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Hello, I'm not sure how specific you wanted me to be in my
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Hello, 

I'm not sure how specific you wanted me to be in my question but I'll just send you my project and tell you what question i needed help on

I would like help on questions 29 (to see if i got it correct) and number 35 in the transaction tab (the answers I have are in the general journals tab)


Building Blocks of Accounting .. A Financial Perspective

 

to the same screen that the project was downloaded from:

 

www.cybertext.com, The Book List, Building Blocks of Accounting - A Financial Perspective, Enter password,

 

Christine,

 

when

 

youFile.

 

are ready to have your work graded you will upload this file CL2579.xls or

 

Upload Your

 

Excel

 

Keep two copies of your spreadsheet in two separate places in case one does not work.

 

You may find it easier to work on this project if you print a hard copy of all the pages. NOTE:

 

If there are any questions about the project e-mail [email protected] or call 305.284.6296.

 

Grade will be based upon answers entered into the shaded boxes. F311 150126 CL2579.xlsx, Elf Village

 

Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective

 

Page 1 FAQ FAQ 01 My file used to upload, why is it not uploading? Answer: Sometimes we unknowing add items to a workbook that inhibits the upload process. The conversion to an earlier version

 

Somehow clean the files and they then upload without problem. If the problem continue simple send your file as an

 

attachment with your username and [email protected]

 

Windows Operating System

 

Select File

 

Select Save As

 

Select Save As Type:

 

Select Microsoft 5.0/95 Workbook (*.xls)

 

Select Save

 

Select Continue or Yes if prompted or if it indicates that there is limited memory.

 

Select

 

Select

 

Select

 

Select

 

Select

 

Select File Close

 

File Open and open the .xls file

 

Save As

 

Save As Type:

 

Excel Workbook (*.xlsx)

 

Save Upload the file at cybertext.com Apple Operating System

 

Select File

 

Select Save As

 

Select Format:

 

Select Microsoft 5.0/95 Workbook (*.xls)

 

Select Save

 

Select Continue or Yes if prompted or if it indicates that there is limited memory.

 

Select

 

Select

 

Select

 

Select

 

Select

 

Select MF1234.xlsx File Close

 

File Open and open the .xls file

 

Save As

 

Format:

 

Excel Workbook (*.xlsx)

 

Save Upload the file at cybertext.com Excel 5.0/95

 

Workbook (.xls) Elf Village

 

Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective

 

Page 2 FAQ FAQ 02 When I try to enter information in the General Journal why does an error appears indicating that the cell protected? Answer: The computer program is designed to save you time. Instead of requiring you to enter the description four

 

times the program automatically copies the description when you enter a new account number. This process

 

requires that the data entry is limited to those cells which contain unique information. The cells that you can

 

enter data into are the yellow filled cells. FAQ 03 In the feedback section, what does it mean when I have points under reverse? Answer: If you pay a telephone expense of $100.00

 

Telephone Expense 100

 

100 Cash If you debit cash and credit telephone expense you have reversed the whole entry.

 

Cash 100

 

Telephone Expense 100 If you debit cash and credit anything else you have reversed part of the entry.

 

Cash 100

 

Rent Expense 100 Elf Village

 

Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective

 

FAQ FAQ 04 How does my instructor get my grade? Answer: Every time you upload your grade is recorded in a table. Your instructor can look at the table whenever they

 

want to, although only the last grade counts. Keep a hard copy of your last upload for documentation. FAQ 05 I have entered all the transactions and have completed the worksheet however I get following

 

message on the financial statements: "You must finish the worksheet before you can complete the ...." Answer: The worksheet demonstrates that the accounting system is working. If all of your journal entries are

 

in balance then the Unadjusted Trial Balance and the Adjusting Entry columns will balance. The

 

Adjusted Trial Balance columns net the Unadjusted Trial Balance and the Adjusting Entry columns.

 

There are four steps to completing the worksheet:

 

1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the

 

Balance Sheet columns, (debits remain debits and credits remain credits).

 

2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses.

 

3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and

 

the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet.

 

4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise

 

there is an error in the completion of the worksheet. Page 3 Building Blocks of Accounting -- A Financial Perspective

 

The instructions start on row 22 of this page. FIRST

 

Christine LAST

 

Luu SS

 

2579 File

 

CL2579 Welcome to the worlds first ePractice case, an individualized, internet generated and graded case study that

 

focuses on the analytically portion of the accounting cycle while automating the repetitive posting cycle.

 

NOTE: If the program is not working e-mail [email protected], 305.284.6296.

 

Step I - The Chart of Accounts

 

The chart of accounts includes all of the accounts that you can use to solve your case. You may want to print

 

the chart of accounts and use it as an easy reference guide.

 

Step II ? Journalizing the Transactions.

 

Using your unique transactions record the corresponding general journal entry, rounding to two decimal

 

places. For example, 01 June 1: Joseph made an investment in Byte of Accounting, Inc. by purchasing 2,000 shares of its

 

common stock for $40,000 cash. The par value of the common stock was $20 per share. 01 Jun 01 Description C

 

re

 

di

 

t Name D

 

eb

 

it ou

 

nt

 

Ac

 

c D

 

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an

 

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io

 

n In the date field enter the date of the transaction. If you do not enter a date value an error message will appear. Cash In the account field enter the account number that corresponds to the account in the chart of accounts.

 

You can also use the pull down list to find the appropriate account number. If you use a number that 01 Jun 01 Description C

 

re

 

di

 

t Name D

 

eb

 

it ou

 

nt

 

Ac

 

c D

 

at

 

e Tr

 

an

 

sa ct

 

io

 

n is not on the chart of accounts an error message will appear. 1110 Cash Land

 

The name of the account will automatically appear in the name column. If it is the wrong

 

account renter the correct account number.

 

Enter the description in the description field. Description 01

 

01 Jun 01

 

Jun 01 1110 Cash

 

Joseph's investment

 

Advertising Joseph's investment 01 Jun 01 Accounts PJoseph's investment C

 

re

 

di

 

t D

 

eb

 

it ou

 

nt D

 

at

 

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io

 

n

 

Tr

 

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sa Name Description C

 

re

 

di

 

t Name D

 

eb

 

it ou

 

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Ac

 

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n Enter the amount in the debit field. Transaction # 1 Not in Balance by $40,000. 01 Jun 01 1110 Cash 01 Jun 01 Cash Joseph's investment 40,000.00 Joseph's investment Description C

 

re

 

di

 

t Name D

 

eb

 

it ou

 

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Ac

 

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n Enter the second account number. Transaction # 1 Not in Balance by $40,000. 01

 

01

 

01 Jun 01

 

Jun 01

 

Jun 01 1110 Cash

 

40,000.00

 

Joseph's investment

 

3100 Capital Stock Joseph's investment

 

Cash

 

Joseph's investment 01 Jun 01 1110 Cash

 

3100 Capital Stock Description

 

Joseph's investment C

 

re

 

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n Enter the amount in the credit field. 40,000.00 Joseph's investment 40,000.00 Accounts PJoseph's investment

 

Cash

 

Joseph's investment Step III ? Worksheet

 

Although not graded, you need to complete the Worksheet. If each of your journal entries are in balance then

 

your Unadjusted Trial Balance and the Adjusting Entry columns will be in balance. Your Adjusted Trial

 

Balance will balance when you place each of the account balances into the correct debit or credit position in

 

the Adjusted Trial Balance section of the Worksheet. .

 

1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the

 

Balance Sheet columns, (debits remain debits and credits remain credits).

 

2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses.

 

3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and

 

the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet.

 

4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise

 

there is an error in the completion of the worksheet. Step IV ? Prepare the Financial Statements.

 

After you have entered all of the transactions and prepared the Worksheet, you are to prepare the Income

 

Statement, Shareholder's Equity Statement and Balance Sheet using the forms provided.

 

Step V ? Prepare the Closing Entries.

 

Based upon the information from your Worksheet or from your Financial Statements, prepare the closing

 

entries.

 

Step VI ? Upload the File.

 

Whenever you want to have cybertext.com grade your work submit it to them on the bottom of the screen

 

that you downloaded the file.

 

Grading:

 

You will be graded on the Journal Entries and the three financial statement. The case will be computer

 

graded, therefore make sure all numbers are in the appropriate cells. The computer will evaluate your

 

transactions when grading your financial statements.

 

Note:

 

Save and make backup copies regularly. Number Name

 

1110 Cash

 

1120 Accounts Receivable

 

1130 Prepaid Insurance

 

1140 Prepaid Rent

 

1150 Office Supplies

 

1211 Office Equip.

 

1212 Accum. Depr.-Office Equip.

 

1311 Computer Equip.

 

1312 Accum. Depr.-Computer Equip.

 

1411 Building Cost

 

1412 Accum. Depr.-Building

 

1510 Land

 

2101 Accounts Payable

 

2102 Advanced Payments

 

2103 Interest Payable

 

2105 Salaries Payable

 

2106 Income Taxes Payable

 

2201 Mortgage Payable

 

2202 Notes Payable

 

3100 Capital Stock

 

3200 Retained Earnings

 

3300 Dividends

 

3400 Income Summary

 

4100 Computer & Consulting Revenue

 

5010 Rent Expense

 

5020 Salary Expense

 

5030 Advertising Expense

 

5040 Repairs & Maint. Expense

 

5050 Oil & Gas Expense

 

5080 Supplies Expense

 

5090 Interest Expense

 

5100 Insurance Expense

 

5110 Depreciation Expense

 

5120 Income Tax Expense Normal Balance

 

Debit

 

Debit

 

Debit

 

Debit

 

Debit

 

Debit

 

Credit

 

Debit

 

Credit

 

Debit

 

Credit

 

Debit

 

Credit

 

Credit

 

Credit

 

Credit

 

Credit

 

Credit

 

Credit

 

Credit

 

Credit

 

Debit

 

Credit

 

Credit

 

Debit

 

Debit

 

Debit

 

Debit

 

Debit

 

Debit

 

Debit

 

Debit

 

Debit

 

Debit Error #

 

1

 

2

 

4

 

8

 

16

 

32

 

64

 

128

 

256

 

512

 

1024 Message

 

Debit And Credit On Same Line Debit Before Credit Need An Account Number Round To Two Decimal Places Need a Description Need a Date Byte of Accounting, Inc.

 

Christine Luu 2842

 

Description of transaction Transaction

 

01. 02. June 1: Byte of Accounting, Inc. acquired $79,200 in cash from Lauryn and issued 3,600 shares

 

of its common stock. June 1: Byte of Accounting, Inc. issued 2,580 shares of its common stock to Christine Luu after

 

$23,320 in cash and computer equipment with a fair market value of $33,440 were received. 03. June 1: Byte of Accounting, Inc. issued 1,942 shares of its common stock after acquiring from

 

Courtney $29,700 in cash, computer equipment with a fair market value of $12,320 and office

 

equipment with a fair value of $704.

 

04. June 2: A down payment of $32,000 in cash was made on additional computer equipment that was

 

purchased for $160,000. 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 $24,500 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

 

$5,304 in cash. The effective date of the policy was June 16.

 

09. June 16: A check in the amount of $6,500 was received for consulting revenue.

 

10. June 16: Byte purchased a building and the land it is on for $143,000, to house its repair facilities

 

and to store computer equipment. The lot on which the building is located is valued at $23,000.

 

The balance of the cost is to be allocated to the building. Byte made a cash down payment of

 

$14,300 and executed a mortgage for the balance. The mortgage is payable in eight equal annual

 

installments beginning July 1. 11. June 17: Cash of $8,800 was paid for rent for June, July, August and September. Put the total

 

amount into the Prepaid Rent account.

 

12. June 17: Received a bill of $300 from the local newspaper for advertising.

 

13. June 21: Accounts payable in the amount of $320 were paid. Byte of Accounting, Inc.

 

Christine Luu 2842

 

Transaction

 

Description of transaction

 

14. June 21: A fax machine for the office was purchased for $850 cash.

 

15. June 21: Billed various miscellaneous local customers $4,000 for consulting services performed. 16. June 22: Paid salaries of $910 to equipment operators for the week ending June 18.

 

17. June 22: Received a bill for $1,290 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 $480 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 $6,120 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 $5,799 was received for billings.

 

24. June 29: Paid salaries of $910 to equipment operators for the week ending June 25.

 

25. June 30: Received a bill for the amount of $790 from O & G Oil and Gas Co.

 

26. June 30: Paid a cash dividend of $0.23 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, August and September. Expense the

 

amount associated with one month's rent.

 

28. A physical inventory showed that only $191.00 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. Byte of Accounting, Inc.

 

Christine Luu 2842

 

Transaction

 

Description of transaction

 

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 $5,750

 

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 $400. 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 $546.00 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

 

$128,000. On June 10, eight days later, $24,500 was repaid. Interest expense must be

 

calculated on the $128,000 for eight days. In addition, interest expense on the $103,500 balance of

 

the loan ($128,000 less $24,500 = $103,500) 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. A Byte of Accounting, Inc.

 

General Journal

 

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into$546.00

 

the yellow filled cells.

 

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Balance 01

 

01 Jun 01

 

Jun 01 1110 Cash

 

3100 Capital Stock Lauryn's investment

 

Lauryn's investment 79,200.00 79200

 

79,200.00 (79200)

 

0

 

0 0

 

0

 

0

 

0 02

 

02

 

02 Jun 01

 

Jun 01

 

Jun 01 1110 Cash

 

1311 Computer Equip.

 

3100 Capital Stock Christine Luu's Common Stock

 

Christine Luu's Common Stock

 

Christine Luu's Common Stock 23,320.00

 

33,440.00 23320

 

33440

 

56,760.00 (56760)

 

0 0

 

0

 

0

 

0 03

 

03

 

03

 

03 Jun 01

 

Jun 01

 

Jun 01

 

Jun 01 1311 Computer Equip.

 

1211 Office Equip.

 

1110 Cash

 

3100 Capital Stock Courtney's Investment

 

Courtney's Investment

 

Courtney's Investment

 

Courtney's Investment 12,320.00

 

704.00

 

29,700.00 12320

 

704

 

29700

 

42,724.00 (42724) 0

 

0

 

0

 

0 04

 

04

 

04 Jun 02

 

Jun 02

 

Jun 02 1311 Computer Equip.

 

2202 Notes Payable

 

1110 Cash Computer Downpayment

 

Computer Downpayment

 

Computer Downpayment 160,000.00 160000

 

128,000.00

 

###

 

32,000.00 (32000)

 

0 0

 

0

 

0

 

0 05

 

05 Jun 04

 

Jun 04 1211 Office Equip.

 

2101 Accounts Payable Office Equipment on Credit

 

Office Equipment on Credit 400

 

(400)

 

0

 

0 0

 

0

 

0

 

0 06

 

06 Jun 08

 

Jun 08 2101 Accounts Payable

 

1211 Office Equip. Return office equipment

 

Return office equipment 80

 

(80)

 

0

 

0 0

 

0

 

0

 

0 07

 

07 Jun 10

 

Jun 10 2202 Notes Payable

 

1110 Cash Pay for Computer

 

Pay for Computer 24,500.00 24500

 

24,500.00 (24500)

 

0

 

0 0

 

0

 

0

 

0 08

 

08 Jun 14

 

Jun 14 1130 Prepaid Insurance

 

1110 Cash Pay for insurance

 

Pay for insurance 5,304.00 5304

 

5,304.00 (5304)

 

0

 

0 0

 

0

 

0

 

0 09

 

09 Jun 16

 

Jun 16 1110 Cash

 

Consulting revenue

 

4100 Computer & ConsultingConsulting revenue 6,500.00 6500

 

6,500.00 (6500)

 

0

 

0 0

 

0

 

0

 

0 10

 

10

 

10

 

10 Jun 16

 

Jun 16

 

Jun 16

 

Jun 16 1510 Land

 

1411 Building Cost

 

1110 Cash

 

2201 Mortgage Payable Down payment for building and land

 

Down payment for building and land

 

Down payment for building and land

 

Down payment for building and land 23,000.00

 

120,000.00 23000

 

120000

 

14,300.00 (14300)

 

128,700.00

 

### 0

 

0

 

0

 

0 11

 

11 Jun 17

 

Jun 17 1140 Prepaid Rent

 

1110 Cash Rent for June-September

 

Rent for June-September 8,800.00 8800

 

8,800.00 (8800)

 

0

 

0 0

 

0

 

0

 

0 12

 

12 Jun 17

 

Jun 17 5030 Advertising Expense

 

2101 Accounts Payable Receive bill for advertising

 

Receive bill for advertising 300.00 300

 

(300)

 

0

 

0 0

 

0

 

0

 

0 13

 

13 Jun 21

 

Jun 21 2101 Accounts Payable

 

1110 Cash Pay accounts payable

 

Pay accounts payable 320.00 320

 

(320)

 

0

 

0 0

 

0

 

0

 

0 14

 

14 Jun 21

 

Jun 21 1211 Office Equip.

 

1110 Cash Pay for fax machine

 

Pay for fax machine 850.00 850

 

(850)

 

0

 

0 0

 

0

 

0

 

0 15

 

15 Jun 21

 

Jun 21 1120 Accounts Receivable Pay for Consulting services

 

4100 Computer & ConsultingPay for Consulting services 4000

 

4,000.00 (4000)

 

0

 

0 0

 

0

 

0

 

0 16

 

16 Jun 22

 

Jun 22 5020 Salary Expense

 

1110 Cash 910

 

(910)

 

0

 

0 0

 

0

 

0

 

0 17

 

17 Jun 22

 

Jun 22 5040 Repairs & Maint. ExpenPaid for computer repairs

 

2101 Accounts Payable

 

Paid for computer repairs 1290

 

1,290.00 (1290)

 

0

 

0 0

 

0

 

0

 

0 Paid salary expenses

 

Paid salary expenses 400.00

 

400.00 80.00

 

80.00 300.00 320.00 850.00 4,000.00 910.00

 

910.00 1,290.00 A Byte of Accounting, Inc.

 

General Journal 18

 

18 Jun 22

 

Jun 22 2101 Accounts Payable

 

1110 Cash Paid advertising expense

 

Paid advertising expense 300.00 19

 

19 Jun 23

 

Jun 23 1150 Office Supplies

 

2101 Accounts Payable Purchases office supply

 

Purchases office supply 480.00 20

 

20 Jun 23

 

Jun 23 1110 Cash

 

1120 Accounts Receivable Cash received on billings

 

Cash received on billings 21

 

21 Jun 28

 

Jun 28 1120 Accounts Receivable Billed customers for services

 

4100 Computer & ConsultingBilled customers for services 22

 

22 Jun 29

 

Jun 29 23

 

23 al

 

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Balance 300

 

(300)

 

0

 

0 0

 

0

 

0

 

0 480

 

(480)

 

0

 

0 0

 

0

 

0

 

0 3,205.00 3205

 

3,205.00 (3205)

 

0

 

0 0

 

0

 

0

 

0 6,120.00 6120

 

6,120.00 (6120)

 

0

 

0 0

 

0

 

0

 

0 2101 Accounts Payable

 

1110 Cash Paid bill for repair and maintaneance

 

1,290.00

 

Paid bill for repair and maintaneance expenses 1290

 

1,290.00 (1290)

 

0

 

0 0

 

0

 

0

 

0 Jun 29

 

Jun 29 1110 Cash

 

2101 Accounts Payable Cash received on billings

 

Cash received on billings 5799

 

5,799.00 (5799)

 

0

 

0 0

 

0

 

0

 

0 24

 

24 Jun 29

 

Jun 29 5020 Salary Expense

 

1110 Cash Paid salary expenses

 

Paid salary expenses 910.00 910

 

(910)

 

0

 

0 0

 

0

 

0

 

0 25

 

25 Jun 30

 

Jun 30 5050 Oil & Gas Expense

 

2101 Accounts Payable Received bill for oli and gas expenses

 

Received bill for oli and gas expenses 790.00 790

 

(790)

 

0

 

0 0

 

0

 

0

 

0 26

 

26 Jun 30

 

Jun 30 3300 Dividends

 

1110 Cash Dividends to Lauren & Sisi Courtney

 

Dividends to Lauren & Sisi Courtney 1,868.00 1868

 

1,868.00 (1868)

 

0

 

0 0

 

0

 

0

 

0 27

 

27 Jun 30

 

Jun 30 5010 Rent Expense

 

1140 Prepaid Rent Adjusted to accumulated rent expens

 

Adjusted to accumulated rent expense 2,200.00 2200

 

2,200.00 (2200)

 

0

 

0 0

 

0

 

0

 

0 28

 

28 Jun 30

 

Jun 30 5080 Supplies Expense

 

1150 Office Supplies Adjusted to used office supplies

 

Adjusted to used office supplies 1,139.00 1139

 

1,139.00 (1139)

 

0

 

0 0

 

0

 

0

 

0 29

 

29 Jun 30

 

Jun 30 5090 Interest Expense

 

2103 Interest Payable Accumulated interest on mortgage no

 

Accumulated interest on mortgage note 455.81 456

 

(456)

 

0

 

0 0

 

0

 

0

 

0 30

 

30 Jun 30

 

Jun 30 5100 Insurance Expense

 

1130 Prepaid Insurance Half month insurance expired

 

Half month insurance expired 221.00 221

 

(221)

 

0

 

0 0

 

0

 

0

 

0 31

 

31 Jun 30

 

Jun 30 1120 Accounts Receivable Billed for services

 

4100 Computer & ConsultingBilled for services 5,750.00 5750

 

5,750.00 (5750)

 

0

 

0 0

 

0

 

0

 

0 32

 

32

 

32

 

32 Jun 30

 

Jun 30

 

Jun 30

 

Jun 30 5110 Depreciation Expense Adjusted for accumulated depreciatio

 

1212 Accum. Depr.-Office EqAdjusted for accumulated depreciation

 

1312 Accum. Depr.-ComputerAdjusted for accumulated depreciation

 

1412 Accum. Depr.-Building Adjusted for accumulated depreciation 3,740.46 3740

 

12.19

 

(12)

 

3,429.33 (3429)

 

298.94

 

(299) 0

 

0

 

0

 

0 33

 

33 Jun 30

 

Jun 30 5020 Salary Expense

 

2105 Salaries Payable Recorded unpaid salaries expense

 

Recorded unpaid salaries expense 546

 

(546)

 

0

 

0 0

 

0

 

0

 

0 34

 

34 Jun 30

 

Jun 30 5090 Interest Expense

 

2103 Interest Payable Interest Expense

 

Interest Expense 1031

 

1,031.33 (1031)

 

0

 

0 0

 

0

 

0

 

0 300.00 480.00 5,799.00 910.00 790.00 455.81 221.00 546.00

 

546.00 1,031.33 A Byte of Accounting, Inc.

 

General Journal 35

 

35 Jun 30

 

Jun 30 5120 Income Tax Expense Accured income taxes for the period

 

2106 Income Taxes Payable Accured income taxes for the period 36

 

36 Jun 30

 

Jun 30 4100 Computer & ConsultingClosing revenue account

 

3400 Income Summary

 

Closing revenue account 37

 

37

 

37

 

37

 

37

 

37

 

37

 

37

 

37

 

37

 

37 Jun 30

 

Jun 30

 

Jun 30

 

Jun 30

 

Jun 30

 

Jun 30

 

Jun 30

 

Jun 30

 

Jun 30

 

Jun 30

 

Jun 30 3400 Income Summary

 

Closing expenses

 

5010 Rent Expense

 

Debit And Credit On Same Line

 

5020 Salary Expense

 

Closing expenses

 

5030 Advertising Expense Debit And Credit On Same Line

 

5040 Repairs & Maint. ExpenClosing expenses

 

5050 Oil & Gas Expense

 

Debit And Credit On Same Line

 

5080 Supplies Expense

 

Closing expenses

 

5090 Interest Expense

 

Debit And Credit On Same Line

 

5100 Insurance Expense

 

Debit And Credit On Same Line

 

5110 Depreciation Expense Closing expenses

 

5120 Income Tax Expense Debit And Credit On Same Line 38

 

38 Jun 30

 

Jun 30 3400 Income Summary

 

3200 Retained Earnings Iclosing income summary account

 

Iclosing income summary account 39

 

39 Jun 30

 

Jun 30 3200 Retained Earnings

 

3300 Dividends Closing dividends

 

Closing dividends al

 

Ba

 

la

 

nc

 

To

 

t Description C

 

re

 

di

 

t Name D

 

eb

 

it t

 

Ac

 

co

 

un D

 

at

 

e Tr

 

an

 

sa

 

ct

 

io n e Note: You

 

enter databy

 

into$546.00

 

the yellow filled cells.

 

Notcaninonly

 

Balance 2,209.10 2209

 

2,209.10 (2209)

 

0

 

0 0

 

0

 

0

 

0 22,370.00 22370

 

22,370.00 (22370)

 

0

 

0 0

 

0

 

0

 

0 0

 

13543

 

(1820)

 

(300)

 

(1290)

 

(790)

 

(1139)

 

(1487)

 

(221)

 

(3740)

 

(2209) 0

 

1

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0 4,761.18 4761

 

4,761.18 (4761)

 

0

 

0 0

 

0

 

0

 

0 1,868.00 1868

 

1,868.00 (1868)

 

0

 

0 0

 

0

 

0

 

0 # 37 Not in Balance by $546.00 15,742.70 2,200.00

 

1,820.00

 

300.00

 

1,290.00

 

790.00

 

1,139.00

 

1,487.14

 

221.00

 

3,740.46

 

2,209.10 1 A Byte of Accounting, Inc.

 

Worksheet

 

For Period Ending June 30, 2016 Account

 

Number Name

 

1110 Cash

 

1120 Accounts Receivable

 

1130 Prepaid Insurance

 

1140 Prepaid Rent

 

1150 Office Supplies

 

1211 Office Equip.

 

1212 Accum. Depr.-Office Equip.

 

1311 Computer Equip.

 

1312 Accum. Depr.-Computer Equip.

 

1411 Building Cost

 

1412 Accum. Depr.-Building

 

1510 Land

 

2101 Accounts Payable

 

2102 Advanced Payments

 

2103 Interest Payable

 

2105 Salaries Payable

 

2106 Income Taxes Payable

 

2201 Mortgage Payable

 

2202 Notes Payable

 

3100 Capital Stock

 

3200 Retained Earnings

 

3300 Dividends

 

4100 Computer & Consulting Revenue

 

5010 Rent Expense

 

5020 Salary Expense

 

5030 Advertising Expense

 

5040 Repairs & Maint. Expense...

 







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