Inc. 2 General Journal 3 Note: You can only enter data into the yellow filled colls. ansaction Date Account Debit Credit 3,929.00 32 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 Name Description 5110 Depreciation Expense depreciation for one month 1412 Accum. Depr.-Building depreciation for one month 1312 Accum. Depr.-Computer depreciation for one month 1212 Accum. Depr.-Office Eq depreciation for one month 190.00 3,721.00 18.00 4 60 61 62 63 64 65 66 67 68 69 170 171 172 33 33 Jun 30 Jun 30 591.00 5020 Salary Expense 2105 Salaries Payable unpaid salary unpaid salary 591.00 34 34 1.161.00 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Interest on notes payable Interest on notes payable 1.161.00 173 35 35 Jun 30 Jun 30 5120 Income Tax Expense Income taxes calculated 2106 Income Taxes Payable income taxes calculated 12.979.00 12,979.00 36 36 Jun 30 Jun 30 4100 Computer & Consulting Closing revenue account 3400 Income Summary Closing revenue account 22,625.00 22.625.00 174 175 176 177 78 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 15,390.00 37 37 37 37 37 37 37 37 37 37 37 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 3400 Income Summary closing expense accounts 5020 Salary Expense closing expense accounts 5030) Advertising Expense closing expense accounts 5040 Repairs & Maint. Expen closing expense accounts 5010 Rent Expense closing expense accounts 5110 Depreciation Expense closing expense accounts 5090 Interest Expense closing expense accounts 5080 Supplies Expense closing expense accounts 5050 Oil & Gas Expense closing expense accounts 5120 Income Tax Expense closing expense accounts 5100 Insurance Expense closing expense accounts 2,000.00 2,561.00 275.00 1.265.00 865.00 358.00 1,490.00 2,412.00 235.00 3,929.00 FAQ Welcome Chart of Accounts Transactions General Journal A Byte of Accounting, Inc. 2 General Journal 3 Note: You can only enter data into the yellow filled cells. Transaction Date Account Name Description Debit Credit 15,390.00 37 37 37 37 37 37 37 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 3400 Income Summary closing expense accounts 5020 Salary Expense closing expense accounts 5030 Advertising Expense closing expense accounts 5040 Repairs & Maint. Expen closing expense accounts 5010 Rent Expense closing expense accounts 5110 Depreciation Expense closing expense accounts 5090 Interest Expense closing expense accounts 5080 Supplies Expense closing expense accounts 5050 Oil & Gas Expense closing expense accounts 5120 Income Tax Expense closing expense accounts 5100 Insurance Expense closing expense accounts 3400 Income Summary Closing the income summary account 3200 Retained Eamings Closing the income summary account 2,000.00 2,561.00 275.00 1.265.00 865.00 358.00 1.490.00 2.412.00 235.00 3,929.00 7,235.00 38 38 Jun 30 Jun 30 7,235.00 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 200 210 211 212 213 214 215 216 217 218 219 1,773.00 39 39 Jun 30 Jun 30 3200 Retained Eamings 3300 Dividends Closing the dividends account Closing the dividends account 1,773.00 FAQ Welcome Chart of Accounts Transactions General Journa B D E F G H Adjusting Entries Debit Credit 5,500.00 Unadjusted Trial Balance Debit Credit 55,460.88 1,201.00 5,640.00 6.000.00 605.00 1,990.00 .... 235.00 2,000.00 358.00 Adjusted Trial Balance Debit Credit 55.460.88 6.701.00 5,405.00 4,000.00 247.00 1,990.00 18.00 233,250.00 3.721.00 80,000.00 190.00 15,000.00 1.470.00 18.00 233,250.00 3,721.00 80,000.00 190.00 15,000.00 1.470.00 22 - HAHA 1,491.00 591.00 12.979.00 5 6 Account 7 Number Name 8 1110 Cash 9 1120 Accounts Receivable 10 1130 Prepaid Insurance 11 1140 Prepaid Rent 12 1150 Office Supplies 13 1211 Office Equip 14 1212 Accum Depr.-Office Equip 15 1311 Computer Equip 16 1312 Accum. Depr.-Computer Equip 17 1411 Building Cost 18 1412 Accum. Depr Building 19 1510 Land 20 2101 Accounts Payable 21 2102 Advanced Payments 2103 Interest Payable 23 2105 Salaries Payable 24 2106 Income Taxes Payable 25 2201 Mortgage Payable 26 2202 Notes Payable 27 3100 Capital Stock 28 3200 Retained Eamings 29 3300 Dividends 30 31 4100 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 39 5100 Insurance Expense 40 5110 Depreciation Expense 41 5120 Income Tax Expense 42 43 44 45 46 47 TOTAL 48 85,500.00 116,500.00 184,700.00 1,491.00 591.00 12.979.00 85,500.00 116,500.00 184,700.00 - 1.773.12 1,773.12 17.125.00 5,500.00 22,625.00 2,000.00 591.00 1970.00 275.00 1, 265.00 865.00 358.00 1,491.00 235.00 3,929.00 12.979.00 2,000.00 2,561.00 275.00 1.265.00 865.00 358.00 1,491.00 235.00 3,929.00 12.979.00 405,295.00 405,295.00 27.083.00 27.083.00 429.785.00 429.785.00 An FAQ Welcome Chart of Accounts Transactions General Journal a Wc JA B D E F G A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2020 Revenues Computer & Consulting Revenue $ 22,625.00 Expenses Rent Expense $ 2.000.00 Salary Expense $ 2,561.00 Advertising Expense $ 275.00 Repairs & Maint. Expense $ 1,265.00 Oil & Gas Expense $ 865.00 Supplies Expense $ 358.00 Interest Expense $ 1.491.00 Insurance Expense $ 235.00 Depreciation Expense $ 3,929.00 Total Expenses Net Income Before Tax Income Tax Expense round to two decimal place) Net Income After Tax 12.979.00 $ 9,646.00 2,412.00 $ 7234.00 FAQ Welcome Chart of Accounts A Transactions Co A B D E 1 2 3 4 A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2020 5 Total 6 Balance, Beginning of Period Net Income Dividends Balance, End of Period 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 36 37 38 39 40 41 42 43 H A Byte of Accounting, Inc. Balance Sheet As of June 30, 2020 Not in Balance by $398,125 Assets 10 11 12 13 14 15 16 17 18 Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total $ 55,460.88 $ 6,701.00 s 5,405.00 S 4,000.00 S 247.00 $ 71,813.88 $ 1,990.00 18.00 $ 1.972.00 $ 233,250.00 3,721.00 $ 229,529.00 20 21 Long-Term Assets Office Equip Accum. Depr.-Office Equip. Computer Equip. Accum. Depr.-Computer Equip. Building Cost Accum. Depr.-Building Land Total Total Assets 23 24 $ 80,000.00 190.00 $ 79,810.00 15,000.00 $ 326.311.00 $ 398,124.88 Liabilities $ 1,470.00 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Current Liabilities Accounts Payable Advanced Payment Interest Payable Salanes Payable Income Taxes Payable Total Long-Term Liabilities Mortgage Payable Notes Payable Total FAQ Welcome Chart of Accounts Transactions General