The first three photos are transactions and the next 6 are the general journal. Need help specifically with transactions 32 and 37-39, but if my answers are incorrect please correct them and provide help with the income statement, changes in retained earnings, and the balance sheet!

saction Byte of Accounting, Inc. Duwson Baker 1276 Description of transaction June 1: Byte of Accounting, Inc. issued 2,590 shares of its common stock to Jeremy after $21,840 in cash and computer equipment with a fair market value of $32,550 were received 01. 02. June 1: Byte of Accounting, Inc. issued 2,411 shares of its common stock after acquiring from Courtney S40,950 in cash, computer equipment with a fair market value of $8,820 and office equipment with a fair value of $861. 03. June 1: Byte of Accounting, Inc. acquired $63,000 in cash from Dawson Baker and issued 3,000 shares of its common stock. June 2: A down payment of $29,000 in cash was made on additional computer equipment that was purchased for $145,000. A five-year note was executed by Byte for the balance 05. June 4: Additional office equipment costing $600 was purchased on credit from Discount Computer Corporation. 06. June B: Unsatisfactory office equipment costing $120 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Byte paid $22.250 on the balance it owed on the June 2 purchase of computer equipment. 08. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5,976 in cash. The effective date of the policy was June 16. 09. June 16: Computer consultation revenue of $7,000 was received 10. Pune 16. Byle purchased a building and the land it is on for ST49,000, to house its repair 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 2 11. June 17: Cash of $7,200 was paid for rent for June, July and August. Put the total amount into the Prepaid Rent account. 12. June 17: Received a bill of $475 from the local newspaper for advertising 13 June 21: Billed various miscellaneous local customers $4,500 for consulting services performed 30 14 June 21: A fax machine for the office was purchased for $700 cash. 32 15. June 21: Accounts payable in the amount of $480 were paid. 16. June 22: Paid the advertising bill that was received on June 17. 17. June 22: Received a bill for $1,265 from Computer Parts and Repair Co.for repairs to the computer equipment. 18. June 22: Paid salaries of810 to equipment operators for the week ending June 18. 19. June 23: Cash in the amount of $3,605 was received on billings. 20 . Turc o me suppres Tor SOUS On Crot. Record the parent create 21. June 28: Billed $5,700 to miscellaneous customers for services performed to June 2 22. June 29: Cash in the amount of $5,400 was received for billings. 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 24. June 29: Paid salaries of $810 to equipment operators for the week ending June 25. June 30: Received a bill for the amount of $790 from O&G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.19 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. The rent payment made on June 17 was for June, July and August. Expense the amount associated with one month's rent. A physical inventory showed that only $247.00 worth of office supplies remained on hand as of June 30. The na terest rate on the mortgage paymes 7.73 percent. Est expense TOT T month should be computed because the building and land were purchased and the liability incurred 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 A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5.375 for the period of June 28-30. The fixed assets have estimated useful lives as follows: Building -31 5 years Computer Equipment - 50 years A review of the payroll records show that unpaid salaries in the amount of $486 are owed by Byte for three days, June 28 - 30. tn 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 $116,000. On June 10, eight days later, $22,250 was repaid. Interest expense must be calculated on the $116,000 for eight days. In addition, interest expense on the $93,750 balance of the loan ($116,000 less $22,250 - $93,750) must be calculated for the 20 days remaining in the month of June.) Income taxes are to be computed at the rate of 25 percent of net income before taxes. LIMPORTANT NOTE: Since the income taxes are a percent or the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all e accounts and their balances which you can then transfer to the appropriate financial Closing Entries 36. Close the revenue accounts. 37. Close the expense accounts. 38. Close the income summary account. 39. Close the dividends account. A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. 3 Credit Transaction pate Name Description Debit 01 01 0 1) 7 8 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 3100 Capital Stock Jeremy's investment Jeremy's investment Jeremy's investment 21,840.00 32,550.00 54,390.00 9 10 11 12 02 02 02 02 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 1211 Office Equip. 3100 Capital Stock Courtney's investment Courtney's investment Courtney's investment Courtney's investment 40,950.00 8,820.00 861.00 14 50,631.00 63,000.00 03 03 Jun 01 Jun 01 1 110 Cash 3100 Capital Stock Dawson's Investment Dawson's Investment 63,000.00 1 45,000.00 04 04 2304 Jun 02 Jun 02 Jun 02 1 311 Computer Equip 1110 Cash 2202 Notes Payable Byte Computer Equipment11111111 Byte Computer Equipment Byte Computer Equipment 29,000.00 116,000.00 T 6 00.00 0 5 0 5 Jun 04 Jun 04 1211 Office Equip. 2101 Accounts Payable Byte Computer Equipment Byte Computer Equipment 600.00 25 20 27 28 29 30 31 32 33 120.00) 06 0 6 Jun 081 Jun 08 2 101 Accounts Payable 1211 Office Equip. Return Office Equipment Return Office Equipment 120.00 2 2,250.00 36 37 07 07 Jun 10 1130 Prepaid Insurance Jun 101110 Cash Paid on NP aid on NP P 22,250.00 41 0 B 4208 Jun 14 Jun 14 1 130 Prepaid Insurance 1110 Cash 1 1 yr insurance yr insurance 5,976.00 5.978.00 44 A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Account Name Description Debit Credit 7,000.00 09 09 Jun 16 Jun 16 1110 Cash Service Revenue 4100|Computer & Consulting Service Revenue 47 7,000.00 24,000.00 125,000.00 10 10 10 10 Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building Cost 1110 Cash 2201 Mortgage Payable Bought Building Bought Building Bought Building Bought Building 14,900.00 134,100.00 RAM 7,200.00 11) 11 Jun 17 Jun 17 1140 Prepaid Rent 1 110 Cash Rent June & July Rent June & July 7,200.00 475.00) 12 12 Jun 17 Jun 17 5030 Advertising Expense 2101 Accounts Payable Advertising Bill Advertising Bill 475.00 1 4 ,500.00 Jun 211 Jun 211 1120 Accounts Receivable billed Customer for Services 4100 Computer & Consulting billed Customer for Services 13 70 71 1 4 Jun 21 1211 Office Equip. 7214Jun 211110 Cash I 700.00 I Bought Fax Machine Bought Fax Machine S 7 00.00 74 75S 76 1 5 77 15 Jun 21 Jun 211 2 101 Accounts Payable 11101 Cash Pald on A/P Paid on A/P 480.00 450.00 79 BO 81 82 475.00 16 16 Jun 22 Jun 22 2 101 Accounts Payable 1 110 Cash paid advertising Bill paid advertising Bill 475.00 Transactions General Journal Worksheet Income Statement General Journal N Note: You can only enter data into the yellow filled cells. W Transaction Debit Account Name Description Credit 85 86 87 1.265.00 17 17 Jun 22 Jun 22 5 040 Repairs & Maint. Expen Computer Repair Bill 2101 Accounts Payable Computer Repair Bill 1,265.00 810.00 18 18 Jun 22 Jun 22 5020 Salary Expense 5020 Salary Expense 1110 Cash Paid Salaries Paid Salaries 810.00 3,605.00 19 1 9 97 98 Jun 23 Jun 23 1110 Cash 1 120 Accounts Receivable Cash received on Account Cash received on Account 3,605.00 100 605.00 20 20 Jun 23 Jun 23 1150 Office Supplies 2 101 Accounts Payable Office Supplies on Accounts Office Supplies on Accounts 605.00 102 103 LLLL 5,700.00 21 21 Jun 28 Jun 28 1 120 Accounts Receivable Billed Customer for Services 4100 Computer & Consulting Billed Customer for Services 5,700.00 105 106 107 108 109 110 111 112 113 114 115 116 117 118 5,400.00 2 2) 22 Jun 29 Jun 29 1110 Cash 1120 Accounts Receivable 5,400.00 Cash Received From Billings Cash Received From Billings REST TERRESTRES 1.265.00 23 23 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash Paid Repair Bill aid Repair Bill P 1,265.00 810.00 120 121 122 123 124 24 24 Jun 29 Jun 29 5 020 Salary Expense 1110 Cash Paid Salaries Paid Salaries 810.00 Transactions General Journal A Worksheet Income Statement G H A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Name Description 26 790.00 25 25 Jun 30 Jun 30 5 050 Oil & Gas Expense 2101 Accounts Payable Gas Bill Gas Bill 790.00 P 131 132 26 26 Jun 30 Jun 30 3300 Dividends 110 Cash aid $0.19 in Dividends Paid $0.19 in Dividends 1,505.50 S 1 1 ,505.50 133 3,600.00 27 2 7 Jun 30 Jun 30 5010 Rent Expense 1140 Prepaid Rent Rent Adjustment Rent Adjustment 3,600.00 134 135 136 137 138 139 140 141 142 143 358.00 28 2 81 Jun 30 Jun 30 5080 Supplies Expense 1 150 Office Supplies Supplies Adjustment Supplies Adjustment 358,00 1 145 146 29 147 29 1481 Jun 30 Jun 30 5 090 Interest Expense 2103 Interest Payable Building Interest Adjustment Building Interest Adjustment T 9 62.29 T 962.29 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance 2,898.00 Insurance Adjusted Insurance Adjusted 2.898.00 150 151 152 153 154_ 155 156 157 158 T TT 31 31 Jun 30 Jun 30 5,375.00 1120 Accounts Receivable Revenue Adjustment 4100 Computer & Consulting Revenue Adjustment L 5,375.00 3,497.99 160 161 162 163 164 32 321 32 32 Jun 30 5 110 Depreciation Expense 1 Yr Depreciation Jun 30 1 4121 Accum. Depr.-Building 1 Yr Depreciation Jun 30 1 312 Accum. Depr.-Computer 1 Yr Depreciation Jun 30 1212 Accum. Depr.-Office Eq 1 Yr Depreciation Transactions General Journal 371.69 3.106.17 20.13 Worksheet Income Statement A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. 3 Transaction Name Debit Credit 33 33 486.00 Jun 30 Jun 30 Description Unpaid Salaries Unpaid Salaries 5020 Salary Expense 2105 Salaries Payable 486.00 166 167 168 169 931.25 34 34 Jun 30 Jun 30 5090 Interest Expense 2 103 Interest Payable 931.25 171 172 173 174 175 176 177 Interest Payment Interest Payment L DELER 2.068.44 3 5 3 5] Jun 301 Jun 30 5120 Income Tax Expense Income tax 2 106 Income Taxes Payable income tax 2,068.44) 1801 363 un 30| Jun 30 182 183 4100 Computer & Consulting Closing 3400 Income Summary Closing 22,575.00 2 1 2.575.00 16,369.68 185 186 37 Jun 30 3400 Income Summary Closing 187 3 7 Jun 30 5010 Rent Expense Closing 18837Jun 305020 Salary Expense Closing 189 37 Jun 30 5030 Advertising Expense Closing 190 37 Jun 30 5040 Repairs & Maint. Expen Closing 191 37 Jun 30 5050 Oil & Gas Expense Closing 192 37 Jun 30 5 080 Supplies Expense Closing 193 37 Jun 30 5090 Interest Expense Closing 194 37 Jun 30 5 100 Insurance Expense Closing 195 3 7 Jun 30 5 110 Depreciation Expense Closing 196 37 Jun 30 5120 Income Tax Expense Closing T 3,600.00 4 86.00 475.00 1.265.00 790.00 358.00 931.25 2.898.00 3,497.99 2.068.44 38 38 Jun 30 Jun 30 3400 Income Summary 3200 Retained Earnings Closing Closing 198 199 200 201 202 203 204 39 3 9 Jun 30 3200 Retained Earnings Closing Jun 30 3300 Dividends Closing Transactions General Journal Worksheet Income Statement Transaction Date Account Name Description Debit Credit Jun 30 Jun 300 3400 Income Summary 32001 Retained 3200 | Retained Earnings Closing Closing 38 39 39) Jun 30 Jun 30 3 200 | Retained Earnings 3300 Dividends Closing Closing A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2020 Total Balance, Beginning of Period Net Income Dividends Balance, End of Period D GH A Byte of Accounting, Inc. Balance Sheet As of June 30, 2020 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total $ $ $ 56,423.50 6,570.00 22,430.00 3,600.00 605.00 89,628.50 $ $ $ 2,041.00 20.13 2.020.87 Long-Term Assets Office Equip Accum. Depr.-Office Equip. Computer Equip Accum. Depr.-Computer Equip. Building Cost Accum. Depr.-Building $ 186,370.00 3.106.16 S 183.263.84 $ 125,000.00 308 20 S 124.691.80 Land 24.000.00 Total Total Assets Liabilities $ 1,395.00 Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total 1.893.54 486.00 2,068.44 $ S Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities 134,100.00 116.000.00 250,100.00 Stockholder's quity Capital Stock Retained Earnings Total Total liabilities and Stockhor's Equity