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Number Name 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 1211 Office Equip. 1212 Accum. Depr.-Office Equip. 1311 Computer Equip. 1312 Accum. Depr.-Computer Equip. 1411 Building Cost 1412 Accum. Depr.-Building 1510 Land 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends 3400 Income Summary 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 5120 Income Tax Expense Normal Balance Debit Debit Debit Debit Debit Debit Credit Debit Credit Debit Credit Debit Credit Credit Credit Credit Credit Credit Credit Credit Credit Debit Credit Credit Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit Tractie Byte of Accounting, Inc. Vivian R 7220 Description of transaction June 1: Byte of Accounting, Inc. issued 2.580 shares of common stock to enemy after $27.810 cash and computer equipment with a fair market value of 541 RSO were received || June 1: Byte of Accounting, Inc. ad 2.514 hares of income stock after acquiring from Courtney 552.650 in cas, computer equipment with a fair market value of $14.040 and office coupewa far vales of S11 || nel: Byte of Accounting, Inc. acquired 548,600 in cash from Vivian Restand Jodi ccm stock d 1,800 shares || 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. &|| June 4: Additional office equipment costing $700 was purchased on credit from Discount Computer Corporation Computer for credit to 06. June & Unsatisfactory office equipment cost $140 was returned to Disco The anglied the standing balance owed by Byte. 07. June 10: Byte paid $26,000 on the balance it owed on the June 2purchase of computer equipment 08 June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for 5 4.968 cash. The effective date of the policy was June 16. 09 June 16: Computer Consultation revenue of S7 300 was received June 16: Byte purchased a building and the land it is on for $131,000, to house is repair facilities and to ore computer equipment. The lot on which the building is located is valued at $21.000. The balance of the cost is to be allocated to the building Byte made a cash down payment of $13,100 and executed a mortgage for the balance. The mortgage is payable in eight equal anual m ent beginning July 1. Put the amount to the June 17: Cash of $6,000 was paid for rent for June July and Aut Prepaid Rent account 12 June 17: Received a bill of $475 from the local newspaper for advertising 13. June 20: Billed various miscellaneous local customers $4.600 for co n services pe 14. June 21: A fax machine for the office was purchased for $800 cash 15 e 21: Accounts payable in the amount of S560 were paid une 22: Paid the advertising bill that was received on June 17 16. 12. 22: Received a balfe 51,165 from Computer Parts and Repair Co. for repairs o de computer Jeg R 19 u ne 22: Puid salaries of 5x35 sequipment operators for the week ending June IR June 23: Cash in the amount of $3.585 was received on billings 21: Purchased office aplies for SSos ce credit. Record the purchase as an increase to the an 20. 21 22 June 28: Billed $6,225 to miscellaneous customers for wrvkes performed to June 25 June 29: Cash in the amount of $5.899 was received for billings. Sune 29: Puild the ball received on June 22, from Computer Parts and Repairs Ca June 29: Pridalaries of $35 to equipment operators for the week ending June 25 Sung 30: Received a bill for the amount of $1,015 from O & G Oil and Gasca 24 26. June 30: Paid a cash dividend of SO 24 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 Adjusting Entries - Round to two decimal places. The repayment made on June 17 was for June, July and August. Expertise the amount asociated with Jee meth's rent A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30. month should be computed because the building and land were purchased and the ability incurred on information relating 114. Eupee the amou the prepaid insurance may be obtained from the transaction recorded on June n ted with one half months insurance A review of Hyde's job worksheets show that there are the period of June 20.30 billed revenues in the amount of $5.250 for The fixed assets have estimated useful lives as follows Building. JIS years Computer Equipment 50 years Office Equipment 70 years Use the straight-line method of depreciation Management has decided that we purchased during a moth are treated as if purchased on the first day of the month The building's crap vale is S500. The office equipment has a scrap value of $300. The computer equipment has no wrap vale Calculate the depreciation for one month A review of the payroll records show that umpaid salaries in the amount of $501 are owed by Byte for hree day, June 28. 30. The mote payable relating to the June 2, and 10 transaction is a five-year , with interest at the rate of 12 percent annually. Interest expense hold be computed based on a 180 day year. IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $136.000. On June 10, eight days later, S26,000 was repaid. Interest expense mast be calculated on the $136,000 for eight days. In addition, interest expew on the $110.000 balance of the kun ($136.000 less $26,000 - $110,000) 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 met income you will want to prepare the Income Sitems through the Net Income Before Tax line. The worksheet contains all of the Jaccounts and their balances which you can then transfer to the appropriate financial statement Closing Entries 16 Close the account 37. Close the expense accounts Close the income summasy acco 39 Cose the dividendsaccoce A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Credit Transaction Date Name Account Debit 02 02 Jun 01 Jun 01 1211 Office Equip. 1110 Cash Description Office Equipment Office Equipment 03 03 Jun 01 Jun 01 1311 Computer Equip. 1110 Cash Computer Equipment Computer Equipment 04 04 04 Jun 02 Jun 02 Jun 02 1 311 Computer Equip. 1110 Cash 2 202 Notes Payable Royce Computers Royce Computers Royce Computers 05 211 Office EquPayable 05 Jun 04 2101 Accounts Payable Purchased on Credit Purchased on Credit 06 06 Jun 081 Jun 08 2 101 | Accounts Payable 1211 Office Equip. invoice Number 99432 was Returned Invoice Number 99432 was Returned 071 Jun 10 Jun 10 | 2202 Notes Payable 1110 Cash Checked #5003 Royce Computers Checked #5003 Royce Computers 071 A Byte of Accounting, Inc. General Journal Note: You can only enter data into the yellow filled cells. Transaction Date Account Name Description Debit Credit 01 Jun 01 Jun 011 Jun 01 1110 Cash 1311 Computer Equip. 3100 Capital Stock Hudson Bloom Investment Hudson Bloom Investment THudson Bloom Investment 01 02 02 Jun 01 Jun 01 1211 Office Equip. 1110 Cash Office Equipment Office Equipment 03 03 Jun 01 Jun 01 1311 Computer Equip, 1110 Cash Computer Equipment Computer Equipment 04 041 04 Jun 02 Jun 02 Jun 02 1 311 Computer Equip. 1110 Cash 2202 Notes Payable Royce Computers Royce Computers Royce Computers 05 05 Jun 04 Jun 04 1 211 Office Equip. 2101 Accounts Payable Purchased on Credit Purchased on Credit 06 06 Jun 08 Jun 08 2 101 Accounts Payable 1211 Office Equip. Invoice Number 99432 was Returned Invoice Number 99432 was Returned 07 07 Jun 101 Jun 101 2202 Notes Payable 1110 Cash Checked #5003 Royce Computers Checked #5003 Royce Computers 08 08 Jun 14 Jun 14 1130 Prepaid Insurance 1110 Cash Seth's Insurance Seth's Insurance 09 09 Jun 16 Jun 16 1110 Cash Pitman Pictures 4100|Computer & Consulting Pitman Pictures 10] 10 10] 101 Jun 16 Jun 16 Jun 16 Jun 16 1510 Land 1411 Building Cost 1110 Cash 2201 Mortgage Payable Land anad Building Purchased Land anad Building Purchased Land anad Building Purchased Land anad Building Purchased Building Check #5006 11 11 Jun 17 Jun 17 5030 Advertising Expense 1 110 Cash T L 12 Jun 171 Jun 17 5030 Advertising Expense 2101 Accounts Payable Invoice Number 26354 Invoice Number 26354 13 13 Jun 21 Jun 21 1120 Accounts Receivable Billed Service Performed 4100|Computer & Consulting Billed Service Performed 14 Jun 21 1211 Office Equip. Jun 21 1211 Office Equip. Office Machines Express Office Machines Express 14 15 15 Jun 21 Jun 21 2101 Accounts Payable 1110 Cash Accounts Payable with Check #5007 Accounts Payable with Check #5007 16 16 Jun 22 Jun 22 2101 Accounts Payable 1110 Cash Pay Advertising Bill Pay Advertising Bill 171 171 Jun 22 Jun 2 Jun 22 5040| Repairs & Maint. Expeng Computer Parts and Repair Co. 2101 Accounts Payable Computer Parts and Repair Co. 18 18 Jun 22 Jun 22 5020 Salary Expense 1110 Cash I Paid Salaries Paid Salaries 19 19 Jun 23 Jun 23 1110 Cash 1120 Accounts Receivable Cash from Billings Cash from Billings 20 201 Jun 23 Jun 231 1150 Office Supplies 2101 Accounts Payable Purchase Office Supplies Purchase Office Supplies 21 21 Jun 28 Jun 28 1 120 Accounts Receivable Services Performed 4100 Computer & Consulting Services Performed 22 22 Jun 29 Jun 29 1110 Cash 11301 Prepaid Insurance Cash from Billings Cash from Billings 23 23 Jun 29 Jun 29 2101 Accounts Payable 1110 Cash Paid Computers Parts and Repairs Co. Paid Computers Parts and Repairs Co. Jun 29 Jun 29 5020 Salary Expense 1110 Cash Paid Salaries Paid Salaries 24 24 24 Jun 29 Jun 29 5020 Salary Expense 1110 Cash Paid Salaries Paid Salaries 25 25 Jun 30 Jun 30 5050 Oil & Gas Expense 2101 Accounts Payable O&G Oil and Gas Co. &G Oil and Gas Co. O 26 26 Jun 30 Jun 30 3 300 Dividends 1 110 Cash Owner's Drawings Owner's Drawings 271 27 Jun 30 | Jun 30 5010 Rent Expense 1140 Prepaid Rent Rent Expense Rent Expense 28 28 Jun 30 Jun 30 5080 Supplies Expense 1150 Office Supplies Physical Inventory Physical Inventory 29 29 Jun 30 Jun 30 5090 Interest Expense 2 103 Interest Payable Interest on Mortgage Interest on Mortgage 30 30 Jun 30 Jun 30 5100 Insurance Expense 1130 Prepaid Insurance Half Month's Insurance Expired Half Month's Insurance Expired 31 31 Jun 30 Jun 30 1120 Accounts Receivable Unbilled Revenue from June 28-30 4100 Computer & Consulting Unbilled Revenue from June 28-30 32] 32 Jun 30 Jun 30 Jun 301 Jun 30 5 110 Depreciation Expense Depreciation for one month 1 412 Accum. Depr.-Building Depreciation for one month 1312 Accum. Depr.-Computer Depreciation for one month 1212 Accum. Depr.-Office Eq Depreciation for one month 321 33 33 Jun 30 Jun 30 5020 Salary Expense 2105 Salaries Payable Unpaid Salaries Unpaid Salaries 34 Jun 30 35 Jun 301 36 Jun 30 37 Jun 30 38] Jun 30 T T 39 Jun 30 1.1.1..1.1.1.1.1.1.1.1.1.1.1.1.1.11 1. A Byte of Accounting, Inc. Worksheet For Period Ending June 30, 2020 A Byte of Accounting, Inc. Income Statement For Month Ending June 30, 2020 Revenues Computer & Consulting Revenue Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Evense Total Net Income Before Tax Income Tax Expense Pound to twe decimal plan) Net Income After Tax A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending June 30, 2020 Total Balance, Beginning of Period Net Income Dividends Balance, End of Period

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