Number Name 1110 Cash 1120 Accounts Receivable 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 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 Hudson Bloom, Capital 3300 Hudson Bloom, Withdrawals 3400 Income Summary 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense Normal Balance Debit Debit Debit Debit Debit Debit Credit Debit Credit Debit Credit Debit Credit Credit Credit Credit Credit Credit Credit Credit Debit Credit Credit Debit Debit Debit Debit Debit Debit Debit Debit Debit A Byte of Accounting General Journal Note: You can only enter data into the yellow filled cells. Transact Date Account Name Description Debit Credit 01 02 03 04 05 06 07 08 09 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 35 36 37 38 Balance Sheet Dobit Creci Incontre A Byte of Accounting, Inc. Worksheet For Period Ending January 0, 1900 Account Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Number Name Debit Credit Debit Credit Debit Credit Debit Crerit 1110 Cash 0.00 0.00 0.00 0.00 1120 Accounts Receivable 0.00 0.00 0.00 0.00 1130 Prepaid Insurance 0.00 0.00 0.00 0.00 1140 Prepaid Rent 0.00 0.00 0.00 0.00 1150 Office Supplies 0.00 0.00 0.00 0.00 1211 Office Equip 0.00 0.00 0.00 0.00 1212 Accum. Depr-Office Equip 0.00 0.00 0.00 0.00 1311 Computer Equip 0.00 0.00 0.00 0.00 1312 Accum. Depr.-Computer Equio. 0.00 0.00 0.00 0.00 1411 Building Cost 0.00 0.00 0.00 0.00 1412 Accum. Depr.- Building 0.00 0.00 0.00 0.00 1510 Land 0.00 0.00 0.00 0.00 2101 Accounts Payable 0.00 0.00 0.00 0.00 2102 Advanced Payments 0.00 0.00 0.00 0.00 2103 Interest Payable 0.00 0.00 0.00 0.00 2105 Salaries Paxable 0.00 0.00 0.00 0.00 2201 Mortgage Payable 0.00 0.00 0.00 0.00 2202 Notes Payable 0.00 0.00 0.00 0.00 3100 Hudson Bloom. Capital 0.00 0.00 0.00 0.00 3300 Hudson Bloom. Withdrawals 0.00 0.00 0.00 0.00 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expenso 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supples Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total INET INCOME Balance A Byte of Accounting Income Statement For Month Ending January 0, 1900 You must finish the worksheet before you can complete the Income Statement, see FAQ 05. Revenues Computer Revenue Expenses Rent Expense Galary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Gupplies Expense interest Expense insurance Expense Depreciation Expense Total Net Income A B E A Byte of Accounting Statement of Owner's Equity For Month Ending January 0, 1900 You must finish the worksheet before you can complete the Changes in Owner's Equity, see FAQ Total Balance, Beginning of Period Investment Net Income Withdrawals Balance, End of Period n A Byte of Accounting Balance Sheet As of January 0, 1900 You must finish the worksheet before you can complete the Balance Sheet, see FAQ 05. As Sets Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets Office Equip. Accum. Depr.-Office Equip. computer Equip Accum. Depr.-Computer Equip. Building Cost Accum. Depr.-Building and Total Total Assets Liabilities Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Total Cong-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities Owner's Equity Audson Bloom, Capital Total Liabilities and Owner's Equity AN A Byte of Accounting nicole alfonseca 7211 Transaction Description of transaction 01. June 1: Hudson Bloom invested S145,098.00 cash and computer equipment with a fair market value of $42,120.00 in his new business, Byte of Accounting. 02. June 1: Check # 5000 was used to purchased office equipment costing $1,188.00 from Office Express. The invoice number was 87417. 03. June 1: Check # 5001 was used to purchased computer equipment costing $14,580.00 from nicole alfonseca. The invoice number was 20117. June 2: Check # 5002 was used to make a down payment of S35,000.00 on additional computer equipment that 04. was purchased from Royce Computers, invoice number 76542. The full price of the computer was $175,000.00. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing $600.00 was purchased on credit from Discount Computer 05. Corporation. The invoice number was 98432. 06. June 8: Unsatisfactory office equipment costing $120.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Check # 5003 was used to make a $26,750.00 payment reducing the principal owed on the June 2 purchase of computer equipment from Royce Computers. June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equipment for 08. $5,136.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387 09. June 16: A check in the amount of $7,500.00 was received for services performed for Pilman Pictures. June 16: Byte purchased a building and the land it is on for $125,000.00 to house its repair facilities and to store 10. computer equipment. The lot on which the building is located is valued at $20,000.00. The balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $12,500.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance. 11. June 17: Check # 5006 for $4,200.00 was paid for rent for June and July. 12. June 17: Received invoice number 26354 in the amount of $250.00 from the local newspaper for advertising. 13. June 21: Billed various miscellaneous local customers $4,600.00 for consulting services performed. 14. June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for S775.00. The invoice number was 975-328. 15. June 21: Accounts payable in the amount of $480.00 were paid with Check # 5007. 16. June 22: Check # 5010 was used to pay the advertising bill that was received on June 17. 17. June 22: Received a bill for $1,115.00 from Computer Parts and Repair Co. for repairs to the computer equipment. The invoice number was 43254. 18. June 22: Check # 5009 was used to pay salaries of $810.00 to equipment operators for the week ending June 18. Ignore payroll taxes. 19. June 23: Cash in the amount of $3,685.00 was received on billings 20. June 23: Purchased office supplies for $705.00 from Staples on account. The invoice number was 65498. 21. June 28: Billed $6,225.00 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount of $5,899.00 was received for billings 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check #5011. 24 June 29: Check #5012 was used to pay salaries of $810.00 to equipment operators for the week ending June 25. Ignore payroll taxes. 25. June 30: Received a bill for the amount of $790.00 from O&G Oil and Gas Co. The invoice number was 784537. June 30: Check # 5013 was used to pay for airline tickets of $2,400.00 to send the kids to Grandma Ellen for the 26. July 4th holiday 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. 28. A physical inventory showed that only S292.00 worth of office supplies remained on hand as of June 30. 29 The annual interest rate on the mortgage payable was 8.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 30. Record a journal entry to reflect that one half month's insurance has expired. 31 A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,250 for the period of June 28-30 The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5.0 years 32. 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 $500. The office equipment 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 $486.00 are owed by Byte for three days, June 28 - 30. Ignore payroll taxes. 34 The note payable to Royce Computers (transactions 04 and 07) 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. Closing Entries 35. Close the revenue accounts 36. Close the expense accounts 33. A review of the payroll records show that unpaid salaries in the amount of $486.00 are owed by Byte for three days, June 28 - 30. Ignore payroll taxes. 34. The note payable to Royce Computers (transactions 04 and 07) 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. Closing Entries 35. Close the revenue accounts. 36. Close the expense accounts. 37. Close the income summary account. 38. Close the withdrawals account