transactions to a general ledger
A- A+ But Copy Format a 3 Merge & Center. S x June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for B15 J el: tyw of Accounting, Inc. quired 574,800 in cash from Lauryn and issued 3.400 shares of is e ther Jusel: tyw of Accounting, Inc. issued 2,370 shares of its common stock to the N $23.540 inch and computer equipment with a firmarket value of $33,000 were received June 1: Byte of Accounting, Inc. issued 1,831 shares of its common stock e quiring from Courtney $27,500 in cash, computer equipment with a fair market value of $12,320 and office equipment with a fair value of $902 June 2: A down payment of $33,000 in cash was made on additional computer equipment that was purchased for $165,000. A five-year note w e d by Byte for the balance June 4: Additional office equipment costing 5300 was purchased on credit from Discount Computer Corporation June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07 June 10: Byte paid $25,250 on the balance it owed on the June 2 purchase of computer equipment June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $4,968 in cash. The effective date of the policy was June 16 June 16 A check in the amount of $6,750 was received for consulting revenue June 16: Byte purchased a building and the land it is on for $137,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $22,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $13,700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. who Introduction w FAQ ait for fortune Welcome and Ann Put them Chart of Accounts in the Pen Transactions Gener MacB Home Insert X Cut Paste Copy format Page Layout Formulas Data Review View - A- A = 20 EWrap Text - Merge & Center - $ f x June B: Unsatisfactory office equipment costing $60 was returned to Discount Computer for cre C D 815 x June 30: Paid a cash dividend of 50.20 per share to the three shareholders of Byte [IMPORTANT NOTE: The mber 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 $281.00 worth of office supplies remained on hand as of June 30. The annual interest rate on the mortgage payable w 7.50 percent. Interest expense for one-half month should be computed because the building and land were purchased and the ability 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 month's insurance A review of Byw's job worksheets show that there are unbilled revenues in the amount of 55,375 for the period of June 28-30. The fixed assets have estimated useful lives as follows: 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 building's scrap value is $7,500. The office equipment has a scrap value of $300. 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 $546,00 we owed by Byte for three days, June 28 - 30. 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 Introduction FAQ Welcome Chart of Accounts Transactions Genera Ready MacB Home X Cut Wrap Text - A- A = = = - Merge & Center - $ Format BIU B15 X x June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for cre Computer Equipment - 5.0 years Office Equipment. 7.0 years Use the straight-line method of depreciation Management has decided that ass purchased during a month we treated as if purchased on the first day of the month. The building's scrap value is $7,500. The office equipment has a scrap value of $900. The computer equipment has no serp value. Calculate the depreciation for one month A review of the payroll records show that unpaid salaries in the amount of $546.00 are owed by Byte for three days, June 28-30 The not payable relating to the June 2, and 10 transactions is a five your one, with interest at the rate of 12 percentually. 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 $132.000 On June 10, cight days later, 525,250 was repaid. Interest expense must be calculated on the $132,000 for days. In addition, interest expense on the $106.750 balance of the loan (5132,000 less $25,250 - 5106,750) must be calculated for the 20 days remaining in the month of June] Income as we be computed at the rate of 25 percent of net income before IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Staments through the Netcome Before Texline. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.) Closing Eatries 36. Close the revenue con 3 2 . Close the expenses Close the income 92 39. Close the dividends account Introduction FAO Welcome Chart of Accounts Transactions General Jo Ready MacBod - 2 8053 # Excel File Compatibility Edit View DB Page Layout Home Insert X Out Copy insert Format Tools Data Window Help M att Niquette Financial Accounting Projects Formulas Data Review View A- A = = = Merge & Center - A Byte of Accounting, Inc. General Joumal Chart of Account Transactions General Journal MacBook Air Matt Niquette Financial ALLUMINIUM View Formulas Review Home Page Layout Insert X Cut Copy Data A- A - sta Wrap Test Merge & Carter. 5. % *8 CXfx WIJK A Byte of Accounting, Inc. 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General Joumal Window Help Matt Niquette Financial Accounting Project.xls - Compatib View t a Wrap Text . Merge Center S. % ) C28 x A B Introduction FAQ Welcome Chart of Accounts Transactions General Journal Ready MacBook Air
