I need help Journalizing these Entries. Transaction Description of transaction 0

Question

I need help Journalizing these Entries.
Transaction Description of transaction
01. June 1: Byte of Accounting, Inc. issued 2,650 shares of its common stock to Jeremy after $30,800 in cash and computer equipment with a fair market value of $43,400 were received.

02. June 1: Byte of Accounting, Inc. issued 2,191 shares of its common stock after acquiring from Courtney $43,400 in cash, computer equipment with a fair market value of $16,800 and office equipment with a fair value of $1,148.

03. June 1:   Byte of Accounting, Inc. acquired $78,400 in cash from Alex Derby and issued 2,800 shares of its common stock.

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 $500 was purchased on credit from Discount Computer Corporation.

06. June 8: Unsatisfactory office equipment costing $100 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 $6,480 in cash. The effective date of the policy was June 16.

09. June 16: Computer consultation revenue of $6,500 was received.

10. June 16: Byte purchased a building and the land it is on for $95,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $15,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $9,500 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1.

11. June 17: Cash of $4,200 was paid for rent for June and July. Put the total amount into the Prepaid Rent account.

12. June 17: Received a bill of $325 from the local newspaper for advertising.

13. June 21: Billed various miscellaneous local customers $4,900 for consulting services performed.

14. June 21: A fax machine for the office was purchased for $725 cash.

15. June 21: Accounts payable in the amount of $400 were paid.

16. June 22: Paid the advertising bill that was received on June 17.

17. June 22: Received a bill for $1,140 from Computer Parts and Repair Co. for repairs to the computer equipment.

18. June 22: Paid salaries of $1,010 to equipment operators for the week ending June 18.

19. June 23: Cash in the amount of $3,925 was received on billings.

20. June 23: Purchased office supplies for $630 on credit. Record the purchase as an increase to the assets.

21. June 28: Billed $5,385 to miscellaneous customers for services performed to June 25.

22. June 29: Cash in the amount of $5,101 was received for billings.

23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co.

24. June 29: Paid salaries of $1,010 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 $0.16 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 and July. Expense the amount associated with one month's rent.

28. A physical inventory showed that only $259.00 worth of office supplies remained on hand as of June 30.

29. The annual interest rate on the mortgage payable was 7.25 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 $5,375 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 $500. The office equipment has a scrap value of $500. 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 $606 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.

Explanation / Answer

1. June 1

Cash 30,800

Computer equipment 43,400

Common stock $74,200

2. June 1   

Cash 43,400

Computer equipment $16,800

Office equipment $1,148

Common stock $61,348

3. June 1

Cash $78,400

Common stock $78,400

4. June 2

Computer equipment $160,000

cash $32,000

Notes payable $ 128,000

5. June 4

Office equipment $500

Accounts payable $500

6. June 8

Accounts payable $100

Office equipment $100

7. june 10

Notes payable $24,500

Cash $24,500

8. June 14

Prepaid insurance $6,480

Cash $6,480

9. june 16

Cash $6,500

Service revenue $6,500

10. June 16

Land $80,000

Building $15,000

Cash $9,500

Mortgage $85,500

11. june 17

Prepaid rent $4,200

Cash $4,200

12. June 17

Advertising expenses $325

Accounts payable $325

13. June 21

Accounts receivable $4,900

Service revenue $4,900

14.June 21

Computer equipment $725

   Cash $725

15. June 21

Accounts payable $400

   Cash $400

16. June 22

Accounts payable $325

   Cash $325

17. June22

   Repair Expense $1,140

   Accounts payable $1,140

18. June 22

Salaries expense $1,010

   Cash $1,010

19 . June 23

Cash $3,925

   Accounts receivable $3,925

20. June 23

Office supplies $630

   Accounts payable $630

21.June 28

Accounts receivable $5,385

   Service revenue $5,385

22. June 29

   Cash $5,101   

   Accounts reveivable $5,101

23. June 29

Accounts payable $1,140

   Cash $1,140

24. June 29

Salaries expense $1,010

   Cash $1,010

25. June 30

Miscellanoeus expense $ 790

   Accounts payable $790

26. Cash dividend 1,222.56 (7,641 * $.16)

Cash $1,222.56

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