[ PLEASE SOLVE 32, 35, 37, 38, 39 ]

June 1: Byte of Accounting, Inc. issued 2,630 shares of its common stock to Jeremy after $25,680 in cash and computer equipment with a fair market value of $37,440 were received

June 1: Byte of Accounting, Inc. issued 2,525 shares of its common stock after acquiring from Courtney $46,800 in cash, computer equipment with a fair market value of $12,960, and office equipment with a fair value of $840.

June 1: Byte of Accounting, Inc. acquired $57,600 in cash from and issued 2,400 shares of its common stock

June 2: A down payment of $35,000 in cash was made on additional computer equipment that was purchased for $175,000. A five-year note was executed by Byte for the balance

June 4: Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation

June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.

June 10 Byte paid $26,750 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 $5,640 in cash The effective date of the policy was June 16

June 16: Computer consultation revenue of $6,000 was received

June 16: Byte purchased a building and the land it is on for $ 149,000 , to house its repair facilities and to store computer equipment . The lot on which the building is located is valued at $24,000 The balance of the cost is to be allocated to the building Byte made a cash down payment of $14,900 and executed a mortgage for the balance . The mortgage is payable in eight equal annual installments beginning July 1

June 17: Cash of $3,600 was paid for rent for June and July. Put the total amount into the Prepaid Rent account

June 17: Received a bill of $250 from the local newspaper for advertising

June 21: Billed various miscellaneous local customers $4,300 for consulting services performed

June 21: A fax machine for the office was purchased for $850 cash

June 21: Accounts payable in the amount of $240 were paid

June 22: Paid the advertising bill that was received on June 17.

June 22:Received a bill for $1,290 from Computer Parts and Repair Co. for repairs to the computer equipment.

June 22: Paid salaries of $985 to equipment operators for the week ending June 18. 19.

June 23: Cash in the amount of $3,445 was received on billings

June 23: Purchased office supplies for $630 on credit. Record the purchase as an increase to the assets.

June 28: Billed $`6,225 to miscellaneous customers for services performed to June 25

June 29: Cash in the amount of $5,899 was received for billings

June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co

June 29: Paid salaries of $985 to equipment operators for the week ending June 25.

June 30: Received a bill for the amount of $865 from & G and Gas Co.

June 30: Paid a cash dividend of $0.24 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 is the amount associated with one month's rent.

28. A physical inventory showed that only $259.00 worth of office supplies remained on hand as of June 30

29. 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.

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 shows that there are unbilled revenues in the amount of $5,625 for the period of June 28-30

32. 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 $7,500. 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 shows that unpaid salaries in the amount of $591 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 $ 140,000. On June 10, eight days later, $26,750 was repaid Interest expense must be calculated on the $140,000 for eight days. In addition, interest expense on the $113,250 balance of the loan ($ 140,000 less $26.750=$113.250) 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.

\begin{tabular}{|c|c|c|c|c|c|c|} \hline & & & & & & \\ \hline 37 & Jun 30 & 3400 & Income Summary & & & \\ \hline 37 & Jun 30 & 5010 & Rent Expense & Need a Description & & 1,800.00 \\ \hline 37 & Jun 30 & 5020 & Salary Expense & Need a Description & 4 & 2,561,00 \\ \hline 37 & Jun 30 & 5030 & Advertising Expense & Need a Description & 4 & 250.00 \\ \hline 37 & Jun 30 & 5040 & Repairs \& Maint. Exp & Need a Description & & 1,290,00 \\ \hline 37 & Jun 30 & 5050 & Oil \& Gas Expense & Need a Description & & 865.00 \\ \hline 37 & Jun 30 & 5080 & Supplies Expense & Need a Description & & 371.00 \\ \hline 37 & Jun 30 & 5090 & Interest Expense & Need a Description & & 1,631,21 \\ \hline 37 & Jun 30 & 5100 & Insurance Expense & Need a Description & & 235.00 \\ \hline 37 & Jun 30 & 5110 & Depreciation Expense & Need a Description & & \\ \hline 37 & Jun 30 & 5120 & Income Tax Expense & Need a Description & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|} \hline 38 & Jun 30 & & & & \\ \hline & & & & & & \\ \hline & & & & & \\ \hline \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline 32 & Jun 30 & 5110 & Depreciation Expense [ & Depreciation For One Month & 4,084.53 & \\ \hline 32 & Jun 30 & 1412 & Accum. Depr.-Building [ & Depreciation For One Month & & 310.84 \\ \hline 32 & Jun 30 & 1312 & Accum. Depr.-Comput [ & Depreciation For One Month & & 3,756.67 \\ \hline 32 & Jun 30 & 1212 & Accum. Depr-Office E[ & Depreciation For One Month & & 17.02 \\ \hline 33 & lun 30 & & & & & \\ \hline3333 & 30Jun30 & 5020 & Salary Expense & Unpaid Salary & \begin{tabular}{r} 591.00 \\ \end{tabular} & \\ \hline 33 & Jun 30 & 2705 & Salaries Payable & Unpaid Salary & +1 & 591.00 \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline 34 & Jun 30 & 5090 & 0 Interest Expense & Interest On Notes Payable & 1,128.33 & \\ \hline 34 & Jun 30 & 2103 & 3 Interest Payable & Interest On Notes Payable & & 1,128,33 \\ \hline & & & & & 4 & \\ \hline & & & & & & \\ \hline 35 & Jun 30 & 5120 & 0 lincome Tax Fynonco & & & \\ \hline 35 & Jun 30 & 2106 & \multicolumn{2}{|c|}{ Income Taxes Payable Income Taxes Computed } & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline 36 & Jun 30 & 4100 & 0 Computer \& Consultin & n Closing Revenue & 22,150,00 & \\ \hline 36 & Jun 30 & 3400 & 0 Income Summary & Closing Revenue & & 22,150,00 \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular}