what are the journal entries for 32,34,&35?
fx The note payable relating to the June 2, and 10 transactions is a five-year - 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 $7,500. The office equipment has a scrap value of $400. 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 $531 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 $116.000 On June 10, eight days later, 522.250 was repaid. Interest expense must be calculated on the 5116,000 for eight days. In addition, interest expense on the 593.750 balance of the loan |(5116,000 less $22.250 - 593.750) must be calculated for the 20 days remaining in the month of June. - 35. 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 Estries Introduction FAQ Welcome Chart of Accounts Transactions ady Mace x The note payable relating to the June 2, and 10 transactions is a five-year note, v ansaction Byte of Accounting, Inc. Joshua Jimenez 3372 Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,650 shares of its common stock to Jeremy after $25,760 in cash and computer equipment with a fair market value of $35,190 were received 02. June 1: Byte of Accounting, Inc. issued 2,473 shares of its common stock after acquiring from Courtney 542,550 in cash, computer equipment with a fair market value of $13,800 and office equipment with a fair value of $529. 03. June 1: Byte of Accounting, Inc, acquired $55,200 in cash from Joshua Jimenez and issued 2.400 shares of its common stock. 04 June 2: A down payment of $29,000 in cash was made on additional computer equipment that was purchased for $145,000. A five-year note was executed by Byte for the balance 05. June 4. Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation 06 June 8: Unsatisfactory office equipment costing 560 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 07. June 10: Byte paid $22.250 on the balance it owed on the June 2 purchase of computer equipment 08 June 14 A one-year insurance policy covering its computeroquipment was purchased by Byte for 55.304 in cash. The effective date of the policy was June 16. Introduction FAQ Welcome Chart of Accounts Transactions Gener MacBoo! X f x The note payable relating to the June 2, and 10 transactions is a five-year note, with inta 09. June 16: Computer consultation revenue of $8,250 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. 11. June 17: Cash of 59,600 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 S450 from the local newspaper for advertising. 13. June 21: Billed various miscellaneous local customers 54,500 for consulting services performed. 14. June 21: A fax machine for the office was purchased for S875 cash 15. June 21: Accounts payable in the amount of $240 were paid 16. June 22: Paid the advertising bill that was received on June 17. 17. June 22: Received a bill for $1,090 from Computer Parts and Repair Co. for repairs to the computer equipment 18. June 22: Paid salaries of 5885 to equipment operators for the week ending June 18 19. June 23: Cash in the amount of $3,605 was received on billings Introduction FAQ Welcome Chart of Accounts Transactions General MacBook 803 000 F4 w pdyware relating to the June 2, and 10 transactions is a five-year note 19. June 23: Cash in the amount of $3,605 was received on billings. 20. June 23: Purchased office supplies for $655 on credit. Record the purchase as an increase to the assets. 21. June 28: Billed $5,490 to miscellaneous customers for services performed to June 25 22. June 29: Cash in the amount of $5,201 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 25. June 30: Received a bill for the amount of $890 from O & G Oil and Gas Co. 26 June 30. Paid a cash dividend of $0.17 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.] Adjusting Entries - Round to two decimal places. 27. The rent payment made on June 17 was for June July August and September. Expense the amount associated with one month's rent 28. A physical inventory showed that only $270.00 worth of office supplies remained on hand as of June 30. 29. The annual interest rate on the mortgage payable was Introduction FAQ Welcome 25 percent Interest expense for one-half month Chart of Accounts Transactions Gener MacBoo
