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74 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. 75 76 77 78 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 $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 85 86 36. Close the revenue accounts. 87 88 37. Close the expense accounts. 89 90 38. Close the income summary account. 91 92 39. Close the dividends account. 173 174 175 176 177 178 179 180 181 35 35 Jun 30 Jun 30 5120 Income Tax Expense decleared tax expense 2106 Income Taxes Payable decleared tax expense 182 36 36 Jun 30 Jun 30 4100 Computer & Consultin revenue account close 3400 Income Summary revenue account close 183 184 185 186 187 188 189 1,265.00 190 37 37 37 37 37 37 37 37 37 37 37 Jun 30 Jun 30 Jun 301 Jun 301 Jun 30 Jun 301 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 # 37 Not in Balance by -$6,010.00 3400 Income Summary expense account closed 5040 Repairs & Maint. Expe expense account closed 5020 Salary Expense expense account closed 5050 Oil & Gas Expense expense account closed 5010 Rent Expense expense account closed 5080 Supplies Expense expense account closed 5090 Interest Expense expense account closed 5100 Insurance Expense expense account closed 5110 Depreciation Expense expense account closed 5030 Advertising Expense expense account closed 5120 Income Tax Expense expense account closed 990.00 2,800.00 385.00 270.00 300.00 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Earnings close income summary close income summary 39 39 1,982.88 Jun 30 Jun 30 3200 Retained Earnings 3300 Dividends close dividents account close dividents account 1,982.88 D Credit E Debit F Credit H Credit 5,750.00 Debit 77,401.12 1,171.00 6,480.00 8,400.00 655.00 1,701.00 270.00 2,800.00 385.00 G Debit 77,401.12 6,921.00 6,210.00 5,600.00 270.00 1,701.00 14.30 14.30 190,080.00 190,080.00 3,168.00 3,168.00 95,000.00 95,000.00 228.84 228.84 18,000.00 18,000.00 1,645.00 1,645.00 1,252.14 486.00 1,252.14 486.00 B 7 Name 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 11 Prepaid Rent 12 Office Supplies 13 Office Equip 14 Accum. Depr.-Office Equip 15 Computer Equip 16 Accum. Depr.-Computer Equip. 17 Building Cost 18 Accum. Depr.-Building 19 Land 20 Accounts Payable 21 Advanced Payments 22 Interest Payable 23 Salaries Payable 24 Income Taxes Payable 25 Mortgage Payable 26 Notes Payable 27 Capital Stock 28 Retained Earnings 29 Dividends 30 31 Computer & Consulting Revenue 32 Rent Expense 33 Salary Expense 34 Advertising Expense 35 Repairs & Maint. Expense 36 Oil & Gas Expense 37 Supplies Expense 38 Interest Expense 39 Insurance Expense 40 Depreciation Expense 41 Income Tax Expense 42 43 44 45 46 47 TOTAL 48 NET INCOME 101,700.00 93,750.00 190,026.00 101,700.00 93,750.00 190,026.00 1,982.88 1,982.88 17,925.00 5,750.00 23,675.00 2,800.00 486.00 1,620.00 300.00 1,265.00 990.00 2,800.00 2,106.00 300.00 1,265.00 990.00 385.00 1,252.14 270.00 3,411.14 385.00 1,252.14 270.00 3,411.14 405,046.00 405,046.00 14,354.28 14,354.28 415,945.28 415,945.28 74 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. 75 76 77 78 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 $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 85 86 36. Close the revenue accounts. 87 88 37. Close the expense accounts. 89 90 38. Close the income summary account. 91 92 39. Close the dividends account. 173 174 175 176 177 178 179 180 181 35 35 Jun 30 Jun 30 5120 Income Tax Expense decleared tax expense 2106 Income Taxes Payable decleared tax expense 182 36 36 Jun 30 Jun 30 4100 Computer & Consultin revenue account close 3400 Income Summary revenue account close 183 184 185 186 187 188 189 1,265.00 190 37 37 37 37 37 37 37 37 37 37 37 Jun 30 Jun 30 Jun 301 Jun 301 Jun 30 Jun 301 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 # 37 Not in Balance by -$6,010.00 3400 Income Summary expense account closed 5040 Repairs & Maint. Expe expense account closed 5020 Salary Expense expense account closed 5050 Oil & Gas Expense expense account closed 5010 Rent Expense expense account closed 5080 Supplies Expense expense account closed 5090 Interest Expense expense account closed 5100 Insurance Expense expense account closed 5110 Depreciation Expense expense account closed 5030 Advertising Expense expense account closed 5120 Income Tax Expense expense account closed 990.00 2,800.00 385.00 270.00 300.00 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Earnings close income summary close income summary 39 39 1,982.88 Jun 30 Jun 30 3200 Retained Earnings 3300 Dividends close dividents account close dividents account 1,982.88 D Credit E Debit F Credit H Credit 5,750.00 Debit 77,401.12 1,171.00 6,480.00 8,400.00 655.00 1,701.00 270.00 2,800.00 385.00 G Debit 77,401.12 6,921.00 6,210.00 5,600.00 270.00 1,701.00 14.30 14.30 190,080.00 190,080.00 3,168.00 3,168.00 95,000.00 95,000.00 228.84 228.84 18,000.00 18,000.00 1,645.00 1,645.00 1,252.14 486.00 1,252.14 486.00 B 7 Name 8 Cash 9 Accounts Receivable 10 Prepaid Insurance 11 Prepaid Rent 12 Office Supplies 13 Office Equip 14 Accum. Depr.-Office Equip 15 Computer Equip 16 Accum. Depr.-Computer Equip. 17 Building Cost 18 Accum. Depr.-Building 19 Land 20 Accounts Payable 21 Advanced Payments 22 Interest Payable 23 Salaries Payable 24 Income Taxes Payable 25 Mortgage Payable 26 Notes Payable 27 Capital Stock 28 Retained Earnings 29 Dividends 30 31 Computer & Consulting Revenue 32 Rent Expense 33 Salary Expense 34 Advertising Expense 35 Repairs & Maint. Expense 36 Oil & Gas Expense 37 Supplies Expense 38 Interest Expense 39 Insurance Expense 40 Depreciation Expense 41 Income Tax Expense 42 43 44 45 46 47 TOTAL 48 NET INCOME 101,700.00 93,750.00 190,026.00 101,700.00 93,750.00 190,026.00 1,982.88 1,982.88 17,925.00 5,750.00 23,675.00 2,800.00 486.00 1,620.00 300.00 1,265.00 990.00 2,800.00 2,106.00 300.00 1,265.00 990.00 385.00 1,252.14 270.00 3,411.14 385.00 1,252.14 270.00 3,411.14 405,046.00 405,046.00 14,354.28 14,354.28 415,945.28 415,945.28