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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. 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 Total 01 01 01 Jun 01 Cash Computer E Hudson Blo 145,098.00 42,120.00 A A 187,218.00 1,188.00 02 02 Jun 01 Office Equi: Name Jun 01 Cash A 1,188.00 03 Jun 01 Computer E Jun 01 Cash 14,580.00 03 A 14,580.00 175,000.00 04 04 04 Jun 02 Computer El Jun 02 Cash Jun 02 Notes Paya A 35,000.00 140,000.00 600.00 05 05 Jun 04 Office EquipName Jun 04 Accounts P: 600.00 A 120.00 06 06 Jun 08 Accounts P: Jun 08 Office Equi: Name 120.00 26,750.00 07 07 Jun 10 Notes Paya Jun 10 Cash A 26,750.00 5,136.00 08 08 Jun 14 Prepaid Ins Name Jun 14 Cash A 5,136.00 7,500.00 09 09 Jun 16 Cash Jun 16 Computer 87 7,500.00 10 10 10 Jun 16 Land Jun 16 Building Jun 16 caeh 20,000.00 105,000.00 A A 125nn nnl A 10 10 10 10 20,000.00 105,000.00 Jun 16 Land Jun 16 Building Jun 16 Cash Jun 16 Mortgage P A A 12,500.00 112.500.00 11 June 17 4,200.00 Prepaid Rer Name Cash A 4,200.00 12 June 17 12 June 17 Advertising 250.00 I Accounts PP A 250.00 4.600.00 13 13 Jun 21 Accounts R Jun 21 Computer & 17 A 4,600.00 775.00 14 14 Jun 21 Office Equi.Name Jun 21 Cash 775.00 A 480.00 15 15 Jun 21 Accounts P Jun 21 Cash 480.00 250.00 16 16 Jun 22 Accounts P: Jun 22 Cash A 250.00 1,115.00 17 17 Jun 22 Repairs & M Name Jun 22 Accounts PP 1,115.00 810.00 18 18 Jun 22 Salary ExpeName Jun 22 Cash A 810.00 3,685.00 19 19 Jun 23 Cash Jun 23 Accounts R 3,685.00 705.00 20 20 Jun 23 Office Supp Name Jun 23 Accounts P. 705.00 6,225.00 21 21 Jun 28 Accounts R Jun 28 Computer & 6,225.00 1.115.00 23 23 Jun 29 Accounts P: Jun 29 Cash A 1,115.00 810.00 24 24 Jun 29 Salary Expe Name Jun 29 Cash A 810.00 790.00 25 25 Jun 30 Oil and Gas Name Jun 30 Accounts P: A 790.00 2,400.00 26 26 Jun 30 Hudson Blo Jun 30 Cash 2,400.00 27 June 30 27 June 30 2,100.00 Rent Expen Name Prepaid Rei Name 2,100.00 413.00 28 28 Jun 30 Supplies Ex Name Jun 30 Office Supp Name 413.00 375.00 29 29 Jun 30 Interest Expl Jun 30 Interest Payl A 375.00 214.00 30 30 Jun 30 Insurance El Jun 30 Prepaid Ins Name 214.00 A 5,250.00 31 31 Jun 30 Accounts R Jun 30 Computer 8 5,250.00 4,163.05 A A 32 32 32 32 Jun 30 Depreciatio Jun 30 Accum. Der Jun 30 Accum. Der Jun 30 Accum. Der 276.46 24.92 3,861.67 A 486.00 33 33 Jun 30 Salary Expe Name Jun 30 Salaries Pa Name 486.00 1,128.33 34 34 June 30 Interest Expl Jun 30 Interest Payl A 1,128.33 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 $ 23,575.00 Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total $ 2,100.00 $ 2,106.00 $ 250.00 $ 1,115.00 $ 790.00 $ 413.00 $ 1,503.33 214.00 $ 4,163.05 $ 12,654.38 Net Income $ 10,920.62 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 $ $ 187,218.00 10,920.62 Withdrawals Balance, End of Period 2,400.00 195,738.62 $ 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. Assets Current Assets 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies Total $ 56,188.00 6,491.00 4,922.00 2.100.00 292.00 $ 69,993.00 Long-Term Assets 1211 Office Equip 1212 Accum. Depr.-Office Equip. $ 2,443.00 24.92 $ 2,418.08 1311 1312 $ 231,700.00 3,861.67 227,838.33 Computer Equip. Accum. Depr.-Computer Equip. Building Cost Accum. Depr.-Building 1411 1412 $ 105,000.00 276.46 104,723.54 1510 20,000.00 Land Total Total Assets $ 354.979.95 $ 424,972.95 Liabilities $ 1,495.00 Current Liabilities 2101 Accounts Payable 2102 Advanced Payment 2103 Interest Payable 2105 Salaries Payable Total 1,503.33 486.00 $ 3,484.33 Long-Term Liabilities 2201 Mortgage Payable 2202 Notes Payable Total Total Liabilities $ 112,500.00 113,250.00 225,750.00 $ 229,234.33 Owner's Equity Hudson Bloom, Capital Total Liabilities and Owner's Equity 195,738.62 $ 424,972.95