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co o 13 16 Number Name Normal Balance 1110 Cash Debit 1120 Accounts Receivable Debit 1130 Prepaid Insurance Debit 1140 Prepaid Rent Debit 1150 Office Supplies Debit 1211 Office Equip Debit 1212 Accum. Depr.-Office Equip Credit 1311 Computer Equip. Debit 1312 Accum. Depr.-Computer Equip. Credit 1411 Building Cost Debit 1412 Accum. Depr.-Building Credit 1510 Land Debit 2101 Accounts Payable Credit 2102 Advanced Payments Credit 2103 Interest Payable Credit 2105 Salaries Payable Credit 2106 Income Taxes Payable Credit 2201 Mortgage Payable Credit 2202 Notes Payable Credit 3100 Capital Stock Credit 3200 Retained Earnings Credit 3300 Dividends Debit 3400 Income Summary Credit 4100 Computer & Consulting Revenue Credit 5010 Rent Expense Debit 5020 Salary Expense Debit 5030 Advertising Expense Debit 5040 Repairs & Maint. Expense Debit 5050 Oil & Gas Expense Debit 5080 Supplies Expense Debit 5090 Interest Expense Debit 5100 Insurance Expense Debit 5110 Depreciation Expense Debit 5120 Income Tax Expense Debit Byte of Accounting, Inc. Preston Whitney Whitney 7746 Transaction Description of transaction 01 June 1: Byte of Accounting, Inc. acquired $75,600 in cash from Lauryn and issued 2,800 shares of its common stock 02. June 1: Byte of Accounting, Inc. issued 2.620 shares of its common stock to Preston Whitney Whitney after S29,970 in cash and computer equipment with a fair market value of $40,770 were received 03. June 1: Byte of Accounting, Inc. issued 2,080 shares of its common stock after acquiring from Courtney $39,150 in cash, computer equipment with a fair market value of $15,660 and office equipment with a fair value of $1,350. June 2: A down payment of $32,000 in cash was made on additional computer equipment that was purchased for $160,000. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation. June 8: Unsatisfactory office equipment costing S80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Byte paid $24,500 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 $5,976 in cash. The effective date of the policy was June 16. June 16: A check in the amount of $6,250 was received for consulting revenue. 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. 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. June 17: Cash of $3,200 was paid for rent for June and July. Put the total amount into the Prepaid Rent account 12. June 17: Received a bill of $250 from the local newspaper for advertising. 13 June 21: Accounts payable in the amount of $320 were paid. 14. June 21: A fax machine for the office was purchased for $675 cash. June 21: Billed various miscellaneous local customers $4.400 for consulting services performed. June 22: Paid salaries of $1,010 to equipment operators for the week ending June 18. June 22: Received a bill for $1,140 from Computer Parts and Repair Co. for repairs to the computer equipment June 22: Paid the advertising bill that was received on June 17. June 23: Purchased office supplies for $605 on credit. Record the purchase as an increase to the assets. 20. June 23: Cash in the amount of $3,525 was received on billings 21 June 28: Billed $6,015 to miscellaneous customers for services performed to June 25. 50 22 June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 23. June 29: Cash in the amount of $5,699 was received for billings. m 24. June 29: Paid salaries of $1,010 to equipment operators for the week ending June 25. N Introduction FAQ Welcome Chart of Accounts Transactions General Journal Worksh 24. June 29: Paid salaries of $1,010 to equipment operators for the week ending June 25. June 30: Received a bill for the amount of $865 from O&G Ol and Gas Co. ooww 26. June 30: Paid a cash dividend of $0.22 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 transactions.) Adjusting Entries - Round to two decimal places. The rent payment made on June 17 was for June and July. Expense the amount associated with one month's rent. A physical inventory showed that only S247.00 worth of office supplies remained on hand as of June 30 o The annual interest rate on the mortgage payable was 8.25 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. w 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. A review of Byte's job worksheets show that there are unbilled revenues in the amount of $5,000 for the period of June 28-30. N O L 002 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 $350. The computer equipment has no scrap value. Calculate the depreciation for one month w 33. A review of the payroll records show that unpaid salaries in the amount of $606.00 are owed by Byte for three days, June 28 - 30. o The note payable relating to the June 2, and 10 transactions is a five-year note, with interest at the Introduction FAQ Welcome Chart of Accounts Transactions General Journal Worksh Leady wix] A A review of the payroll records show that unpaid salaries in the amount of $606.00 are owed by Byte for three days, June 28 - 30. 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. MIMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was |$128,000. On June 10, eight days later, $24,500 was repaid. Interest expense must be calculated on the $128.000 for eight days. In addition, interest expense on the $103,500 balance of the loan ($128.000 less $24.500 = $103,500) must be calculated for the 20 days remaining in the month of June.] No conocou 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 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 balances which you can then transfer to the appropriate financial statement.) Closing Entries 36. Close the revenue accounts. Close the expense accounts. 38. Close the income summary account. 39. Close the dividends account. Step 1 - The Chart of Accounts The chart of accounts includes all of the accounts that you can use to solve your case. You may want to prin the chart of accounts and use it as an easy reference guide. Step II - Journalizing the Transactions. Using your unique transactions record the corresponding general journal entry, rounding to two decimal For example, 01 June 1: Joseph made an investment in Byte of Accounting, Inc. by purchasing 2.000 shares of its common stock for $40,000 cash. The par value of the common stock was $20 per share. In the date field enter the date of the transaction. If you do not enter a date value an error message will appear. count Transaction Date Name Description O 01 Jun 01 In the account field enter the account number that corresponds to the account in the chart of accounts You can also use the pull down list to find the appropriate account number. If you use a number that is not on the chart of accounts an error message will appear. Transaction Account Date Name Bocal Description crecie 01 Jun 01 1110 Cash The name of the account will automatically appear in the name column. If it is the wrong account renter the correct account number Enter the description in the description field. nsaction count Transaction Date Account Name Description Debit 0 Credit 01 Jun 01 1110 Cash Joseph's investment 40,000.00 3100 Capital Stoc Joseph's investment 40,000.00 an Step III - Worksheet Although not graded, you need to complete the Worksheet. If each of your journal entries are in balance then 95 your Unadjusted Trial Balance and the Adjusting Entry columns will be in balance. Your Adjusted Trial 46 Balance will balance when you place each of the account balances into the correct debit or credit position in the Adjusted Trial Balance section of the Worksheet. Then copy each of the account balances to their 97 appopiate location in the Income statement or Balance Sheet columns of your worksheet. If the net income 98 balance both the Income Statment and the Balance Sheet then your worksheet is completed. A Account 7 Number Name Income Statement Debit Credit Balance Sheet Debit Credit 1,000.00 60,000.00 TOTAL NET INCOME 400.00 600.00 1,000.00 59.400.00 600.00 60.000.00 1,000.00 60,000.00 100 Step IV - Prepare the Financial Statements. 101 After you have entered all of the transactions and prepared the Worksheet, you are to prepare the Income Statement, Shareholder's Equity Statement and Balance Sheet using the forms provided. Step V - Prepare the Closing Entries. 19 Based upon the information from your Worksheet or from your Financial Statements, prepare the closing Step 1 - The Chart of Accounts The chart of accounts includes all of the accounts that you can use to solve your case. You may want to prin the chart of accounts and use it as an easy reference guide. Step II - Journalizing the Transactions. Using your unique transactions record the corresponding general journal entry, rounding to two decimal For example, 01 June 1: Joseph made an investment in Byte of Accounting, Inc. by purchasing 2.000 shares of its common stock for $40,000 cash. The par value of the common stock was $20 per share. In the date field enter the date of the transaction. If you do not enter a date value an error message will appear. ccount Transaction Date Acco Name Description DC 01 Jun 01 In the account field enter the account number that corresponds to the account in the chart of accounts You can also use the pull down list to find the appropriate account number. If you use a number that is not on the chart of accounts an error message will appear. Transaction Date Account Name Detail precio Description 01 Jun 01 1110 Cash The name of the account will automatically appear in the name column. If it is the wrong account renter the correct account number Enter the description in the description field. nsaction count dit