Need help with journalizing accounting entries ASAP, PLEASE help me!? This is an EXCEL spreadsheet?
Posted: Thu Oct 28, 2010 10:15 am
Jun 1: Check # 5000 was used to purchasd computer equip. costing $12,600.00 from John SmIth. The invoice number was 20117.
Jun 1: Check # 5001 was used to purchasd office equip costing $861.00 from Office Express. The invoice number was 87417.
Jun 2: Check # 5002 was used to make a down payment of $36,000.00 on additional computer equip that was purchasd from Royce Computers, invoice number 76542. The full price of the computer was $180,000.00. A five-year note was executed by Byte for the balance.
Jun 8: Unsatisfactory office equip costing $80.00 from invoice number 98432 was returnd to Discount Computer for credit to be applied against the outstanding balance owed by Byte.
Jun 10: Check # 5003 was used to make a $27,500.00 payment reducing the prinicpal owed on the Jun 2 purchase of computer equipment from Royce Computers.
Jun 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equip for $5,472.00 from Seth's Insurance. The effective date of the policy was Jun 16 and the invoice number was 2387.
Jun 16: A check in the amount of $6,500.00 was received for services performed for Pitman Pics.
Jun 16: Byte purchased a bldng and the land it is on for $107,000.00 to house its repair facilities and to store computer equip. The lot on which the bldng is located is valued at $17,000.00. The balance of the cost is to be allocated to the bldng. 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 estd. for the balance.
Jun 17: Check # 5006 for $6,300.00 was paid for rent of the office space for Jun, July and Aug.
Jun 17: Received invoice number 26354 in the amount of $350.00 from the local newspaper for advertising.
Jun 21: Accounts payable in the amount of $320.00 were paid with Check # 5007.
Jun 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $725.00. The invoice number was 975-328.
Jun 21: Billed various misc. local customers $4,500.00 for consulting services performed.
Jun 22: Check # 5009 was used to pay salaries of $835.00 to equipment operators for the week ending June 18. Ignore payroll taxes.
Jun 22: Received a bill for $1,115.00 from Computer Parts and Repair Co. for repairs to the computer equipt. The invoice number was 43254.
Jun 22: Check # 5010 was used to pay the advertising bill that was received on June 17.
Jun 23: Purchased office supplies for $505.00 from Staples on account. The invoice number was 65498.
Jun 23: Cash in the amount of $3,605.00 was received on billings.
Jun 28: Billed $5,700.00 to miscellaneous customers for services performed to June 25.
Jun 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check # 5011.
Jun 29: Cash in the amount of $5,400.00 was received for billings.
Jun 29: Check # 5012 was used to pay salaries of $835.00 to equip operators for the week ending June 25. Ignore payroll taxes.
Jun 30: Received a bill for the amount of $965.00 from O & G Oil and Gas Co. The invoice number was 784537.
Jun 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.
The rent payment made on June 17 was for June, July and August. Expense the amount associated with one month's rent.
A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30.
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 purchasd and the liability incurred on Jun 16.
Record a journal entry to reflect that one half month's insurance has expired.
A review of Byte’s job worksheets show that there are unbilled revenues in the amount of $5,375.00 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
Office Equipment - 7.0 years
Use the straight-line method of depreciation. Managmt has decided that assets purchasd during a month are treated as if purchased on the first day of the month. The building’s scrap value is $7,500.00. The office equipment has a scrap value of $450.00. The computer equip has no scrap value. Calc, the depreciation for one month.
A review of the payroll records show that unpaid salaries in the amount of $501.00 are owed by Byte for three days, June 28 - 30. Ignore payroll taxes.
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.
Jun 1: Check # 5001 was used to purchasd office equip costing $861.00 from Office Express. The invoice number was 87417.
Jun 2: Check # 5002 was used to make a down payment of $36,000.00 on additional computer equip that was purchasd from Royce Computers, invoice number 76542. The full price of the computer was $180,000.00. A five-year note was executed by Byte for the balance.
Jun 8: Unsatisfactory office equip costing $80.00 from invoice number 98432 was returnd to Discount Computer for credit to be applied against the outstanding balance owed by Byte.
Jun 10: Check # 5003 was used to make a $27,500.00 payment reducing the prinicpal owed on the Jun 2 purchase of computer equipment from Royce Computers.
Jun 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equip for $5,472.00 from Seth's Insurance. The effective date of the policy was Jun 16 and the invoice number was 2387.
Jun 16: A check in the amount of $6,500.00 was received for services performed for Pitman Pics.
Jun 16: Byte purchased a bldng and the land it is on for $107,000.00 to house its repair facilities and to store computer equip. The lot on which the bldng is located is valued at $17,000.00. The balance of the cost is to be allocated to the bldng. 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 estd. for the balance.
Jun 17: Check # 5006 for $6,300.00 was paid for rent of the office space for Jun, July and Aug.
Jun 17: Received invoice number 26354 in the amount of $350.00 from the local newspaper for advertising.
Jun 21: Accounts payable in the amount of $320.00 were paid with Check # 5007.
Jun 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $725.00. The invoice number was 975-328.
Jun 21: Billed various misc. local customers $4,500.00 for consulting services performed.
Jun 22: Check # 5009 was used to pay salaries of $835.00 to equipment operators for the week ending June 18. Ignore payroll taxes.
Jun 22: Received a bill for $1,115.00 from Computer Parts and Repair Co. for repairs to the computer equipt. The invoice number was 43254.
Jun 22: Check # 5010 was used to pay the advertising bill that was received on June 17.
Jun 23: Purchased office supplies for $505.00 from Staples on account. The invoice number was 65498.
Jun 23: Cash in the amount of $3,605.00 was received on billings.
Jun 28: Billed $5,700.00 to miscellaneous customers for services performed to June 25.
Jun 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check # 5011.
Jun 29: Cash in the amount of $5,400.00 was received for billings.
Jun 29: Check # 5012 was used to pay salaries of $835.00 to equip operators for the week ending June 25. Ignore payroll taxes.
Jun 30: Received a bill for the amount of $965.00 from O & G Oil and Gas Co. The invoice number was 784537.
Jun 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.
The rent payment made on June 17 was for June, July and August. Expense the amount associated with one month's rent.
A physical inventory showed that only $202.00 worth of office supplies remained on hand as of June 30.
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 purchasd and the liability incurred on Jun 16.
Record a journal entry to reflect that one half month's insurance has expired.
A review of Byte’s job worksheets show that there are unbilled revenues in the amount of $5,375.00 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
Office Equipment - 7.0 years
Use the straight-line method of depreciation. Managmt has decided that assets purchasd during a month are treated as if purchased on the first day of the month. The building’s scrap value is $7,500.00. The office equipment has a scrap value of $450.00. The computer equip has no scrap value. Calc, the depreciation for one month.
A review of the payroll records show that unpaid salaries in the amount of $501.00 are owed by Byte for three days, June 28 - 30. Ignore payroll taxes.
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.