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Adjusting Entries-Round to two decimal places. The note payable to Royce Computers (transactions 04 and 07 ) 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 $128,000.00. On June 10. eieht davs later. 524.500 .00 was reoaid. Interest expense must be calculated on the $128,000.00 for eight days. In addition, interest expense on the $103,500.00 balance of the loan ($128,000.00 less $24,500.00=$103,500.00) must be calculated for the 20 days remaining in the month of June.1 A Byte of Accounting General Journal Note: You can only enter data into the yellow filled cells. June 14: Check \# 5004 was used to purchase a one-year insurance policy covering its computer equipment 08. for $6,480.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number wa 2387. 09. June 16: A check in the amount of $7,750.00 was received for services performed for Pitman Pictures. June 16: Byte purchased a building and the land it is on for $95,000.00 to house its repair facilities and to 10. store computer equipment. The lot on which the building is located is valued at $15,000.00. The balance of the cost is to be allocated to the building. Check H 5005 was used to make the down payment of $9,500.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance. 11. June 17: Check \# 5006 for $4,200.00 was paid for rent for June and July. 12. June 17: Received invoice number 26354 in the amount of $325.00 from the local newspaper for advertising 13. June 21: Accounts payable in the amount of $400.00 were paid with Check \# 5007. 14. June 21: Check \# 5008 was used to purchase a fax machine for the office from Office Machines Express for 5850.00. The invoice number was 975328. 15. June 21: Billed various miscellaneous local customers $4,900.00 for consulting services performed. 16. June 22: Check #5009 was used to pay salaries of $1,010.00 to equipment operators for the week ending June 18. Ignore payroll taxes. June 22: Received a bill for \$1,140.00 from Computer Parts and Repair Co. for repairs to the computer 17. equipment. The invoice number was 43254. 18. June 22: Check \# 5010 was used to pay the advertising bill that was received on June 17. 19. June 23: Purchased office supplies for 5505.00 from Staples on account. The inyoice number was 65498. 20. June 23: Cash in the amount of $3,925.00 was received on billings. 21. June 28: Billed $5,910.00 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 $5,600.00 was received for billings. 24. June 29: Check \# 5012 was used to pay salaries of 51,010.00 (is quipment operators for the week ending June 25. Ignore payroll taxes. 25. June 30: Received a bill for the amount of $915.00 from O&G Oil and Gas Co. The invoice number was 784537. 26. June 30: Check H 5013 was used to pay for airline tickets of $2,100.00 to send the kids to Grandma EIlen for the July 4 th holiday. Adjusting Entries - Round to two decimal places. 27. The rent payment made on June 17 was for June and July. Expense the amount associated with one month's rent. 28. A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30 . 29. The annual interest rate on the mortgage payable was 8.50 percent. Interest ex should be computed because the building and land were purchased and the liab 30. Record a journal entry to reflect that one half month's insurance has expired. A1. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,375,00 for the period of June 28-30. The fixed assets have estimated useful lives as follow: Building - 31.5 years Computer Equipment - 5.0 years 32. 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 $500.00. The office equipment has a serap value of $500.00. The computer equipment has no scrap value. Calculate the depreciation for one month. 33. A review of the payroll recerds show that unpaid salaries in the amount of $606.00 are owed by Byte for three days, June 2830. Ignore payroll taxes. The note payable to Royce Computers (transactions 04 and 07 ) 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 34. $128,000.00. On June 10, eight days later, $24,500.00 was repaid. Interest expense must be calculated on the $128,000.00 for eight days. In addition, interest expense on the $103,500.00 balance of the loan ($128,000.00 less $24,500.00=$103,500.00) must be calculated for the 20 days remaining in the month of June.] Closing Entries 35. Close the revenue accounts. 36.0. Close the expense accounts. 37. Close the income summary account. 38. Close the withdrawals account. A Byte of Accounting General Joumal Note: You can only enter data into the yellow filled cells. \begin{tabular}{|c|l|l|l|l|l|l|} \hline 22 & Jun 29 & 2101 & Accounts Payable & Computer repair bill & 1,140.00 & \\ \hline 22 & Jun 29 & 1110 & Cash & Computer repair bill & 1,140.00 \\ \hline & & & & & \\ \hline & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|} \hline 24 & Jun 29 & 5020 & Salary Expense & Paid salaries & 1,010.00 & \\ \hline 24 & Jun 29 & 1110 & Cash & Paid salaries & 1,010.00 \\ \hline & & & & & & \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|} \hline 25 & Jun 30 & 5050 & Ol \& Gas Expense & Received bili & 915.00 & \\ \hline 25 & Jun 30 & 2101 & Accounts Payable & Received bil & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|l|} \hline 26 & Jun 30 & 3300 & Hudson Bloom, Withdrawt Withdraw & 2.100.00 & \\ \hline 26 & Jun 30 & 1110 & Cash & Withdraw & & 2.100 .00 \\ \hline & & & & & & \\ \hline & & & & & \\ \hline \end{tabular}

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