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Account		Unadjusted Trial Balance		Adjusting Entries		Adjusted Trial Balance		Income Statement
Number	Name	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
1110	Cash	100,612.00	-	-	-	100,612.00	-
1120	Accounts Receivable	-	325.00	-	-	-	325.00
1130	Prepaid Insurance	4,968.00	-	-	-	4,968.00	-
1140	Prepaid Rent	4,800.00	-	-	-	4,800.00	-
1150	Office Supplies	-	-	-	-	-	-
1211	Office Equip.	1,168.00	-	-	-	1,168.00	-
1212	Accum. Depr.-Office Equip.	-	-	-	-	-	-
1311	Computer Equip.	212,930.00	-	-	-	212,930.00	-
1312	Accum. Depr.-Computer Equip.	-	-	-	-	-	-
1411	Building Cost	100,000.00	-	-	-	100,000.00	-
1412	Accum. Depr.-Building	-	-	-	-	-	-
1510	Land	19,000.00	-	-	-	19,000.00	-
2101	Accounts Payable	85.00	-	-	-	85.00	-
2102	Advanced Payments	-	-	-	-	-	-
2103	Interest Payable	-	-	-	-	-	-
2105	Salaries Payable	-	-	-	-	-	-
2106	Income Taxes Payable	-	-	-	-	-	-
2201	Mortgage Payable	-	107,100.00	-	-	-	107,100.00
2202	Notes Payable	-	97,000.00	-	-	-	97,000.00
3100	Capital Stock	-	232,638.00	-	-	-	232,638.00
3200	Retained Earnings	-	-	-	-	-	-
3300	Dividends	-	-	-	-	-	-
4100	Computer & Consulting Revenue	-	6,500.00	-	-	-	6,500.00
5010	Rent Expense	-	-	-	-	-	-
5020	Salary Expense	-	-	-	-	-	-
5030	Advertising Expense	-	-	-	-	-	-
5040	Repairs & Maint. Expense	-	-	-	-	-	-
5050	Oil & Gas Expense	-	-	-	-	-	-
5080	Supplies Expense	-	-	-	-	-	-
5090	Interest Expense	-	-	-	-	-	-
5100	Insurance Expense	-	-	-	-	-	-
5110	Depreciation Expense	-	-	-	-	-	-
5120	Income Tax Expense	-	-	-	-	-	-
	TOTAL	443,563.00	443,563.00	-	-	443,563.00	443,563.00
	NET INCOME
								GOOD
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								this is the data Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,640 shares of its common stock to Jeremy after $31,030 in cash and computer equipment with a fair market value of $45,530 were received. 02. June 1: Byte of Accounting, Inc. issued 2,382 shares of its common stock after acquiring from Courtney $50,750 in cash, computer equipment with a fair market value of $17,400 and office equipment with a fair value of $928. 03. June 1:   Byte of Accounting, Inc. acquired $87,000 in cash from angel and issued 3,000 shares of its common stock. 04. June 2: A down payment of $30,000 in cash was made on additional computer equipment that was purchased for $150,000. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation. 06. June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Byte paid $23,000 on the balance it owed on the June 2 purchase of computer equipment. 08. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $4,968 in cash. The effective date of the policy was June 16. 09. June 16: Computer consultation revenue of $6,500 was received. 10. June 16: Byte purchased a building and the land it is on for $119,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $19,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,900 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 11. June 17: Cash of $4,800 was paid for rent for June and July. Put the total amount into the Prepaid Rent account. 12. June 17: Received a bill of $325 from the local newspaper for advertising. 13. June 21: Billed various miscellaneous local customers $4,400 for consulting services performed. 14. June 21: A fax machine for the office was purchased for $800 cash. 15. June 21: Accounts payable in the amount of $240 were paid. 16. June 22: Paid the advertising bill that was received on June 17. 17. June 22: Received a bill for $1,215 from Computer Parts and Repair Co. for repairs to the computer equipment. 18. June 22: Paid salaries of $1,035 to equipment operators for the week ending June 18. 19. June 23: Cash in the amount of $3,525 was received on billings. 20. June 23: Purchased office supplies for $505 on credit. Record the purchase as an increase to the assets. 21. June 28: Billed $5,805 to miscellaneous customers for services performed to June 25. 22. June 29: Cash in the amount of $5,500 was received for billings. 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 24. June 29: Paid salaries of $1,035 to equipment operators for the week ending June 25. 25. June 30: Received a bill for the amount of $915 from O & G Oil and Gas Co. 26. June 30: Paid a cash dividend of $0.20 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. 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 9.25 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 30. 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. 31. A review of Byte’s job worksheets show that there are unbilled revenues in the amount of $5,750 for the period of June 28-30. 32. 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 $8,500. The office equipment has a scrap value of $300. The computer equipment has no scrap value. Calculate the depreciation for one month. 33. A review of the payroll records show that unpaid salaries in the amount of $621 are owed by Byte for three days, June 28 - 30. 34. 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 $120,000.   On June 10, eight days later, $23,000 was repaid. Interest expense must be calculated on the $120,000 for eight days. In addition, interest expense on the $97,000 balance of the loan ($120,000 less $23,000 = $97,000) 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 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

Answer 1

Solution:

No	Date	General Journal		Debit ($)	Credit ($)
01.	June 1	Computer equipment	1311	45,530
		Cash	1110	31,030
		Capital Stock (2,640 shares)	3100		76,560
02.	June 1	Computer equipment	1311	17,400
		Office equipment	1211	928
		Cash	1110	50,750
		Capital Stock (2,382 shares)	3100		69,078
03.	June 1	Cash	1110	87,000
		Capital Stock (3,000 shares)	3100		87,000
04.	June 2	Computer equipment	1311	150,000
		Cash	1110		30,000
		Notes Payable	2202		120,000
05.	June 4	Office equipment	1211	300
		Accounts Payable	2101		300
06.	June 8	Accounts Payable	2101	60
		Office equipment	1211		60
07.	June 10	Notes Payable	2202	23,000
		Cash	1110		23,000
08.	June 14	Prepaid Insurance	1130	4,968
		Cash	1110		4,968
09.	June 16	Cash	1110	6,500
		Computer consultation revenue	4100		6,500

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