previous records to solve the problems A physical inventory showed that only $414 00 worth of general office supplies remained on hand 31 of June 30 This did not include any of the Super RoutePro There were 5 units of Super RoutePro on hand We use FIFO to determine the valuation of the supplies The annual interest rate on the mortgage payable was 8 75 percent Interest expense for one half 32 month should be computed because the building and land were purchased and the liability incurrec on June 16 33 Record a journal entry to reflect that one half month's insurance has expired 34 A review of Byte's job worksheets show that there are unbilled revenues in the amount of $15,125 00 for the period of June 28 30 The Building and the Office Equipment have the following estimated useful lives Building 31 5 years 35 Office Equipment 7 0 years Management has decided that assets purchased during a month are treated as if purchased on the first day of the month The building's salvage value is $7,000 00 The office equipment has a salvage value of $400 00 Calculate the depreciation for one month using the straight line method of depreciation begin tabular c c c c c c c c hline multirow 2 multicolumn 8 c Advertising Payable hline hline multirow 2 multicolumn 8 c begin tabular c 98 99 100 end tabular hline hline Office Supplies Purchase 20 Jun23 1150 Office Supplies Office Supplies Purchase 975 00 hline begin tabular l 102 103 end tabular 20 Jun23 2101 Accounts Payable Office Supplies Purchase 975 00 hline multicolumn 8 c 2101 Aocounts Payaole hline multirow 2 multicolumn 8 c begin tabular l 105 104 105 end tabular hline hline Collection of Receivable 21 Jun23 1110 Cash Collection of Receivable 3,925 00 hline 107 21 Jun23 1120 Accounts Recelvable Collection of Recelvable 3,925 00 hline multicolumn 8 c 1120 Accounts Recelvalote hline multirow 2 multicolumn 8 c begin tabular l 108 109 end tabular hline hline 111 22 Jun28 1120 Accounts Receivable Consulting Services performed 5 280 00 hline 112 22 sun28 4100 Computer Consulting Consulting Services performed 5,280 00 hline hline multirow 2 multicolumn 8 c begin tabular l 113 114 115 end tabular hline hline$16 23 Jun 29 2101 Accounts Payable Paid Repairs to the Comp Equip 1,290 00 hline 117 23 Jun29 1110 Cash Paid Repairs to the Comp Equip 1,290 00 hline multicolumn 8 c Faid Repairs to une comprequip hline multirow 2 multicolumn 8 c begin tabular l 119 120 end tabular hline hline multicolumn 2 c Cash Received for Billings Jun29 1110 Cash Cash Received for Billings 5 001 00 hline 122 24 Jun 29 1120 Accounts Receivable Cash Received for Billings 5 001 00 hline hline multirow 2 multicolumn 8 c begin tabular l 124 125 end tabular hline hline 126 25 Jun 29 5020 Salary Expense Paid Salaries 1 035 00 hline 127 25 Jun29 1110 Cash Paid Salaries 1 035 00 hline multicolumn 8 l begin tabular l 127 128 end tabular hline 129 hline multicolumn 8 c OH and Gas Company hline 131 26 Jun30 5050 Oil 8 Gas Expense Oil and Gas Company 840 00 hline 132 26 Jun 30 2101 Accounts Payable Oil and Gas Company 840 00 hline 133 hline 134 hline 135 hline 136 27 Jun30 3300 Dividends Lauryn's dividends 84750 hline 137 27 Jun30 1110 Cash Lauryn's dividends 847 50 hline 138 hline 139 hline 140 hline 141 28 Jun 30 3300 Dividends Naoml Pisfil Capunay's dividends 379 50 hline 142 28 Jun30 1110 Cash Naomi Pisfil Capunay's dividends 379 50 hline 143 hline 144 hline 145 hline 146 29 Jun 30 3300 Dividends Courthey's dividends 97 05 hline 147 29 Jun30 1110 Cash Courtney's dividends 97 05 hline 148 hline 149 hline end tabular The Computer Equipment has an estimated useful life of 5 00 years Management has decided that assets purchased during a month are treated as if purchased on the 36 first day of the month The computer equipment's scrap value is $20,000 00 Calculate the depreciation for one month using the double declining method of depreciation 37 A review of the payroll records show that unpaid salaries in the amount of $621 00 are owed by Byte for three days, June 2830 Ignore payroll taxes The note payable to Royce Computers (transactions 04 and 08 ) 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 $108,000 00 On June 10 , eight days later, $20,750 00 was repaid Interest expense must be 38 calculated on the $108,000 00 for eight days In addition, interest expense on the $87,250 00 balanc of the loan ($108,000 00 less $20,750 00 $87,250 00) must be calculated for the 20 days remaining in the month of June begin tabular c c c l l l l hline 12 Jun 17 1140 Prepaid Rent Prepaid Rent 6,400 00 hline 12 Jun 17 1110 Cash Prepaid Rent hline hline hline end tabular begin tabular c r r l l r r hline 13 Jun 17 5030 Advertising Expense Advertising 30000 hline 13 Jun 17 2101 Accounts Payable Advertising 300 00 hline hline hline end tabular begin tabular l r r l l r r hline 14 Jun 21 2101 Accounts Payable Payment with check $5007 480 00 hline 14 Jun 21 1110 Cash Payment with check $5007 480 00 hline hline end tabular begin tabular c r r l l r r hline 15 Jun 21 1211 Office Equip Fax Machine 675 00 hline 15 Jun 21 1110 Cash Fax Machine hline hline hline end tabular begin tabular r r r l l r r hline 16 Jun 21 1120 Accounts Receivable Consulting Services performed 4,900 00 hline 16 Jun 21 4100 Computer Consulting F F Consulting Services performed 4,900,00 hline hline end tabular begin tabular c c c l l r r hline 17 Jun 22 5020 Salary Expense Salaries Expenses Paid 1,035 00 hline 17 Jun 22 1110 Cash Salaries Expenses Paid 1,035 00 hline hline end tabular begin tabular l l l l l l r r hline 18 Jun 22 5040 Repairs Maint Expens Repairs to the Comp Equipment 1,290 00 hline 18 Jun 22 2101 Accounts Payable Repairs to the Comp Equipment 1,290 00 hline hline hline end tabular begin tabular r r r l l r r hline 19 Jun 22 2101 Accounts Payable Advertising Payable 300 00 hline 19 Jun 22 1110 Cash Adverfising Payable hline hline hline end tabular begin tabular c c c c l r r hline 20 Jun 23 1150 Office Supplies Office Supplies Purchase 975 00 hline 20 Jun 23 2101 Accounts Payable Office Supplies Purchase hline hline end tabular begin tabular l c c l l r r hline 21 Jun23 1110 Cash Collection of Receivable 3 925 00 hline 21 Jun 23 1120 Accounts Receivable Collection of Receivable 3,925 00 hline hline end tabular begin tabular l r r l l r r hline 22 Jun28 1120 Accounts Receivable Consulting Services performed 5 280 00 hline 22 Jun28 4100 Cornputer Consulting F Consulting Services performed hline hline end tabular begin tabular r r l l r r r hline 01 Jun 01 1110 Cash Laury's transaction 169 556 50 hline 01 Jun 01 3100 Capital Stock Laury's transaction 56 50 hline 01 Jun 01 3110 Paid in Captal in Excess Lauryn's transaction 169,500 00 hline end tabular begin tabular c c c c c c c hline 02 Jun 01 1110 Cash Naomi Pisli Capunar's transaction 31,210 40 hline 02 Jun 01 1311 Computer Equip Naomi Pisfil Capunarys transaction 44,714 90 hline 02 Jun 01 3100 Capital Stock Naomi Pisfil Capunay s transaction 2530 hline 02 Jun 01 3110 multicolumn 3 c Paid An Capital in Excess Naomi Pisfil Capunar s transaction 75,900 00 hline 03 Jun 01 1311 Computer Equip Courtney's transaction 18 006 00 hline 03 Jun 01 1211 Office Equip Courtney's transaction 1,410 47 hline 03 Jun 01 3100 Capital Stock Courtney s transaction 6 47 hline 03 Jun 01 3110 multicolumn 3 c Paid in Capital in Excess Courtney's transaction 19 410 00 hline Jun 02 1311 Computer Equip hline 04 Jun 02 1110 begin tabular l Computer Equip Cash end tabular multicolumn 2 c Down Payment for Additional Compul 135,000 00 27 000 00 hline multirow t 2 04 Jun 02 2202 begin tabular l Cash 2 Notes Payable end tabular multicolumn 2 c begin tabular l Down Payment for Addotional Computer Equipmen Down Payment for Additional Computer Equipmen end tabular 108,00000122,000,00 hline hline 05 Additional Olfise Equipment 600 00 hline multirow t 3 05 begin tabular l Jun 04 Jun 04 end tabular begin tabular l 1211 2101 end tabular begin tabular l 1 Office Equip 1 Accounts Payable end tabular begin tabular l Additional Office Equipment Addtional Olfice Equipment end tabular hline 600 00 hline hline 06 hline multirow t 3 06 begin tabular l Jun 08 Jun08 end tabular 12112101 1 Accounts Payable 12000 hline 1211 1 Office Equip Unsatisfaction Office Equipment 120 00 hline hline 07 Jun OB hline multirow t 3 07 Jun 08 begin tabular l 1150 2101 end tabular Office Supplies Purchase of Supples 1,950 00 hline 2101 1 Accounts Payable Purchase of Supples 1,950 00 hline hline multirow 2 08 hline JuJun10 11102202 2 Notes Payable begin tabular l Reducing Principal Owed Reducing Principal Owed end tabular 20 75000 hline 1110 10 Cash Reducing Principal Owed 20 750 00 hline hline 09 hline multirow 3 09 begin tabular l Jun 14 Jun 14 end tabular 1130 30 Prepaid insurance One year insurance 5,30400 hline Jun 14 1110 10 Cash One year insurance 5 304 00 hline hline 10 hline multirow 3 10 Jun16Jun16 1110 10 Cash Revenue for semices performed 8 760 00 hline Jun 16 4100 00 Computer 8 Consulting 2 Revenve for sarvices performed 8,76000 hline hline multirow 2 11 hline Jun16Jun16 1510 10 Land begin tabular l Land and Bulding purchase Land and Bulding purchase end tabular 22 000 00 hline multirow 2 begin tabular r 11 11 11 end tabular begin tabular l Jun16 Jun16 end tabular 11101411 begin tabular l 11 Building 10 Cash end tabular begin tabular l Land and Bulding purchase Land and Bulding purchase end tabular 115 00000 hline Jun16 22011110 begin tabular l 10 Cash 01 Mortgage Paypble end tabular begin tabular l Land and Bulling purchase Land and Bulding purchase end tabular 1233000013,700,00 hline 123,300,00 hline end tabular A physical inventory showed that only $414 00 worth of general office supplies remained on hand 31 of June 30 This did not include any of the Super RoutePro There were 5 units of Super RoutePro on hand We use FIFO to determine the valuation of the supplies The annual interest rate on the mortgage payable was 8 75 percent Interest expense for one half 32 month should be computed because the building and land were purchased and the liability incurrec on June 16 33 Record a journal entry to reflect that one half month's insurance has expired 34 A review of Byte's job worksheets show that there are unbilled revenues in the amount of $15,125 00 for the period of June 28 30 The Building and the Office Equipment have the following estimated useful lives Building 31 5 years 35 Office Equipment 7 0 years Management has decided that assets purchased during a month are treated as if purchased on the first day of the month The building's salvage value is $7,000 00 The office equipment has a salvage value of $400 00 Calculate the depreciation for one month using the straight line method of depreciation begin tabular c c c c c c c c hline multirow 2 multicolumn 8 c Advertising Payable hline hline multirow 2 multicolumn 8 c begin tabular c 98 99 100 end tabular hline hline Office Supplies Purchase 20 Jun23 1150 Office Supplies Office Supplies Purchase 975 00 hline begin tabular l 102 103 end tabular 20 Jun23 2101 Accounts Payable Office Supplies Purchase 975 00 hline multicolumn 8 c 2101 Aocounts Payaole hline multirow 2 multicolumn 8 c begin tabular l 105 104 105 end tabular hline hline Collection of Receivable 21 Jun23 1110 Cash Collection of Receivable 3,925 00 hline 107 21 Jun23 1120 Accounts Recelvable Collection of Recelvable 3,925 00 hline multicolumn 8 c 1120 Accounts Recelvalote hline multirow 2 multicolumn 8 c begin tabular l 108 109 end tabular hline hline 111 22 Jun28 1120 Accounts Receivable Consulting Services performed 5 280 00 hline 112 22 sun28 4100 Computer Consulting Consulting Services performed 5,280 00 hline hline multirow 2 multicolumn 8 c begin tabular l 113 114 115 end tabular hline hline$16 23 Jun 29 2101 Accounts Payable Paid Repairs to the Comp Equip 1,290 00 hline 117 23 Jun29 1110 Cash Paid Repairs to the Comp Equip 1,290 00 hline multicolumn 8 c Faid Repairs to une comprequip hline multirow 2 multicolumn 8 c begin tabular l 119 120 end tabular hline hline multicolumn 2 c Cash Received for Billings Jun29 1110 Cash Cash Received for Billings 5 001 00 hline 122 24 Jun 29 1120 Accounts Receivable Cash Received for Billings 5 001 00 hline hline multirow 2 multicolumn 8 c begin tabular l 124 125 end tabular hline hline 126 25 Jun 29 5020 Salary Expense Paid Salaries 1 035 00 hline 127 25 Jun29 1110 Cash Paid Salaries 1 035 00 hline multicolumn 8 l begin tabular l 127 128 end tabular hline 129 hline multicolumn 8 c OH and Gas Company hline 131 26 Jun30 5050 Oil 8 Gas Expense Oil and Gas Company 840 00 hline 132 26 Jun 30 2101 Accounts Payable Oil and Gas Company 840 00 hline 133 hline 134 hline 135 hline 136 27 Jun30 3300 Dividends Lauryn's dividends 84750 hline 137 27 Jun30 1110 Cash Lauryn's dividends 847 50 hline 138 hline 139 hline 140 hline 141 28 Jun 30 3300 Dividends Naoml Pisfil Capunay's dividends 379 50 hline 142 28 Jun30 1110 Cash Naomi Pisfil Capunay's dividends 379 50 hline 143 hline 144 hline 145 hline 146 29 Jun 30 3300 Dividends Courthey's dividends 97 05 hline 147 29 Jun30 1110 Cash Courtney's dividends 97 05 hline 148 hline 149 hline end tabular The Computer Equipment has an estimated useful life of 5 00 years Management has decided that assets purchased during a month are treated as if purchased on the 36 first day of the month The computer equipment's scrap value is $20,000 00 Calculate the depreciation for one month using the double declining method of depreciation 37 A review of the payroll records show that unpaid salaries in the amount of $621 00 are owed by Byte for three days, June 2830 Ignore payroll taxes The note payable to Royce Computers (transactions 04 and 08 ) 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 $108,000 00 On June 10 , eight days later, $20,750 00 was repaid Interest expense must be 38 calculated on the $108,000 00 for eight days In addition, interest expense on the $87,250 00 balanc of the loan ($108,000 00 less $20,750 00 $87,250 00) must be calculated for the 20 days remaining in the month of June begin tabular c c c l l l l hline 12 Jun 17 1140 Prepaid Rent Prepaid Rent 6,400 00 hline 12 Jun 17 1110 Cash Prepaid Rent hline hline hline end tabular begin tabular c r r l l r r hline 13 Jun 17 5030 Advertising Expense Advertising 30000 hline 13 Jun 17 2101 Accounts Payable Advertising 300 00 hline hline hline end tabular begin tabular l r r l l r r hline 14 Jun 21 2101 Accounts Payable Payment with check $5007 480 00 hline 14 Jun 21 1110 Cash Payment with check $5007 480 00 hline hline end tabular begin tabular c r r l l r r hline 15 Jun 21 1211 Office Equip Fax Machine 675 00 hline 15 Jun 21 1110 Cash Fax Machine hline hline hline end tabular begin tabular r r r l l r r hline 16 Jun 21 1120 Accounts Receivable Consulting Services performed 4,900 00 hline 16 Jun 21 4100 Computer Consulting F F Consulting Services performed 4,900,00 hline hline end tabular begin tabular c c c l l r r hline 17 Jun 22 5020 Salary Expense Salaries Expenses Paid 1,035 00 hline 17 Jun 22 1110 Cash Salaries Expenses Paid 1,035 00 hline hline end tabular begin tabular l l l l l l r r hline 18 Jun 22 5040 Repairs Maint Expens Repairs to the Comp Equipment 1,290 00 hline 18 Jun 22 2101 Accounts Payable Repairs to the Comp Equipment 1,290 00 hline hline hline end tabular begin tabular r r r l l r r hline 19 Jun 22 2101 Accounts Payable Advertising Payable 300 00 hline 19 Jun 22 1110 Cash Adverfising Payable hline hline hline end tabular begin tabular c c c c l r r hline 20 Jun 23 1150 Office Supplies Office Supplies Purchase 975 00 hline 20 Jun 23 2101 Accounts Payable Office Supplies Purchase hline hline end tabular begin tabular l c c l l r r hline 21 Jun23 1110 Cash Collection of Receivable 3 925 00 hline 21 Jun 23 1120 Accounts Receivable Collection of Receivable 3,925 00 hline hline end tabular begin tabular l r r l l r r hline 22 Jun28 1120 Accounts Receivable Consulting Services performed 5 280 00 hline 22 Jun28 4100 Cornputer Consulting F Consulting Services performed hline hline end tabular begin tabular r r l l r r r hline 01 Jun 01 1110 Cash Laury's transaction 169 556 50 hline 01 Jun 01 3100 Capital Stock Laury's transaction 56 50 hline 01 Jun 01 3110 Paid in Captal in Excess Lauryn's transaction 169,500 00 hline end tabular begin tabular c c c c c c c hline 02 Jun 01 1110 Cash Naomi Pisli Capunar's transaction 31,210 40 hline 02 Jun 01 1311 Computer Equip Naomi Pisfil Capunarys transaction 44,714 90 hline 02 Jun 01 3100 Capital Stock Naomi Pisfil Capunay s transaction 2530 hline 02 Jun 01 3110 multicolumn 3 c Paid An Capital in Excess Naomi Pisfil Capunar s transaction 75,900 00 hline 03 Jun 01 1311 Computer Equip Courtney's transaction 18 006 00 hline 03 Jun 01 1211 Office Equip Courtney's transaction 1,410 47 hline 03 Jun 01 3100 Capital Stock Courtney s transaction 6 47 hline 03 Jun 01 3110 multicolumn 3 c Paid in Capital in Excess Courtney's transaction 19 410 00 hline Jun 02 1311 Computer Equip hline 04 Jun 02 1110 begin tabular l Computer Equip Cash end tabular multicolumn 2 c Down Payment for Additional Compul 135,000 00 27 000 00 hline multirow t 2 04 Jun 02 2202 begin tabular l Cash 2 Notes Payable end tabular multicolumn 2 c begin tabular l Down Payment for Addotional Computer Equipmen Down Payment for Additional Computer Equipmen end tabular 108,00000122,000,00 hline hline 05 Additional Olfise Equipment 600 00 hline multirow t 3 05 begin tabular l Jun 04 Jun 04 end tabular begin tabular l 1211 2101 end tabular begin tabular l 1 Office Equip 1 Accounts Payable end tabular begin tabular l Additional Office Equipment Addtional Olfice Equipment end tabular hline 600 00 hline hline 06 hline multirow t 3 06 begin tabular l Jun 08 Jun08 end tabular 12112101 1 Accounts Payable 12000 hline 1211 1 Office Equip Unsatisfaction Office Equipment 120 00 hline hline 07 Jun OB hline multirow t 3 07 Jun 08 begin tabular l 1150 2101 end tabular Office Supplies Purchase of Supples 1,950 00 hline 2101 1 Accounts Payable Purchase of Supples 1,950 00 hline hline multirow 2 08 hline JuJun10 11102202 2 Notes Payable begin tabular l Reducing Principal Owed Reducing Principal Owed end tabular 20 75000 hline 1110 10 Cash Reducing Principal Owed 20 750 00 hline hline 09 hline multirow 3 09 begin tabular l Jun 14 Jun 14 end tabular 1130 30 Prepaid insurance One year insurance 5,30400 hline Jun 14 1110 10 Cash One year insurance 5 304 00 hline hline 10 hline multirow 3 10 Jun16Jun16 1110 10 Cash Revenue for semices performed 8 760 00 hline Jun 16 4100 00 Computer 8 Consulting 2 Revenve for sarvices performed 8,76000 hline hline multirow 2 11 hline Jun16Jun16 1510 10 Land begin tabular l Land and Bulding purchase Land and Bulding purchase end tabular 22 000 00 hline multirow 2 begin tabular r 11 11 11 end tabular begin tabular l Jun16 Jun16 end tabular 11101411 begin tabular l 11 Building 10 Cash end tabular begin tabular l Land and Bulding purchase Land and Bulding purchase end tabular 115 00000 hline Jun16 22011110 begin tabular l 10 Cash 01 Mortgage Paypble end tabular begin tabular l Land and Bulling purchase Land and Bulding purchase end tabular 1233000013,700,00 hline 123,300,00 hline end tabular

Question

previous records to solve the problems  A physical inventory showed that only $414 00 worth of general office supplies remained on hand 31  of June 30  This did not include any of the Super RoutePro  There were 5 units of Super RoutePro on hand  We use FIFO to determine the valuation of the supplies  The annual interest rate on the mortgage payable was 8 75 percent  Interest expense for one half 32  month should be computed because the building and land were purchased and the liability incurrec on June 16  33  Record a journal entry to reflect that one half month's insurance has expired  34  A review of Byte's job worksheets show that there are unbilled revenues in the amount of $15,125 00 for the period of June 28 30  The Building and the Office Equipment have the following estimated useful lives  Building   31 5 years 35  Office Equipment   7 0 years Management has decided that assets purchased during a month are treated as if purchased on the first day of the month  The building's salvage value is $7,000 00  The office equipment has a salvage value of $400 00  Calculate the depreciation for one month using the straight line method of depreciation   begin tabular   c c c c c c c c    hline  multirow 2      multicolumn 8   c    Advertising Payable        hline                   hline  multirow 2      multicolumn 8   c    begin tabular  c  98    99    100  end tabular        hline                   hline Office Supplies Purchase   20   Jun23   1150     Office Supplies   Office Supplies Purchase   975 00       hline  begin tabular  l  102    103  end tabular    20   Jun23   2101   Accounts Payable   Office Supplies Purchase     975 00     hline  multicolumn 8   c    2101 Aocounts Payaole       hline  multirow 2      multicolumn 8   c    begin tabular  l  105    104    105  end tabular        hline                   hline Collection of Receivable   21   Jun23   1110   Cash   Collection of Receivable   3,925 00       hline 107   21   Jun23   1120   Accounts Recelvable   Collection of Recelvable     3,925 00     hline  multicolumn 8   c    1120 Accounts Recelvalote       hline  multirow 2      multicolumn 8   c    begin tabular  l  108    109  end tabular        hline         hline 111   22   Jun28   1120   Accounts Receivable   Consulting Services performed   5 280  00       hline 112   22   sun28   4100   Computer   Consulting   Consulting Services performed     5,280 00     hline     hline  multirow 2      multicolumn 8   c    begin tabular  l  113    114    115  end tabular        hline         hline$16   23   Jun 29   2101   Accounts Payable   Paid Repairs to the Comp Equip   1,290 00       hline 117   23   Jun29   1110   Cash   Paid Repairs to the Comp Equip     1,290 00     hline  multicolumn 8   c    Faid Repairs to une comprequip       hline  multirow 2      multicolumn 8   c    begin tabular  l  119    120  end tabular        hline                   hline  multicolumn 2   c    Cash Received for Billings     Jun29   1110   Cash   Cash Received for Billings   5 001  00       hline 122   24   Jun 29   1120   Accounts Receivable   Cash Received for Billings     5 001  00     hline     hline  multirow 2      multicolumn 8   c    begin tabular  l  124    125  end tabular        hline                   hline 126   25   Jun 29   5020   Salary Expense   Paid Salaries    1 035  00       hline 127   25   Jun29   1110   Cash   Paid Salaries     1 035  00     hline  multicolumn 8   l    begin tabular  l  127    128  end tabular       hline 129                   hline  multicolumn 8   c    OH and Gas Company       hline 131   26   Jun30   5050   Oil 8 Gas Expense   Oil and Gas Company   840 00       hline 132   26   Jun 30   2101   Accounts Payable   Oil and Gas Company     840 00     hline 133                   hline 134                   hline 135                   hline 136   27   Jun30   3300   Dividends   Lauryn's dividends   84750       hline 137   27   Jun30   1110   Cash   Lauryn's dividends     847 50     hline 138                   hline 139                   hline 140                   hline 141   28   Jun 30   3300   Dividends   Naoml Pisfil Capunay's dividends    379 50       hline 142   28   Jun30   1110   Cash   Naomi Pisfil Capunay's dividends     379 50     hline 143                   hline 144                   hline 145                   hline 146   29   Jun 30   3300   Dividends   Courthey's dividends   97 05       hline 147   29   Jun30   1110   Cash   Courtney's dividends     97 05     hline 148                   hline 149                   hline  end tabular  The Computer Equipment has an estimated useful life of 5 00 years  Management has decided that assets purchased during a month are treated as if purchased on the 36  first day of the month  The computer equipment's scrap value is $20,000 00  Calculate the depreciation for one month using the double declining method of depreciation  37  A review of the payroll records show that unpaid salaries in the amount of $621 00 are owed by Byte for three days, June 2830  Ignore payroll taxes  The note payable to Royce Computers (transactions 04 and 08 ) 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 $108,000 00  On June 10 , eight days later, $20,750 00 was repaid  Interest expense must be 38  calculated on the $108,000 00 for eight days  In addition, interest expense on the $87,250 00 balanc of the loan ($108,000 00 less $20,750 00 $87,250 00) must be calculated for the 20 days remaining in the month of June    begin tabular   c c c l l l l    hline 12   Jun 17   1140   Prepaid Rent   Prepaid Rent   6,400 00       hline 12   Jun 17   1110   Cash   Prepaid Rent         hline                 hline               hline  end tabular   begin tabular   c r r l l r r    hline 13   Jun 17   5030   Advertising Expense   Advertising   30000       hline 13   Jun 17   2101   Accounts Payable   Advertising     300 00     hline               hline               hline  end tabular   begin tabular   l r r l l r r    hline 14   Jun 21   2101   Accounts Payable   Payment with check $5007   480 00       hline 14   Jun 21   1110   Cash   Payment with check $5007     480 00     hline               hline  end tabular   begin tabular   c r r l l r r    hline 15   Jun 21   1211   Office Equip    Fax Machine   675 00       hline 15   Jun 21   1110   Cash   Fax Machine         hline               hline               hline  end tabular   begin tabular   r r r l l r r    hline 16   Jun 21   1120   Accounts Receivable   Consulting Services performed   4,900 00       hline 16   Jun 21   4100   Computer    Consulting F F Consulting Services performed     4,900,00     hline               hline  end tabular   begin tabular   c c c l l r r    hline 17   Jun 22   5020   Salary Expense   Salaries Expenses Paid   1,035 00       hline 17   Jun 22   1110   Cash   Salaries Expenses Paid     1,035 00     hline               hline  end tabular   begin tabular   l l l l l l r r    hline 18   Jun 22   5040   Repairs    Maint  Expens   Repairs to the Comp Equipment   1,290 00       hline 18   Jun 22   2101   Accounts Payable   Repairs to the Comp Equipment     1,290 00     hline               hline               hline  end tabular   begin tabular   r r r l l r r    hline 19   Jun 22   2101   Accounts Payable   Advertising Payable   300 00       hline 19   Jun 22   1110   Cash   Adverfising Payable         hline               hline               hline  end tabular   begin tabular   c c c c l r r    hline 20   Jun 23   1150   Office Supplies   Office Supplies Purchase   975 00       hline 20   Jun 23   2101   Accounts Payable   Office Supplies Purchase         hline               hline  end tabular   begin tabular   l c c l l r r    hline 21   Jun23   1110   Cash   Collection of Receivable   3 925  00       hline 21   Jun 23   1120   Accounts Receivable   Collection of Receivable     3,925 00     hline               hline  end tabular   begin tabular   l r r l l r r    hline 22   Jun28   1120   Accounts Receivable   Consulting Services performed   5 280  00       hline 22   Jun28   4100   Cornputer    Consulting F Consulting Services performed         hline               hline  end tabular   begin tabular   r r l l r r r    hline 01   Jun 01   1110   Cash   Laury's transaction   169 556  50       hline 01   Jun 01   3100   Capital Stock   Laury's transaction     56 50     hline 01   Jun 01   3110   Paid in Captal in Excess Lauryn's transaction     169,500 00     hline  end tabular   begin tabular   c c c c c c c    hline 02   Jun 01   1110   Cash   Naomi Pisli Capunar's transaction   31,210 40       hline 02    Jun 01   1311   Computer Equip    Naomi Pisfil Capunarys transaction   44,714 90       hline 02   Jun 01   3100   Capital Stock   Naomi Pisfil Capunay s transaction     2530     hline 02   Jun 01   3110    multicolumn 3   c    Paid An Capital in Excess Naomi Pisfil Capunar s transaction     75,900 00     hline 03   Jun 01   1311   Computer Equip    Courtney's transaction   18 006  00       hline 03   Jun 01   1211   Office Equip    Courtney's transaction   1,410 47       hline 03   Jun 01   3100   Capital Stock   Courtney s transaction     6 47     hline 03   Jun 01   3110    multicolumn 3   c    Paid in Capital in Excess Courtney's transaction     19 410  00     hline   Jun 02   1311   Computer Equip            hline 04   Jun 02   1110    begin tabular  l  Computer Equip     Cash  end tabular     multicolumn 2   c    Down Payment for Additional Compul 135,000 00    27 000  00     hline  multirow t  2     04    Jun 02    2202    begin tabular  l  Cash    2 Notes Payable  end tabular     multicolumn 2   c    begin tabular  l  Down Payment for Addotional Computer Equipmen    Down Payment for Additional Computer Equipmen  end tabular     108,00000122,000,00     hline                 hline 05         Additional Olfise Equipment   600 00       hline  multirow t  3     05     begin tabular  l  Jun 04    Jun 04     end tabular     begin tabular  l  1211    2101  end tabular     begin tabular  l  1 Office Equip     1 Accounts Payable  end tabular     begin tabular  l  Additional Office Equipment    Addtional Olfice Equipment  end tabular          hline               600 00     hline                 hline 06                 hline  multirow t  3     06     begin tabular  l  Jun 08    Jun08     end tabular    12112101   1 Accounts Payable     12000       hline     1211   1 Office Equip    Unsatisfaction Office Equipment     120 00     hline                 hline 07   Jun OB               hline  multirow t  3     07    Jun 08    begin tabular  l  1150    2101  end tabular    Office Supplies   Purchase of Supples   1,950 00       hline     2101   1 Accounts Payable   Purchase of Supples     1,950 00     hline                 hline  multirow 2     08                  hline   JuJun10   11102202   2 Notes Payable    begin tabular  l  Reducing Principal Owed    Reducing Principal Owed     end tabular    20 75000       hline     1110   10  Cash   Reducing Principal Owed     20 750  00     hline                 hline 09                 hline  multirow 3     09     begin tabular  l  Jun 14    Jun 14     end tabular    1130   30 Prepaid insurance   One year insurance   5,30400       hline   Jun 14   1110   10 Cash   One year insurance     5 304  00     hline                 hline 10                  hline  multirow 3     10    Jun16Jun16   1110   10 Cash   Revenue for semices performed   8 760  00       hline   Jun 16   4100   00 Computer 8 Consulting   2  Revenve for sarvices performed     8,76000     hline                 hline  multirow 2     11                  hline   Jun16Jun16   1510   10 Land    begin tabular  l  Land and Bulding purchase    Land and Bulding purchase  end tabular    22 000  00       hline  multirow 2      begin tabular  r  11    11    11  end tabular      begin tabular  l  Jun16    Jun16  end tabular    11101411    begin tabular  l  11 Building    10 Cash  end tabular     begin tabular  l  Land and Bulding purchase    Land and Bulding purchase  end tabular    115 00000       hline   Jun16   22011110    begin tabular  l  10 Cash    01 Mortgage Paypble  end tabular     begin tabular  l  Land and Bulling purchase    Land and Bulding purchase  end tabular      1233000013,700,00     hline             123,300,00     hline  end tabular  A physical inventory showed that only $414 00 worth of general office supplies remained on hand 31  of June 30  This did not include any of the Super RoutePro  There were 5 units of Super RoutePro on hand  We use FIFO to determine the valuation of the supplies  The annual interest rate on the mortgage payable was 8 75 percent  Interest expense for one half 32  month should be computed because the building and land were purchased and the liability incurrec on June 16  33  Record a journal entry to reflect that one half month's insurance has expired  34  A review of Byte's job worksheets show that there are unbilled revenues in the amount of $15,125 00 for the period of June 28 30  The Building and the Office Equipment have the following estimated useful lives  Building   31 5 years 35  Office Equipment   7 0 years Management has decided that assets purchased during a month are treated as if purchased on the first day of the month  The building's salvage value is $7,000 00  The office equipment has a salvage value of $400 00  Calculate the depreciation for one month using the straight line method of depreciation   begin tabular   c c c c c c c c    hline  multirow 2      multicolumn 8   c    Advertising Payable        hline                   hline  multirow 2      multicolumn 8   c    begin tabular  c  98    99    100  end tabular        hline                   hline Office Supplies Purchase   20   Jun23   1150     Office Supplies   Office Supplies Purchase   975 00       hline  begin tabular  l  102    103  end tabular    20   Jun23   2101   Accounts Payable   Office Supplies Purchase     975 00     hline  multicolumn 8   c    2101 Aocounts Payaole       hline  multirow 2      multicolumn 8   c    begin tabular  l  105    104    105  end tabular        hline                   hline Collection of Receivable   21   Jun23   1110   Cash   Collection of Receivable   3,925 00       hline 107   21   Jun23   1120   Accounts Recelvable   Collection of Recelvable     3,925 00     hline  multicolumn 8   c    1120 Accounts Recelvalote       hline  multirow 2      multicolumn 8   c    begin tabular  l  108    109  end tabular        hline         hline 111   22   Jun28   1120   Accounts Receivable   Consulting Services performed   5 280  00       hline 112   22   sun28   4100   Computer   Consulting   Consulting Services performed     5,280 00     hline     hline  multirow 2      multicolumn 8   c    begin tabular  l  113    114    115  end tabular        hline         hline$16   23   Jun 29   2101   Accounts Payable   Paid Repairs to the Comp Equip   1,290 00       hline 117   23   Jun29   1110   Cash   Paid Repairs to the Comp Equip     1,290 00     hline  multicolumn 8   c    Faid Repairs to une comprequip       hline  multirow 2      multicolumn 8   c    begin tabular  l  119    120  end tabular        hline                   hline  multicolumn 2   c    Cash Received for Billings     Jun29   1110   Cash   Cash Received for Billings   5 001  00       hline 122   24   Jun 29   1120   Accounts Receivable   Cash Received for Billings     5 001  00     hline     hline  multirow 2      multicolumn 8   c    begin tabular  l  124    125  end tabular        hline                   hline 126   25   Jun 29   5020   Salary Expense   Paid Salaries    1 035  00       hline 127   25   Jun29   1110   Cash   Paid Salaries     1 035  00     hline  multicolumn 8   l    begin tabular  l  127    128  end tabular       hline 129                   hline  multicolumn 8   c    OH and Gas Company       hline 131   26   Jun30   5050   Oil 8 Gas Expense   Oil and Gas Company   840 00       hline 132   26   Jun 30   2101   Accounts Payable   Oil and Gas Company     840 00     hline 133                   hline 134                   hline 135                   hline 136   27   Jun30   3300   Dividends   Lauryn's dividends   84750       hline 137   27   Jun30   1110   Cash   Lauryn's dividends     847 50     hline 138                   hline 139                   hline 140                   hline 141   28   Jun 30   3300   Dividends   Naoml Pisfil Capunay's dividends    379 50       hline 142   28   Jun30   1110   Cash   Naomi Pisfil Capunay's dividends     379 50     hline 143                   hline 144                   hline 145                   hline 146   29   Jun 30   3300   Dividends   Courthey's dividends   97 05       hline 147   29   Jun30   1110   Cash   Courtney's dividends     97 05     hline 148                   hline 149                   hline  end tabular  The Computer Equipment has an estimated useful life of 5 00 years  Management has decided that assets purchased during a month are treated as if purchased on the 36  first day of the month  The computer equipment's scrap value is $20,000 00  Calculate the depreciation for one month using the double declining method of depreciation  37  A review of the payroll records show that unpaid salaries in the amount of $621 00 are owed by Byte for three days, June 2830  Ignore payroll taxes  The note payable to Royce Computers (transactions 04 and 08 ) 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 $108,000 00  On June 10 , eight days later, $20,750 00 was repaid  Interest expense must be 38  calculated on the $108,000 00 for eight days  In addition, interest expense on the $87,250 00 balanc of the loan ($108,000 00 less $20,750 00 $87,250 00) must be calculated for the 20 days remaining in the month of June    begin tabular   c c c l l l l    hline 12   Jun 17   1140   Prepaid Rent   Prepaid Rent   6,400 00       hline 12   Jun 17   1110   Cash   Prepaid Rent         hline                 hline               hline  end tabular   begin tabular   c r r l l r r    hline 13   Jun 17   5030   Advertising Expense   Advertising   30000       hline 13   Jun 17   2101   Accounts Payable   Advertising     300 00     hline               hline               hline  end tabular   begin tabular   l r r l l r r    hline 14   Jun 21   2101   Accounts Payable   Payment with check $5007   480 00       hline 14   Jun 21   1110   Cash   Payment with check $5007     480 00     hline               hline  end tabular   begin tabular   c r r l l r r    hline 15   Jun 21   1211   Office Equip    Fax Machine   675 00       hline 15   Jun 21   1110   Cash   Fax Machine         hline               hline               hline  end tabular   begin tabular   r r r l l r r    hline 16   Jun 21   1120   Accounts Receivable   Consulting Services performed   4,900 00       hline 16   Jun 21   4100   Computer    Consulting F F Consulting Services performed     4,900,00     hline               hline  end tabular   begin tabular   c c c l l r r    hline 17   Jun 22   5020   Salary Expense   Salaries Expenses Paid   1,035 00       hline 17   Jun 22   1110   Cash   Salaries Expenses Paid     1,035 00     hline               hline  end tabular   begin tabular   l l l l l l r r    hline 18   Jun 22   5040   Repairs    Maint  Expens   Repairs to the Comp Equipment   1,290 00       hline 18   Jun 22   2101   Accounts Payable   Repairs to the Comp Equipment     1,290 00     hline               hline               hline  end tabular   begin tabular   r r r l l r r    hline 19   Jun 22   2101   Accounts Payable   Advertising Payable   300 00       hline 19   Jun 22   1110   Cash   Adverfising Payable         hline               hline               hline  end tabular   begin tabular   c c c c l r r    hline 20   Jun 23   1150   Office Supplies   Office Supplies Purchase   975 00       hline 20   Jun 23   2101   Accounts Payable   Office Supplies Purchase         hline               hline  end tabular   begin tabular   l c c l l r r    hline 21   Jun23   1110   Cash   Collection of Receivable   3 925  00       hline 21   Jun 23   1120   Accounts Receivable   Collection of Receivable     3,925 00     hline               hline  end tabular   begin tabular   l r r l l r r    hline 22   Jun28   1120   Accounts Receivable   Consulting Services performed   5 280  00       hline 22   Jun28   4100   Cornputer    Consulting F Consulting Services performed         hline               hline  end tabular   begin tabular   r r l l r r r    hline 01   Jun 01   1110   Cash   Laury's transaction   169 556  50       hline 01   Jun 01   3100   Capital Stock   Laury's transaction     56 50     hline 01   Jun 01   3110   Paid in Captal in Excess Lauryn's transaction     169,500 00     hline  end tabular   begin tabular   c c c c c c c    hline 02   Jun 01   1110   Cash   Naomi Pisli Capunar's transaction   31,210 40       hline 02    Jun 01   1311   Computer Equip    Naomi Pisfil Capunarys transaction   44,714 90       hline 02   Jun 01   3100   Capital Stock   Naomi Pisfil Capunay s transaction     2530     hline 02   Jun 01   3110    multicolumn 3   c    Paid An Capital in Excess Naomi Pisfil Capunar s transaction     75,900 00     hline 03   Jun 01   1311   Computer Equip    Courtney's transaction   18 006  00       hline 03   Jun 01   1211   Office Equip    Courtney's transaction   1,410 47       hline 03   Jun 01   3100   Capital Stock   Courtney s transaction     6 47     hline 03   Jun 01   3110    multicolumn 3   c    Paid in Capital in Excess Courtney's transaction     19 410  00     hline   Jun 02   1311   Computer Equip            hline 04   Jun 02   1110    begin tabular  l  Computer Equip     Cash  end tabular     multicolumn 2   c    Down Payment for Additional Compul 135,000 00    27 000  00     hline  multirow t  2     04    Jun 02    2202    begin tabular  l  Cash    2 Notes Payable  end tabular     multicolumn 2   c    begin tabular  l  Down Payment for Addotional Computer Equipmen    Down Payment for Additional Computer Equipmen  end tabular     108,00000122,000,00     hline                 hline 05         Additional Olfise Equipment   600 00       hline  multirow t  3     05     begin tabular  l  Jun 04    Jun 04     end tabular     begin tabular  l  1211    2101  end tabular     begin tabular  l  1 Office Equip     1 Accounts Payable  end tabular     begin tabular  l  Additional Office Equipment    Addtional Olfice Equipment  end tabular          hline               600 00     hline                 hline 06                 hline  multirow t  3     06     begin tabular  l  Jun 08    Jun08     end tabular    12112101   1 Accounts Payable     12000       hline     1211   1 Office Equip    Unsatisfaction Office Equipment     120 00     hline                 hline 07   Jun OB               hline  multirow t  3     07    Jun 08    begin tabular  l  1150    2101  end tabular    Office Supplies   Purchase of Supples   1,950 00       hline     2101   1 Accounts Payable   Purchase of Supples     1,950 00     hline                 hline  multirow 2     08                  hline   JuJun10   11102202   2 Notes Payable    begin tabular  l  Reducing Principal Owed    Reducing Principal Owed     end tabular    20 75000       hline     1110   10  Cash   Reducing Principal Owed     20 750  00     hline                 hline 09                 hline  multirow 3     09     begin tabular  l  Jun 14    Jun 14     end tabular    1130   30 Prepaid insurance   One year insurance   5,30400       hline   Jun 14   1110   10 Cash   One year insurance     5 304  00     hline                 hline 10                  hline  multirow 3     10    Jun16Jun16   1110   10 Cash   Revenue for semices performed   8 760  00       hline   Jun 16   4100   00 Computer 8 Consulting   2  Revenve for sarvices performed     8,76000     hline                 hline  multirow 2     11                  hline   Jun16Jun16   1510   10 Land    begin tabular  l  Land and Bulding purchase    Land and Bulding purchase  end tabular    22 000  00       hline  multirow 2      begin tabular  r  11    11    11  end tabular      begin tabular  l  Jun16    Jun16  end tabular    11101411    begin tabular  l  11 Building    10 Cash  end tabular     begin tabular  l  Land and Bulding purchase    Land and Bulding purchase  end tabular    115 00000       hline   Jun16   22011110    begin tabular  l  10 Cash    01 Mortgage Paypble  end tabular     begin tabular  l  Land and Bulling purchase    Land and Bulding purchase  end tabular      1233000013,700,00     hline             123,300,00     hline  end tabular

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previous records to solve the problems: A physical inventory showed that only $414.00 worth of general office supplies remained on hand 31. of June 30.

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