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Closing EntriesClose the expense accounts.Byte of AccountingYou must finish the worksheet before you can complete the Changes in Owner's EquityAccum. Depr.-Computer Equip.BalanceCash                                                 I have entered all the transactions and have completed the worksheet however I get followingNumberCurrent AssetsTransactionF111 Balance Sheet columns, (debits remain debits and credits remain credits). Interest PayableAccounts ReceivableJune 29: Cash in the amount of $5,500.00 was received for billings.Close the income summary account.Accum. Depr.-BuildingTelephone Expense Advertising ExpenseA 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.A review of the payroll records show that unpaid salaries in the amount of $501.00 are owed by Byte for three days, June 28 - 30. Ignore payroll taxes.ExpensesNeed a DescriptionUnadjusted Trial BalanceCreditJune 30: Check # 5013 was used to pay for airline tickets of $2,000.00 to send the kids to Grandma Ellen for the July 4th holiday.June 16: Byte purchased a building and the land it is on for $149,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $24,000.00. The balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $14,900.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance.Insurance Expense WithdrawalsRevenuesJune 21: Accounts payable in the amount of $480.00 were paid with Check # 5007.`dSalary ExpenseYou must finish the worksheet before you can complete the Balance Sheet AccountIncome StatementDateHudson Bloom, Withdrawals1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or theGeneral JournalUse 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 $500. The office equipment has a scrap value of $400. The computer equipment has no scrap value. Calculate the depreciation for one month.NET INCOME[IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $116,000. On June 10, eight days later, $22,250 was repaid. Interest expense must beStatement of Owner's EquityFAQ 01WorksheetNotes Payablemessage on the financial statements: "You must finish the worksheet before you can complete the ...." Round To Two Decimal Placesis not on the chart of accounts an error message will appear.Office SuppliesJune 22: Check # 5009 was used to pay salaries of $835.00 to equipment operators for the week ending June 18. Ignore payroll taxes. Net Income Mortgage PayableAccountDepreciation Expense4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise If you pay a telephone expense of $100.00Computer RevenueTotal LiabilitiesBuilding - 31.5 yearsAnswer:SS the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet.Building Blocks of Accounting -- A Financial Perspectivetimes the program automatically copies the description when you enter a new account number. This processComputer & Consulting RevenueNeed a DateIncome Taxes Payable2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses. Land Enter the amount in the credit field.FIRST InvestmentFileThe computer program is designed to save you time. Instead of requirring you to enter the description fourLloydClose the withdrawals account.June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check # 5011.You can also use the pull down list to find the appropriate account number. If you use a number thatJune 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $750.00. The invoice number was 975-328. June 21: Billed various miscellaneous local customers $4,600.00 for consulting services performed.Normal BalanceSupplies ExpenseThe name of the account will automatically appear in the name column. If it is the wrong Close the revenue accounts.Net IncomeJune 2: Check # 5002 was used to make a down payment of $29,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $145,000.00. A five-year note was executed by Byte for the balance.Anthony Lloyd 1377The rent payment made on June 17 was for June, July and August. Expense the amount associated with one month's rent.Debit And Credit On Same LineLASTFor example,CashNeed An Account NumberDebitJune 22: Check # 5010 was used to pay the advertising bill that was received on June 17.June 17: Received invoice number 26354 in the amount of $275.00 from the local newspaper for advertising.Total AssetsIf you debit cash and credit anything else you have reversed part of the entry.Enter the amount in the debit field.A physical inventory showed that only $247.00 worth of office supplies remained on hand as of June 30.Computer Equipment - 5.0 yearsA Byte of AccountingCurrent LiabilitiesRepairs & Maint. ExpenseBuilding CostJune 10: Check # 5003 was used to make a $22,250.00 payment reducing the prinicpal owed on the June 2 purchase of computer equipment from Royce Computers.LiabilitiesJune 17: Check # 5006 for $7,500.00 was paid for rent of the office space for June, July and August. You must finish the worksheet before you can complete the Income StatementJune 1: Hudson Bloom invested $132,888.00 cash and computer equipment with a fair market value of $32,760.00 in his new business, Byte of Accounting.June 23: Cash in the amount of $3,685.00 was received on billings.Prepaid InsuranceJune 8: Unsatisfactory office equipment costing $120.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.Office Equipment - 7.0 yearsIn the account field enter the account number that corresponds to the account in the chart of accounts. Prepaid RentJune 28: Billed $5,805.00 to miscellaneous customers for services performed to June 25.Save and make backup copies regularly.account renter the correct account number.MessageAdjusted Trial BalanceThe fixed assets have estimated useful lives as follows:June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equipment for $6,144.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387.Anthony The annual interest rate on the mortgage payable was 8.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16.Assets Anthony , when you are ready to have your work graded you will upload this fileBuilding Blocks of Accounting .. A Financial PerspectiveDescriptionEnter the second account number.June 22: Received a bill for $1,290.00 from Computer Parts and Repair Co. for repairs to the computer equipment. The invoice number was 43254.FAQ 03 there is an error in the completion of the worksheet.AL1125Owner's EquityOil & Gas ExpenseJune 23: Purchased office supplies for $605.00 from Staples on account. The invoice number was 65498.enter data into are the yellow filled cells.Rent ExpenseSalaries PayableTotalIncome SummaryHudson Bloom, CapitalLong-Term LiabilitiesAdjusting Entries - Round to two decimal places. The note payable to Royce Computers (transactions 04 and 07) 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.When I try to enter information in the General Journal an error appears indicating that the cell protected.100629Accounts PayableJune 29: Check # 5012 was used to pay salaries of $835.00 to equipment operators for the week ending June 25. Ignore payroll taxes.Error #Total BalanceAdvanced PaymentsA Byte of Accounting, Inc.Note:June 16: A check in the amount of $7,250.00 was received for services performed for Pitman Pictures.requires that the data entry is limited to those cells which contain unique information. The cells that you can 3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and Adjusting EntriesInterest ExpenseIn the feedback section, what does it mean when I have points under reverse? Accum. Depr.-Office Equip.June 30: Received a bill for the amount of $840.00 from O & G Oil and Gas Co. The invoice number was 784537.Balance, Beginning of PeriodEnter the description in the description field.The instructions start on row 22 of this page.Balance, End of PeriodAdvanced PaymentDescription of transactionJune 1: Check # 5000 was used to purchased office equipment costing $798.00 from Office Express. The invoice number was 87417.A SOLE PROPRIETORSHIPFAQ 02June 1: Check # 5001 was used to purchased computer equipment costing $12,600.00 from Anthony Lloyd. The invoice number was 20117.Computer Equip.Balance SheetJune 4: Additional office equipment costing $600.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432.Total Liabilities and Owner's EquityIn the date field enter the date of the transaction. If you do not enter a date value an error message will appear.BuildingHudson's investmentThe 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.Debit Before CreditLong-Term AssetsIf you debit cash and credit telephone expense you have reversed the whole entry.Office Equip.Record a journal entry to reflect that one half month's insurance has expired. NameHudson InvestmentInvoice 87417Invoice 20117Invoice 76542Invoice 98432Services-Pittman PicturesInvoice 2387Purchase- BuildingOffice Space- Jun, July, AugInvoice 26354Consulting ServicesInvoice 975-328Invoice 43254SalariesReceived from billingStaplesSalaries Invoice 784537Airline TicketsInventor-on hand
Accounting Help

Accounting Help

Question # 00055908 Posted By: solutionshere Updated on: 03/18/2015 03:07 AM Due on: 03/18/2015
Subject General Questions Topic General General Questions Tutorials:
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Byte of Accounting
Anthony Lloyd 1377
Description of transaction
01. June 1: Hudson Bloom invested $132,888.00 cash and computer equipment with a fair market value of $32,760.00 in his new business, Byte of Accounting.
02. June 1: Check # 5000 was used to purchased office equipment costing $798.00 from Office Express. The invoice number was 87417.
03. June 1: Check # 5001 was used to purchased computer equipment costing $12,600.00 from Anthony Lloyd. The invoice number was 20117.
04. June 2: Check # 5002 was used to make a down payment of $29,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $145,000.00. A five-year note was executed by Byte for the balance.
05. June 4: Additional office equipment costing $600.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432.
06. June 8: Unsatisfactory office equipment costing $120.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.
07. June 10: Check # 5003 was used to make a $22,250.00 payment reducing the prinicpal owed on the June 2 purchase of computer equipment from Royce Computers.
08. June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equipment for $6,144.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387.
09. June 16: A check in the amount of $7,250.00 was received for services performed for Pitman Pictures.
10. June 16: Byte purchased a building and the land it is on for $149,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $24,000.00. The balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $14,900.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance.
11. June 17: Check # 5006 for $7,500.00 was paid for rent of the office space for June, July and August.
12. June 17: Received invoice number 26354 in the amount of $275.00 from the local newspaper for advertising.
13. June 21: Billed various miscellaneous local customers $4,600.00 for consulting services performed.
14. June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $750.00. The invoice number was 975-328.
15. June 21: Accounts payable in the amount of $480.00 were paid with Check # 5007.
16. June 22: Check # 5010 was used to pay the advertising bill that was received on June 17.
17. June 22: Received a bill for $1,290.00 from Computer Parts and Repair Co. for repairs to the computer equipment. The invoice number was 43254.
18. June 22: Check # 5009 was used to pay salaries of $835.00 to equipment operators for the week ending June 18. Ignore payroll taxes.
19. June 23: Cash in the amount of $3,685.00 was received on billings.
20. June 23: Purchased office supplies for $605.00 from Staples on account. The invoice number was 65498.
21. June 28: Billed $5,805.00 to miscellaneous customers for services performed to June 25.
22. June 29: Cash in the amount of $5,500.00 was received for billings.
23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check # 5011.
24. June 29: Check # 5012 was used to pay salaries of $835.00 to equipment operators for the week ending June 25. Ignore payroll taxes.
25. June 30: Received a bill for the amount of $840.00 from O & G Oil and Gas Co. The invoice number was 784537.
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    Tutorial # 00051963 Posted By: solutionshere Posted on: 03/18/2015 03:09 AM
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