Date Account Name Description Debit Credit
17. June 22: Received a bill for $1,140.00 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 $910.00 to equipment operators for the week ending June 18. Ignore payroll taxes.
19. June 23: Cash in the amount of $3,925.00 was received on billings.
20. June 23: Purchased office supplies for $705.00 from Staples on account. The invoice number was 65498.
21. June 28: Billed $5,910.00 to miscellaneous customers for services performed to June 25.
22. June 29: Cash in the amount of $5,600.00 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 $910.00 to equipment operators for the week ending June 25. Ignore payroll taxes.
25. June 30: Received a bill for the amount of $815.00 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 $2,100.00 to send the kids to Grandma Ellen for the July 4th holiday.
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 $292.00 worth of office supplies remained on hand as of June 30.
29. The annual interest rate on the mortgage payable was 7.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16.
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 $5,375 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 $546.00 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.
35. Close the revenue accounts.
36. Close the expense accounts.
37. Close the income summary account.
38. Close the withdrawals account.