June
\n 1: Hudson Bloom invested $133,906.00
\n cash and computer equipment with a fair market value of $35,420.00 in his new
\n business, Byte of Accounting.<\/p>\n
June
\n 1: Check # 5000 was used to purchased
\n office equipment costing $736.00 from Office Express. The invoice number was 87417.<\/p>\n
June
\n 1: Check # 5001 was used to purchased
\n computer equipment costing $11,040.00 from Thomas Cummings. The invoice number was 20117.<\/p>\n
June
\n 2: Check # 5002 was used to make a
\n down payment of $33,000.00 on additional computer equipment that was
\n purchased from Royce Computers, invoice number 76542. The full price of the computer was
\n $165,000.00. A five-year note was
\n executed by Byte for the balance.<\/p>\n
June
\n 4: Additional office equipment costing
\n $400.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432.<\/p>\n
June
\n 8: Unsatisfactory office equipment
\n costing $80.00 from invoice number 98432 was returned to Discount Computer
\n for credit to be applied against the outstanding balance owed by Byte.<\/p>\n
June
\n 10: Check # 5003 was used to make a
\n $25,250.00 payment reducing the prinicpal owed on the June 2 purchase of
\n computer equipment from Royce Computers.<\/p>\n
June
\n 14: Check # 5004 was used to purchase a one-year insurance policy covering
\n its computer equipment for $5,472.00 from Seth’s Insurance. The effective date of the policy was June
\n 16 and the invoice number was 2387.<\/p>\n
June
\n 16: A check in the amount of $8,250.00 was received for services
\n performed for Pitman Pictures.<\/p>\n
June
\n 16: Byte purchased a building and the
\n land it is on for $149,000.00 to house its repair facilities and to store
\n computer equipment. The lot on which
\n the building is located is valued at $24,000.00. The balance of the cost is to be allocated
\n to the building. Check # 5005 was used
\n to make the down payment of $14,900.00.
\n A thirty year mortgage with an inital payement due on August 1st, was
\n established for the balance.<\/p>\n
June
\n 17: Check # 5006 for $7,500.00 was
\n paid for rent of the office space for June, July and August. <\/p>\n
June
\n 17: Received invoice number 26354 in
\n the amount of $475.00 from the local newspaper for advertising.<\/p>\n
June
\n 21: Billed various miscellaneous local customers $4,200.00 for consulting
\n services performed.<\/p>\n
June
\n 21: Check # 5008 was used to purchase
\n a fax machine for the office from Office Machines Express for $700.00. The invoice number was 975-328.<\/p>\n
June
\n 21: Accounts payable in the amount of
\n $320.00 were paid with Check # 5007.<\/p>\n
June
\n 22: Check # 5010 was used to pay the
\n advertising bill that was received on June 17.<\/p>\n
June
\n 22: Received a bill for $1,140.00 from
\n Computer Parts and Repair Co. for repairs to the computer equipment. The invoice number was 43254.<\/p>\n
June
\n 22: Check # 5009 was used to pay
\n salaries of $1,035.00 to equipment operators for the week ending June
\n 18. Ignore payroll taxes.<\/p>\n
June
\n 23: Cash in the amount of $3,365.00
\n was received on billings.<\/p>\n
June
\n 23: Purchased office supplies for
\n $705.00 from Staples on account. The
\n invoice number was 65498.<\/p>\n
June
\n 28: Billed $6,225.00 to miscellaneous
\n customers for services performed to June 25.<\/p>\n
June
\n 29: Cash in the amount of $5,899.00
\n was received for billings.<\/p>\n
June
\n 29: Paid the bill received on June 22,
\n from Computer Parts and Repairs Co with Check # 5011.<\/p>\n
June
\n 29: Check # 5012 was used to pay
\n salaries of $1,035.00 to equipment operators for the week ending June
\n 25. Ignore payroll taxes.<\/p>\n
June
\n 30: Received a bill for the amount of
\n $840.00 from O & G Oil and Gas Co.
\n The invoice number was 784537.<\/p>\n
June
\n 30: Check # 5013 was used to pay for
\n airline tickets of $2,400.00 to send the kids to Grandma Ellen for the
\n July 4th holiday.<\/p>\n
Adjusting
\n Entries – Round to two decimal places.<\/p>\n
The rent
\n payment made on June 17 was for June, July and August. Expense the amount associated with one
\n month’s rent.<\/p>\n
A
\n physical inventory showed that only $292.00 worth of office supplies remained
\n on hand as of June 30.<\/p>\n
The
\n annual interest rate on the mortgage
\n payable was 9.00 percent. Interest
\n expense for one-half month should be computed because the building and land
\n were purchased and the liability incurred on June 16.<\/p>\n
Record
\n a journal entry to reflect that one half month’s insurance has expired. <\/p>\n
A review of Byte\u00e2\u0080\u0099s job worksheets show that
\n there are unbilled revenues in the amount of $5,750 for the period of June
\n 28-30.<\/p>\n
The
\n fixed assets have estimated useful lives as follows:<\/p>\n
Building
\n – 31.5 years<\/p>\n
Computer
\n Equipment – 5.0 years<\/p>\n
Office
\n Equipment – 7.0 years<\/p>\n
Use the
\n straight-line method of depreciation.
\n Management has decided that assets purchased during a month are
\n treated as if purchased on the first day of the month. The building\u00e2\u0080\u0099s scrap value is $7,500. The
\n office equipment has a scrap value of $450.
\n The computer equipment has no scrap value. Calculate the depreciation for one month.<\/p>\n
A review
\n of the payroll records show that unpaid salaries in the amount of $621.00 are
\n owed by Byte for three days, June 28 –
\n 30. Ignore payroll taxes.<\/p>\n
The note
\n payable to Royce Computers (transactions 04 and 07) is a five-year note, with
\n interest at the rate of 12 percent annually.
\n Interest expense should be computed based on a 360 day year.<\/p>\n
Closing
\n Entries<\/p>\n
Close
\n the revenue accounts.<\/p>\n
Close
\n the expense accounts.<\/p>\n
Close the income summary
\n account.<\/p>\n
Close
\n the withdrawals account.<\/p>\n","protected":false},"excerpt":{"rendered":"
June 1: Hudson Bloom invested $133,906.00 cash and computer equipment with a fair market value of $35,420.00 in his new business, Byte of Accounting. June 1: Check # 5000 was used to purchased office equipment costing $736.00 from Office Express. The invoice number was 87417. June 1: Check # 5001 was used to purchased computer […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6159,6156,6158,6157,6154,6149,868,6148,6153,6155,6150,6152,6151],"tags":[6164,618,3782,6161,6165,6166,6160,6168,6167,6162,6163,3293,6169],"class_list":["post-12365","post","type-post","status-publish","format-standard","hentry","category-ae-essays","category-dissertation-homework","category-essay-assessment-brief","category-free-essay-examples-research-topic-ideas","category-in-1050-word-essay","category-in-a-page-paper-assignment","category-native-assignment-help","category-new-assignment-help-aus","category-uk-homework-study-bay-assignment-homework-help-homework-answers","category-uk-writings","category-us","category-write-my-essay-today-in-hours","category-6151","tag-assignment-write-a-page-essay-in-apa","tag-australia-essays","tag-bishops-writing-bureau","tag-help-for-assignment-master","tag-help-writing-week-discussion-post-responses","tag-instant-assignment-help","tag-masters-essay-service","tag-module-week-2-assignment","tag-online-assignment-prime-essays","tag-research-essay-pro-papers","tag-the-student-help-line-australia","tag-tropicalessays","tag-us-essays"],"_links":{"self":[{"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/posts\/12365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/comments?post=12365"}],"version-history":[{"count":0,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/posts\/12365\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/media?parent=12365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/categories?post=12365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.colapapers.com\/essays\/wp-json\/wp\/v2\/tags?post=12365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}