Only need #27-40 answered
01. June 1: Byte of Accounting, Inc. acquired $81,000 in cash from Lauryn and issued 3,000 shares of its common stock 5 6 after $29,160 in 02 June 1: Byte of Accounting, Inc. issued 2,590 shares of its common stock to cash and computer equipment with a fair market value of $40,770 were received. 7 8 03. June 1: Byte of Accounting, Inc. issued 2,131 shares of its common stock after acquiring from Courtney S41,850 in cash, computer equipment with a fair market value of $14,580 and office equipment with a fair value of $1,107 9 10 04. June 2: A down payment of $29,000 in cash was made on additional computer equipment that was purchased for $145,000. A five-year note was executed by Byte for the balance. 1 12 05. June 4: Additional office equipment costing $700 was purchased on credit from Discount Computer Corporation. 13 14 06. June 8: Unsatisfactory office equipment costing $140 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 35 16 07. June 10: Byte paid $22,250 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 Byte for $5,976 in cash. The effective date of the policy was June 16 19 09. 21 22 June 16: A check in the amount of $6,000 was received for consulting revenue. 10. June 16: Byte purchased a building and the land it is on for 5101,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $16,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,100 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 23 11. June 17: Cash of $4,800 was paid for rent for June July and August. Put the total amount into the Prepaid Rent account 25 12 June 17: Received a bill of 5475 from the local newspaper for advertising 13 June 21: Accounts payable in the amount of $560 were paid 23 30 31 32 June 21: A fax machine for the office was purchased for 5800 cash Chart of Accounts Transactions General Journal Worksheet Income State B92 Xfx Close the dividends account. A B 32 15. June 21: Billed various miscellaneous local customers 54,700 for consulting services performed. 33 34 35 16. June 22: Paid salaries of $810 to equipient operators for the week ending June 18. 17. June 22: Received a bill for $1,265 from Computer Parts and Repair Co, for repairs to the computer equipment 37 38 39 40 18, June 22: Paid the advertising bill that was received on June 17. 41 19. June 23: Purchased office supplies for SSOS on credit Record the purchase as an increase to the assets. 42 20 June 23: Cash in the amount of $3,765 was received on billings. 45 21 June 28: Billed $5,280 to miscellaneous customers for services performed to June 25. 40 47 22 June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 49 23. June 29: Cash in the amount of $5,001 was received for billings 50 24 June 29. Paid salaries of $810 to equipment operators for the week ending June 25. 51 52 53 54 25. June 30: Received a bill for the amount of $940 from O&G O mund Gas Co. 26 June 30 Paid a cash dividend of $0.15 per share to the three shareholders of Byte. (IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first the transactions.) 55 56 Adjusting Entries - Round to twe 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 50 50 28 A physical inventory showed that only $202.00 worth of office supplies remained on hand tes of June 30 2 29 The annual interest rate on the mortgage payable was 7.25 percent. Interest expense for one-monte 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 one 14 Expense the amount associated with one half months insurance 65 31 A review of Byte's job worksheets show that there are unbilled revenues period of June 28-30 the mount of $5.375 for the 60 32 The fixed assets have estimated seal lives as follows: Building - 315 years TO B92 fx Close the dividends account. A B 68 69 32. 70 71 72 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 $350. The computer equipment has no scrap value. Calculate the depreciation for one month 73 74 33 A review of the payroll records show that unpaid salaries in the amount of S486.00 are owed by Byte for three days, June 28 - 30. 75 76 34 77 78 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 $116,000. On June 10, eight days later, $22,250 was repaid. Interest expense must be calculated on the $116,000 for eight days. In addition, interest expense on the $93,750 balance of the loan ($116,000 less $22,250 = $93,750) must be calculated for the 20 days remaining in the month of June.] 79 80 81 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.) 82 83 84 Closing Entries 86 36. Close the revenue accounts. 87 88 37. Close the expense accounts 89 90 38 Close the income summary account. 39. 91 92 93 94 Close the dividends account 1 2 A Byte of Accounting, General Journal Note: You can only enter data into the yellow Hitled cells 3 Transaction Date Account Debit Name Description Credit 135 The rent payment made on June 17 was for June, July and August. Expense the amount associated with one month's rent. 1.600.00 The rent payment made on June 17 was for June Jul Jun 30 27 27 Jun 30 5010 Rent Expense 1140 Prepaid Rent 1.500.00 138 137 138 139 140 A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30. 303.00 A physical inventory showed that only $202.00 worth 141 142 143 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies 303.00 145 The annual interest rate on the mortgage payable was 7.25 percent, Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 274 00 The annual interest rate on the monage payable we 146 147 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable 274.00 140 150 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 249.00 Infomation relating to the prepaid insurance may be 151 152 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance 240 00 A review of Byte's job worksheets show that there are unbilled revenge in the amount of $5,375 for the 1120 Accounts Receivable period of June 28-30 5.375.00 41001 Computer & Consulting A View of Byte's job worksheets show that there Jun 30 Jun 30 167 150 159 10 5375.00 Chart of Accounts Transactions General Journal Worksheet Income SI 1 A B D A Byte of Accounting, Inc. General Journal Note: You can only enter det inte the yellow filed cells 2 Transaction Date Account Name Description Debit Credit 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 $350. The computer equipment has no scrap value Calculate the depreciation for one month. 5110 Depreciation Expense 1412 Accum. Depr Building Use the straighting method of depreciation Management has decide 1312 Accum. Depr Computer Use the straight-line method of depreciation Management has decide 1212 Accum. Depr.Office Eq Use the straight-line method of depreciation Management has decide 101 162 163 154 165 32 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 A review of the payroll records show that unpaid salaries in the amount of S486.00 are owed by Byte for three days, June 28 - 30. 488.00 A review of the payrol records show that unpaid salan 166 157 150 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable 486.00 170 + The sote 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 The role payable relating to the June 2. and 10 transactions is a five 34 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable 12 174 175 Income taxes are to be computed at the rule of 25 percent of net income 5120 Income Tax Expense before taxes 2100 Income Taxes Payable income taxes are to be computed at the rate of 25 percent of net inca 35 35 Jun 30 Jun 30 119 100 36 102 30 Jun 30 4100 Computer & Corting Close the revenue accounts 3400 Income Summary Couter counts 180 Jun 30 3400 .com Say Close the expense accounts Chart of Accounts Transactions General Journal Worksheet Income A B 1 2 A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. 3 3 ansaction Date Account Name 34U0income Summary Description Close the revenue accounts Debit Credit Jun 30 4 TOZ 183 184 185 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 Close the expense accounts. 5020 Salary Expense Close the expense accounts. 5030 Advertising Expense Close the expense accounts. 5040 Repairs & Maint. Expen Close the expense accounts. 5010 Rent Expense Close the expense accounts. 5110 Depreciation Expense Close the expense accounts. 5090 Interest Expense Close the expense accounts. 5080 Supplies Expense Close the expense accounts 5050 Oil & Gas Expense Close the expense accounts. 5120 Income Tax Expense Close the expense accounts. 5100 Insurance Expense Close the expense accounts. 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Eamings Close the income summary account. Close the income summary account 39 39 Jun 30 Jun 30 3200 Retained Eamings 3300 Dividends Close the dividends account. Close the dividends account + 01. June 1: Byte of Accounting, Inc. acquired $81,000 in cash from Lauryn and issued 3,000 shares of its common stock 5 6 after $29,160 in 02 June 1: Byte of Accounting, Inc. issued 2,590 shares of its common stock to cash and computer equipment with a fair market value of $40,770 were received. 7 8 03. June 1: Byte of Accounting, Inc. issued 2,131 shares of its common stock after acquiring from Courtney S41,850 in cash, computer equipment with a fair market value of $14,580 and office equipment with a fair value of $1,107 9 10 04. June 2: A down payment of $29,000 in cash was made on additional computer equipment that was purchased for $145,000. A five-year note was executed by Byte for the balance. 1 12 05. June 4: Additional office equipment costing $700 was purchased on credit from Discount Computer Corporation. 13 14 06. June 8: Unsatisfactory office equipment costing $140 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 35 16 07. June 10: Byte paid $22,250 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 Byte for $5,976 in cash. The effective date of the policy was June 16 19 09. 21 22 June 16: A check in the amount of $6,000 was received for consulting revenue. 10. June 16: Byte purchased a building and the land it is on for 5101,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $16,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,100 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 23 11. June 17: Cash of $4,800 was paid for rent for June July and August. Put the total amount into the Prepaid Rent account 25 12 June 17: Received a bill of 5475 from the local newspaper for advertising 13 June 21: Accounts payable in the amount of $560 were paid 23 30 31 32 June 21: A fax machine for the office was purchased for 5800 cash Chart of Accounts Transactions General Journal Worksheet Income State B92 Xfx Close the dividends account. A B 32 15. June 21: Billed various miscellaneous local customers 54,700 for consulting services performed. 33 34 35 16. June 22: Paid salaries of $810 to equipient operators for the week ending June 18. 17. June 22: Received a bill for $1,265 from Computer Parts and Repair Co, for repairs to the computer equipment 37 38 39 40 18, June 22: Paid the advertising bill that was received on June 17. 41 19. June 23: Purchased office supplies for SSOS on credit Record the purchase as an increase to the assets. 42 20 June 23: Cash in the amount of $3,765 was received on billings. 45 21 June 28: Billed $5,280 to miscellaneous customers for services performed to June 25. 40 47 22 June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 49 23. June 29: Cash in the amount of $5,001 was received for billings 50 24 June 29. Paid salaries of $810 to equipment operators for the week ending June 25. 51 52 53 54 25. June 30: Received a bill for the amount of $940 from O&G O mund Gas Co. 26 June 30 Paid a cash dividend of $0.15 per share to the three shareholders of Byte. (IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first the transactions.) 55 56 Adjusting Entries - Round to twe 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 50 50 28 A physical inventory showed that only $202.00 worth of office supplies remained on hand tes of June 30 2 29 The annual interest rate on the mortgage payable was 7.25 percent. Interest expense for one-monte 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 one 14 Expense the amount associated with one half months insurance 65 31 A review of Byte's job worksheets show that there are unbilled revenues period of June 28-30 the mount of $5.375 for the 60 32 The fixed assets have estimated seal lives as follows: Building - 315 years TO B92 fx Close the dividends account. A B 68 69 32. 70 71 72 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 $350. The computer equipment has no scrap value. Calculate the depreciation for one month 73 74 33 A review of the payroll records show that unpaid salaries in the amount of S486.00 are owed by Byte for three days, June 28 - 30. 75 76 34 77 78 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 $116,000. On June 10, eight days later, $22,250 was repaid. Interest expense must be calculated on the $116,000 for eight days. In addition, interest expense on the $93,750 balance of the loan ($116,000 less $22,250 = $93,750) must be calculated for the 20 days remaining in the month of June.] 79 80 81 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.) 82 83 84 Closing Entries 86 36. Close the revenue accounts. 87 88 37. Close the expense accounts 89 90 38 Close the income summary account. 39. 91 92 93 94 Close the dividends account 1 2 A Byte of Accounting, General Journal Note: You can only enter data into the yellow Hitled cells 3 Transaction Date Account Debit Name Description Credit 135 The rent payment made on June 17 was for June, July and August. Expense the amount associated with one month's rent. 1.600.00 The rent payment made on June 17 was for June Jul Jun 30 27 27 Jun 30 5010 Rent Expense 1140 Prepaid Rent 1.500.00 138 137 138 139 140 A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30. 303.00 A physical inventory showed that only $202.00 worth 141 142 143 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies 303.00 145 The annual interest rate on the mortgage payable was 7.25 percent, Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 274 00 The annual interest rate on the monage payable we 146 147 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable 274.00 140 150 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 249.00 Infomation relating to the prepaid insurance may be 151 152 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance 240 00 A review of Byte's job worksheets show that there are unbilled revenge in the amount of $5,375 for the 1120 Accounts Receivable period of June 28-30 5.375.00 41001 Computer & Consulting A View of Byte's job worksheets show that there Jun 30 Jun 30 167 150 159 10 5375.00 Chart of Accounts Transactions General Journal Worksheet Income SI 1 A B D A Byte of Accounting, Inc. General Journal Note: You can only enter det inte the yellow filed cells 2 Transaction Date Account Name Description Debit Credit 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 $350. The computer equipment has no scrap value Calculate the depreciation for one month. 5110 Depreciation Expense 1412 Accum. Depr Building Use the straighting method of depreciation Management has decide 1312 Accum. Depr Computer Use the straight-line method of depreciation Management has decide 1212 Accum. Depr.Office Eq Use the straight-line method of depreciation Management has decide 101 162 163 154 165 32 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 A review of the payroll records show that unpaid salaries in the amount of S486.00 are owed by Byte for three days, June 28 - 30. 488.00 A review of the payrol records show that unpaid salan 166 157 150 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable 486.00 170 + The sote 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 The role payable relating to the June 2. and 10 transactions is a five 34 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable 12 174 175 Income taxes are to be computed at the rule of 25 percent of net income 5120 Income Tax Expense before taxes 2100 Income Taxes Payable income taxes are to be computed at the rate of 25 percent of net inca 35 35 Jun 30 Jun 30 119 100 36 102 30 Jun 30 4100 Computer & Corting Close the revenue accounts 3400 Income Summary Couter counts 180 Jun 30 3400 .com Say Close the expense accounts Chart of Accounts Transactions General Journal Worksheet Income A B 1 2 A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. 3 3 ansaction Date Account Name 34U0income Summary Description Close the revenue accounts Debit Credit Jun 30 4 TOZ 183 184 185 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 Close the expense accounts. 5020 Salary Expense Close the expense accounts. 5030 Advertising Expense Close the expense accounts. 5040 Repairs & Maint. Expen Close the expense accounts. 5010 Rent Expense Close the expense accounts. 5110 Depreciation Expense Close the expense accounts. 5090 Interest Expense Close the expense accounts. 5080 Supplies Expense Close the expense accounts 5050 Oil & Gas Expense Close the expense accounts. 5120 Income Tax Expense Close the expense accounts. 5100 Insurance Expense Close the expense accounts. 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Eamings Close the income summary account. Close the income summary account 39 39 Jun 30 Jun 30 3200 Retained Eamings 3300 Dividends Close the dividends account. Close the dividends account +
