Need help w transactions 32, 34, 35, 37, 38, 39

ransaction 01. Description of transaction June 1: Byte of Accounting, Inc. issued 2,590 shares of its common stock to Jeremy after $28,620 in cash and computer equipment with a fair market value of $41,310 were received. 02. June 1: Byte of Accounting, Inc. issued 2,599 shares of its common stock after acquiring from Courtney $58,050 in cash, computer equipment with a fair market value of $11,340 and office equipment with a fair value of $783. 03. June 1: Byte of Accounting, Inc. acquired $59,400 in cash from Skyler Brown and issued 2,200 shares of its common stock. 04. June 2: A down payment of $27,000 in cash was made on additional computer equipment that was purchased for $135,000. A five-year note was executed by Byte for the balance. 1 05. June 4: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation 2 3 06 June 8: Unsatisfactory office equipment costing S80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 14 15 16 17 07 June 10: Byte paid $20,750 on the balance it owed on the June 2 purchase of computer equipment OB June 14: A one-year insurabolicy covering its computer equipment was purchased by Byte for $6,312 in cash. The effective date of the policy was June 16, 18 19 09 June 16: Computer consultation revenue of $7,000 was received 20 21 10. June 16: Byte purchased a building and the land it is on for $113,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $18,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,300 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 22 ADIDAS 11. June 17: Cash of $7,200 was paid for rent for June, July, August and September. Put the total amount into the Prepaid Rent account. 12 June 17: Received a bill of $375 from the local newspaper for advertising 13. June 21: Billed various miscellaneous local customers $4,100 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 $320 were paid. 16. June 22: Paid the advertising bill that was received on June 17. 17. June 22: Received a bill for $1,215 from Computer Parts and Repair Co. for repairs to the computer equipment 18. June 22: Paid salaries of $960 to equipment operators for the week ending June 18. 19. June 23: Cash in the amount of $3,285 was received on billings. 20. June 23: Purchased office supplies for $605 on credit. Record the purchase as an increase to the assets. 21. June 28: Billed $5,700 toraneous customers for services performed to June 25. June 29: Cash in the amount of $5,400 was received for billings. 22 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 24. June 29: Paid salaries of $960 to equipment operators for the week ending June 25. 25. June 30: Received a bill for the amount of $840 from O & Oil and Gas Co. Transactions Changes General Journal Worksheet Income Statement 26. June 30: Paid a cash dividend of $0.19 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, August and September. 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 8.75 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 $8,750 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 yeurs 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 scrup value is $8,000. The office equipment has a scrap value of $450. The computer equipment has no scrup value. Calculate the depreciation for one month *2 73 33 A review of the payroll records show that unpaid salaries in the amount of $576 are owed by Byte for three das Tune R- Transactions General Journal Worksheet Income Statement Changes in A B 33. A review of the payroll records show that unpaid salaries in the amount of $576 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 $108,000. On June 10, eight days later, $20,750 was repaid. Interest expense must be calculated on the $108,000 for eight days. In addition, interest expense on the $87,250 balance of the loan ($108,000 less $20,750 = $87,250) 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] 31 32 Closing Entries 36 Close the revenue accounts 83 84 B5 86 87 88 89 90 91 37. Close the expense accounts. 38. Close the income summary in Close the dividends account. 39. 92 96 95 98 97 98 90 Transactions General Journal Worksheet Income Statement Changos in Ret C F G B D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Account Name Description Debit Credit 01 01 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 3100 Capital Stock common stock issued to Jeremy common stock issued to Jeremy common stock issued to Jeremy 28,620.00 41.310.00 69.930.00 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 58,050.00 11,340.00 783.00 70.173.00 03 03 Jun 01 Jun 01 1110 Cash 3100 Capital Stock 59,400.00 common issued common stock issued 59,400.00 5 3 7 8 9 30 21 22 23 24 04 04 04 Jun 02 Jun 02 Jun 02 1311 Computer Equip 1110 Cash 2202 Notes Payable computer bought in cash and notes pa 135,000.00 computer bought in cash and notes payable computer bought in cash and notes payable 27.000.00 108,000.00 25 05 05 Jun 04 Jun 04 1211 Office Equip 2101 Accounts Payable 400.00 equipment bought on credit oquipment bought on credit 400.00 26 27 28 29 30 31 32 33 34 35 36 37 38 00 06 Jun 08 Jun 08 2101 Accounts Payablo 1211 Office Equip unsatisfactory office equipment unsatisfactory office equipment 80.00 80.00 07 07 Jun 10 Jun 10 2202 Notes Payable 1110 Cash Byto paid the balance it owed on Jun Byte paid the balance towed on Jun 02 20.750.00 20.750.00 Transactions General Journal Warhaat HMS Dat Debo Tra Aca Name Description Creu 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash one year insurance policy covering cor 6,312.00 one year insurance policy covering computers 6,312.00 09 09 Jun 16 Jun 16 1110 Cash cash was received for consulting rever 4100 Computer & Consulting cash was received for consulting revenue 7,000.00 7,000.00 land andsting purchased 10 10 10 10 Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building Cost 1110 Cash 2201 Mortgage Payable 95,000.00 18,000.00 land and building purchased land and building purchased Land and building purchased 11,300.00 101.700.00 11 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash paid prepaid rent paid prepaid rent 7.200.00 7,200.00 S B 7 8 19 50 51 52 53 54 55 56 57 56 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 12 12 Jun 17 Jun 17 5030 Advertising Expense 2101 Accounts Payable received bil for advertising received bil for advertising 375.00 375.00 13 12 Jun 21 Jun 21 4,100.00 1120 Accounts Receivable biled customers for consulting services 4100 Computer & Consulting biled customers for consulting services 4,100.00 Jun 23 Jun 21 14 1211 Office Equip 1110 Cash 800.00 fax machine purchased fax machine purchased 800.00 Transactions General Journal Worksheet A Income Statement A Changes in Retained E Name 09 CO 15 15 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash Description accounts payable paid accounts payable paid 320.00 320.00 16 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash 375.00 16 paid the advertising bill received Jun 1 paid the advertising bill received Jun 17 375.00 17 17 Jun 22 Jun 22 5040 Repairs & Maint. Expen received bill for computer equipmentre 2101 Accounts Payable received bill for computer equipment repairs 1.215.00 1,215.00 18 18 Jun 22 Jun 22 5020 Salary Expense 1110 Cash 960.00 paid salaries to equipment operators paid salaries to equipment operator 960.00 19 19 Jun 23 Jun 23 3,285,00 1110 Cash 1120 Accounts Receivable cash received from customers cash recolved from customers 3,285.00 20 20 605.00 Jun 23 Jun 23 1150 Office Supplies 1120 Accounts Receivable purchased office supplies on credit purchased office supplies on credit 305.00 9 30 1 32 33 04 05 106 107 108 21 21 5.700.00 Jun 28 Jun 28 1120 Accounts Receivable bied customers for consulting vicol 4100 Computer & Consulting billed customer for consulting services 5,700.00 Transactions General Journal Worksheet Income Statement Changes in F Description 22 22 Jun 29 Jun 29 1110 Cash 1120 Accounts Receivable cash received cash received 5,400.00 5,400.00 23 23 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash paid bill paid bill 1.215.00 1.215.00 24 24 Jun 29 Jun 29 5020 Salary Expense 1110 Cash paid salaries to equipment operators pald salaries to equipment operators 960.00 960.00 25 25 Jun 30 Jun 30 5050 Oil & Gas Expense 2101 Accounts Payable received bill from O&G Oil and Gas Col received bill from O&G Oil and Gas Col 840.00 840.00 26 26 Jun 30 Jun 30 3300 Dividends 1110 Cash 8 7 8 29 30 31 32 33 34 135 136 137 138 139 140 paid dividend of $0.19 per share paid dividend of $0.19 per share 1.403.91 1.403.91 ININ Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent one months rent expensed one months rent expensed 1.800.00 1,800.00 28 28 142 Jun 30 Jun 30 50B0 Supplies Expense 1150 Omce Supplies supplies expensed supplies expensed 247.00 247.00 Transactions General Journal Warkahoot Income Satan 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable interest expense for one-half month or 370.78 interest expense for one-half month on mortgage 370.78 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance 263.00 prepaid insurance prepaid insurance 263.00 31 31 Jun 30 Jun 30 1120 Accounts Receivable unbilled revenue recorded 4100 Computer & Consulting unbilled revenue recorded 8.750.00 8,750.00 32 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 5110 Depreciation Expense depreciation for one month 1412 Accum. Depr.-Building depreciation for one month 1312 Accum. Dopr.-Computer depreciation for one month 1212 Accum. Depr.-Office Eq depreciation for one month 33 33 Jun 30 Jun 30 5020 Salary Expense 2103 Interest Payable unpaid salary unpaid salary 576.00 576.00 9 0 1 2 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Interest on notes payable interest on notos payable 74 75 76 177 35 35 Jun 30 Jun 30 5120 Income Tax Expense Income taxes computed 2100 Income Taxes Payable income taxes computed 35 35 Jun 30 Jun 30 Description 5120 Income Tax Expense income taxes computed 2106 Income Taxes Payable income taxes computed 36 36 Jun 30 Jun 30 4100 Computer & Consulting closing revenue account 3400 Income Summary closing revenue account 25.550.00 25,550.00 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 37 Not in Balance by -37,236.00 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 50B0 Supplies Expense closing expense accounts 5050 O & Gas Expense closing expense accounts 5120 Income Tax Expense closing expense accounts 5100 Insurance Expense closing expense accounts 2.496.00 375.00 1.215.00 1,800.00 247.00 840.00 263.00 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Eamings 3 4 5 16 7 B 39 00 01 202 203 204 205 206 207 closing income summary account closing Income summary account 39 39 Jun 30 Jun 30 3200 Retained Eamings 3300 Dividends closing the dividends accounts closing the dividends accounts Transactions General Journal Worksheet Income Statement Changes in Rex Name 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash Description one year insurance policy covering cor 6,312.00 one year insurance policy covering computers 6,312.00 09 09 Jun 16 Jun 16 1110 Cash cash was received for consulting rever 4100 Computer & Consulting cash was received for consulting revenue 7,000.00 7,000.00 10 10 10 10 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 95,000.00 18,000.00 11,300.00 101,700.00 11 11 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash 7,200.00 paid prepaid rent paid prepaid rent 7,200.00 12 12 Jun 17 Jun 17 5030 Advertising Expense 2101 Accounts Payable 375.00 received bill for advertising received bill for advertising 375.00 13 13 Jun 21 Jun 21 1120 Accounts Receivable billed customers for consulting service 4100 Computer & Consulting billed customers for consulting services 4,100.00 4,100.00 35 56 57 BB 69 70 71 72 73 7A 14 14 Jun 21 Jun 21 1211 Office Equip 1110 Cash 800.00 fax machine purchased fax machine purchased 800.00 Transactions General Journal Worksheet Income Statement Chang