Question

This is for an accounting assignment and I'm not sure where I'm going wrong. I'll copy and paste what I have and the directions as best as possible. PLEEEASE HELP:

June 22: Received a bill for $1,190 from Computer Parts and Repair Co. for repairs to the computer equipment.

It's telling me my rep and maintenance expense is wrong. I entered:

Repairs & Maint. Expense 1190

Accounts payable 1190

It's for Byte of Accouting. What else would this transaction be for journal entries? Another question: 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. June 10: Byte paid $22,250 on the balance it owed on the June 2 purchase of computer equipment. June 16: Byte purchased a building and the land it is on for $113,000, to house its re pair facilities and to store computer equipment. The lot on which the building is located is valued at $18,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,300 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 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.   On June 10, eight days later, $22,250 was repaid. Interest expense must be calculated on the $116,000 for eight days. In addition, interest expense on the $93,750 balance of the loan ($116,000 less $22,250 = $93,750) must be calculated for the 20 days remaining in the month of June.]

Because of this, my entire income statement sheet is wrong.

Please help with the transactions and journal entries!

Answer 1

Journal Entry
Date	Particulars	Dr. Amt.	Cr. Amt.
22-Jun	Computer Repair Expense	1,190
	Accounts Payable		1,190
	(To record the computer repair expense)
2-Jun	Computer	145,000
	Cash		29,000
	Notes Payable		116,000
	(To record the purchase of Computer)
10-Jun	Notes Payable	21,941
	Interest Expense	309		$116,000 X 12% X 8/360
	Cash		22,250
	(To record the cash paid)
16-Jun	Land	18,000
	Building	95,000		$113,000 - $18,000
	Cash		11,300
	Mortgage Payable		101,700
	(To record the purchase of Land & Building)
30-Jun	Interest Expense	627		($116,000 - 21,941) X 12% X 20/360
	Interest Payable		627
	(To record the interest expense)