Need help with journalizing accounting entries ASAP, PLEASE help me!? This is an EXCEL spreadsheet?

Need help with journalizing accounting entries ASAP, PLEASE help me!? This is an EXCEL spreadsheet?

Postby arun » 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.
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