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the requirements are the journal, income statement, and retained earnings also balance sheet Traction Description of transaction OL June 1: Byte of Accounting, Inc. acquired

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the requirements are the journal, income statement, and retained earnings also balance sheet
Traction Description of transaction OL June 1: Byte of Accounting, Inc. acquired 570,200 in cash from Lauryn and issued 2,600 shares of its common stock 02 lune : Byte of Accounting, Inc. issued 2,540 shares of its common stock in cash and computer equipment with a fair market value of $40,770 were rece 03. June 1: Byte of Accounting, Inc. issued 1,976 shares of its common stock after acquiring $36,450 in cash, computer equipment with a fair market value of $16,200 und office equipment wit value of $702 10 04 11 12 June 2. A down payment of 534,000 in cash was made on additional computer equipment that was purchased for $170,000. A five-year note was executed by Byte for the balance June 4 Additional office equipment costing $700 was purchased on credit from Discount Computer Corporation os 14 06 15 June & Unsatisfactory office equipment costing 5140 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 15 07. June 16 Byte paid $26,000 on the balance towed on the June 2 purchase of computer equipment. 17 18 08 June 14. A nye policy covering is computer equipment was purchased by Byte for 55,976 in cash The effective date of the policy was June 16 19 20 21 22 09 June 16 A check in the meat of $6,500 was received for consulting rovno 10 June 16 Byte purchased a building and the land it is on for $131,000, to house is repair facilities and to complement. The lot on which the building is located is valued at $21.000. The balance of the it is to be sad to the building Byte made a cash down payment of $13,100 and executed motor for the balance. The mortgage is payable is right equal installments beginning July 1 23 24 11 17. Cab of S4300 wpad for rent for an, July and August. Put the total amount to the Prepaid Ro 25 20 27 3 Tume 11 Received a bill of $275 from the local newspaper for advertising Chart of Accounts Transactions Ready General Journal Worksheet Income Statement C esc SO 999 LOL 13 20 30 June 21: Accounts payable in the amount of $560 were paid 14 31 22 June 21: A fax machine for the office was purchased for $850 cash 15. June 21: Billed various miscellaneous local customers $4,200 for consulting services performed 33 34 16. June 22. Pald salaries of 985 to equipment operators for the week ending June 18 36 17 June 22: Received a bill for $1,315 from Computer Parts and Repair Co, for repairs to the computer equipment 37 18 30 40 June 22. Paid the advertising bill that was received on June 17. 41 19. June 23. Purchased office supplies for 5505 on credit. Record the purchase as an increase to the assets 42 20 43 44 June 23: Cash in the amount of $3,365 was received on billings 45 21 June 28: Billed 55,805 to miscellaneous customers for services performed to June 25 22 June 29. Paid the bill received on June 22, from Computer Parts and Repairs Co. 23 June 29. Cash in the amount of $5,500 was received for billings, 47 40 49 50 89 52 33 5 24 June 29. Puid salaries of 5983 to equipment operators for the weekend June 25 June 30. Received a bill for the amount of S8IS from &G Oil and Gas Co. 25 26 June 30: Paidscash dividend of $0.20 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) 55 16 37 50 Adjusting stres. Round to two decimal places, 27 Thement payment made on June 17 was for June July August Expense the amount associated with one month's 80 28 A physical investory showed that only $200.00 worth of office supplies remained on hand as of June 10 29 The rest rate the payable was 7.25 percent. Interest expense for one-half month should be computed at the building and land were purchased and the ability incurred on June 16 64 Chart of Accounts Transactions Ready General Journal Worksheet Income Statement esc 30. Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14. Expense the amount associated with one half months insurance 31 A review of Byte's job worksheets show that there are billedernes is the amount of $9,000 for the period of June 28-30 32 The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5.0 years Office Equipment -70 yos Use the straight-line method of depreciation Management has decided that assets purchased during a month we treated us if purchased on the fest day of the month. The building's scrap value is $7,000. The office equipment has 2 sorup value of $350. The computer equipment has so stap value. Calculate the depreciation for one month 73 74 33 75 7 A review of the payroll records show that unpaid salaries in the amount of $S91.00 are owed by Byte for three days, June 28 - 30 34 78 The sole puyable cuting to the June 2010 ansactions is a five-yee note, with interest at the rate 12 percentually. Interest expose should be computed based on a 360 day you IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $136,000 On June 10, cight days later, 526,000 was repud Interest expense must be ulted on the 5136,000 for eight days. In addition, interest expense on the 5110,000 bulance of the loan (5136.000 less $26,000 - $110.000) must be calculated for the 20 days remaining in the month of June) T9 80 81 35 Income we to be computed the rate of 25 percent of income before taxes (IMPORTANT NOTE. Since the income taxes are a percent of the necome you will want to prepare the Income Students through the Net Income Before Texline The worksheet all of the counts and their balances which you can then transfer to the appropriate financial statement 2 14 Closing Entries 36 Close to SE 37 Close the expense 18 Close the common 1 19 Close the video 03 Chart of Account Read Transactions General Worksheet Income Statement esc A Byte of Accounting, Inc. General Journal Notely in the yea Transaction Account Credit Debit 05 05 H Jun 04 Name 1211 Office Eng 21011 Accounts Payable Description Being purchase of office equipment on 700.00 Being purchase of office equipment on crede) 700.00 06 De Jun 08 Juan 2101 Accounts Payable 1211 Oca Equp Being retum of office equipment Being rolum of office equpment) 140.00 140.00 OT 07 Jun 10 2202 Notes Payable 1110 Cas Being payment made to noto) Being payment made to note 20.000,00 26.000.00 ISOS in 14 Jun 14 Jun 14 5100 Insurance Expense 1130 Paid Insurance 1110 Cash 249.00 Beng payment of insurance Being payment of insurance Being payment of Insurance 5227.00 5.97600 in 10 OD 09 Being record of service 2100 Computer Consulting ang cord of an 3.500.00 6.500.00 + 3 10 90 101 10 Jun 10 Punto Jun 10 Jan 10 -5 1411 using Cost 1510 Land 1110 ch 2201 Mortgage Payabi 5010 Rant 1140 Prepaid Mars 1110 Cash Being Record of purchase of land and 110.000.00 Being of purchase of land and 21,000.00 Being cordo chase of land and building Bengecord of chase of land and buting Bengoed of payment of 1 100.00 Beng record of payment 3.200.00 13.100.00 117,000.00 17 50 11 15 11 JUN 17 An 17 17 400.00 01 12 12 37 Jun 17 5030 Advertising Experte Bengrecord of aangepee 2100A Paya thengecord of advertigen 225.00 93 54 275.00 12 21 11110 50 67 OS 90 TO TY eing payment de todo engyelmedere 4000 14 14 Jun 21 21 A farby.ca A fes machine pada 850.00 85076 Chart et Account Transactions Ready General Journal Worksheet Income Statement Changes esc so coa A Byte of Accounting, Inc. Worksheet For Period Ending June 30, 2021 Adung Entries Ced 160000 Adiusted Til Balance Debe Credit 59,545.89 1,140.00 5.478.00 3.200.00 70700 2,112.00 249.00 202.00 226 970.00 110,000.00 21.000.00 8,79300 14.293.00 1.098.00 1.096 00 Account Unadjusted Trial Balance Number Name Debt Credit 1110 Cash 61.145.80 1120 Accounts Receivable 1.140.00 0 1130 Prepadnuance 5727700 1 1140 Papaid Rent 3.200.00 1150 Oma Supple 50500 1211 OF 2411200 74 1212 AC Degree Fun 15 1311 Computer Equip 225 970.00 16 1312 Acum Dept Computer Equio 17 1411 Wing Com 110 000.00 18 1412 Acum Dept Bulding 19 1510 Land 21 000 00 20 2101 Ancounts Poble 450000 2102 Advanced Payments 22 2103 Is Payable 2105 als Payable 24 2100 Income Tax Payable 35 2200 Mortgage Payable 117.900 26 2202 Notes Payable 110 000 DO 21 3100 Capital Stock 192,13200 26 3200 Ratained farmings 29 3300 Dividends 1423 20 30 31 4900 Computer Consuming Revenue 16,5050 5050 Frente 1.500.00 33 5020 Sassy Expense 1,970.00 14 Soy Advertising Expense 550 DO 35 5040 Megan Mo Expense 2.530.00 36 505010 Gas Expense $15.00 37 500 Expense 5090 Expense 30 5100 G F pense 249.00 5110 consense 41 5220 nome Tax Expense 42 9.000.00 - 117.900.00 101,000.00 192.132.00 142320 16.505.09 1.500.00 3.2007 225610 550.00 2763000 $15.00 200 109600 40000 44 45 47 41 TOTAL 44103200441037 1273306422800 442070.00 50 51 Chart ot Account Transactions Worksheet Income Statement C andy esc 388 m F A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2021 Revenues Computer & Consulting Revenue $ 16,505.00 Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Expenses $ 2.500.00 $ 3,120.00 $ 275.00 390.00 $ 815.00 $ 1.890.00 $ 1,096.00 $ 450.00 $ 280.00 7,320.00 Net Income Before Tax $ 9,185.00 Income Tax Expense round to me decine place 2.296.25 Net Income After Tax $ 6.888.75 A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2021 Total Balance, Beginning of Period Net Income $ Dividends Balance, End of Period $ 16,505.00 9,185.00 7,320.00 1.423.20 8,743.20 $ A Byte of Accounting, Inc. Balance Sheet As of June 30, 2021 Assets 10 11 Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total 12 13 $ 61,079.00 $ 1.140.00 $ 5,976,00 $ 3.200.00 $ 50500 $ 69,312.80 15 16 17 10 $ 65,928.00 $ 65,928.00 21 $ 226,970.00 Long-Term Assets Office Equip Acoum. Depr.-Office Equip Computer Equip Accum Dept. Computer Equip Building Cost Aboum Depr.Building Land Total Total Assets $ 228,970.00 24 $ 110,000.00 $ 110,000.00 21 000.00 $360,082.00 $ 429, 394.80 Liabilities 26 27 28 20 10 31 32 33 34 35 30 37 38 10 40 41 42 $ 505.00 Current abilities Accounts Payable Advanced Payment Interest Payable Sales Payable Income Taxes Payable Total $ $ 1,096.00 2.296.25 $ 3.897 25 Long-Term Liabilities Mortgage Payable Notes Payable Total Total Lists $116.815.00 26 000.00 45 47 49 227,500.00 $ 229,320.00 50 51 52 53 Stockholder's Equity Capital Stock Patained aming Total Total abilities and Stockholder's Equity $ 135,88200 5455 55 197 597 55 5429 3940 Chart of Accounts Ready Transactions General Journal Worksheet Income Traction Description of transaction OL June 1: Byte of Accounting, Inc. acquired 570,200 in cash from Lauryn and issued 2,600 shares of its common stock 02 lune : Byte of Accounting, Inc. issued 2,540 shares of its common stock in cash and computer equipment with a fair market value of $40,770 were rece 03. June 1: Byte of Accounting, Inc. issued 1,976 shares of its common stock after acquiring $36,450 in cash, computer equipment with a fair market value of $16,200 und office equipment wit value of $702 10 04 11 12 June 2. A down payment of 534,000 in cash was made on additional computer equipment that was purchased for $170,000. A five-year note was executed by Byte for the balance June 4 Additional office equipment costing $700 was purchased on credit from Discount Computer Corporation os 14 06 15 June & Unsatisfactory office equipment costing 5140 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 15 07. June 16 Byte paid $26,000 on the balance towed on the June 2 purchase of computer equipment. 17 18 08 June 14. A nye policy covering is computer equipment was purchased by Byte for 55,976 in cash The effective date of the policy was June 16 19 20 21 22 09 June 16 A check in the meat of $6,500 was received for consulting rovno 10 June 16 Byte purchased a building and the land it is on for $131,000, to house is repair facilities and to complement. The lot on which the building is located is valued at $21.000. The balance of the it is to be sad to the building Byte made a cash down payment of $13,100 and executed motor for the balance. The mortgage is payable is right equal installments beginning July 1 23 24 11 17. Cab of S4300 wpad for rent for an, July and August. Put the total amount to the Prepaid Ro 25 20 27 3 Tume 11 Received a bill of $275 from the local newspaper for advertising Chart of Accounts Transactions Ready General Journal Worksheet Income Statement C esc SO 999 LOL 13 20 30 June 21: Accounts payable in the amount of $560 were paid 14 31 22 June 21: A fax machine for the office was purchased for $850 cash 15. June 21: Billed various miscellaneous local customers $4,200 for consulting services performed 33 34 16. June 22. Pald salaries of 985 to equipment operators for the week ending June 18 36 17 June 22: Received a bill for $1,315 from Computer Parts and Repair Co, for repairs to the computer equipment 37 18 30 40 June 22. Paid the advertising bill that was received on June 17. 41 19. June 23. Purchased office supplies for 5505 on credit. Record the purchase as an increase to the assets 42 20 43 44 June 23: Cash in the amount of $3,365 was received on billings 45 21 June 28: Billed 55,805 to miscellaneous customers for services performed to June 25 22 June 29. Paid the bill received on June 22, from Computer Parts and Repairs Co. 23 June 29. Cash in the amount of $5,500 was received for billings, 47 40 49 50 89 52 33 5 24 June 29. Puid salaries of 5983 to equipment operators for the weekend June 25 June 30. Received a bill for the amount of S8IS from &G Oil and Gas Co. 25 26 June 30: Paidscash dividend of $0.20 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) 55 16 37 50 Adjusting stres. Round to two decimal places, 27 Thement payment made on June 17 was for June July August Expense the amount associated with one month's 80 28 A physical investory showed that only $200.00 worth of office supplies remained on hand as of June 10 29 The rest rate the payable was 7.25 percent. Interest expense for one-half month should be computed at the building and land were purchased and the ability incurred on June 16 64 Chart of Accounts Transactions Ready General Journal Worksheet Income Statement esc 30. Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14. Expense the amount associated with one half months insurance 31 A review of Byte's job worksheets show that there are billedernes is the amount of $9,000 for the period of June 28-30 32 The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5.0 years Office Equipment -70 yos Use the straight-line method of depreciation Management has decided that assets purchased during a month we treated us if purchased on the fest day of the month. The building's scrap value is $7,000. The office equipment has 2 sorup value of $350. The computer equipment has so stap value. Calculate the depreciation for one month 73 74 33 75 7 A review of the payroll records show that unpaid salaries in the amount of $S91.00 are owed by Byte for three days, June 28 - 30 34 78 The sole puyable cuting to the June 2010 ansactions is a five-yee note, with interest at the rate 12 percentually. Interest expose should be computed based on a 360 day you IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $136,000 On June 10, cight days later, 526,000 was repud Interest expense must be ulted on the 5136,000 for eight days. In addition, interest expense on the 5110,000 bulance of the loan (5136.000 less $26,000 - $110.000) must be calculated for the 20 days remaining in the month of June) T9 80 81 35 Income we to be computed the rate of 25 percent of income before taxes (IMPORTANT NOTE. Since the income taxes are a percent of the necome you will want to prepare the Income Students through the Net Income Before Texline The worksheet all of the counts and their balances which you can then transfer to the appropriate financial statement 2 14 Closing Entries 36 Close to SE 37 Close the expense 18 Close the common 1 19 Close the video 03 Chart of Account Read Transactions General Worksheet Income Statement esc A Byte of Accounting, Inc. General Journal Notely in the yea Transaction Account Credit Debit 05 05 H Jun 04 Name 1211 Office Eng 21011 Accounts Payable Description Being purchase of office equipment on 700.00 Being purchase of office equipment on crede) 700.00 06 De Jun 08 Juan 2101 Accounts Payable 1211 Oca Equp Being retum of office equipment Being rolum of office equpment) 140.00 140.00 OT 07 Jun 10 2202 Notes Payable 1110 Cas Being payment made to noto) Being payment made to note 20.000,00 26.000.00 ISOS in 14 Jun 14 Jun 14 5100 Insurance Expense 1130 Paid Insurance 1110 Cash 249.00 Beng payment of insurance Being payment of insurance Being payment of Insurance 5227.00 5.97600 in 10 OD 09 Being record of service 2100 Computer Consulting ang cord of an 3.500.00 6.500.00 + 3 10 90 101 10 Jun 10 Punto Jun 10 Jan 10 -5 1411 using Cost 1510 Land 1110 ch 2201 Mortgage Payabi 5010 Rant 1140 Prepaid Mars 1110 Cash Being Record of purchase of land and 110.000.00 Being of purchase of land and 21,000.00 Being cordo chase of land and building Bengecord of chase of land and buting Bengoed of payment of 1 100.00 Beng record of payment 3.200.00 13.100.00 117,000.00 17 50 11 15 11 JUN 17 An 17 17 400.00 01 12 12 37 Jun 17 5030 Advertising Experte Bengrecord of aangepee 2100A Paya thengecord of advertigen 225.00 93 54 275.00 12 21 11110 50 67 OS 90 TO TY eing payment de todo engyelmedere 4000 14 14 Jun 21 21 A farby.ca A fes machine pada 850.00 85076 Chart et Account Transactions Ready General Journal Worksheet Income Statement Changes esc so coa A Byte of Accounting, Inc. Worksheet For Period Ending June 30, 2021 Adung Entries Ced 160000 Adiusted Til Balance Debe Credit 59,545.89 1,140.00 5.478.00 3.200.00 70700 2,112.00 249.00 202.00 226 970.00 110,000.00 21.000.00 8,79300 14.293.00 1.098.00 1.096 00 Account Unadjusted Trial Balance Number Name Debt Credit 1110 Cash 61.145.80 1120 Accounts Receivable 1.140.00 0 1130 Prepadnuance 5727700 1 1140 Papaid Rent 3.200.00 1150 Oma Supple 50500 1211 OF 2411200 74 1212 AC Degree Fun 15 1311 Computer Equip 225 970.00 16 1312 Acum Dept Computer Equio 17 1411 Wing Com 110 000.00 18 1412 Acum Dept Bulding 19 1510 Land 21 000 00 20 2101 Ancounts Poble 450000 2102 Advanced Payments 22 2103 Is Payable 2105 als Payable 24 2100 Income Tax Payable 35 2200 Mortgage Payable 117.900 26 2202 Notes Payable 110 000 DO 21 3100 Capital Stock 192,13200 26 3200 Ratained farmings 29 3300 Dividends 1423 20 30 31 4900 Computer Consuming Revenue 16,5050 5050 Frente 1.500.00 33 5020 Sassy Expense 1,970.00 14 Soy Advertising Expense 550 DO 35 5040 Megan Mo Expense 2.530.00 36 505010 Gas Expense $15.00 37 500 Expense 5090 Expense 30 5100 G F pense 249.00 5110 consense 41 5220 nome Tax Expense 42 9.000.00 - 117.900.00 101,000.00 192.132.00 142320 16.505.09 1.500.00 3.2007 225610 550.00 2763000 $15.00 200 109600 40000 44 45 47 41 TOTAL 44103200441037 1273306422800 442070.00 50 51 Chart ot Account Transactions Worksheet Income Statement C andy esc 388 m F A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2021 Revenues Computer & Consulting Revenue $ 16,505.00 Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Expenses $ 2.500.00 $ 3,120.00 $ 275.00 390.00 $ 815.00 $ 1.890.00 $ 1,096.00 $ 450.00 $ 280.00 7,320.00 Net Income Before Tax $ 9,185.00 Income Tax Expense round to me decine place 2.296.25 Net Income After Tax $ 6.888.75 A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2021 Total Balance, Beginning of Period Net Income $ Dividends Balance, End of Period $ 16,505.00 9,185.00 7,320.00 1.423.20 8,743.20 $ A Byte of Accounting, Inc. Balance Sheet As of June 30, 2021 Assets 10 11 Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total 12 13 $ 61,079.00 $ 1.140.00 $ 5,976,00 $ 3.200.00 $ 50500 $ 69,312.80 15 16 17 10 $ 65,928.00 $ 65,928.00 21 $ 226,970.00 Long-Term Assets Office Equip Acoum. Depr.-Office Equip Computer Equip Accum Dept. Computer Equip Building Cost Aboum Depr.Building Land Total Total Assets $ 228,970.00 24 $ 110,000.00 $ 110,000.00 21 000.00 $360,082.00 $ 429, 394.80 Liabilities 26 27 28 20 10 31 32 33 34 35 30 37 38 10 40 41 42 $ 505.00 Current abilities Accounts Payable Advanced Payment Interest Payable Sales Payable Income Taxes Payable Total $ $ 1,096.00 2.296.25 $ 3.897 25 Long-Term Liabilities Mortgage Payable Notes Payable Total Total Lists $116.815.00 26 000.00 45 47 49 227,500.00 $ 229,320.00 50 51 52 53 Stockholder's Equity Capital Stock Patained aming Total Total abilities and Stockholder's Equity $ 135,88200 5455 55 197 597 55 5429 3940 Chart of Accounts Ready Transactions General Journal Worksheet Income

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