The annual interest rate on the mortgage payabie was $3\mathrm{.}00$ percent. Interest expense for one$-$half

month should be computed because the building ard land were purchased and the liability

incurred on June $16.$

Record a journal entry to reflect that one half month's insurance has expired.

A review of Byte's job worksheets show that there are unbilled revenues in the amount of $$5,500$

for the period of June $28-30.$

The fixed assets have estimated useful lives as follows:

Building $-31\mathrm{.}5$ years

Computer Equipment $-5\mathrm{.}0$ years

Office Equipment $-7\mathrm{.}0$ 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.

A review of the payroll records show that unpaid salaries in the amount of $$591\mathrm{.}00$ are owed by

Byte for three days, June $28-30.$ 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

$$136,000\mathrm{.}00.$ On June $10,$ eight days later, $$26,000\mathrm{.}00$ was repaid. Interest expense must be

calculated on the $$136,000\mathrm{.}00$ for eight days. In addition, interest expense on the $$110,000\mathrm{.}00$

balance of the loan less $$26,000\mathrm{.}00=$$$110,000\mathrm{.}00$ must be calculated for the $20$ days

remaining in the month of June.$]$

Closing Entries

Close the revenue accounts.

Close the expense accounts.

Close the income summary account.

Close the withdrawals account.the annual interest rate on the mortgage payable was $8\mathrm{.}00$ percent. interest expense for one$-$half month should be computed because the builind and land were purchased and the liability incurred on june $16.$ building and land cost $$119,000.$ round $2$ decimal places