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2 3 Transaction Description of transaction June 1: Byte of Accounting, Inc. issued 2,630 shares of its common stock to Jeremy after $24,610 in cash and computer equipment with a fair market value of $35,880 were received. 01. * 02. June 1: Byte of Accounting, Inc. issued 2,019 shares of its common stock after acquiring from Courtney $35,650 in cash, computer equipment with a fair market value of $10,120 and office equipment with a fair value of $667. 6 7 03. June 1: Byte of Accounting, Inc. acquired $41,400 in cash from Rachel Malcom and issued 1,800 shares of its common stock 8 04. June 2. A down payment of $34,000 in cash was made on additional computer equipment that was purchased for $170,000. A five-year note was executed by Byte for the balance. 10 11 05 June 4. Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation 12 13 06 14 15 June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte Junie 10 Byte paid $26,000 on the balance it owed on the June 2 purchase of computer equipment 07 16 17 08 June 14 A one-vear insurance policy covering its computer equipment was purchased by Byte for $5,808 in cash. The effective date of the policy was June 16. 18 19 20 21 09. June 16: Computer consultation revenue of $6,500 was received. 10 June 16. Byte purchased a building and the land it is on for $143.000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $23.000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $14.300 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1 22 23 11. 24 Pune 17 Cash of $5,100 was paid for rent for June, July and August. Put the total amount into the Prepad Rent account. Introduction FAQ Welcome Chart of Accounts Transactions 25 12. June 17: Received a bill of $350 from the local newspaper for advertising 26 27 28 13. June 21: Billed various miscellaneous local customers $4,300 for consulting services 29 30 31 14. June 21: A fax machine for the office was purchased for $775 cash. 32 15. June 21: Accounts payable in the amount of $240 were paid 33 34 35 16. June 22: Paid the advertising bill that was received on June 17 17. June 22Received a bill for $1,165 from Computer Parts and Repair Co, for repairs to the computer equipment 36 37 18 June 22: Paid salaries of $835 to equipment operators for the week ending June 18 38 39 40 19 June 23: Cash in the amount of $3,445 was received on billings. 41 20. June 23. Purchased office supplies for 5655 on credit. Record the purchase as an increase to the assets 42 43 44 45 21 June 28: Billed $5,280 to miscellaneous customers for services performed to June 25. 46 22 June 29: Cash in the amount of $5,001 was received for billings 47 48 23. June 29 Paid the bill received on June 22. from Computer Parts and Repairs Co. 24. June 29. Paid salaries of $835 to equipment operators for the week ending June 25. 49 50 51 52 53 25. June 30: Received a bill for the amount of $915 from O&G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.15 per share to the three shareholders of Byte. (IMPORTANT NOTE: The number of shares of capitai stock outstanding can be determined from the first three transactions 54 55 56 57 Adjusting Entries - Round to two decimal places. The retament made on T 17 for fun and Ano Finance the amount Introduction FAQ Welcome Chart of Accounts Transactions General Journal Ready ! Tune har Adjusting Entries - Round to two decimal places. 27. The rent payment made 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 $270.00 worth of office supplies remained on hand as of June 30. 29 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 2 3 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 4 5 31. A review of Byte s job worksheets show that there are unbilled revenues in the amount of $8,750 for the period of June 28-30. 32. 56 57 38 69 70 71 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 $300. The computer equipment has no scrap value. Calculate the depreciation for one month 72 73 33 A review of the payroll records show that unpaid salaries in the amount of $501 are owed by Byte for three days. June 28 - 30. 74 75 34 76 77 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 [IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $136.000. On June 10, eight days later, $26,000 was repaid. Interest expense must be calculated on the $136,000 for eight days. In addition, interest expense on the $110,000 balance of the loan ($136,000 less $26.000 = $110.000) must be calculated for the 20 days remaining in the month of Tune Introduction FAQ Welcome Chart of Accounts Transactions General Journal 78 Ready B 34 76 77 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 [IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $136,000. On June 10, eight days later, $26,000 was repaid. Interest expense must be calculated on the $136,000 for eight days. In addition, interest expense on the $110.000 balance of the loan ($136,000 less $26,000 = $110,000) must be calculated for the 20 days remaining in the month of June.] 78 79 80 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 incomo 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 Entries 36. Close the revenue accounts 37. Close the expense accounts 38. Close the income summary account 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 39 Close the dividends account 102 103 104 105 106 107 108 109 Introduction Welcome Chart of Accounts Transactions General Journal Type here to search RI

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