need the adjusting entries and the closing entries

Adjusting Entries Debit Credit Unadjusted Trial Balance Debit Credit 74,707.18 1.196.00 5,976.00 IZ 200.00 680.00 2,319.00 Adjusted Trial Balance Debit Credit 74.707.18 1,196.00 5,976.00 7,200.00 680.00 2,319.00 203,040.00 203,040.00 - Account Number Name 1110 Cash 1120 Accounts Recelvable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip 1212 Accum. Depr.-Office Equip. 1311 Computer Equip 1312 Accum. Depr. Computer Equip. 1411 Building Cost 1412 Accum. Depr.-Buliding 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Eamings 3300 Dividends 120,000.00 120,000.00 - 23,000.00 23,000.00 1,570.00 1.570.00 - . 128.700.00 97 000.00 198,484.00 - 128.700.00 97,000.00 198.484.00 1,755.82 1.755.82 18,770.00 18,770.00 4 4100 Computer & Consulting Revenue 5010 Rent Exponse 5020 Salary Expense 5030 Advertising Expenso 5040 Repairs & Maint. Expense 5050 O & Gas Expenso 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expenso 5110 Depreciation Expense 5120 Income Tax Expense 2,070.00 475.00 1215.00 890.00 2,070.00 475.00 1,215.00 890.00 - - 5,976.00 7,200.00 680.00 2,319.00 5,976.00 7,200.00 680.00 2,319.00 203,040.00 203,040.00 120,000.00 120,000.00 7730 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip 1212 Accum. Depr.-Office Equip. 1311 Computer Equip 1312 Accum. Depr.-Computer Equip. 1411 Building Cost 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Eamings 3300 Dividends 23,000.00 23,000.00 1,570.00 1,570,00 128.700.00 97,000.00 198,484.00 128.700.00 97,000.00 198.484.00 1,755.82 1.755.82 18,770.00 18,770.00 - - 2,070.00 475.00 1,215.00 890.00 2.070.00 475.00 1.215.00 890.00 4100 Computer & Consulting Revenue 35010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5 5040 Repairs & Maint. Expense 3 5050 Oil & Gas Expense 7 5080 Supplies Expense B 5090 Interest Expense 9 5100 Insurance Expense 0 5110 Depreciation Expanse 1 5120 Income Tax Expense -2 13 54 55 48 47 TOTAL 48 444,524.00 444,524.00 444,524,00 444,524.00 a | CM 2.000.00 SLT | T NON Cas tal BUL 10000 I E | | IIIIETITEIIIIIIIIIII TEST AROUTE OPERI 122.000.00 Cas - A tere 15 BOSE an Los - N NEET ARO 2. | IN 1 LH DIET AND EX L010 RIVETTIT SE . LIS METT ransaction Description of 01. June 1: Byte of Accounting, Inc. acquired $78,000 in cash from Lauryn and issued 3,000 shares of its common stock 02. June 1: Byte of Accounting, Inc. issued 2,600 shares of its common stock to carleigh wilson after $28,600 in cash and computer equipment with a fair market value of $39,000 were received 03. June 1: Bytc of Accounting, Inc. issued 2,034 shares of its common stock after acquiring from Courtney $37,700 in cash, computer equipment with a fair market value of $14,040 and office equipment with a fair value of $1,144. 04. June 2: A down payment of $30,000 in cash was made on additional computer equipment that was purchased for S150,000. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $500 was purchased on credit from Discount Computer Corporation 4 06. June 8: Unsatisfactory office equipment costing $100 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 15 16 07. June 10. Byte paid $23,000 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 Byto for $5,976 in cash. The effective date of the policy was June 16. 19 20 21 22 09 June 16 A check in the amount of $8.250 was received for consulting revenue. 10 June 16: Byte purchased a building and the land it is on for 5143,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $23,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $14.300 and executed a mortgage for the balance. The mortgage is payable in cight cqual annual installments beginning July 1 20 24 11 June 17: Cash of S7,200 was paid for rent for June July and August. Put the total amount into the Prepaid Rent account 26 12 June 17: Received a bill of 5475 from the local newspaper for advertising, 2 2 13 une 21: Accounts payable in the amount of $400 was paid 30 14 June 215 x machine for the office was purchased for 5775 cash 15. Juno 21: Billed various miscellaneous local customers $4,400 for consulting services performed. 16. June 22: Paid salaries of $1,035 to equipment operators for the work ending June 18. 17. Junc 22: Rcocived a bill for $1.215 from Computer Parts and Repair Co. for repairs to the computer equipment 18. June 22: Paid the advertising bill that was reolved on June 17. 19. USER WAS IMPULSAMOVUV WIMWEAR SUSU 0 1 2 3 20. June 23: Cash in the amount of $3.525 was received on bill 15 21 June 28! Billed S6, 120 to miscellaneous customers for services performed to June 25. GT 22 June 29. Paid the bill received on June 22, from Computer Parts and Repairs Co. 45 19 50 23. June 29: Cash in the amount of $5,799 was received for billings. June 29. Paid salaries of S1.035 to equipment operators for the week ending June 25. SY 52 50 58 25. June 30: Recived a bill for the amount of $890 from O&G Oil and Gas Co. 26, June 30: Paid a cash dividend of 50.23 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 1888 Adjusting Entries - Round to two deelmal places. 27. The rent payment made on June 17 was for June, July and August Expense the amount associated with one month's rent. 59 80 28 A physical inventory showed that only $281.00 worth of office supplies remained on hand as of June 30. 01 62 29. TOTTICO TECNICO TOT mouth should be computed because the building and land were purchased and the liability incurred 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 05 30 31 A review of Bye job worksheets show that there are unbilled revenues in the amount or 250 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 $8,500. The office oquipment 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 $621.00 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 S120,000. On June 10, cight days later, $23,000 was repaid. Interest expense must be calculated on the $120,000 for cight days. In addition, interest expense on the $97,000 balance of the loan ($120,000 less $23,000 = $97,000) must be calculated for the 20 days remaining in the month of Junc.) 9 10 31 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. ] BZ 80 84 Closing Entries 85 B 36. Close the revenue accounts 87 89 37. Close the expense accounts. 89 30 38 Close the income summary account 91 39 Close the dividends account 93 05 90 97 Adjusting Entries Debit Credit Unadjusted Trial Balance Debit Credit 74,707.18 1.196.00 5,976.00 IZ 200.00 680.00 2,319.00 Adjusted Trial Balance Debit Credit 74.707.18 1,196.00 5,976.00 7,200.00 680.00 2,319.00 203,040.00 203,040.00 - Account Number Name 1110 Cash 1120 Accounts Recelvable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip 1212 Accum. Depr.-Office Equip. 1311 Computer Equip 1312 Accum. Depr. Computer Equip. 1411 Building Cost 1412 Accum. Depr.-Buliding 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Eamings 3300 Dividends 120,000.00 120,000.00 - 23,000.00 23,000.00 1,570.00 1.570.00 - . 128.700.00 97 000.00 198,484.00 - 128.700.00 97,000.00 198.484.00 1,755.82 1.755.82 18,770.00 18,770.00 4 4100 Computer & Consulting Revenue 5010 Rent Exponse 5020 Salary Expense 5030 Advertising Expenso 5040 Repairs & Maint. Expense 5050 O & Gas Expenso 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expenso 5110 Depreciation Expense 5120 Income Tax Expense 2,070.00 475.00 1215.00 890.00 2,070.00 475.00 1,215.00 890.00 - - 5,976.00 7,200.00 680.00 2,319.00 5,976.00 7,200.00 680.00 2,319.00 203,040.00 203,040.00 120,000.00 120,000.00 7730 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip 1212 Accum. Depr.-Office Equip. 1311 Computer Equip 1312 Accum. Depr.-Computer Equip. 1411 Building Cost 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Eamings 3300 Dividends 23,000.00 23,000.00 1,570.00 1,570,00 128.700.00 97,000.00 198,484.00 128.700.00 97,000.00 198.484.00 1,755.82 1.755.82 18,770.00 18,770.00 - - 2,070.00 475.00 1,215.00 890.00 2.070.00 475.00 1.215.00 890.00 4100 Computer & Consulting Revenue 35010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5 5040 Repairs & Maint. Expense 3 5050 Oil & Gas Expense 7 5080 Supplies Expense B 5090 Interest Expense 9 5100 Insurance Expense 0 5110 Depreciation Expanse 1 5120 Income Tax Expense -2 13 54 55 48 47 TOTAL 48 444,524.00 444,524.00 444,524,00 444,524.00 a | CM 2.000.00 SLT | T NON Cas tal BUL 10000 I E | | IIIIETITEIIIIIIIIIII TEST AROUTE OPERI 122.000.00 Cas - A tere 15 BOSE an Los - N NEET ARO 2. | IN 1 LH DIET AND EX L010 RIVETTIT SE . LIS METT ransaction Description of 01. June 1: Byte of Accounting, Inc. acquired $78,000 in cash from Lauryn and issued 3,000 shares of its common stock 02. June 1: Byte of Accounting, Inc. issued 2,600 shares of its common stock to carleigh wilson after $28,600 in cash and computer equipment with a fair market value of $39,000 were received 03. June 1: Bytc of Accounting, Inc. issued 2,034 shares of its common stock after acquiring from Courtney $37,700 in cash, computer equipment with a fair market value of $14,040 and office equipment with a fair value of $1,144. 04. June 2: A down payment of $30,000 in cash was made on additional computer equipment that was purchased for S150,000. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $500 was purchased on credit from Discount Computer Corporation 4 06. June 8: Unsatisfactory office equipment costing $100 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 15 16 07. June 10. Byte paid $23,000 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 Byto for $5,976 in cash. The effective date of the policy was June 16. 19 20 21 22 09 June 16 A check in the amount of $8.250 was received for consulting revenue. 10 June 16: Byte purchased a building and the land it is on for 5143,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $23,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $14.300 and executed a mortgage for the balance. The mortgage is payable in cight cqual annual installments beginning July 1 20 24 11 June 17: Cash of S7,200 was paid for rent for June July and August. Put the total amount into the Prepaid Rent account 26 12 June 17: Received a bill of 5475 from the local newspaper for advertising, 2 2 13 une 21: Accounts payable in the amount of $400 was paid 30 14 June 215 x machine for the office was purchased for 5775 cash 15. Juno 21: Billed various miscellaneous local customers $4,400 for consulting services performed. 16. June 22: Paid salaries of $1,035 to equipment operators for the work ending June 18. 17. Junc 22: Rcocived a bill for $1.215 from Computer Parts and Repair Co. for repairs to the computer equipment 18. June 22: Paid the advertising bill that was reolved on June 17. 19. USER WAS IMPULSAMOVUV WIMWEAR SUSU 0 1 2 3 20. June 23: Cash in the amount of $3.525 was received on bill 15 21 June 28! Billed S6, 120 to miscellaneous customers for services performed to June 25. GT 22 June 29. Paid the bill received on June 22, from Computer Parts and Repairs Co. 45 19 50 23. June 29: Cash in the amount of $5,799 was received for billings. June 29. Paid salaries of S1.035 to equipment operators for the week ending June 25. SY 52 50 58 25. June 30: Recived a bill for the amount of $890 from O&G Oil and Gas Co. 26, June 30: Paid a cash dividend of 50.23 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 1888 Adjusting Entries - Round to two deelmal places. 27. The rent payment made on June 17 was for June, July and August Expense the amount associated with one month's rent. 59 80 28 A physical inventory showed that only $281.00 worth of office supplies remained on hand as of June 30. 01 62 29. TOTTICO TECNICO TOT mouth should be computed because the building and land were purchased and the liability incurred 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 05 30 31 A review of Bye job worksheets show that there are unbilled revenues in the amount or 250 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 $8,500. The office oquipment 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 $621.00 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 S120,000. On June 10, cight days later, $23,000 was repaid. Interest expense must be calculated on the $120,000 for cight days. In addition, interest expense on the $97,000 balance of the loan ($120,000 less $23,000 = $97,000) must be calculated for the 20 days remaining in the month of Junc.) 9 10 31 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. ] BZ 80 84 Closing Entries 85 B 36. Close the revenue accounts 87 89 37. Close the expense accounts. 89 30 38 Close the income summary account 91 39 Close the dividends account 93 05 90 97