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Morgan Grant 10011 Transaction Description of transactio Controls hidden. Press ESC to show June 1: Hudson Bloom invested $153,447.00 cash and computer equipment with a fair market value of $31,500.00 in his new business, Byte of Accounting. June 1: Check # 5000 was used to purchased computer equipment costing $12,600.00 from Morgan Grant. The invoice number was 20117. June 1: Check # 5001 was used to purchased office equipment costing $987.00 from Office Express The invoice number was 87417. June 2: Check # 5002 was used to make a down payment of $36,000.00 on additional computer 04. equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $180,000.00. A five-year note was executed by Byte for the balance. 05 June 4: Additional office equipment costing $400.00 was purchased on credit from Discount *Computer Corporation. The invoice number was 98432. 05 06. June 8: Unsatisfactory office equipment costing $80.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Check = 5003 was used to make a $27,500.00 payment reducing the principal owed on the June 2 purchase of computer equipment from Royce Computers. June 14: Check = 5004 was used to purchase a one-year insurance policy covering its computer 08. equipment for S5,136.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. June 16: A check in the amount of $6,500.00 was received for services performed for Pitman 09. Pictures June 16: A check in the amount of $6,500.00 was received for services performed for Pitman 09. Pictures June 16: Byte purchased a building and the land it is on for $107,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $17,000.00 10. The balance of the cost is to be allocated to the building. Check #5005 was used to make the down payment of $10,700.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance. 11 June 17: Check # 5006 for$7,600.00 was paid for rent of the office space for June, July, August and September June 17: Received invoice number 26354 in the amount of $300.00 from the local newspaper for advertising 13 June 21: Accounts payable in the amount of $320.00 were paid with Check # 5007 June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $675.00. The invoice number was 975-328. 13 15. June 21: Billed various miscellaneous local customers $4,300.00 for consulting services performed 16 June 22: Check = 5009 was used to pay salaries of $835.00 to equipment operators for the week ending June 18. Ignore payroll taxes. 8 June 22: Received a bill for $1,115.00 from Computer Parts and Repair Co. fd repairs to the computer equipment. The invoice number was 43254. 8 18 June 22: Check = 5010 was used to pay the advertising bill that was received on June 17. June 23: Purchased office supplies for $505.00 from Staples on account. The invoice number was 65498 20. June 23: Cash in the amount of $3,445.00 was received on billings. 21. June 28: Billed $5,490.00 to miscellaneous customers for services performed to June 25. 22. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check # 5011. 23. June 29: Cash in the amount of $5,201.00 was received for billings. June 29: Check # 5012 was used to pay salaries of $835.00 to equipment operators for the week ending June 25. Ignore payroll taxes. June 30: Received a bill for the amount of $865.00 from O&G Oil and Gas Co. The invoice number was 784537. June 30: Check # 5013 was used to pay for airline tickets of $1,700.00 to send the kids to Grandma 20. Ellen for the July 4th holiday. Adjusting Entries - Round to two decimal places. mo 7 The rent payment made on June 17 was for June, July, August and September. Expense the amount associated with one month's rent 2. A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30. 28 30 A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June The annual interest rate on the mortgage payable was 8.00 percent. Interest expense for one half 29. month should be computed because the building and land were purchased and the liability incurred on June 16. 30. Record a journal entry to reflect that one half month's insurance has expired. 2. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,125.00 for the period of June 28-30. The expense for depreciation follows: 32. Building S241.00 Computer Equipment - $3,046.00 Office Equipment S21.00 NR 75 33. A review of the payroll records show that unpaid salaries in the amount of $501.00 are owed by Byte for three days, June 28 - 30. Ignore payroll taxes. 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 for the period is $1,160.67. Closing Entries 35. Close the revenue accounts. #SSSS 36. Close the expense accounts. R7 37 Cince the income summarv arco Transactions 1 1 36. Close the expense accounts. 37 Close the income summary account 38 Close the withdrawals account A BIC Account Transaction Date Name Description Credit Jun 01 1110 Jun 01 1311 Jun 011 3100 Cash Hudson Bloom Investment Computer Equip Hudson Bloom Investment Hudson Bloom, Capital Hudson Bloom Investment 155,447.00 31,500.00 186,947.00 021 12,600.00 Jun 01 Jun 01 1211 1110 Office Equip. Cash 02 Office Equipment Office Equipment 12,600.00 987.00 Jun 01 1311 Jun 01 1110 Computer Equip. Cash Computer Equipment Computer Equipment 987.00 04 04 04 Jun 02 1311 Jun 02 1110 Jun 02 2202 Computer Equip. Cash Notes Payable Royce Computers Royce Computers Royce Computers 36,000.00 144.000.00 400.00 05 05 Jun 04 1211 Jun 04 2101 Office Equip. Accounts Payable Purchaess on Credit Purchaess on Credit 400.00 m- 80.00 06 06) Jun 08 2101 Jun 081211 Accounts Payable Office Equip. I nvoice Number 98432 was Return Invoice Number 98432 was Returned 80.00 07 07 Jun 10 Jun 10 2202 1110 Notes Payable Cash 27,500.00 C heck # 5003 Royce Computers Check #5003 Royce Computers 27.500.00 08 5,136.00 Jun 14 Jun 14 1130 1110 Prepaid Insurance Cash Seth's Insurance Seth's Insurance 081 5,136.00 6,500.00 09 09 Jun 16 Jun 16 1110 4100 Cash Pitman Pictures Computer & Consulting Pitman Pictures 6,500.00 107,000.00 17,000.00 101 10 10 10] Jun 161 1510 Jun 16 1411 Jun 16 1110 Jun 16 2201 Land Building Cash Mortgage Payable Land and Building Purchased Land and Building Purchased Land and Building Purchased Land and Building Purchased 10.700.00 113,300.00 11 11 Jun 17 5030 Jun 17 2101 Advertising Expense Accounts Payable Building Check #5006 Building Check #5006 7,600.00 17,600.00 T 300.00 12) 12 Jun 17 5030Advertising Expense Jun 17 2101 Accounts Payable Invoice Number 26354 Invoice Number 26354 300.00 13 13 Jun 21 2101 Jun 211 1110 Accounts Payable Cash Accounts Payable with Check #500 Accounts Payable with Check #5007 320.00 320.00 nnor 6 75.00 Jun 21 Jun 21 1211 1110 Office Equip Cash Office Machines Express Office Machines Express 675.00 4.300.00 15 15 Jun 21 1120 Jun 21 4100 Accounts Receivable Billed Service Perforned Computer & Consulting Billed Service Perforned 4,300.00 835.00 16 16 Jun 22 Jun 22 5020 1110 Salary Expense Cash Paid Salaries Paid Salaries 835.00 1.115.00 Jun 22) 5040 Jun 22 2101 Repairs & Maint. Expen Computer Parts and Repair Co. Accounts Payable Computer Parts and Repair Co. 1.115.00 300.00 18 18 Jun 22 2101 Jun 22 1110 Accounts Payable Cash Pay Advertising Bill Pay Advertising Bill 300.00 19 505.000 Jun 23 1150 Jun 23 2101 Office Supplies Accounts Payable Purchase Office Supplies Purchase Office Supplies 19 505.00 3.445.00 20 20 Jun 23 Jun 23 1110 1120 C ash Accounts Receivable Cash from Billings Cash from Billings 3.445.00 5.490.00 21 21 Jun 28 1120 Jun 28 4100 Accounts Receivable Services Performed Computer & Consulting Services Performed 5.490.00 22 22 Jun 29 Jun 29 2101 7 Accounts Payable 1110 Cash Paid Computer Parts and Repairs Paid Computer Parts and Repairs Co. 1.115.00 1.115.00 5 .201.00 23 23 Jun 29 Jun 29 1110 1120 Cash Accounts Receivable Cash from Billings Cash from Billings 5.201.00 Introduction - FAQ - Chart of Accounts - Welcome - Transactions - A Byte of Accounting 23 5,201.00 Jun 29) 1110 Jun 29 1120 Cash Accounts Receivable Cash from Billings Cash from Billings 5,201.00 835.000 Jun 29 Jun 29 5020 1110 Salary Expense Cash Paid Salaries Paid Salaries 24 835.00 865.00 25 25 Jun 30 5050 Jun 30 2101 Oil & Gas Expense Accounts Payable O&G Oil and Gas Co. O&G Oil and Gas Co. 865.00 1.700.00 26 26) Jun 30 3300 Jun 301110 Hudson Bloom, Withdra Owner's Drawing Cash Owner's Drawing 1.700.00 135 136 137 27 27 7,600.00 Jun 30 5010 Jun 30 1140 Rent Expense Prepaid Rent Rent Expense Rent Expense 7.600.00 202.00 28 28 Jun 30 5080 Jun 30 1150 Supplies Expense Office Supplies Physical Inventory Physical Inventory 202.00 29 29 37767 Jun 30 Jun 30 5090 2103 Interest Expense Interest Payable Interest on Mortgage Interest on Mortgage 37767 214.00 Jun 30 5100 Insurance Expense Jun 30 1130 - Prepaid Insurance Half Month's Insurance Expired Half Month's Insurance Expired 30 214.00 CAO- Chart of Accounts - Welcome - Transactions A Byte of Accounting 23 5,201.00 Jun 29) 1110 Jun 29 1120 Cash Accounts Receivable Cash from Billings Cash from Billings 5,201.00 835.000 Jun 29 Jun 29 5020 1110 Salary Expense Cash Paid Salaries Paid Salaries 24 835.00 865.00 25 25 Jun 30 5050 Jun 30 2101 Oil & Gas Expense Accounts Payable O&G Oil and Gas Co. O&G Oil and Gas Co. 865.00 1.700.00 26 26) Jun 30 3300 Jun 301110 Hudson Bloom, Withdra Owner's Drawing Cash Owner's Drawing 1.700.00 135 136 137 27 27 7,600.00 Jun 30 5010 Jun 30 1140 Rent Expense Prepaid Rent Rent Expense Rent Expense 7.600.00 202.00 28 28 Jun 30 5080 Jun 30 1150 Supplies Expense Office Supplies Physical Inventory Physical Inventory 202.00 29 29 37767 Jun 30 Jun 30 5090 2103 Interest Expense Interest Payable Interest on Mortgage Interest on Mortgage 37767 214.00 Jun 30 5100 Insurance Expense Jun 30 1130 - Prepaid Insurance Half Month's Insurance Expired Half Month's Insurance Expired 30 214.00 CAO- Chart of Accounts - Welcome - Transactions A Byte of Accounting 5,125.00 Jun 30 1120 Jun 30 4100 Accounts Receivable Unbilled Revenue from June 28-30 Computer & Consulting Unbilled Revenue from June 28-30 5,125.00 32 32 32 Jun 305110 Depreciation Expense Depreciation for one month Jun 30 1412 Accum. Depr.-Building Depreciation for one month Jun 30 1312 Accum. Depr.-Computer Depreciation for one month Jun 30 1212A ccum. Depr.-Office Eq Depreciation for one month 33 moos NSREBR8583 36 MESES 100 191 Latin F AQ Chart of Accounts - Welcome - Transactions - ps Boils - Treatments sheets/d/1KOBDxOnV2ptyCS_W40P44018TROFYjWA/edit#gid-2066729060 > Walmart Mobile > Choose Your Phone M Gmail A Byte of Accounting, Inc. Credit 0.001 000 Account 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 Depe-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 Hudson Bloom. Capital 3300 Hudson Bloom Withdrawals 000 Unadjusted Trial Balance Deba Credit 71 890 00 0.00 1.144 00 5.13600 0.00 0.00 0.00 505 00 0.00 13 595 00 0.00 000 0.00 212 487 00 000 0.00 17 000 00 000 0.00 0.001 107 000.00 0.00 0.00 8.970 001 0.00 000 0.00 0.00 0.00 0.00 000100 000 113.300.00 0.00 116 500 00 0.00186 94700 1.700.00 0001 Adjusting Entries Adjusted Trial Balance Debe Credit Det 0.001 0.0071 890 00 512500 0.00 0.001 6.269 001 0.00 0.00 214001 4 922 00 0.00 0.00 7 600 000 000 7,600.00 0001 20200 303 00 0.00 0.001 0.0013 595.00 0.00 0.00 0.00 000 0.00 0.00 0.00 212 487.00 000 0.00 000 0.00 0.00 000 17 000 00 000 0.00 0001 0.00 0.00 0.00 107.000.00 0.00 0.001 0001 0.001 897000 0.001 0.00 0.00 0.00 377.67 0.00 37767 0.00 0.00 0.001 0.00 000 0.00 0.00 0.00113 300 00 0.00 0.00 000116 500 00 000 0.00 185 94700 0000 0.00 1.700.00 0 .00 100 100 000 0001 0.00 0.00 7.600.00 21.415.00 167000 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 51101 Depreciation Expense 000l 0001 1.670 00 7 900 00 1.115 00 865.00 000 16.250.00 0.00 0.001 0.00 0001 0.00 7 900.00 000 7600001 0.001 000 0001 0.00 202.00 377671 214001 5.125.00 000 0.00 0.00 0.00T 001 0.00 000 0.00 1.11500 36500 0.00 0001 0.00 0.00 20200 377671 2 1400 0.00 100 000 0.00 0.00 442.007.00 442.007.00 13,618 67 455 10961 455 10967 Welcome - of Accounts - Transactions General Journal Workshoot

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