Can you help me with #15, 34, 35, 37, 38, 42, 45, 48, 49 and 50: close the revenue account, 51: close the expense accounts, 52: close the dividend account. THANK YOU
The Byte of Accounting Corporation (Byte) sells turn-key computer systems to midsize businesses on account. Byte was started by Lauryn on January 1 of last year when she was issued 2,200 shares of stock. - Perpetual FIFO will be used for the Super Toners. - The allowance method is used to account for bad debts. Transaction 01: December 1: an investor made an investment in Byte by purchasing 2,700 shares of its common stock paying $72,900 in cash. The par...
GIVEN INFORMATION: The Byte of Accounting Corporation (Byte) sells turn-key computer systems to midsize businesses on account. Byte was started by Lauryn on January 1 of last year when she was issued 2,200 shares of stock. - Perpetual FIFO will be used for the Super Toners. - The allowance method is used to account for bad debts. FOR JOURNAL ENTRIES: #15, #26, and #27 I need an answer with the following (for all listed journal entries below): 1) Transaction Name...
The Byte of Accounting Corporation (Byte) sells turn-key computer systems to midsize businesses on account. Byte was started by Lauryn on January 1 of last year when she was issued 2,200 shares of stock. - Perpetual FIFO will be used for the Super Toners. - The allowance method is used to account for bad debts. Transaction 01: December 1: an investor made an investment in Byte by purchasing 2,700 shares of its common stock paying $72,900 in cash. The par...
The Byte of Accounting Corporation (Byte) sells turn-key computer systems to midsize businesses on account. Byte was started by Lauryn on January 1 of last year when she was issued 2,200 shares of stock. - Perpetual FIFO will be used for the Super Toners. - The allowance method is used to account for bad debts. Transaction 01: December 1: an investor made an investment in Byte by purchasing 2,700 shares of its common stock paying $72,900 in cash. The par...
Need general journal transactions for 31, 35, 36, 37, 38, and 41. Excel File Edit View Insert Format Tools Data Window Help Page Layout Formulas Data Review View AA = = = Wrap Text Home Insert R Xcut © Copy - Paste Format A x B I U Morge & Center f June 30: Check #5013 was used to pay for a cash dividend of $0.21 per share to Jeremy, a shareholder of Byt B The Computer Equipment has an...
Hello, I need help with the journal entries for transactions 29, 34, 35, 37, and 38. 01. June 1: Byte issued 2,660 shares of common stock to Lisa after $28,600 in cash and computer equip with a fair market value of $40,560 were received. 02. June 1: Byte issued 2,282 of it's common stock after acquiring from Andrew $48,100 in cash, computer equipment with a FMV of $10,920 and office equip with a FMV of $676 03. June 1: Byte...
GIVEN INFORMATION: December 1: a new investor, made an investment in Byte by purchasing 2,700 shares of its common stock paying $72,900.00 in cash. The par value of the common stock was $19.00 per share. December 3: Byte purchased a Ricoh Color Copier for $5,300.00. The invoice number was 61298. Byte paid 10% in cash and signed a three-year note for the remaining balance. Interest at a rate of 6% a year will be paid semiannually. December 3: Byte received 13 Super Toners for resale to customers...
GIVEN INFORMATION: December 1: a new investor, made an investment in Byte by purchasing 2,700 shares of its common stock paying $72,900.00 in cash. The par value of the common stock was $19.00 per share. December 3: Byte purchased a Ricoh Color Copier for $5,300.00. The invoice number was 61298. Byte paid 10% in cash and signed a three-year note for the remaining balance. Interest at a rate of 6% a year will be paid semiannually. December 3: Byte received 13 Super Toners for resale to customers...
36. June 30: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 37. Close the revenue accounts. 38. Close the expense accounts. 39....
Description of transaction 01. June 1: Hudson Bloom invested $164,684.00 cash and computer equipment with a fair market value of $40,560.00 in his new business, Byte of Accounting. 02. June 1: Check # 5000 was used to purchased office equipment costing $1,144.00 from Office Express. The invoice number was 87417. 03. June 1: Check # 5001 was used to purchased computer equipment costing $12,480.00 from Taylor Jones. The invoice number was 20117. 04. June 2: Check # 5002 was used...