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Transaction Description of transaction

$01.$ June $1$: Byte of Accounting, Inc. received $$124,832\mathrm{.}00$ in cash from Tymur Terchiiev and issued $3,200$ shares of its common stock.

$02.$ June $1$: Byte of Accounting, Inc. recieved $$62,416\mathrm{.}00$ in cash and computer equipment with a fair market value of $$210,654\mathrm{.}00$ when Hailey purchased $7,000$ shares of its common stock.

$03.$ June $2$: Check # $5002$ was used to make a down payment of $$28,000\mathrm{.}00$ on additional computer equipment that was purchased from Royce Computers, invoice number $76542.$ The full price of the computer was $$140,000\mathrm{.}00.$ A five$-$year note was executed by Byte for the balance.

$04.$ June $4$: Office equipment costing $$5,000\mathrm{.}00$ was purchased on credit from Discount Computer Corporation. The invoice number was $98432.$

$05.$ June $8$: Unsatisfactory office equipment costing $$1,000\mathrm{.}00$ from invoice number $98432$ was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.

$06.$ June $8$: Checks in the amount of $$7,580\mathrm{.}00$ were received for services performed for cash customers.

$07.$ June $8$: Purchased office supplies for $$1,850\mathrm{.}00$ from Staples on account. The invoice number was $61298.$

$08.$ June $13$: Check # $5003$ was used to pay salaries of $$2,805\mathrm{.}00$ to equipment operators for the week ending June $13.$ Ignore payroll taxes.

$09.$ June $14$: Check # $5004$ was used to purchase a one$-$year insurance policy covering its computer equipment for $$5,976\mathrm{.}00$ from Seth's Insurance. The effective date of the policy was June $16$ and the invoice number was $2387.$

This payment is recorded as a prepaid asset because the payment covers future periods.

$10.$ June $17$: Check # $5006$ for $$4,000\mathrm{.}00$ was paid for rent for June and July.

This payment is recorded as a prepaid asset because the payment covers future periods.

$11.$ June $17$: Received invoice number $26354$ in the amount of $$325\mathrm{.}00$ from the local newspaper for advertising.

$12.$ June $19$: Accounts payable in the amount of $$4,000\mathrm{.}00$ were paid with Check # $5007.$

$13.$ June $19$: Check # $5008$ was used to purchase a copy machine for the office from Office Machines Express for $$650\mathrm{.}00.$ The invoice number was $975-328.$

$14.$ June $20$: Billed various miscellaneous local customers $$4,200\mathrm{.}00$ for consulting services performed.

$15.$ June $20$: Check # $5009$ was used to pay salaries of $$2,805\mathrm{.}00$ to equipment operators for the week ending June $20.$ Ignore payroll taxes.

$16.$ June $22$: Received a bill for $$1,165\mathrm{.}00$ from Computer Parts and Repair Co$.$ for repairs to the computer equipment. The invoice number was $43254.$

$17.$ June $22$: Check # $5010$ was used to pay the advertising bill that was received on June $17.$

$18.$ June $23$: Purchased office supplies for $$925\mathrm{.}00$ from Staples on account. The invoice number was $65498.$

$19.$ June $23$: Cash in the amount of $$3,365\mathrm{.}00$ was received on billings.

$20.$ June $27$: Check # $5012$ was used to pay salaries of $$2,805\mathrm{.}00$ to equipment operators for the week ending June $27.$ Ignore payroll taxes.

$21.$ June $28$: Billed $$5,595\mathrm{.}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 $29$: Checks totaling $$5,300\mathrm{.}00$ were received for billings.

$24.$ June $30$: Received a bill for the amount of $$1,015\mathrm{.}00$ from O & G Oil and Gas Co$.$ The invoice number was $784537.$

$25.$ June $30$: A cash dividend of $$1,836\mathrm{.}00$ was electronically transferred to the stockholders of Byte.

$26.$ June $30$: Purchased office supplies for $$1,025\mathrm{.}00$ from Staples on account. The invoice number was $65498.$

Adjusting Entries $-$ Round to two decimal places.

The "Worksheet" tab provides the account balance both before and after the adjusting entry. This is Excel, you can use formulas to calculate the required values.

$27.$ The rent payment of $$4,000\mathrm{.}00$ was paid for rent for June and July. Expense the amount associated with one month's rent.

$28.$ While a review of the transaactons indicate that the balance of the Office Supplies account was $$3,800\mathrm{.}00,$ a physical inventory showed that only $$1,015\mathrm{.}00$ worth of office supplies remained on hand as of June $30.$

$29.$ The purchase of the one$-$year insurance policy covering the computer equipment was recorded for $$5,976\mathrm{.}00.$ Record the expense for half a month's insurance, which is calculated as $1/24$ of the annual amount.

$30.$ A review of Byte$$s job folders show that there are unbilled revenues in the amount of $$15,500\mathrm{.}00.$

$31.$ The Computer Equipment has a cost of $$350,654\mathrm{.}00$ and estimated useful life of $5\mathrm{.}00$ years.

Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The computer equipment's scrap value is $$25,000\mathrm{.}00.$ Record the $$5,427\mathrm{.}57$ depreciation expense for one month using the straight$-$line method. Annual depreciation is calculated as $($Cost $-$ Scrap Value$)/$ Useful Life, with

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