v Paste A1 | X fx Number D E F G H NOOR C Normal Balance Number Name Debit 1110 Cash Debit 1120 Accounts Receivable Debit 1130 Prepaid Insurance 1140 Prepaid Rent Debit Debit 1150 Office Supplies Debit 1211 Office Equip 1212 Accum. Depr.-Office Equip. Credit 1311 Computer Equip. Debit 1312 Accum. Depr.-Computer Equip. Credit 1411 Building Cost Debit 1412 Accum. Depr.-Building Credit 1510 Land Debit 2101 Accounts Payable Credit 2102 Advanced Payments Credit 2103 Interest Payable Credit 2105 Salaries Payable Credit 2106 Income Taxes Payable Credit 2201 Mortgage Payable Credit 2202 Notes Payable Credit 3100 Capital Stock Credit 3200 Retained Eamings Credit 3300 Dividends Debit 3400 Income Summary Credit 4100 Computer & Consulting Revenue Credit 5010 Rent Expense Debit 5020 Salary Expense Debit 5030 Advertising Expense Debit 5040 Repairs & Maint. Expense Debit 5050 Oil & Gas Expense Debit 5080 Supplies Expense Debit 5090 Interest Expense Debit 5100 Insurance Expense Debit 5110 Depreciation Expense Debit 5120 Income Tax Expense Debit NN Chart of Accounts Transactions General Journal Worksheet Ready Transaction Description of transaction June 1: Byte of Accounting, Inc. issued 2,650 shares of its common stock to Jeremy after 524,420 in cash and computer equipment with a fair market value of $33,880 were received. 01. 02. June 1: Byte of Accounting, Inc. issued 2,571 shares of its common stock after acquiring from Courtney S42,900 in cash, computer equipment with a fair market value of $12,760 and office equipment with a fair value of $902 e karo and issued 2,800 03. June 1: Byte of Accounting, Inc. acquired $61,600 in cash from emmanuel o shares of its common stock June 2: A down payment of $27,000 in cash was made on additional computer equipment that was purchased for $135,000. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation June 8: Unsatisfactory office equipment costing S80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Byte paid $20,750 on the balance it owed on the June 2 purchase of computer equipment 08. 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 $7,500 was received 10. June 16: Byte purchased a building and the land it is on for $113,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $18,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,300 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. June 1 Cash of 59,00 was paid for rent for June July August September. Put the total amount into Chart of Accounts Transactions General Journal Worksheet Income State Ready esc B I U 10wAA Wrap Text Art ID E 3 2 E Merge & Center v x f x Close the expense accounts. June 17: Cash of $9,600 was paid for rent for June, July, August and September. Put the total amount into the Prepaid Rent account 12. June 17: Received a bill of $450 from the local newspaper for advertising B9%ENNEN 13 June 21: Billed various miscellaneous local customers $4.700 for consulting services performed 14 June 21: A fax machine for the office was purchased for $750 cash. 15 June 21: Accounts payable in the amount of $320 were paid. 16. June 22: Paid the advertising bill that was received on June 17. 17. June 22: Received a bill for $1,140 from Computer Parts and Repair Co. for repairs to the computer equipment 18 June 22: Paid salaries of $885 to equipment operators for the week ending June AAA9% 19. June 23: Cash in the amount of $3,765 was received on billings 20 June 23: Purchased office supplies for $480 on credit. Record the purchase as an increase to the assets. 44 21. June 28: Billed $5,805 to miscellaneous customers for services performed to June 25. 22 June 29: Cash in the amount of $5,500 was received for billings. 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 24 June 29: Paid salaries of $885 to equipment operators for the week ending June 25. 52 25. June 30: Received a bill for the amount of $1,015 from O&G Oil and Gas Co. June 30: Paid a cash 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] Chart of Accounts Transactions General Journal Worksheet Income Star Ready x x Close the expense accounts. Adjusting Entries - Round to two decimal places. The rent payment made on June 17 was for June, July, August and September. Expense the amount associated with one month's rent. A physical inventory showed that only $191,00 worth of office supplies remained on hand as of June 30. The annual interest rate on the mortgage payable was 9.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 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 Byte's job worksheets show that there are unbilled revenues in the amount of $5,375 for the period of June 28-30. 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 building's scrap value is $500. 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 5531 are 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. [IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $108,000. On June 10, cight days later, 520,750 was repaid. Interest expense must be lated on the SIOS,000 for cight days. In addition, interest.esponse on the $87 250 balance of the loan Chart of Accounts Transactions General Journal Worksheet Ready Income State esc X f x Close the expense accounts. A The note payable relating to the June 2, and 10 transactions is a five-year bote, 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 $108,000 On June 10, eight days later, 520,750 was repaid. Interest expense must be calculated on the 5108,000 for eight days. In addition, interest expense on the $87,250 balance of the loan (5108.000 less 520,750 - $87.250) 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 the balances which you can then transfer to the appropriate financial statement.) BBS88333 SEB ISEE 80E9N Closing Entries 36. Close the revenue accounts 37. Close the expense accounts 3. Close the income summary account. 19. Close the dividends account. Chart of Accounts Transactions General Journal Worksheet Income Statem Ready 9000911116 . esc 1B B IU A Byte of Accounting, Inc. General Joumal Description Name Jun 01 1310 Computer Eqp. 12650 shares of stocks 2050 shares of stocksued to forny 26 shares of socks issued to 3100 Capital Stock Jun 01 Jun 01 2571 shares of common 1310 Computer Equip 1 211 Office Equip 1110 Cash 31100 Capital Stock 011 Jun 01 1110 Cash 3100 Capital Stock 12,800 shares of common E88 8888888888888 Jun 02 1 311 Computer Equip un 021110 Cash Jun 02 2202 Notes Payable computer equipment purcha $1 135 000.00 computer equipment purchased for $135.000 computer equipment purchas 27,000.00 108,000.00 04 E8BXNNNNNNNN888888888 400,00 Lun 04 Jun 0 120 Office Equip office equipament costing SBD was 1 312 Acum Depe-Computer office equipment conting 500 was retume actory office eg 1912 Accum Dep-Computer being 1211 Office Equip 07 071 Jun 10 Jun 10 2 202 Notes Payable 1 110 Cash 08 un 14 5 100 Insurance Expense 3.07496 2566041 Worksheet Chart of Accounts Transactions General Journal Income Statement D Ready esc BI # or de 4 5166 A Byte of Accounting, Inc. General Journal can y erdan the yellow filled Description Jun 14 5100 Insurance Expense 11301 Prepaida nce 3.074.961 one year insurance policy covering con AREF! 2.565 04 one year insurance policy covering computer equipme 5.640 00 11 58888 Pele Jun 16 7,500.00 1110 Cash cash received from computer & consul 7 500.00 4 100 Computer & Consulting cash received from computer & constancy services Jun 16 95,000.00 18 000 000 Jun 16 1411 Building Cost Jun 18 1 510 Land Jun 1001110 Cash Land and building purchased Land and building purchased Land and building purchased Need An Account Number 11,300.00 101.700.00 9.600.00 Jun 17 1140 Prepaid Rent being prepaid for June July Aug Sep being prepaid for June July Aug Sep 9.600.00 8888888888888888888888 FEL 450.00 12 Jun 175030 WREFI 12 Jun 17 2101 Accounts Payable being expenses incurred for advertiser Debit And Credit On Same Line 450.00 Jun 21 Jun 2 1 120 Accounts Receivable amounts receivable for consultancy ser 4 .700.00 4 100Computer & Consulting amount rec t or consultancy se mos performed 4,700.00 Jan 21 Jun 21 1211 Office Equip 1110 Cash Fax-machine for the office was purcha Fax-machine for the office was purchased Chart of Accounts Transactions General Journal A Worksheet I ncome Statement Ready esc D B I U E166 A C A Byte of Accounting, Inc. General Journal 3 Note: You can only Outsanding balance of office equipe Outsanding balance of office equipmen 2101 Accounts Payable exposincumed for advertisment wil nos incurred for advertisment was paid 5020 Salary Expense Jun Jual Mary paid to equipment operator for wary paid to equipment operator for the EERS232833888888888 cash relved on bilings office supplies purchased on me 1120 Accounts Receivable amount received on binos 0100 Computer & Consulting amount received on blings 5.5000 112 22 22 Jun 29 Jun 29 2 101 Accounts Payable 1110 cash expenses inc o r computer repa 1.140.00 expenses incunt for computer ropa payable to com 1.140 00 Chart of Accounts Transactions General Journal Worksheet Income Statement Ready esc DBI U orde A Byte of Accounting, Inc. General Journal Note: You can only enter date into the yellow filled alle credit Debit 1 ,015.00 Description incurred for oil & gas payable to OSG incurred forol & gas. payable to O&G| 1.015.00 24 24 Jun 30 Jun 30 Name 5050) O Gas Expense 2 101 Accounts Payable 1,604.20 25 Jun 30 1.604 20 cash dividend paid cash dividend paid 3 300 Dividends 1110 Cash Jun 301 2 Jun 30 Jun 30 prepaid rent on June 17 is expensed al 2,400.00 400.00 prepaid rent on june 17 is expensed against for one m 2.400.00 ,400.00 5 010 Rent Expense 1140 Prepaid Rent 289.00 Jun 305080 REF! Jun 30 1150 Office Supplies office supplies consumed during june Debt And Credit On Same Line 289.00 HER Jun 30 Jun 30 5090 interest Expense 2 103 Interest Payable Interest on mortgage payable was read 381.37 interest on mortgage payable was recorded for june 381.37 Jun 30 238.10 8888 8888 5 110 Depreciation Expense depreciation for the month of June ward3 ,282.95 1412 Accum. Depe-Building depreciation for the month of June was recorded 1212 Accum. Depr.-Office Eldepreciation for the month of june was recorded 1312 Accum Depr.-Computer depreciation for the month of june was recorded 17.52 3.027.33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable 531.00 152 salary payable to equipment operator salary payable to equipment operator 531.00 153 156 31 31 Jun 30 Jun 30 5000 Interest Expense 2 103 Interest Payable interest on notes paybale was recored 869.67 intereson notes paybalo was recorded for june end 1581 869.67 Chart of Accounts Transactions General Journal Worksheet Income Ready esc B U DO E166 X fx A Byte of Accounting, Inc. General Journal Description provision made for income tax payab 99 5120 Income Tax Expense 2108 Ing PETIT TIIN Chart of Accounts Transactions General Journal Worksheet Income State Ready esc MB U D38 C D A Byte of Accounting, Inc. Worksheet For Period Ending Ane 30, 2020 Austad Balance 102733 11 LIITTIITTISET AM D TITLE BSSZESTER Chart of Accounts Transactions General Journal Workshi Ready Accountir Home w Wrap Text Merge & Center Insert Draw Page Layout Formula 10 A A BTUEA E % $ Arial E23 G H A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2020 you Revenues Computer & Consulting Revenue Expenses Rent Expense Salary Expense Advertising Expense Repair & Maint. Expense OIS Gas Expense Supplies Expense interest Expense Insurance Expense Depreciation Expense To Net Income Before Tax Income Tax Expenses Net Income After Tax Chart of Accounts Transactions General Journal Worksheet I ncome Statement Ready Paste For Month Ending June 30, 2020 Total Balance Beginning of Period Net Income Dividends Balance, End of Period , 5 Chart of Accounts Transactions General Journal Worksheet Ready Inco Merge & Center $ % A B C D Current Assets Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets Omce Equip Acoum. Depr.-Office Equip Computer Equip Acou. Depe-Computer Equip Buding Cost Accum. Depr-Building Land Total Assets Liabilities Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total Long-Term Liabilities Mortgage Payable Notes Payable Total Total Labs Stockholder's Eve Chart of Accounts Transactions General Journal Worksheet Income Statement eady esc PESO Long-Term Assets Office Equip Accum Depr.-Office Equip Computer Equip Accum. Depr.-Computer Equip. Building Cost Accum Depr.-Building Land Total Total Assets SAMMEXXEYXBNNRENNga Liabilities Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities Stockholder's Equity Capital Stock Retained Eamings Total Total Liabilities and Stockholder's Equity Chart of Accounts Transactions Ready General Journal Worksheet I nca