Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PLEASE HELP!! solve 35-39 & fill in the worksheet with correct info given transactions! Please post general journal transactions 35-39 & correctly fill in the

PLEASE HELP!!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
solve 35-39 & fill in the worksheet with correct info given transactions!
Please post general journal transactions 35-39 & correctly fill in the worksheet given the transactions image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
31. The fined anseti have eatimated werful Gren an follows: Builles -31.5 yan Compoitr Bquipretati - 5.0 wan oifice Equipunent * 7.0 year The offite equipeent has a kerep value of 5300 . The curngeler epepone has mo scay value Culcalate the Spreciatios for ene motrh for thet days, hine 2830. 14. The note pryable thlatiry to the Jine 2; and 10 tratoctiots is a fineyear nue, with iaterez at be rate Fune.). Celculated oa the 5108,000 for cight dien. In aSlition, inareat eageme on the \$w7,240 hatatere of the hane] 35. Income tavet are to be couructed at the nite of 25 petemt of net inconne before tumes. [CMPORTANT NOTE: Siter the income-tanes ate a perevet of the eet incume you will wart to prepare the lacume Statcments through the Ner incoese Beflue Tax fine. The wnelakeat coetaina all of the astounts and their balasces which you can then trenfer lo the appopriate finsiaial statentere) A. Byte of Accounting, lhe General Journal A Byte of Accounting. Ine. Genoral Journal A Byte of Accounting, lnc. General Joumal A Byle of Accounting, the Gonerat Journal. A Byte of Accounting, Inc. General Joumal AAs954 Insert Draw PageLayout Formulas Data Revlew View 9 Tell me 1 A 1 Income taxes are to be computed at the rate of 25 percent of net income before taxes. A B C Byte of Accounting, Inc. Alexis Allen 7195 Description of transaction 01. June 1. Byte of Accounting, Inc: acquired $54,000 in cesh from 1.auryn and issued 2,000 shares of its common stock. 02. June 1: Byte of Accounting, Inc. issued 2,560 shares of its common stock to Alexis Allen after $28,620 in cash and computer equipment with a fair market value of $40,500 were received. 03. June 1: Byte of Accounting, Inc, issued 2,688 shares of its common stock after acquairing from Courtacy $55,350 in cash, computer equipment with a fair market value of $16,200 and office equipment with a fair value of $1,026. 04. June 2: A down payment of $27,000 in eash was made on additional computer equipment that was purchased for $135,000. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation. 06. June 8: Unsatisfactory office equipment costing $80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Byte paid $20,750 on the balance it owed on the June 2 purchase of computer equipment: 08. June 14: A onc-year insurance policy covering its computer equipment was purchased by Byte for 55,808 in each. The effective date of the policy was Jane 16 . 09. June 16: A check in the amount of 57,250 was received for consulting revenoe. 10. Jaine 16: Byte purchased a building and the land it is on for 5113,000 , to bouse its repair facilities and chait of Alocolith : Transactions h? Accessibility: Unavailable: fx. Income taxes are to be computed at the rate of 25 percent of net income before taxes. A B C 10. June 16: Byte purchased a building and the land it is on for $113,000, to bouse its repair facilities and to store compater equipment. The lot on which the buildiag is located is valued at 518,000 . The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,300 and executed a mortgage for the balance. The mortgage is paydble in eigh equal annual installments beginning July 1. 11. June 17: Cash of $5,000 was paid for rent for June and Jaly. Put the total armount into the Prepaid Rent account. 12. June 17: Received a bill of $325 from the local newspaper for advertising 13. June 21: Accounts payable in the amount of $320 were paid. 14. June 21: A fax machine for the office was purchased for 5750 cash. 15. June 21: Billed various miscellaneous local customers $4,800 for consulting services performed. 16. June 22: Paid salaries of $985 to equipment operators for the week ending June 18 . 17. June 22: Received a bill for $1,240 from Computer Parts and Repair Co. for repairs to the computer equipment, 18. June 22: Paid the advertising bill that was received on June 17 . 19. June 23: Purchased office supplies for $605 on credit. Record the purchase as an increase to the assets. 20. Jane 23: Cash in the amount of $3,845 was received on billings. 21. June 28: Billed 55,385 to misellancous customers for services performed to June 25. 22. Jane 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. fx. Income taxes are to be computed at the rate of 25 percent of net income before taxes. A23.June29:Cashintheamountof35,101wasroceivedforbillipge. 24. June 29: Paid salaries of $985 to equipenent operatots fot the week ending Jund 25. 25. June 30: Received a bill for the amount of 5940 from O&G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.16 per share to the three sharcholders of Byte. [IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first three transactions.] Adjusting Entries - Round to two decimal places. 27. The rent payment made on June 17 was for June and Joly. Expense the amount associated with oae month's rent 28. A physical inventory showed that only $247,00 worth of office supplies remained on hand as of Jine 30, 29. The annual interest rate on the mortgage payable was 8.00 percent. Interest expense for one-half moath should be computed because the building and land were purchased and the liability incurred on 30. 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. 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of 55,500 for the period of June 2830. 32. The fixod assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment -5.0 yeirs Office Equipment -7.0 years Use the straight-line method of depreciation. Management has decided that assets parchased during a month we treated as if purchased on the first day of the month. The building's scrap value is 58,500 . mint of Accounth A Transactions. Accessibirity: Unavalable Building - 31.5 years Computer Equiputent - 5,0 years Orfice Equipment - 7.0 years Use the straight-line method of depreciation. Management bas decided that ascets purchased during a month are treated as if purchased on the first day of the month. The building's serap value is 58,500 . The office equipment has a scrap value of $300. The computer equipment has no scrap value. Calculate the depreciation for one month. 33. A review of the payroll records show that umpaid salaries in the amount of $591.00 are owed by Byte for three days, June 2830. 34. The note payable relating to the June 2 , and 10 transactions is a five-year note, with interest at the rafc 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 $108,000. On June 10, eight days later, $20,750 was repaid. Interest expense must be calculated on the $108,000 for eight days. In addition, interest expense on the $87,250 balatice of the loan ( $108,000 less $20,750=$87,250 ) must be calculated for the 20 drys remaining in the month of June] Income taxes are to be computed at the rate of 25 percent of net income before taxes. 35. [IMPORTANT NOTE: Since the income taxes are a pereent of the net income you will want to] prepare the Income Statements through the Net Income Before Tax line. The workheet contains all of the accounts and their bslances which you can then transfer to the appropriate financial statement.] 33. A revicw of the payroll records show that unpaid solaries in the amount of $591.00 are owod by Bye for three dayys, June 2830. 34. The note payable relating to the June 2 , and 10 transsctions is a five-year note, with interest at the rate of 12 perceat anBually. Interest expense should be compated based on a 360 day year. [IMPORTANT NOTE. The original note on the computer equipment purchased on Jene 2 was $108,000. On June 10, eight days later, $20,750 was repaid. Interest expense must be calculated on the $108,000 for cight days. In addition, interest expense on the $87,250 balance of the loan ($108,000 less $20,750=$87,250) must be calcalated for the 20 days remaining in the month of lune.] \begin{tabular}{l} Income taxes are to be computed at the rate of 25 pereent of net income before taxes. \\ \hline [IMPORTANT NOTE; Since the incorme 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 \end{tabular} 35. the accounts and their balances which you can then transfer to the appropriate financial statement]] A Byte of Accounting, Inc. General Journal Hote: You cam enly wntar data inhe the yalinw frubd cels. For Poriod Ending June 30,2023 31. The fined anseti have eatimated werful Gren an follows: Builles -31.5 yan Compoitr Bquipretati - 5.0 wan oifice Equipunent * 7.0 year The offite equipeent has a kerep value of 5300 . The curngeler epepone has mo scay value Culcalate the Spreciatios for ene motrh for thet days, hine 2830. 14. The note pryable thlatiry to the Jine 2; and 10 tratoctiots is a fineyear nue, with iaterez at be rate Fune.). Celculated oa the 5108,000 for cight dien. In aSlition, inareat eageme on the \$w7,240 hatatere of the hane] 35. Income tavet are to be couructed at the nite of 25 petemt of net inconne before tumes. [CMPORTANT NOTE: Siter the income-tanes ate a perevet of the eet incume you will wart to prepare the lacume Statcments through the Ner incoese Beflue Tax fine. The wnelakeat coetaina all of the astounts and their balasces which you can then trenfer lo the appopriate finsiaial statentere) A. Byte of Accounting, lhe General Journal A Byte of Accounting. Ine. Genoral Journal A Byte of Accounting, lnc. General Joumal A Byle of Accounting, the Gonerat Journal. A Byte of Accounting, Inc. General Joumal AAs954 Insert Draw PageLayout Formulas Data Revlew View 9 Tell me 1 A 1 Income taxes are to be computed at the rate of 25 percent of net income before taxes. A B C Byte of Accounting, Inc. Alexis Allen 7195 Description of transaction 01. June 1. Byte of Accounting, Inc: acquired $54,000 in cesh from 1.auryn and issued 2,000 shares of its common stock. 02. June 1: Byte of Accounting, Inc. issued 2,560 shares of its common stock to Alexis Allen after $28,620 in cash and computer equipment with a fair market value of $40,500 were received. 03. June 1: Byte of Accounting, Inc, issued 2,688 shares of its common stock after acquairing from Courtacy $55,350 in cash, computer equipment with a fair market value of $16,200 and office equipment with a fair value of $1,026. 04. June 2: A down payment of $27,000 in eash was made on additional computer equipment that was purchased for $135,000. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation. 06. June 8: Unsatisfactory office equipment costing $80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Byte paid $20,750 on the balance it owed on the June 2 purchase of computer equipment: 08. June 14: A onc-year insurance policy covering its computer equipment was purchased by Byte for 55,808 in each. The effective date of the policy was Jane 16 . 09. June 16: A check in the amount of 57,250 was received for consulting revenoe. 10. Jaine 16: Byte purchased a building and the land it is on for 5113,000 , to bouse its repair facilities and chait of Alocolith : Transactions h? Accessibility: Unavailable: fx. Income taxes are to be computed at the rate of 25 percent of net income before taxes. A B C 10. June 16: Byte purchased a building and the land it is on for $113,000, to bouse its repair facilities and to store compater equipment. The lot on which the buildiag is located is valued at 518,000 . The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,300 and executed a mortgage for the balance. The mortgage is paydble in eigh equal annual installments beginning July 1. 11. June 17: Cash of $5,000 was paid for rent for June and Jaly. Put the total armount into the Prepaid Rent account. 12. June 17: Received a bill of $325 from the local newspaper for advertising 13. June 21: Accounts payable in the amount of $320 were paid. 14. June 21: A fax machine for the office was purchased for 5750 cash. 15. June 21: Billed various miscellaneous local customers $4,800 for consulting services performed. 16. June 22: Paid salaries of $985 to equipment operators for the week ending June 18 . 17. June 22: Received a bill for $1,240 from Computer Parts and Repair Co. for repairs to the computer equipment, 18. June 22: Paid the advertising bill that was received on June 17 . 19. June 23: Purchased office supplies for $605 on credit. Record the purchase as an increase to the assets. 20. Jane 23: Cash in the amount of $3,845 was received on billings. 21. June 28: Billed 55,385 to misellancous customers for services performed to June 25. 22. Jane 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. fx. Income taxes are to be computed at the rate of 25 percent of net income before taxes. A23.June29:Cashintheamountof35,101wasroceivedforbillipge. 24. June 29: Paid salaries of $985 to equipenent operatots fot the week ending Jund 25. 25. June 30: Received a bill for the amount of 5940 from O&G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.16 per share to the three sharcholders of Byte. [IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first three transactions.] Adjusting Entries - Round to two decimal places. 27. The rent payment made on June 17 was for June and Joly. Expense the amount associated with oae month's rent 28. A physical inventory showed that only $247,00 worth of office supplies remained on hand as of Jine 30, 29. The annual interest rate on the mortgage payable was 8.00 percent. Interest expense for one-half moath should be computed because the building and land were purchased and the liability incurred on 30. 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. 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of 55,500 for the period of June 2830. 32. The fixod assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment -5.0 yeirs Office Equipment -7.0 years Use the straight-line method of depreciation. Management has decided that assets parchased during a month we treated as if purchased on the first day of the month. The building's scrap value is 58,500 . mint of Accounth A Transactions. Accessibirity: Unavalable Building - 31.5 years Computer Equiputent - 5,0 years Orfice Equipment - 7.0 years Use the straight-line method of depreciation. Management bas decided that ascets purchased during a month are treated as if purchased on the first day of the month. The building's serap value is 58,500 . The office equipment has a scrap value of $300. The computer equipment has no scrap value. Calculate the depreciation for one month. 33. A review of the payroll records show that umpaid salaries in the amount of $591.00 are owed by Byte for three days, June 2830. 34. The note payable relating to the June 2 , and 10 transactions is a five-year note, with interest at the rafc 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 $108,000. On June 10, eight days later, $20,750 was repaid. Interest expense must be calculated on the $108,000 for eight days. In addition, interest expense on the $87,250 balatice of the loan ( $108,000 less $20,750=$87,250 ) must be calculated for the 20 drys remaining in the month of June] Income taxes are to be computed at the rate of 25 percent of net income before taxes. 35. [IMPORTANT NOTE: Since the income taxes are a pereent of the net income you will want to] prepare the Income Statements through the Net Income Before Tax line. The workheet contains all of the accounts and their bslances which you can then transfer to the appropriate financial statement.] 33. A revicw of the payroll records show that unpaid solaries in the amount of $591.00 are owod by Bye for three dayys, June 2830. 34. The note payable relating to the June 2 , and 10 transsctions is a five-year note, with interest at the rate of 12 perceat anBually. Interest expense should be compated based on a 360 day year. [IMPORTANT NOTE. The original note on the computer equipment purchased on Jene 2 was $108,000. On June 10, eight days later, $20,750 was repaid. Interest expense must be calculated on the $108,000 for cight days. In addition, interest expense on the $87,250 balance of the loan ($108,000 less $20,750=$87,250) must be calcalated for the 20 days remaining in the month of lune.] \begin{tabular}{l} Income taxes are to be computed at the rate of 25 pereent of net income before taxes. \\ \hline [IMPORTANT NOTE; Since the incorme 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 \end{tabular} 35. the accounts and their balances which you can then transfer to the appropriate financial statement]] A Byte of Accounting, Inc. General Journal Hote: You cam enly wntar data inhe the yalinw frubd cels. For Poriod Ending June 30,2023

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Financial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

12th edition

1305041399, 1285078586, 978-1-133-9524, 9781133952428, 978-1305041394, 9781285078588, 1-133-95241-0, 978-1133952411

More Books

Students also viewed these Accounting questions

Question

=+function g such that A[ x (0, 1): f(x) + g(x)]

Answered: 1 week ago