- Rent made on june 17 was $4200
- Need help with 27-38
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 $202.00 worth of office supplies remained on hand as of June 30 . 29. The annual interest rate on the mortgage payable was 8.50 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. Record a journal entry to reflect that one half month's insurance has expired. 31. A review of Byte's job worksheets show that there are unbill 1 revenues in the amount of $5.375.00 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 32. 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 serap value is $500.00. The office equipment has a serap value of $500.00. 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 $606.00 are owed by Byte for three days. June 2830. Ignore payroll taxes. The note payable to Royce Computers (transactions 04 and 07 ) 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 $128,000.00. On June 10 . eieht days later. $24.500.00 was reDaid. Interest expense must be calculated on the $128,000.00 for eight days. In addition, interest expense on the $103,500.00 balance of the loan $128,000.00 less $24,500.00=$103,500.00) must be calculated for the 20 days remaining in the month of June.l Closing Entries 35. Close the revenue accounts. 36.0. Close the expense accounts. 37. Close the income summary account. 38. Close the withdrawals account. Building Blocks of Accounting .. A Financial Perspective Chart of Accounts A Byte of Accounting General Journal Note: You can only enter data into the yellow filled cells. 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 $202.00 worth of office supplies remained on hand as of June 30 . 29. The annual interest rate on the mortgage payable was 8.50 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. Record a journal entry to reflect that one half month's insurance has expired. 31. A review of Byte's job worksheets show that there are unbill 1 revenues in the amount of $5.375.00 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 32. 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 serap value is $500.00. The office equipment has a serap value of $500.00. 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 $606.00 are owed by Byte for three days. June 2830. Ignore payroll taxes. The note payable to Royce Computers (transactions 04 and 07 ) 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 $128,000.00. On June 10 . eieht days later. $24.500.00 was reDaid. Interest expense must be calculated on the $128,000.00 for eight days. In addition, interest expense on the $103,500.00 balance of the loan $128,000.00 less $24,500.00=$103,500.00) must be calculated for the 20 days remaining in the month of June.l Closing Entries 35. Close the revenue accounts. 36.0. Close the expense accounts. 37. Close the income summary account. 38. Close the withdrawals account. Building Blocks of Accounting .. A Financial Perspective Chart of Accounts A Byte of Accounting General Journal Note: You can only enter data into the yellow filled cells
