Transaction Description of transaction 20. June 23: Purchased office supplies for $580 en credit. Record the purchase as an increase to the assets. 01. June 1: Byte of Accounting, Inc. Issued 2,640 shares of its common stock to Jeremy after $25,920 m cash and computer equipment with a fair market value of 537.440 were received. 21. June 28: Dilled S6, 120 to miscellaneous customers for services performed to June 25. 02. June 1: Byte of Accounting, Ine issued 2,068 shares of its common stock after requiring from Courmey $37,200 in cash, computer equipment with a far market value of $11,520 and office equipment with a fair value of $912 22 June 29 Cash in the amount of $5,799 was received for billings 23. June 29 Paid the bill received on June 22, from Computer Parts and Repairs Co. June 1: Byk of Accounting, Inc. acquired 586.400 in cash from Saif Odeh and issued 3,600 shares of its 24. |Jini 29. Pald salaries of $810 to equipment operators for the week ending June 25. 03. common stock. 25. June 30: Received a bill for the amount of $840 from & GOil and Gas Co. 04. June 2: A down payment of $36,000 in cash was made on additional computer equipment that was purchased Tom $180,000 A five-year mite was executed by Byte for the balance 26, 05 June 1: Additional office equipment costing $700 was purchased on credit from Discount Computer Corporation June 30: Paid a cash dividend of $0.23 per share to the three shareholders of By. [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, 06. June 8: Unsatisfactory office equipment costing $140 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Bytc. 27. The rent payment made on June 17 was for June, July and August. Expense the amount associated with one month's rent 07. June 10t: Byt paid $27,500 on the balance it owed on the June 2 purchase of computer equipment. 28. OB. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5,640 in cash. The effective date of the policy was June 16, 09. |June 16: Computer consultation revenue of $7,000 was received. 29, June 16: Byto purchased a budding and the land it is on for $143,000, to house its repair facilities and to store conquer equipment The laton which the landing is located is valued at $23,000 The balance of the cost is to be allocated to the building Byte made a cash down payment of $14.300 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 30. A physical inventory showed that only $236.00 worth of office supplies remained on hand as of June 30. |The annual interest rate in the marigage payable was & 50 percent. Interest expense for one-half manh should be computed because the building and land were purchased and the liability incurred on June 16 Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14, Expense the amount associated with one half monty's insurance. 31. 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. n. June 17: Cash of $5,400 was paid for rent for June, July and August. Put the total amount into the Prepaid RemacemiFIL 12. June 17: Received a bill of $330 from the local newspaper for advertising 13. June 21: Billed various miscellaneous local customers $4,200 for consulting services performed. 14. June 21: A fax machine for the office was purchased for $650 cash 15. June 21: Accounts payable in the amount of $560 were paid 16. June 22: Paid the advertising hill that was received on June 17 33. 17. June 22: Received a bill for $1,090 from Computer Parts and Repair Cc. for repairs to the computer equipment. 34. 18. || Juac 22: Paid salaries of $810 to equipment operators for the wook ending June 18) 19. June 21: Cash in the amount of $3.365 was received on billings. 35. The fixe: assets have extimated useful lives as follows: Building 31.5 years Computer Equipment - 5,0 years Office Equipment - 70 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 binding's scrap value is $7,000. The office equipment has a scrap value of $500. 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 $486 are owed by Byte for ittree days, June 28 - 30. The note payable relating to the June 2, and 10 transactions is a five-year note, will 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 5144.000. On June 10, eight days later, $27,500 was repaid. Interest expense must be calculandom the $144,000 for eight days. In addition, interest expense on the $116,500 balance of the loan ($144,000 less $77,500 = $115,500) 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. IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.] 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 calls, Transaction 01 02 03 04 05 06 07 08 09 Date Account Name Description Debit Credit Balance Sheet As of January 0, 1900 Assets Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets Office Equip. Accum. Depr.-Office Equip. Computer Equip. Accum. Depr.-Computer Equip. Building Cost Accum. Depr.-Building Land Total Total Assets Liabilities Current Liabilities Accounts Payable A Byte of Accounting, Inc. Income Statement For Month Ending January 0, 1900 Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities Revenues Computer & Consulting Revenue Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Stockholder's Equity Capital Stock Retained Earnings Total Total Liabilities and Stockholder's Equity Insurance Expense Interest Expense Depreciation Expense Total Expenses Net Income Before Tax Income Tax Expense (Round to two decimal places) Net Income After Tax A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending January 0, 1900 Balance Beginning of Period Net Income Dividends Balance, End of Period A Byte of Accounting, Inc. Worksheet For Period Ending November 29, 2023 Account Unadjusted Trial Balance. Adjusting Entries Adjusted Trial Balance Number Name Debit Credit Debit Credit Debit Credit 1110 Cash 1120 Accounts Receivable 2,000.00 8,000.00 2,000.00 8,000.00 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 5,000.00 5.000.00 1211 Office Equip. - - 1212 Accum. Depr.-Office Equip. 1311 Computer Equip. 1312 Accum. Depr.-Computer Equip. 1411 Building Cost 1412 Accum. Depr.-Building - 1510 Land 2101 Accounts Payable 5.000.00 5,000.00 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends 4100 Computer & Consulting Revenue 10,000.00 10,000.00 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 5120 Income Tax Expense TOTAL 15,000.00 15,000.00 15,000.00 15,000.00 Total