Byte acc | Accounting homework help

  Byte of Accounting             Description of transaction     01. June 1:  Hudson Bloom invested $132,181.00 cash and computer equipment with a fair market value of $35,880.00 in his new business, Byte of Accounting.             02. June 1:   Check # 5000 was used to purchased office equipment costing $1,081.00 from Office Express.  The invoice number was 87417.             03. June 1:   Check # 5001 was used to purchased computer equipment costing $9,660.00 from Christina Cooley.  The invoice number was 20117.             04. June 2:  Check # 5002 was used to make a down payment of $30,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542.  The full price of the computer was $150,000.00.  A five-year note was executed by Byte for the balance.             05. June 4:  Additional office equipment costing $700.00 was purchased on credit from Discount Computer Corporation.  The invoice number was 98432.             06. June 8:  Unsatisfactory office equipment costing $140.00 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 $23,000.00 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 $5,808.00 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  $8,250.00 was received for services performed for Pitman Pictures.             10. June 16:  Byte purchased a building and the land it is on for $107,000.00 to house its repair facilities and to store computer equipment.  The lot on which the building is located is valued at $17,000.00.  The balance of the cost is to be allocated to the building.  Check # 5005 was used to make the down payment of $10,700.00.  A thirty year mortgage with an inital payement due on August 1st, was established for the balance.             11. June 17:  Check # 5006 for $5,100.00 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 $4,700.00 for consulting services performed.             14. June 21:  Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $650.00.  The invoice number was 975-328.              15. June 21:  Accounts payable in the amount of $560.00 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 $860.00 to equipment operators for the week ending June 18.  Ignore payroll taxes.             19. June 23:  Cash in the amount of $3,765.00 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 $5,700.00 to miscellaneous customers for services performed to June 25.             22. June 29:  Cash in the amount of $5,400.00 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 $860.00 to equipment operators for the week ending June 25.  Ignore payroll taxes.             25. June 30:  Received a bill for the amount of $1,015.00 from O & G Oil and Gas Co.  The invoice number was 784537.             26. June 30:  Check # 5013 was used to pay for airline tickets of  $1,900.00  to send the kids to Grandma Ellen for the July 4th holiday.               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 $247.00 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. Record a journal entry to reflect that one half month’s insurance has expired.               31. A  review of Byte’s job worksheets show that there are unbilled revenues in the amount of $5,125 for the period of June 28-30.               The fixed assets have estimated useful lives as follows:       Building – 31.5 years       Computer Equipment – 5.0 years     32. 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 $7,500. The office equipment has a scrap value of $300.  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 $516.00 are owed by  Byte for three days, June 28 – 30.  Ignore payroll taxes.             34. 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.               Closing Entries             35. Close the revenue accounts.             36. Close the expense accounts.             37. Close the income summary account.             38. Close the withdrawals account.            
Premium Custom Essays
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.