Transaction Description of transaction Adjusting Entries Round to two decimal places 27 The rent payment made 6000 on June 17 was for June, July and August Expense the amount associated with one month's rent 28 A physical inventory showed that only $191 00 worth of office supplies remained on hand as of June 30 29 The annual interest rate on the mortgage payable was 8 00 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 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 31 A review of Bytes job worksheets show that there are unbilled revenues in the amount of $9,250 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 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 buildings scrap value is $7,500 The office equipment has a scrap value of $450 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 $516 are owed by Byte for three days, June 28 30 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 $140,000 On June 10, eight days later, $26,750 was repaid Interest expense must be calculated on the $140,000 for eight days In addition, interest expense on the $113,250 balance of the loan ($140,000 less $26,750 $113,250) must be calculated for the 20 days remaining in the month of June Required journalize enteries

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Transaction Description of transaction Adjusting Entries - Round to two decimal places. 27. The rent payment made 6000 on June 17 was for June, July

Transaction

Description of transaction

	Adjusting Entries - Round to two decimal places.

27.	The rent payment made 6000 on June 17 was for June, July and August. Expense the amount associated with one month's rent.

28.	A physical inventory showed that only $191.00 worth of office supplies remained on hand as of June 30.

29.	The annual interest rate on the mortgage payable was 8.00 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.	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.

31.	A review of Bytes job worksheets show that there are unbilled revenues in the amount of $9,250 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 - 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 buildings scrap value is $7,500. The office equipment has a scrap value of $450. 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 $516 are owed by Byte for three days, June 28 - 30.

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 $140,000. On June 10, eight days later, $26,750 was repaid. Interest expense must be
	calculated on the $140,000 for eight days. In addition, interest expense on the $113,250 balance of the loan ($140,000 less $26,750 = $113,250) must be calculated for the 20 days remaining in the month of June.]