Prepare journal enteries and closing entries for the following

The Byte of Ming Corporation by a cumpleadarysing bussless that was 50 Sheet Legal Pad Byte of Accounting small and make business Business Operations: Aher an initial review of a new client's operations a proposal is developed by team to improve the charts perations by the purchase of off the shelf software or more often the modification of off the shelf software Significant Accounting Policies: The business has opted the following accounting policies Fed sets that countless than 800.00 ure speed The alwe method is used to enfor bad debts When cabulating depreciations purchased during and are treated as if purchased on the first day of the month Transaction Description of transaction 01. June I: Courtney, an investor, made an investment in llyte by purchasing 2.600 shares of its common stock paying $57.200.00 in cash. June 11 Jeremy, an invester, made an investment in Byte by purchasing 2.380 shares of its common stock paying S40,700.00 in cash, and contributing to Byte computer equipment with a fair market value of S10.560 and office equipment with a fair value of 1.10. 3. June 1: Rasul Rahman, an invester, made an investment in Byte by purchasing 2.640 shares of its common stock paying $21.50.00 in cash, and contributing to Byte computer equipment with a fair market value of 534,50 04. June 2: Check 6001 for 1,000 was issued as a down payment for rw computer equipment that cost $168.000 on invoice 774 from Dell. A five-yearste was executed by Byte for the balance 95. June 4: Check 6002 was issued to purchase a one-year Insurance policy covering its computer equipment. The cost of the insurance is $6,144.00 and paid to Seth's Insurance. The effective date of the policy was June 16 and the veke number was 1387. June : Additional office equipment costing 54,000 was purchased on credit from Pera's Discount Computer Corporation, invece number AB986. OT June 8: Defective office equipment costing S800 was returned to Perez's Discount Computer for credit to be applied against the outstanding balance owed by Byte June 14: Check 600 was issued for 525.250 as a partial payment on the balance wed to Del related to the purchase of computer equipment, invece 827364. 03. June 16: A check in the amount of $7.750 was received for services performed for Pitman Pictures 10. June 16: Byte purchased a building and the land it is on for $137,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $22.000.00 The balance of the cost is to be allocated to the building Check 5004 was used to make the down payment of S1.700.00. A thirty year mortgage with an inital payement dues Augustist, was established for the June 17: Billed various miscellaneous local customers SL400 for consulting services performed 50 Sheet Legal Pad Byte of Accounting June 17: Byte received invoice number 26154 in the amount of $30.00 from Pala Marketing Agency for advertising 12 June 21:Check 605 for 56.30.00 was prepaid for rent of the office space for June July August and September. Put the total amount into the Prepaid Real 14 15, June 21: Accounts payable in the amount of SMS were paid wid Check 6006 June 21: Check 7 was used to pay awakensber28384, the advertising that was presy received from Fida Digital Marketing Agency June 12: Checkoos was used to pay salaries of 2.62.00 tepelpment operators for the week ending June 18. Ignore payrolles June 22: Check 600 was used to purchase a scanning machine for the office from Sire's Office Machines Express for SS. The voice number was 975-328 16. 17. 10. June 22: Cash in the amount of $3.525 was received en billing June 23: Purchased office supplies for $680.00 from Office Max on account. The invece number was 65-49 20. June 23: Reched all for $111.00 from Computer Parts and Repair Ce for repairs to the computer equipment. The invoice number was 0254. 21. June 28: Billed various miscellaneous local customers $5,490 for consulting services performed. June 29: Recehed a bal for the amount of $1,015.00 from O&G Oll and Gas Co. The invoke number was 4:37. 23. June 29: Byte received 5.201.00 from customers billed when work was completed. 24. June 29: Check. 6010 was used to pay salaries of 2.630.00 te equipment operators for the week ending June 25. Ignore payroll taxes. June 30: Check. 6011 was wied to pay invece number 3254, the computer repair bil that was previously received from Computer Parts and Repair Co. 26 June 30: Paid a cash dhidend of 0.17 per share to the three shareholders of Byte, using Check 6012- 6014. [IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first three transactions. Adjusting Entries Round to the decimal places ROUND(number.um digits 27. June 30: The annual interest rate on the mortgage payable was 9.25 percent. Interest expense for one-half month shall be computed because the building and land were purchased and the liability incurred on June 16 28. June 30: A review of Byte's job worksheets show that there are unbilled revenues in the amount of 55.000 for the period of June 28-30 29. June 3: A physkal inventory showed that only $281.00 worth of office supplies remained on hand as of June 30 30. June 30: The rent payment made in transactie 13 was for June July August and September. Expense the amount associated with one month's rent Rasa Raman R$2062 El Vilage Productions 50 Sheet Legal Pad Byte of Accounting June 30: Information relating to the prepaid insurance may be obtained from transaction #5. Record joumal entry to reflect that one half month's insurance has expired. 31. 32. June 30: The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 50 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 $7,000. The office equipment has a scrap value of $400. The computer equipment has no scrap value. Calculate the depreciation for one month. 33 June 30: A review of the payroll records show that unpaid salaries in the amount of S1,578.00 are owed to the employees of Byte for three days, June 28 - 30. June 30: 1. Collins, the Internal Auditor, indicated that $1.600.00 of the revenue recorded in June will not be earned until August. 35. June 30: The note payable in transaction #4 and transaction 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 $132,000 On June 10, eight days later, 525,250 was repaid. Interest expense must be calculated on the 5132,000 for eight days. In addition, interest expense on the S106,750 balance of the loan (5132,000 less 525,250 - 5106,750) must be calculated for the 20 days remaining in the month of June. 36. June 20: 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 37. Close the revenue accounts. 38 Close the expense accounts. 39. Close the income summary account. Close the dividends account El Village Productions Legal Pad 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 Aceum. 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 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Expense 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 4100 5090 A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled celle Date Account Debit Credit Transaction Name Description 57,200.00 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock Courtney Courtney 57,200.00 02 02 02 02 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 1211 Office Equip 3100 Capital Stock Jeremy Jeremy Jeremy Jeremy 40.700.00 10,560.00 1,100.00 52,360.00 03 03 03 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stock Rasul Rahman Rasul Rahman Rasul Rahman 23,540.00 34,540.00 58,080.00 165,000.00 04 04 04 Jun 02 Jun 02 Jun 02 1311 Computer Equip 1110 Cash 2202 Notes Payable Check #6001 Check #6001 Check #6001 33,000.00 132,000.00 Jun 04 5100 Insurance Expense Seths Insurance Need An Account Number 6.144.00 6,144.00 06 06 Jun 08 Jun 08 4,000.00 1211 Office Equip 2101 Accounts Payable Perez's Discount Computer Coporation Perez's Discount Computer Coporation 4,000.00 9 07 07 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip 7 Perez's Discount Computer Coporation Perez's Discount Computer Coporation 800.00 800.00 D 08 08 Jun 14 Jun 14 2202 Notes Payable 1110 Cash 25,250.00 2 Dell Dell 25, 250.00 09 09 Jun 16 Jun 16 1110 Cash Pitman Pictures 4100 Computer & Consulting Pitman Pictures 7.750.00 7,750.00 5 6 7 8 9 0 51 2 10 10 10 10 Jun 17 Jun 17 Jun 17 Jun 17 1510 Land 1411 Building Cost 1110 Cash 2201 Mortgage Payable Check #6004 Check $6004 Check 86004 Check #16004 22,000.00 115,000.00 13,700.00 123,300.00 The Byte of Ming Corporation by a cumpleadarysing bussless that was 50 Sheet Legal Pad Byte of Accounting small and make business Business Operations: Aher an initial review of a new client's operations a proposal is developed by team to improve the charts perations by the purchase of off the shelf software or more often the modification of off the shelf software Significant Accounting Policies: The business has opted the following accounting policies Fed sets that countless than 800.00 ure speed The alwe method is used to enfor bad debts When cabulating depreciations purchased during and are treated as if purchased on the first day of the month Transaction Description of transaction 01. June I: Courtney, an investor, made an investment in llyte by purchasing 2.600 shares of its common stock paying $57.200.00 in cash. June 11 Jeremy, an invester, made an investment in Byte by purchasing 2.380 shares of its common stock paying S40,700.00 in cash, and contributing to Byte computer equipment with a fair market value of S10.560 and office equipment with a fair value of 1.10. 3. June 1: Rasul Rahman, an invester, made an investment in Byte by purchasing 2.640 shares of its common stock paying $21.50.00 in cash, and contributing to Byte computer equipment with a fair market value of 534,50 04. June 2: Check 6001 for 1,000 was issued as a down payment for rw computer equipment that cost $168.000 on invoice 774 from Dell. A five-yearste was executed by Byte for the balance 95. June 4: Check 6002 was issued to purchase a one-year Insurance policy covering its computer equipment. The cost of the insurance is $6,144.00 and paid to Seth's Insurance. The effective date of the policy was June 16 and the veke number was 1387. June : Additional office equipment costing 54,000 was purchased on credit from Pera's Discount Computer Corporation, invece number AB986. OT June 8: Defective office equipment costing S800 was returned to Perez's Discount Computer for credit to be applied against the outstanding balance owed by Byte June 14: Check 600 was issued for 525.250 as a partial payment on the balance wed to Del related to the purchase of computer equipment, invece 827364. 03. June 16: A check in the amount of $7.750 was received for services performed for Pitman Pictures 10. June 16: Byte purchased a building and the land it is on for $137,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $22.000.00 The balance of the cost is to be allocated to the building Check 5004 was used to make the down payment of S1.700.00. A thirty year mortgage with an inital payement dues Augustist, was established for the June 17: Billed various miscellaneous local customers SL400 for consulting services performed 50 Sheet Legal Pad Byte of Accounting June 17: Byte received invoice number 26154 in the amount of $30.00 from Pala Marketing Agency for advertising 12 June 21:Check 605 for 56.30.00 was prepaid for rent of the office space for June July August and September. Put the total amount into the Prepaid Real 14 15, June 21: Accounts payable in the amount of SMS were paid wid Check 6006 June 21: Check 7 was used to pay awakensber28384, the advertising that was presy received from Fida Digital Marketing Agency June 12: Checkoos was used to pay salaries of 2.62.00 tepelpment operators for the week ending June 18. Ignore payrolles June 22: Check 600 was used to purchase a scanning machine for the office from Sire's Office Machines Express for SS. The voice number was 975-328 16. 17. 10. June 22: Cash in the amount of $3.525 was received en billing June 23: Purchased office supplies for $680.00 from Office Max on account. The invece number was 65-49 20. June 23: Reched all for $111.00 from Computer Parts and Repair Ce for repairs to the computer equipment. The invoice number was 0254. 21. June 28: Billed various miscellaneous local customers $5,490 for consulting services performed. June 29: Recehed a bal for the amount of $1,015.00 from O&G Oll and Gas Co. The invoke number was 4:37. 23. June 29: Byte received 5.201.00 from customers billed when work was completed. 24. June 29: Check. 6010 was used to pay salaries of 2.630.00 te equipment operators for the week ending June 25. Ignore payroll taxes. June 30: Check. 6011 was wied to pay invece number 3254, the computer repair bil that was previously received from Computer Parts and Repair Co. 26 June 30: Paid a cash dhidend of 0.17 per share to the three shareholders of Byte, using Check 6012- 6014. [IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first three transactions. Adjusting Entries Round to the decimal places ROUND(number.um digits 27. June 30: The annual interest rate on the mortgage payable was 9.25 percent. Interest expense for one-half month shall be computed because the building and land were purchased and the liability incurred on June 16 28. June 30: A review of Byte's job worksheets show that there are unbilled revenues in the amount of 55.000 for the period of June 28-30 29. June 3: A physkal inventory showed that only $281.00 worth of office supplies remained on hand as of June 30 30. June 30: The rent payment made in transactie 13 was for June July August and September. Expense the amount associated with one month's rent Rasa Raman R$2062 El Vilage Productions 50 Sheet Legal Pad Byte of Accounting June 30: Information relating to the prepaid insurance may be obtained from transaction #5. Record joumal entry to reflect that one half month's insurance has expired. 31. 32. June 30: The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 50 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 $7,000. The office equipment has a scrap value of $400. The computer equipment has no scrap value. Calculate the depreciation for one month. 33 June 30: A review of the payroll records show that unpaid salaries in the amount of S1,578.00 are owed to the employees of Byte for three days, June 28 - 30. June 30: 1. Collins, the Internal Auditor, indicated that $1.600.00 of the revenue recorded in June will not be earned until August. 35. June 30: The note payable in transaction #4 and transaction 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 $132,000 On June 10, eight days later, 525,250 was repaid. Interest expense must be calculated on the 5132,000 for eight days. In addition, interest expense on the S106,750 balance of the loan (5132,000 less 525,250 - 5106,750) must be calculated for the 20 days remaining in the month of June. 36. June 20: 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 37. Close the revenue accounts. 38 Close the expense accounts. 39. Close the income summary account. Close the dividends account El Village Productions Legal Pad 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 Aceum. 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 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Expense 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 4100 5090 A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled celle Date Account Debit Credit Transaction Name Description 57,200.00 01 01 Jun 01 Jun 01 1110 Cash 3100 Capital Stock Courtney Courtney 57,200.00 02 02 02 02 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 1211 Office Equip 3100 Capital Stock Jeremy Jeremy Jeremy Jeremy 40.700.00 10,560.00 1,100.00 52,360.00 03 03 03 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stock Rasul Rahman Rasul Rahman Rasul Rahman 23,540.00 34,540.00 58,080.00 165,000.00 04 04 04 Jun 02 Jun 02 Jun 02 1311 Computer Equip 1110 Cash 2202 Notes Payable Check #6001 Check #6001 Check #6001 33,000.00 132,000.00 Jun 04 5100 Insurance Expense Seths Insurance Need An Account Number 6.144.00 6,144.00 06 06 Jun 08 Jun 08 4,000.00 1211 Office Equip 2101 Accounts Payable Perez's Discount Computer Coporation Perez's Discount Computer Coporation 4,000.00 9 07 07 Jun 08 Jun 08 2101 Accounts Payable 1211 Office Equip 7 Perez's Discount Computer Coporation Perez's Discount Computer Coporation 800.00 800.00 D 08 08 Jun 14 Jun 14 2202 Notes Payable 1110 Cash 25,250.00 2 Dell Dell 25, 250.00 09 09 Jun 16 Jun 16 1110 Cash Pitman Pictures 4100 Computer & Consulting Pitman Pictures 7.750.00 7,750.00 5 6 7 8 9 0 51 2 10 10 10 10 Jun 17 Jun 17 Jun 17 Jun 17 1510 Land 1411 Building Cost 1110 Cash 2201 Mortgage Payable Check #6004 Check $6004 Check 86004 Check #16004 22,000.00 115,000.00 13,700.00 123,300.00