Need help w transactions 32 and 34-38

A Byte of Accounting, Inc. General Journal te: You can only enter data into the yellow filled cells Transaction Debit Date Account Name Description Credit 01 01 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stock common stock issues to loremy common stock issues to jeremy common stock issues to jeremy 28,000.00 39.000.00 67,000.00 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 33,750.00 13,500.00 650.00 47.900.00 75,000.00 03 03 Jun 01 Jun 01 1110 Cash 3100 Capital Stock common stock issued common stock issued 75,000.00 04 04 04 Jun 02 Jun 02 Jun 02 1311 Computer Equip 1110 Cash 2202 Notes Payable computer bought in cash and notes pe 155,000.00 computer bought in cash and notes payable computer bought in cash and notes payable 31,000.00 124,000.00 300.00 05 05 Jun 04 Jun 04 1211 Office Equip 2101 Accounts Payable equipment bought on credit equipment bought on credit 300.00 60.00 06 06 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip unsatisfactory office equipment unsatisfactory office equipment 80.00 07 07 23.750.00 Jun 10 Jun 10 2202 Notes Payable 1110 Cash Byte paid the balance it owed on Jun Byte paid the balance it owed on Jun 02 23.750.00 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash one year insurance policy covering cod 5.472.00 one year insurance policy covering computers 5.472.00 8,000.00 09 09 8,000.00 Jun 16 1110 Cash cash was received for consulting rever Jun 16 4100 Computer & Consulting cash was received for consulting revenue Chart of Accounts Transactions General Journal Worksheet Income B F G H D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled celle Transaction Date Debit Account Namo Description Credit 105,000.00 20,000.00 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 12,500.00 112.500.00 11 11 Jun 17 Jun 17 3.800.00 1140 Prepaid Rent 1110 Cash paid prepaid rent paid prepaid rent 3,800.00 1 12 12 Jun 17 Jun 17 5030 Advertising Expense 2101 Accounts Payable 400.00 received bill for advertising received bill for advertising 400.00 4,800.00 13 13 Jun 21 Jun 21 1120 Accounts Receivable billed customers for consulting services 4100| Computer & Consulting billed customers for consulting services 4,800.00 3 4 5 6 7 8 -9 "O 1 2 13 14 14 Jun 21 Jun 21 1211 Office Equip 1110 Cash 675.00 fax machine purchased fax machine purchased 675.00 240.00 15 15 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash Bccounts payable pald accounts payable paid 240.00 16 16 Jun 22 Jun 22 400.00 2101 Accounts Payable 1110 Cash paid the advertising bill received Jun 1 paid the advertising bill received Jun 17 400.00 75 76 77 78 79 BO B1 82 83 84 85 86 87 88 89 90 91 92 17 17 Jun 22 Jun 22 5040 Repairs & Maint. Expen received bill for computer equipmentre 1.165.00 2101 Accounts Payable received bill for computer equipment repairs 1.165.00 18 18 Jun 22 5020 Salary Expense paid salaries to equipment operators Jun 22 1110 Cash paid salaries to equipment operators Chart of Accounts Transactions General Journal 1,010.00 1,010.00 Worksheet Income State A B D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled celle Transaction Date Account Name Description Debit Credit 19 19 Jun 23 Jun 23 1110 Cash 1120 Accounts Receivable cash received from customers cash received from customers 3.845.00 3,845.00 20 20 Jun 23 Jun 23 1150 Office Supplies 1120 Accounts Receivable 605.00 purchased office supplies on credit purchased office supplies on credit 605.00 21 21 Jun 28 Jun 28 1120 Accounts Receivable bied customers for consulting services 4100 Computer & Consulting billed customers for consulting services 5.595.00 5,595.00 INN 5,300.00 Jun 29 Jun 29 1110 Cash 1120 Accounts Receivable cash received cash received 5.300.00 1,165.00 23 23 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash paid be paid bal 1.165.00 1,010.00 24 24 Jun 29 Jun 29 5020 Salary Expense 1110 Cash paid salaries to equipment operators paid salaries to equipment operators 1.010.00 940.00 25 25 Jun 30 Jun 30 5050 Oil & Gas Expense 2101 Accounts Payable received bil from O&G Ol and Gas Co received bil from O&G Ol and Gas Co 940.00 1,367.28 26 26 Jun 30 Jun 30 3300 Dividends 1110 Cash paid dividend of $0.18 per share paid dividend of $0.18 per share 1,367 28 1.900.00 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent one months rent expensed one months rent expensed 1.900.00 Chart of Accounts Transactions General Journal Worksheet Incon F G H B C D E A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells Debit Transaction Date Account Name Description Credit 247.00 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies supplies expensed supplies expensed 247.00 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Interest expense for one-half month or 421.88 Interest expense for one-half month on mortgage 421.88 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 30 228.00 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance prepaid insurance prepaid insurance 228.00 9.000.00 31 31 Jun 30 Jun 30 1120 Accounts Receivable unbiled revenue recorded 4100 Computer & Consulting unbilled revenue recorded 9,000.00 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, Depr.-Compute depreciation for one month 1212 Accum. Depr.-Office Eq depreciation for one month 606.00 33 33 Jun 30 Jun 30 5020 Salary Expense 2103 Interest Payable unpaid salary unpaid salary 606.00 55 56 37 58 89 TO 1 2 13 34 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Interest on notes payable Interest on notas payable 35 35 Jun 30 Jun 30 5120 Income Tax Expense income taxes computed 2106 Income Taxos Payable income taxes computed NOOOO 36 36 Jun 30 4100 Computer & Consulting closing revenue account Jun 30 3400 Income Summary closing revenue account Chart of Accounts Transactions General Journal Worksheet Income State H D E A Byte of Accounting, Inc. General Journal ote: You can only enter data into the yellow filled celle Transaction Account Debit Date Credit Name Description 35 35 Jun 30 Jun 30 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 1,900.00 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 30 337 Not in Balance by-$3,315.00 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 5080 Supplies Expense closing expense accounts 5050 Oil & Gas Expenso closing expense accounts 5120 Income Tax Expense closing expense accounts 5100 Insurance Expense closing expense accounts 247.00 940.00 228.00 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Eamings closing income summary account closing income summary account 1,367.28 39 39 Jun 30 Jun 30 3200 Retained Eamings 3300 Dividends closing the dividends account closing the dividends accounts 1,367.28 B Transaction Description of transaction June 1: Byte of Accounting, Inc. issued 2,680 shares of its common stock to Jeremy after $28,000 in cash and computer equipment with a fair market value of $39,000 were received. 01. 02. June 1: Byte of Accounting, Inc. issued 1,916 shares of its common stock after acquiring from Courtney $33,750 in cash, computer equipment with a fair market value of $13,500 and office equipment with a fair value of $650 03. June 1: Byte of Accounting, Inc, acquired $75,000 in cash from Christian Presten and issued 3,000 shares of its common stock. 04. June 2: A down payment of $31,000 in cash was made on additional computer equipment that was purchased for $155,000. A five-year note was executed by Byte for the balance. OS 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 $23,750 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 $5,472 in cash. The effective date of the policy was June 16. 09. June 16: Computer consultation revenue of $8,005+-as received. 10. June 16: Bylo purchased a building and the land it is on for $125,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $20,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $12,500 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 11. June 17: Cash of $3,800 was paid for rent for June and July. Put the total amount into the Prepaid Rent account 12 June 17: Received a bill of $400 from the local newspaper for advertising 13. June 21: Billed various miscellaneous local customers $4,800 for consulting services performed Charofunda A Worksheet Income S A B 29 30 14. June 21: A fax machine for the office was purchased for $675 cash. 15. June 21: Accounts payable in the amount of $240 were paid. 31 32 33 34 35 16. June 22: Paid the advertising bill that was received on June 17. 17 June 22: Received a bill for $1,165 from Computer Parts and Repair Co. for repairs to the computer equipment 18 June 22: Paid salaries of $1,010 to equipment operators for the week ending June 18. 19. June 23: Cash in the amount of $3,845 was received on billings. 20. June 23: Purchased office supplies for $605 on credit. Record the purchase as an increase to the assets. 21. 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 June 28: Billed $5,595 to miscellaneous customers for services performed to June 25. 22 June 29: Cash in the amount of $5,300 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 $1,010 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 $0.18 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 rent 58 59 28 A physical inventory showed that only $247.00 worth of office supplies remained on hand as of June 30. 60 61 29 62 The annual interest rate on the mortgage payable was 9.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the linbility incurred on June 16 Chart of Accounts Transactions General Journal Worksheet Income Statemen B 29 The annual interest rate on the mortgage payable was 9.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 62 63 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. 64 65 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $9,000 for the period of June 28-30. 66 67 6B 32 69 70 71 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 $8,500. The office equipment has a scrap value of $450. The computer equipment has no scrap value. Calculate the depreciation for one month. 72 73 33. A review of the payroll records show that unpaid salaries in the amount of $606 are owed by Byte for three days, June 28 - 30 74 75 34. 76 77 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 $124,000. On June 10, cight days later, $23,750 was repaid. Interest expense must be calculated on the $124,000 for eight days. In addition, interest expense on the $100,250 balance of the loan (S124,000 less $23,750 = $100,250) 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 incoge 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 81 82 83 84 85 86 87 36. Close the revenue accounts. 37 Close the expense accounts Chart of Accounts Transactions General Journal Worksheet Incom AutoSave OFF P ome Insert Draw Page Layout Formulas Data Review View Tell me Arial 10 + A A 2Wrap Text Paste B Merge & Centar fx 1 C ottice equipment has a scrap value of $450. 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 $606 are owed by Byte for three day, 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 $124,000 On June 10, cight days later, $23,750 was repaid. Interest expense must be calculated on the S124,000 for eight days. In addition, interest expense on the S100,250 balunce of the loan (S124,000 less $23,750 = $100,250) 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 Closing Entries 36 Close the revenue accounts. 37. Close the expense accounts 38 Close the income summary account 39 Close the dividends account Chart of Account Transactions General Journal Income Stater Worksheet