please help with description and the debit and credits of the last few i left blank!
i think i have most of the done correctly but if you notice anything please help!
will give thumbs up!
thanks :)
3 Transaction 01. Description of transaction June 1: Byte of Accounting, Inc. issued 2,680 shares of its common stock to Jeremy after $29.970 in cash and computer equipment with a fair market value of $42,390 were received. 4 5 02 June 1: Byte of Accounting, Inc. issued 2,582 shares of its common stock after acquiring from Courtney $55,350 in cash, computer equipment with a fair market value of $13,500 and office equipment with a fair value of $864 6 7 03. June 1: Byte of Accounting, Inc. acquired $54,000 in cash from Baylee Saxon and issued 2.000 shares of its common stock 8 9 04 10 11 June 2: A down payment of $32,000 in cash was made on additional computer equipment that was purchased for $160,000. 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. 14 June 8: Unsatisfactory office equipment costing S80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 15 07 June 10: Byte paid $24,500 on the balance it owed on the June 2 purchase of computer equipment. 16 17 08 June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5,304 in cash. The effective date of the policy was June 16. 18 19 09. June 16: Computer consultation revenue of $7.250 was received. 10. June 16: Byte purchased a building and the land it is on for $143,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $23,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $14,300 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 11. June 17: Cash of $4.400 was paid for rent for June and July. Put the total amount into the Prepaid Rent account. 12. June 17: Received a bill of $250 from the local newspaper for advertising 13. June 21: Billed various miscellaneous local customers $4,000 for consulting services performed. 14. June 21: A fax machine for the office was purchased for $675 cash. 15. June 21: Accounts payable in the amount of $320 were paid 16. June 22: Paid the advertising bill that was received on June 17. 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 salaries of $860 to equipment operators for the week ending June 18. 19 June 23: Cash in the amount of $3,205 was received on billings. 19. June 23: Cash in the amount of $3,205 was received on billings. 20. June 23: Purchased office supplies for $605 on credit. Record the purchase as an increase to the assets 21. June 28: Billed $5,595 to miscellaneous customers for services performed to June 25. 22 . . June 29: Cash in the amount of $5,300 was received for billings. 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 24 , . June 29: Paid salaries of $860 to equipment operators for the week ending June 25. 25. June 30: Received a bill for the amount of $915 from O&G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.18 per share to the three shareholders 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 July. Expense the amount associated with one month's rent. 28. A physical inventory showed that only $247.00 worth of office supplies remained on hand as of June 30. A B 29. 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. 3 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. 5 31. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5.750 for the period of June 28-30 5 7 3 32 1 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 $400. The computer equipment has no scrap value. Calculate the depreciation for one month. 2 3 33 A review of the payroll records show that unpaid salaries in the amount of $516 are owed by Byte for three days, June 28 - 30. 4 5 34. 3 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 $128.000. On June 10, eight days later, S24,500 was repaid. Interest expense must be calculated on the $128.000 for eight days. In addition, interest expense on the S103,500 balance of the loan ($128.000 less $24,500 = $103,500) must be calculated for the 20 days remaining in the 7 month of June. A 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 $128,000. On June 10, eight days later, $24,500 was repaid. Interest expense must be calculated on the $128.000 for eight days. In addition, interest expense on the $103,500 balance of the loan ($128.000 less $24,500 = $103,500) must be calculated for the 20 days remaining in the month of June. 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.) Closing Entries 36. Close the revenue accounts. 37. Close the expense accounts. 38 Close the income summary account. 39. Close the dividends account. Transaction Account Debit Credit Name Description Date 01 01 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stook 29,970.00 42,390.00 Need a Description Need a Description 72.360.00 7 3 3 0 1 2 02 02 02 02 Jun 01 Jun 01 Jun 01 Jun 01 11101Cash 1311 Computer Equip 1211 Office Equip 1110 Cash Need a Description Need a Description Need a Description 55,350.00 13,500.00 864.00 69.714.00 14 15 54,000.00 03 03 Jun 01 Jun 01 1110 Cash 3100 Capital Stock Need a Description 54,000.00 160,000.00 04 04 04 Jun 021 Jun 02 Jun 02 1311 Computer Equip 1110 Cash 2202 Notes Payable Need a Description Need a Description 32,000.00 128.000.00 19 20 21 22 23 24 25 26 27 28 29 30 31 32 400.00 Jun 04 Jun 04 05 1211 Office Equip 4100 Computer & Consultin Need a Description 400.00 80.00 06 06 Jun 08 Jun 08 4100 Computer & Consulting Revenue 1211 Office Equip Needs Description 80.00 S15 Jun 10 Jun 10 2202 Notes Payable 1110 Cash 24 500.00 Need a Description 24,500.00 34 35 36 37 38 39 40 41 42 43 44 45 46 08 08 Jun 14 Jun 14 5100 Insurance Expense 1110 Cash 5,304.00 Need a Description 5,304.00 09 Jun 16 1110 Cash 7.250.00 Transaction 4 Debit Credit Date Account 09 09 Jun 16 Jun 16 Name Description 1110 Cash 4100 Computer & Consultin Need a Description 7.250.00 7,250.00 ON 8 143,000.00 10 10 10 Jun 16 Jun 16 Jun 16 1510 Land 1110 Cash 2201 Mortgage Payable Need a Description Need a Description 14,300.00 128,700.00 11 11 Jun 17 Jun 17 1140 Prepaid Rent 1110 Cash 4,400,00 Need a Description 4.400,00 12 12 Jun 17 Jun 17 5030 Advertising Expense 2101 Accounts Payable 250.00 Need a Description 250.00 13 18 19 50 51 52 53 54 55 56 57 58 59 60 61 62 83 84 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 Jun 21 Jun 21 1120 Accounts Receivable 4100 Computer & Consultin Need a Description 4,000.00 4,000.00 14 14 Jun 21 Jun 21 1211 Office Equip 1110 Cash 675.00 Need a Description 675.00 15 15 Jun 21 Jun 21 1110 Cash 2101 Accounts Payable 320.00 Need a Description 320.00 16 16 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash Need a Description 17 17 Jun 22 Jun 22 5040 Repairs & Maint. Expense 2101 Accounts Payable I Need a Descrition 1240.00 Ani Transactio Account Credit Debit Date Name 17 17 Jun 22 Jun 22 Description 5040 Repairs & Maint Expense 2101 Accounts Payable Need a Description 1.240.00 1.240.00 3 18 18 Jun 22 Jun 22 5020 Salary Expense 1110 Cash 860.00 Need a Description 860.00 19 19 Jun 28 Jun 23 2 3 4 5 6 17 88 39 00 31 02 03 LI 1110 Cash 1120 Accounts Receivable Need a Description 13.205.00 3.205.00 20 20 Jun 23 Jun 23 1150 Office Supplies 2101 Accounts Payable 605.00 Need a Description 605.00 04 21 21 51595.00 Jun 28 Jun 281 1120 Accounts Receivable 4100 Computer & Consultin Need a Description 5.595.00 05 106 107 108 109 110 111 22 221 Jun 29 Jun 29 5,300.00 112 1110 Cash 1120 Accounts Receivable Need a Description 5.300.00 23 23 Jun 23 Jun 29 2101 Accounts Payable 1110 Cash Need a Description 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 860.00 24 24 Jun 29 Jun 29 5020 Salary Expense 1110 Cash Need a Description 850.00 915.00 25 25 Jun 30 Jun 30 5050 018 Gas Expense 2101 Accounts Payable Need a Description 915.00 Tranaction Account Dobit Date Description Credit 25 25 915.00 Name 5050 01 & Gas Expense 2101 Accounts Payable Jun 30 Jun 30 Need a Description 915.00 1307.16 26 26 Jun 30 Jun 30 3300 Dividends 1110 Cash Need a Description 1,307.16 27 27 Jun 17 Jun 17 5010 Rent Expense 1140 Prepaid Rent Need a Description 247.00 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies Need a Description 247.00 4 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 766 167 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Need a Description 188 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance Need a Description ( 5,750.00 31 31 Jun 301 Jun 30 1120) Accounts Receivable 4100 Computer & Consultin Need a Description 5.750.00 8,500.00 32 32 32 32 Jun 30 Jun 30 Jun 30 Jun 30 332 Not in Balance by 18.100.00 5110 Depreciation Expense 1412Accum. Depr-Buildin Need a Description 1312 Accum Dept.-Compu Need a Description 1212 Accum Dept.-Office Need a Description 400.00 516.00 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable Need a Description 516.00 De bit Transaction Dato Account Name Description Credit 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable 516.00 Need a Description 516,00 34 34 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable Need a Description 35 35 Jun 30 Jun 30 5120 Income Tax Expense 2106 Income Taxes PayablNeed a Description 36 36 Jun 30 Jun 30 1120 Accounts Receivable 1120 Accounts Receivable Need a Description 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 1120 Accounts Receivable 5100 Insurance Expense Needa Description 5110 Depreciation Expense Need a Description 5010 Rent Expense Need a Description 5080 Supplies Expense Need a Description 5090 Interest Expense Need a Description 5020 Salary Expense Need a Description 5030 Advertising Expense Need a Description 5040 Repairs & Maint Expe Need a Description 5120 Income Tax Expense. Need a Description 37 37 37 38 38 Jun 30 Jun 30 1120 Accounts Receivable 3200 Retained Earnings Need a Description 39 39 Jun 30 Jun 301 3200 Retained Earnings 3300) Dividends Need a Description