This is for an accounting assignment and I\'m not sure where I\'m going wrong. I
ID: 2526273 • Letter: T
Question
This is for an accounting assignment and I'm not sure where I'm going wrong. I'll copy and paste what I have and the directions as best as possible. PLEEEASE HELP:
It's telling me my rep and maintenance expense is wrong. I entered:
Repairs & Maint. Expense 1190
Accounts payable 1190
It's for Byte of Accouting. What else would this transaction be for journal entries?
Another question:
June 16: Byte purchased a building and the land it is on for $113,000, to house its re
pair facilities and to store computer equipment. The lot on which the building is located is valued at $18,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,300 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1.
calculated on the $116,000 for eight days. In addition, interest expense on the $93,750 balance of the loan ($116,000 less $22,250 = $93,750) must be calculated for the 20 days remaining in the month of June.]
Because of this, my entire income statement sheet is wrong.
Please help with the transactions and journal entries!
June 22: Received a bill for $1,190 from Computer Parts and Repair Co. for repairs to the computer equipment.Explanation / Answer
Journal Entry Date Particulars Dr. Amt. Cr. Amt. 22-Jun Computer Repair Expense 1,190 Accounts Payable 1,190 (To record the computer repair expense) 2-Jun Computer 145,000 Cash 29,000 Notes Payable 116,000 (To record the purchase of Computer) 10-Jun Notes Payable 21,941 Interest Expense 309 $116,000 X 12% X 8/360 Cash 22,250 (To record the cash paid) 16-Jun Land 18,000 Building 95,000 $113,000 - $18,000 Cash 11,300 Mortgage Payable 101,700 (To record the purchase of Land & Building) 30-Jun Interest Expense 627 ($116,000 - 21,941) X 12% X 20/360 Interest Payable 627 (To record the interest expense)
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