PLEASE HELP ME FIGURE OUT THE WORKSHEET. It would be awesome if there was a filled out answer!
Transaction Description of transaction June 1: Hudson Bloom invested $190,936.00 cash and computer equipment with a fair market value of 01 $44,370.00 in his new business, Byte of Accounting 02 June 1: Check # 5000 was used to purchased office equipment costing $1,276.00 from Office Express. The invoice number was 87417. June 1: Check # 5001 was used to purchased computer equipment costing $12,180.00 from noah lemar. 03. The invoice number was 20117. June 2: Check # 5002 was used to make a down payment of $30,000.00 on additional computer 04. equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $150,000.00. A five-year note was executed by Byte for the balance. 05 June 4: Additional office equipment costing $300.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432 06 June 8: Unsatisfactory office equipment costing $60.00 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 $23,000.00 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 08. equipment for $5,976.00 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 $6,250.00 was received for services performed for Pitman Pictures. June 16: Byte purchased a building and the land it is on for $119,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $19,000.00. The 10. balance of the cost is to be allocated to the building. Check #5005 was used to make the down payment of $11.900.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance. 11 June 17: Check # 5006 for $8,000.00 was paid for rent of the office space for June, July, August and September. June 17: Received invoice number 26354 in the amount of $450.00 from the local newspaper for 12 advertising 13. June 21: Billed various miscellaneous local customers $4,000.00 for consulting services performed. 14 June 21: Check 8 5008 was used to purchase a fax machine for the office from Office Machines Express for $675.00. The invoice number was 975-328. 15. June 21: Accounts payable in the amount of $240.00 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 $1,190.00 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 $1,010,00 to equipment operators for the week ending June 18. Ignore payroll taxes. 19. June 23: Cash in the amount of $3,205.00 was received on billings. June 23: Purchased office supplies for $505.00 from Staples on account. The invoice number was 20 65498 21 June 28: Billed $5,385.00 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount of $5,101.00 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 $1,010,00 to equipment operators for the week ending June 25. Ignore payroll taxes. 25 June 30: Received a bill for the amount of $965.00 from O&G Oil and Gas Co. The invoice number was 784537. 26 June 30: Check # 5013 was used to pay for airline tickets of $1,600.00 to send the kids to Grandma Ellen for the July 4th holiday. Adjusting Entries - Round to two decimal places. 27 The rent payment made on June 17 was for June, July, August and September. Expense the amount associated with one month's rent. 28. A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30. The annual interest rate on the mortgage payable was 8.25 percent. Interest expense for one-half month 29. 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. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,250 for the 31 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 $8,000. 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 S606.00 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. Home Page Layo Arial 110 A A 25 Wrap Text Insent belete Format 3D Merge & Certer $ - % Conditional Formatos el Formatting Tube Styles Clipboard Font Alignment Number Income Statement Debit Credit Balance Sheet Debit Crede B D E G H 1 A Byte of Accounting, Inc. 2 Worksheet 3 For Period Ending June 30, 2020 4 5 6 Account Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance 7 Number Name Debit Credit Debit Credit Debit Credit 8 1110 Cash 106 020 00 0.00 0.00 0.00 1120 Accounts Receivable 1,079.00 0.00 5.250,00 0.00 10 1130 Prepaid Insurance 5.976 00 0.00 0.00 1.000.00 11 1140 Prepaid Rent 8,000 00 0.00 000 2.000.00 12 1150 Office Supplies 505.00 000 0.00 202.00 13 1211 Office Equip 2,191.00 0.00 0.00 0.00 14 1212 Accum. Depr Office Equip 0.00 0.00 0.00 0.00 15 1311 Computer Equip 206,550.00 0.00 0.00 000 16 1312 Accum Depr.-Computer Equip 0.00 0.00 000 0.00 17 1411 Building Cost 119,000 00 0.00 0.00 0.00 18 1412 Accum Depr.-Building 0.00 0.00 000 0.00 19 1510 Land 19,000.00 0.00 0.00 0.00 20 2101 Accounts Payable 000 4,505.00 000 21 2102 Advanced Payments 0 00 0.00 0.00 000 2103 Interest Payable 0.00 0.00 0.00 0.00 23 2105 Salaries Payable 000 0.00 0.00 0.00 25 2201 Mortgage Payable 0 00 126, 10000 0.00 0.00 26 2202 Notes Payable 0.00 97,000.00 0.00 0.00 27 3100 Hudson Bloom Capital 0.00 235.306.00 0.00 0.00 General Journal Worksheet Income Statement Changes in Owner's Equity Balance Sheet 000 Type here to search RI e AutoSave N 9101 - e Search David Lemari F Home insert Draw Page Layout Formulas Data Review View Help X Arial - 10 - A 2. Wrap Test El Merge & Center - $ - % Insent Delete Format Conditional Format Formatting Table Styles Styles Cupboard Font Alignment Number Cells 142 F G H K B 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Hudson Bloom Capital 3300 Hudson Bloom Withdrawals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,600.00 D 4,505.00 0.00 000 0.00 126 100.00 97,000.00 235,305.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 000 0.00 0.00 0.00 0.00 0.00 20 21 22 23 25 25 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 11 635 00 0.00 0.00 0.00 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 000 0.00 2020.00 450 00 1.190.00 965.00 0.00 0.00 0.00 000 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,000.00 0.00 0.00 0.00 0.00 202.00 0.00 1.000.00 0.00 5 250.00 0.00 0.00 000 0.00 0.00 0.00 0.00 0.00 0.00 474,546 00 474,546 00 8,452.00 8.452 00 Total NET INCOME Balance 44 46 General Journal Worksheet Income Statement Changes in Owner's Equity Balance Sheet 11 o B Type here to search RE e
