In the books of Byte of Accounting Inc. :
Transaction / Event | Date | Account Titles | Debit | Credit |
$ | $ | |||
01. | June 1 | Cash | 27,040 | |
Computer Equipment | 40,820 | |||
Common Stock | 67,860 | |||
02 | June 1 | Cash | 55,900 | |
Computer Equipment | 14,560 | |||
Office Equipment | 910 | |||
Common Stock | 71,370 | |||
03 | June 1 | Cash | 62,400 | |
Common Stock | 62,400 | |||
04 | June 2 | Computer Equipment | 170,000 | |
Cash | 34,000 | |||
Notes Payable | 136,000 | |||
05 | June 4 | Office Equipment | 600 | |
Accounts Payable | 600 | |||
06 | June 8 | Accounts Payable | 120 | |
Office Equipment | 120 | |||
07 | June 10 | Note Payable | 26,000 | |
Cash | 26,000 | |||
08 | June 14 | Prepaid Insurance | 5,472 | |
Cash | 5,472 | |||
09 | June 16 | Cash | 6,500 | |
Consulting Revenue | 6,500 | |||
10 | June 16 | Land | 19,000 | |
Building | 100,000 | |||
Cash | 11,900 | |||
Mortgage Payable | 107,100 | |||
11. | June 17 | Prepaid Rent | 6,300 | |
Cash | 6,300 | |||
12. | June 17 | Advertising Expense | 475 | |
Accounts Payable | 475 | |||
13. | June 21 | Accounts Receivable | 4,700 | |
Consulting Revenue | 4,700 | |||
14. | June 21 | Office Equipment | 825 | |
Cash | 825 | |||
15. | June 21 | Accounts Payable | 480 | |
Cash | 480 | |||
16. | June 22 | Accounts Payable | 475 | |
Cash | 475 | |||
17. | June 22 | Repairs Expense | 1,090 | |
Accounts Payable | 1,090 | |||
18 | June 22 | Salaries and Wages Expense | 1,010 | |
Cash | 1,010 | |||
19. | June 23 | Cash | 3,765 | |
Accounts Receivable | 3,765 | |||
20 | June 23 | Office Supplies | 480 | |
Accounts Payable | 480 | |||
21. | June 28 | Accounts Receivable | 5,385 | |
Service Revenue | 5,385 | |||
22. | June 29 | Cash | 5,101 | |
Accounts Receivable | 5,101 | |||
23. | June 29 | Accounts Payable | 1,090 | |
Cash | 1,090 | |||
24. | June 29 | Salaries and Wages Expense | 1,010 | |
Cash | 1,010 | |||
25. | June 30 | Oil and Gas Expense | 890 | |
Accounts Payable | 890 | |||
26. | June 30 | Dividends | 1,240.80 | |
Cash | 1,240.80 | |||
Adjusting Entries | ||||
27 | June 30 | Rent Expense | 2,100 | |
Prepaid Rent | 2,100 | |||
28. | June 30 | Office Supplies Expense | 289 | |
Office Supplies | 289 | |||
29. | June 30 | Interest Expense ( 107,100 * 8.25 % x 1/24 ) | 368.16 | |
Interest Payable | 368.16 | |||
30. | June 30 | Insurance Expense | 228 | |
Prepaid Insurance | 228 | |||
31 | June 30 | Accounts Receivable | 5,625 | |
Service Revenue | 5,625 | |||
32 | June 30 | Depreciation Expense | 4,027.41 | |
Accumulated Depreciation : Building | 244.71 | |||
Accumulated Depreciation: Computer Equipment | 3,756.33 | |||
Accumulated Depreciation: Office Equipment | 26.37 | |||
33 | June 30 | Salaries and Wages Expense | 606 | |
Salaries and Wages Payable | 606 | |||
34 | June 30 | Interest Expense [ ( 136,000 x 12 % x 8/360) + 110,000 x 12 % x 20/360 ] | 1,096 | |
Interest Payable | 1,096 | |||
35. | June 30 | Income Tax Expense | 2,255.11 | |
Income Taxes Payable | 2,255.11 | |||
Closing Entries | ||||
36. | June 30 | Consulting Revenue | 11,200 | |
Service Revenue | 11,010 | |||
Income Summary | 22,210 | |||
37. | June 30 | Income Summary | 15,444.68 | |
Rent Expense | 2,100 | |||
Insurance Expense | 228 | |||
Office Supplies Expense | 289 | |||
Salaries and Wages Expense | 2,626 | |||
Depreciation Expense | 4,027.41 | |||
Repairs Expense | 1,090 | |||
Oil and Gas Expense | 890 | |||
Advertising Expense | 475 | |||
Interest Expense | 1,464.16 | |||
Income Tax Expense | 2,255.11 | |||
38. | June 30 | Income Summary | 6,765.32 | |
Retained Earnings | 6,765.32 | |||
39. | June 30 | Retained Earnings | 1,240.80 | |
Dividends | 1,240.80 |
Paste Copy Format BIU-- - Merge & Center DA X ✓ fx June 1: Byte of...
в Byte of Accounting, Inc. John Clark 3394 Description of transaction June 1: Byte of Accounting, Inc. issued 2,650 shares of its common stock to Jeremy after $25,300 in cash and computer equipment with a fair market value of $35,650 were received. Transaction 01. June 1: Byte of Accounting, Inc. issued 2.451 shares of its common stock after acquiring from Courtney S42,550 in cash, computer equipment with a fair market value of $12,880 and office equipment with a fair value...
June 1: Byte of Accounting, Inc. issued 2,580 shares of its common stock to Jeremy after $30,160 in cash and computer equipment with a fair market value of $44,660 were received. June 1: Byte of Accounting, Inc. issued 1,962 shares of its common stock after acquiring from Courtney $42,050 in cash, computer equipment with a fair market value of $13,920 and office equipment with a fair value of $928. June 1: Byte of Accounting, Inc. acquired $69,600 in cash from...
01. June 1: Byte of Accounting, Inc. issued 2,670 shares of its common stock to Jeremy after $31,900 in cash and computer equipment with a fair market value of $45,530 were received. 02. June 1: Byte of Accounting, Inc. issued 1,851 shares of its common stock after acquiring from Courtney $36,250 in cash, computer equipment with a fair market value of $16,240 and office equipment with a fair value of $1,189. 03. June 1: Byte of Accounting, Inc. acquired $58,000...
Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,670 shares of its common stock to Jeremy after $31,900 in cash and computer equipment with a fair market value of $45,530 were received. 02. June 1: Byte of Accounting, Inc. issued 1,851 shares of its common stock after acquiring from Courtney $36,250 in cash, computer equipment with a fair market value of $16,240 and office equipment with a fair value of $1,189. 03. June 1: Byte of...
transactions to a general ledger A- A+ But Copy Format a 3 Merge & Center. S x June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for B15 J el: tyw of Accounting, Inc. quired 574,800 in cash from Lauryn and issued 3.400 shares of is e ther Jusel: tyw of Accounting, Inc. issued 2,370 shares of its common stock to the N $23.540 inch and computer equipment with a firmarket value of $33,000 were received June...
ransaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,670 shares of its common stock to Jeremy after $31,900 in cash and computer equipment with a fair market value of $45,530 were received. 02. June 1: Byte of Accounting, Inc. issued 1,851 shares of its common stock after acquiring from Courtney $36,250 in cash, computer equipment with a fair market value of $16,240 and office equipment with a fair value of $1,189. 03. June 1: Byte of...
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...
what are the journal entries for 32,34,&35? fx The note payable relating to the June 2, and 10 transactions is a five-year - 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 $7,500. The...
please complete the journal entries please complete the journal entries Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,650 shares of its common stock to Jeremy after $32,480 in cash and computer equipment with a fair market value of $44,370 were received. 02. June 1: Byte of Accounting, Inc. issued 1,879 shares of its common stock after acquiring from Courtney $36,250 in cash, computer equipment with a fair market value of $17,400 and office equipment with a...
32 only What are the three depreciation expenses given the following information BUILDING- COMPUTER EQUIP- OFFICE EQUIP- Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,620 shares of its common stock to Jeremy after $29,960 in cash and computer equipment with a fair market value of $43,400 were received. 02. June 1: Byte of Accounting, Inc. issued 2,122 shares of its common stock after acquiring from Courtney $43,400 in cash, computer equipment with a fair market...