Please journalize the adjusting entries and closing entries. Below is a list of the approved account options. Further below, is a list of the transactions that occurred. Below that is the regular journal entries that come before the adjusting and closing entries.

Accounts:

Transactions:

Journal Entries: (i had these answered previously but can't submit yet so idk if they're all correct)

Outline for Adjusting Entries and Closing Entries:

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 Cost 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 Capital Stock 3200 Retained Earnings 3300 Dividends 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 5120 Income Tax Expense Normal Balance Debit Debit Debit Debit Debit Debit Credit Debit Credit Debit Credit Debit Credit Credit Credit Credit Credit Credit Credit Credit Credit Debit Credit Credit Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit 01. June 1: Byte of Accounting, Inc. acquired $45,000 in cash from Lauryn and issued 1,800 shares of its common stock. after $26,250 June 1: Byte of Accounting, Inc. issued 2,570 shares of its common stock to in cash and computer equipment with a fair market value of $38,000 were received. 03. June 1: Byte of Accounting, Inc. issued 2,277 shares of its common stock after acquiring from Courtney $43,750 in cash, computer equipment with a fair market value of $12,000 and office equipment with a fair value of $1,175. June 2: A down payment of $34,000 in cash was made on additional computer equipment that was purchased for $170,000. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing $500 was purchased on credit from Discount Computer Corporation. June 8: Unsatisfactory office equipment costing $100 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Byte paid $26,000 on the balance it owed on the June 2 purchase of computer equipment. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $6,480 in cash. The effective date of the policy was June 16. June 16: A check in the amount of $7,000 was received for consulting revenue. 10. June 16: Byte purchased a building and the land it is on for $107,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $17,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 11. June 17: Cash of $10,000 was paid for rent for June, July, August and September. Put the total amount into the Prepaid Rent account. 12. June 17: Received a bill of $450 from the local newspaper for advertising. 13. June 21: Accounts payable in the amount of $400 were paid. 14. June 21: A fax machine for the office was purchased for $825 cash. June 21: Billed various miscellaneous local customers $4,100 for consulting services performed. 16. June 22: Paid salaries of $835 to equipment operators for the week ending June 18. June 22: Received a bill for $1,165 from Computer Parts and Repair Co. for repairs to the computer equipment June 22: Paid the advertising bill that was received on June 17. June 23: Purchased office supplies for $705 on credit. Record the purchase as an increase to the assets. 20. June 23: Cash in the amount of $3,285 was received on billings. June 28: Billed $5,910 to miscellaneous customers for services performed to June 25. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 23. June 29: Cash in the amount of $5,600 was received for billings. 24. June 29: Paid salaries of $835 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 $0.21 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. The rent payment made on June 17 was for June, July, August and September. Expense the amount associated with one month's rent. A physical inventory showed that only $292.00 worth of office supplies remained on hand as of June 30. The annual interest rate on the mortgage payable was 9.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 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. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,125 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 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 $500. 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 $501.00 are owed by Byte for three days, June 28 - 30. 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 $136,000. On June 10, eight days later, $26,000 was repaid. Interest expense must be calculated on the $136,000 for eight days. In addition, interest expense on the $110,000 balance of the loan ($136,000 less $26,000 = $110,000) 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. Trn. Account Titles and Explanation Debit Credit Cash $45,000 Capital stock $45,000 12 Cash $26,250 Computer equipment $38,000 Capital stock $64,250 Cash $43,750 Computer equipment $12,000 Office equipment $1,175 Capital stock $56,925 Computer equipment $170,000 Cash $34,000 Note payable $136,000 Office equipment $500 Accounts payable $500 6 Accounts payable $100 Office equipment $100 17 Note payable $26,000 Cash $26,000 Prepaid Insurance $6,480 Cash $6,480 Cash $7,000 Consulting revenue $7,000 Land ($107000 - $17000] $90,000 Building $17,000 Cash $10,700 Mortgage ($107000-$10700] $96,300 11 Prepaid rent $10,000 Cash $10,000 Advertising expense $450 Accounts payable $450 13 Accounts payable $400 Cash $400 14 $825 Fax machine Cash Cash $825 Accounts receivable $4,100 Consulting revenue $4,100 16 Salaries expense $825 Cash $825 Repair expense $1,165 Accounts payable $1,165 Accounts payable $450 Cash $450 19 Office supplies $705 Accounts payable $705 | 20 Cash $3,285 Accounts receivable $3,285 21 Accounts receivable $5,910 Consulting revenue $5,910 22 Accounts payable $1,165 Cash $1,165 | 23 23 Cash $5,600 Accounts receivable $5,600 24 Salaries expense $835 Cash $835 25 25 Utilities expense $915 Accounts payable $915 26 Dividends (1800 +2570+2277] shares * $0.21 $6,647 Cash $6,647 27 27 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies TUNUT 29 29 Jun 30 Jun 30 5090 Interest Expense 2103 Interest Payable 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance Jun 30 Jun 30 1 120 Accounts Receivable 4100|Computer & Consulting | 31] 32] 32 32] 32 Jun 30 Jun 301 Jun 30 Jun 30 5 110 Depreciation Expense 1212 Accum. Depr.-Office Egil 1312|Accum. Depr.-Computer|| 1412 |Accum. Depr.-Building 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable U 34 34 Jun 30 Jun 30 L 5090 Interest Expense 2103 Interest Payable 35] 35 Jun 30 Jun 30 L 5120 Income Tax Expense 2106 Income Taxes Payable 36 36 Jun 30 Jun 30 3200 Retained Earnings 3400 Income Summary at a 37 37 371 371 37 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun 30 37 3400 Income Summary 5010 Rent Expense Need a Description 5020 Salary Expense Need a Description 5030|Advertising Expense Need a Description 5040 Repairs & Maint. Expen Need a Description 5050 Oil & Gas Expense Need a Description 5080 Supplies Expense Need a Description 5090 Interest Expense Need a Description 5100 Insurance Expense Need a Description 5110 Depreciation Expense Need a Description 5120 Income Tax Expense Need a Description 37 37 371 37| Jun 301 37 Jun 30 Jun 30 Jun 30 3400 Income Summary 3200 Retained Earnings 38 Need a Description 39 39 Jun 30 Jun 30 3200 Retained Earnings 3300 Dividends Need a Description