journalize thse transactions

EM221 Insert Draw Page Layout Formulas Data Review View Home Paste June 1: Byte of Accounting, Ine. issued 2,590 shares of its common stock to Jeremy after $22,660 in cash nd omputer o apment with a fair market value of$34,320 were received. 01. June I: Byte of Accounting, Inc, issued 2,371 shares of its common stock after acquiring from Courtney $38,500 in cash, computer equipment with a fair market value of $12,760 and office equipment with a fair value of $902. 02. June I: Byte of Accounting, Inc acquired $$2.800 in cash from Ethan Mearidy and issued 2,400 shares 03. of its common stock June 2: A down payment of $29,000 in cash was made on additional computer equipment that was purchased for $145,000. A five-year note was executed by Byte for the balance. 04. June 4: Additional office equipment costing $700 was purchased on credit from Discount Computer Corporation. 05. Tune s Usatisfactory office equipment costing $140 was retumed to Discount Computer for credit to be 06. t the balance owed b June 10: Byte paid $22,250 on the balance it owed on the June 2 purchase of computer equipment June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $$,976 n ash The effective date of the policy was June 16 08. 09 consultation revenue of $8,000 was received June 16: Bye purchased a building and the land it is on for $101,000, to house its repair facilities and to cost is to be allocated to the building. Byte made a cash down payment of $10,100 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. lune 17: Cash of S6.400 was paid for rent for June, July. August and September. Put the total amount into 1o store computer equipment. The lot on which the building is located is valued at S16,000. The balance of the he Prenaid Rent accoun wolcome e Cheri of Accounts Transactions General Journal workshe EM2211 (1) lome Insert Draw Page Layout Formulas Data Review View eB Wrap Text Merge & Center v Paste 12 une 17: Rececived a bill of $300 from the local newspaper for advertising 13. June 21: Billed various miscellaneous local customers $4,700 for consulting services pertormed 14. June 21: A fax machine for the office was purchased for $750 cash 15Dune 21 Aecouns payable in the mount of 60 were raid June 22: Paid the advertising bill that was received on June 17 June 22: Received a bill for $1,090 from Computer Parts and Repair Co for repairs to the computer June 22: Paid salaries of S885 to equipment operators for the week ending June 18. 19 June 23: Cash in the amount of $3,765 was received on billings 20 June 23: Purchased office supplies for $630 on credit Record the purchase as an increase to the assets 21. une 28 Billed $5,805 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount of S5.500 was received for billings on June 22, from Computer Parts and Repairs Co. 24. June 29: Paid salari es of $885 to equipment operators for the week ending June 25 25, Dune 30 Received s bill for dhe amount of S815 (rom O & G Oil and Gas Co Dhune 30. Paid a cash dividend of So 20 per share lo the three sharcholders of Byne IMPORTANT NOTE The number of shares of capital stock outstanding can be deternined from the first three transactions ) 26. Adiustine Entries- Ronnd in twn derimal nlaces Welcome Chart of Accounts Transactions a General Journal Worksheet EM2211 (1) Insert Draw Page Layout Formulas Data Review View me Merge & Center Adjusting Entries -Round to twe declmal places. The rent payment made on June 17 was for June, July, August and September. Expense the amount associated with one month's rent 27. IA physical inventory showed that only S259.00 worth of office supplies remained on hand as of June 30 28, The annual interest rate on the mortgage payable was 8.50 percent Interest expense for one-half month should be 29. sbould be computed because the building and land were ncurred on June 16 purchased and the Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14. Expense the amount associaled with one half month's insurance. 30. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,375 for the period of June 28-30 31. 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 parchased on the first day of the month. The building's scrap value is $7,500. The equipment has a scrap value of $350. The compater equipment has no scrap value. Calculate the depreciation for one month 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 33. 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 lOn June 1Q, eight days late, $22250 was repaid. Inserest expense maust be 34. i welcome Chart of Accounts Transactions General Journal worksheet i EM2211 (1) Home Insert Draw Page Layout Formulas Data Review View # Wrap Text E Merge& Center v Paste A review of the payroll records show that umpaid salaries in the amount of $531 are owed by Byte for three dys, June 28-30 33. The note payable relacing 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 sote on the computer equipment purchased on June 2 was $116,000 On June 10, eight days laser, $22,250 was repaid. Interest expense must be 76 caiculated on the $116,000 for eight days In addition, interest expense on the $93,750 balance of the loan (S116,000 less $22,250-$93,750) 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 ofnet 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 balanoes which you can then transfer to the appropriate financial statement.] Closing Entries 6 Close the reveniue accounts 36. 37. 38 86 Close the expense accounts Close the income s 39. Close the dividends account. i Welcomea Chart of Accounts Transactions General Journal Worksheet