Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Using the information below can you use the transactions below and record them in the yellow sections of the General Journal? Byte of Accounting The

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Using the information below can you use the transactions below and record them in the yellow sections of the General Journal?

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Byte of Accounting The Byte of Accounting Corporation (Byte) is a computer advisory consulting bussiess that works with small and midsize businesses. Business Operations: After an initial review of a new client's operations a proposal is developed by a team to improve the client's operations by the purchase of off the shelf software or more often the modification of off the shelf software. Significant Accounting Policies: The business has adopted the following accounting policies: - Fixed assets that cost less than $500.00 are expensed. - The allowance method is used to account for bad debts. When calculating depreciation, assets purchased during a month are treated as if purchased on the first day of the month. \begin{tabular}{|l|l|l|l|l|l|l|} \hline 07 & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{l|l|l|l|l|l|l|} \hline 08 & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|} \hline 09 & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} 13. June 21: Byte received invoice number 26354 in the amount of $325.00 from Fida Marketing Agency for advertising. 14. June 21: Check # 6006 for $4,600.00 was paid for rent for June and July. Put the total amount into the Prepaid Rent account. 15. June 21: Billed various miscellaneous local customers $4,700 for consulting services performed. Byte of Accounting The Byte of Accounting Corporation (Byte) is a computer advisory consulting bussiess that works with small and midsize businesses. Business Operations: After an initial review of a new client's operations a proposal is developed by a team to improve the client's operations by the purchase of off the shelf software or more often the modification of off the shelf software. Significant Accounting Policies: The business has adopted the following accounting policies: - Fixed assets that cost less than $500.00 are expensed. - The allowance method is used to account for bad debts. When calculating depreciation, assets purchased during a month are treated as if purchased on the first day of the month. \begin{tabular}{|l|l|l|l|l|l|l|} \hline 07 & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{l|l|l|l|l|l|l|} \hline 08 & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|} \hline 09 & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} 13. June 21: Byte received invoice number 26354 in the amount of $325.00 from Fida Marketing Agency for advertising. 14. June 21: Check # 6006 for $4,600.00 was paid for rent for June and July. Put the total amount into the Prepaid Rent account. 15. June 21: Billed various miscellaneous local customers $4,700 for consulting services performed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and Managerial Accounting

Authors: Horngren, Harrison, Oliver

3rd Edition

978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978

Students also viewed these Accounting questions

Question

Is all Internet training the same? Explain.

Answered: 1 week ago

Question

What are social media? Explain how they can be used for training.

Answered: 1 week ago