Hello. using the codes provided below use to answer the question
underneath it. Just want to double check my answers that I have.
Some of them i got wrong and I was wondering if anyone can give me
some of their knowledge. I need a general journal with account
transaction date, Acct#, Acct name, description (not necessary),
debit and credit amount. I only need 22-39

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Question: Hello. using the codes provided below use to answer the question underneath it. Just want to doub…
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Number Name Normal Balance
1110 Cash Debit
1120 Accounts Receivable Debit
1130 Prepaid Insurance Debit
1140 Prepaid Rent Debit
1150 Office Supplies Debit
1211 Office Equip. Debit
1212 Accum. Depr.-Office
Equip.
Credit
1311 Computer Equip. Debit
1312 Accum. Depr.-Computer
Equip.
Credit
1411 Building Cost Debit
1412 Accum. Depr.-Building Credit
1510 Land Debit
2101 Accounts Payable Credit
2102 Advanced Payments Credit
2103 Interest Payable Credit
2105 Salaries Payable Credit
2106 Income Taxes Payable Credit
2201 Mortgage Payable Credit
2202 Notes Payable Credit
3100 Capital Stock Credit
3200 Retained Earnings Credit
3300 Dividends Debit
3400 Income Summary Credit
4100 Computer & Consulting
Revenue
Credit
5010 Rent Expense Debit
5020 Salary Expense Debit
5030 Advertising Expense Debit
5040 Repairs & Maint.
Expense
Debit
5050 Oil & Gas Expense Debit
5080 Supplies Expense Debit
5090 Interest Expense Debit
5100 Insurance Expense Debit
5110 Depreciation Expense Debit
5120 Income Tax Expense Debit

Byte of Accounting, Inc.

Transaction Description of
transaction
01. June
1:   Byte of Accounting, Inc. acquired $72,800 in cash
from Lauryn and issued 2,600 shares of its common stock.
02. June 1: Byte of
Accounting, Inc. issued 2,580 shares of its common stock to Lizneth
Garcia after $29,680 in cash and computer equipment with a fair
market value of $42,560 were received.
03. June 1: Byte of
Accounting, Inc. issued 1,988 shares of its common stock after
acquiring from Courtney $40,600 in cash, computer equipment with a
fair market value of $14,000 and office equipment with a fair value
of $1,064.
04. June 2: A down
payment of $28,000 in cash was made on additional computer
equipment that was purchased for $140,000. A five-year note was
executed by Byte for the balance.
05. June 4: Additional
office equipment costing $400 was purchased on credit from Discount
Computer Corporation.
06. June 8:
Unsatisfactory office equipment costing $80 was returned to
Discount Computer for credit to be applied against the outstanding
balance owed by Byte.
07. June 10: Byte paid
$21,500 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 $5,976 in cash. The effective date of the
policy was June 16.
09. June 16: A check
in the amount of $6,750 was received for consulting revenue.
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
$5,400 was paid for rent for June, July and August. Put the total
amount into the Prepaid Rent account.
12. June 17: Received
a bill of $275 from the local newspaper for advertising.
13. June 21: Accounts
payable in the amount of $320 were paid.
14. June 21: A fax
machine for the office was purchased for $875 cash.
15. June 21: Billed
various miscellaneous local customers $4,000 for consulting
services performed.
16. June 22: Paid
salaries of $885 to equipment operators for the week ending June
18.
17. June 22: Received
a bill for $1,115 from Computer Parts and Repair Co. for repairs to
the computer equipment.
18. June 22: Paid the
advertising bill that was received on June 17.
19. June 23: Purchased
office supplies for $580 on credit. Record the purchase as an
increase to the assets.
20. June 23: Cash in
the amount of $3,205 was received on billings.
21. June 28: Billed
$5,490 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.
23. June 29: Cash in
the amount of $5,201 was received for billings.
24. June 29: Paid
salaries of $885 to equipment operators for the week ending June
25.
25. June 30: Received
a bill for the amount of $990 from O & G Oil and Gas Co.
26. June 30: Paid a
cash dividend of $0.17 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, July and August. Expense the amount
associated with one month’s rent.
28. A physical
inventory showed that only $236.00 worth of office supplies
remained on hand as of June 30.
29. The annual
interest rate on the mortgage payable was 8.50 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 $5,500 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 $7,000. The
office equipment has a scrap value of $350. 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 $531.00
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
$112,000.   On June 10, eight days later, $21,500 was
repaid. Interest expense must be
calculated on the
$112,000 for eight days. In addition, interest expense on the
$90,500 balance of the loan ($112,000 less $21,500 = $90,500) 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
36. Close the revenue
accounts.
37. Close the expense
accounts.
38. Close the income
summary account.
39. Close the
dividends account.

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