Intermediate Financial Accounting

JS8082.xlsx

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Introduction

Building Blocks of Accounting .. A Financial Perspective
Jueping, when you are ready to have your work graded you will upload this file	JS8082.xls or JS8082.xlsx,
F911	180809

to the same screen that the project was downloaded from: www.cybertext.com, The Book List, Building Blocks of Accounting .. A Financial Perspective, Enter password, Upload Your Excel File. Keep two copies of your spreadsheet in two separate places in case one does not work. You may find it easier to work on this project if you print a hard copy of all the pages. NOTE: If there are any questions about the project e-mail [email protected] or call 305.284.6296. Grade will be based upon answers entered into the shaded boxes.

FAQ

Elf Village Productions	50 Sheet Legal Pad
Building Blocks of Accounting .. A Financial Perspective
FAQ	Page 1
FAQ 01	My file used to upload, why is it not uploading?
Answer:	Sometimes we unknowingly add items to a workbook that inhibits the upload process. The conversion to a Excel Binary
Workbook (*.xlsb) version generally fixes the problem. If the problem continues simple send your BINARY file
as an attachment with your username and password…[email protected]
Windows Operating System
Select	File
Select	Save As
Select	Save As Type:
Select	Excel Binary Workbook (*.xlsb)
Select	Save
Select	Continue or Yes if prompted or if it indicates that there is limited memory.
Upload the binary file at cybertext.com
Apple Operating System
Select	File
Select	Save As
Select	Format:
Select	Excel Binary Workbook (*.xlsb)
Select	Save
Upload the binary file at cybertext.com
Elf Village Productions	50 Sheet Legal Pad
Building Blocks of Accounting .. A Financial Perspective
FAQ	Page 2
FAQ 02	When I try to enter information in the General Journal why does an error appears indicating that the cell protected?
Answer:	The computer program is designed to save you time. Instead of requiring you to enter the description four
times the program automatically copies the description when you enter a new account number. This process
requires that the data entry is limited to those cells which contain unique information. The cells that you can
enter data into are the yellow filled cells.
FAQ 03	In the feedback section, what does it mean when I have points under reverse?
Answer:	If you pay a telephone expense of $100.00
Telephone Expense	100
Cash	100
If you debit cash and credit telephone expense you have reversed the whole entry.
Cash	100
Telephone Expense	100
If you debit cash and credit anything else you have reversed part of the entry.
Cash	100
Rent Expense	100
Elf Village Productions	50 Sheet Legal Pad
Building Blocks of Accounting .. A Financial Perspective
FAQ	Page 3
FAQ 04	How does my instructor get my grade?
Answer:	Every time you upload your grade is recorded in a table. Your instructor can look at the table whenever they
want to, although only the last grade counts. Keep a hard copy of your last upload for documentation.
FAQ 05	I have entered all the transactions and have completed the worksheet however I get following
message on the financial statements: "You must finish the worksheet before you can complete the ...."
Answer:	The worksheet demonstrates that the accounting system is working. If all of your journal entries are
in balance then the Unadjusted Trial Balance and the Adjusting Entry columns will balance. The
Adjusted Trial Balance columns net the Unadjusted Trial Balance and the Adjusting Entry columns.
There are four steps to completing the worksheet:
1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the
Balance Sheet columns, (debits remain debits and credits remain credits).
2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses.
3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and
the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet.
4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise
there is an error in the completion of the worksheet.

Excel Binary Workbook (.xlsb)

Welcome

Building Blocks of Accounting -- A Financial Perspective
The instructions start on row 22 of this page.
FIRST	LAST	SS	File
Jueping	Sun	8082	JS8082
For example,
01
In the date field enter the date of the transaction. If you do not enter a date value an error message will appear.
Transaction	Date	Account	Name	Description	Debit	Credit

01	Jun 01	Cash



In the account field enter the account number that corresponds to the account in the chart of accounts.
You can also use the pull down list to find the appropriate account number. If you use a number that
is not on the chart of accounts an error message will appear.
Transaction	Date	Account	Name	Description	Debit	Credit

01	Jun 01	1110	Cash



The name of the account will automatically appear in the name column. If it is the wrong
account renter the correct account number.
Enter the description in the description field.
Transaction	Date	Account	Name	Description	Debit	Credit

01	Jun 01	1110	Cash	Hudson's investment

Enter the amount in the debit field.
Transaction	Date	Account	Name	Description	Debit	Credit
Transaction # 1 Not in Balance by $40,000.
01	Jun 01	1110	Cash	Hudson's investment	40,000.00


Enter the second account number.
Transaction	Date	Account	Name	Description	Debit	Credit
Transaction # 1 Not in Balance by $40,000.
01	Jun 01	1110	Cash	Hudson's investment	40,000.00
01	Jun 01	3100	Capital Stock	Hudson's investment

Enter the amount in the credit field.
Transaction	Date	Account	Name	Description	Debit	Credit

01	Jun 01	1110	Cash	Hudson's investment	40,000.00
		3100	Capital Stock	Hudson's investment	40,000.00


1. Copy the account balances from the Adjusted Trial Balance into the either the Income Statement or the
Balance Sheet columns, (debits remain debits and credits remain credits).
2. Calculate the Net Income or Net Loss by finding the difference between the revenues and expenses.
3. Calculate the Net Income or Net Loss by finding the difference between the total of the debit balances and
the total of the credit balances of the accounts in the Balance Sheet columns of the worksheet.
4. Compare the two Net Incomes. If they are the same the financial statements will be displayed, otherwise
there is an error in the completion of the worksheet.
Note:
Save and make backup copies regularly.

Welcome to the world's first ePractice case, an individualized, internet generated and graded case study that focuses on the analytically portion of the accounting cycle while automating the repetitive posting cycle. NOTE: If the program is not working e-mail [email protected], 305.284.6296.

Step I - The Chart of Accounts The chart of accounts includes all of the accounts that you can use to solve your case. You may want to print the chart of accounts and use it as an easy reference guide.

Step II – Journalizing the Transactions. Using your unique transactions record the corresponding general journal entry, rounding to two decimal places.

June 1: Hudson Bloom made a $40,000 cash investment in his business, Byte of Accounting.

Press Here To Create The General Ledger

Step III – Worksheet Although not graded, you need to complete the Worksheet. If each of your journal entries are in balance then your Unadjusted Trial Balance, the Adjusting Entry and Adjusted Trial Balance columns will be in balance.

Step IV – Prepare the Financial Statements. After you have entered all of the transactions and prepared the Worksheet, you are to prepare the Income Statement, Shareholder's Equity Statement and Balance Sheet using the forms provided.

Step VI – Upload the File. Whenever you want to have cybertext.com grade your work submit it to them on the bottom of the screen that you downloaded the file.

Grading: You will be graded on the Journal Entries and the three financial statement. The case will be computer graded, therefore make sure all numbers are in the appropriate cells. The computer will evaluate your transactions when grading your financial statements.

Step V – Prepare the Closing Entries. Based upon the information from your Worksheet or from your Financial Statements, prepare the closing entries.

Chart of Accounts

Number	Name	Normal Balance	Error #	Message
1110	Cash	Debit	1	Debit And Credit On Same Line
1120	Accounts Receivable	Debit	2	Debit Before Credit
1121	Allowance for Doubtful Accounts	Credit	4	Need An Account Number
1130	Prepaid Insurance	Debit	8	Round To Two Decimal Places
1140	Prepaid Rent	Debit	16	Need a Description
1150	Office Supplies	Debit	32	Need a Date
1211	Office Equip.	Debit	64
1212	Accum. Depr.-Office Equip.	Credit	128
1311	Computer Equip.	Debit	256
1312	Accum. Depr.-Computer Equip.	Credit	512
1411	Building	Debit	1024
1412	Accum. Depr.-Building	Credit
1510	Land	Debit
2101	Accounts Payable	Credit
2102	Advanced Payments	Credit
2103	Interest Payable	Credit
2105	Salaries Payable	Credit
2106	Income Taxes Payable	Credit
2201	Mortgage Payable	Credit
2202	Notes Payable	Credit
3100	Capital Stock	Credit
3110	Paid-in Capital in Excess of Par Value	Credit
3200	Retained Earnings	Credit
3300	Dividends	Debit
3400	Income Summary	Credit
4100	Computer & Consulting Revenue	Credit
5010	Rent Expense	Debit
5020	Salary Expense	Debit
5030	Advertising Expense	Debit
5040	Repairs & Maint. Expense	Debit
5050	Oil & Gas Expense	Debit
5080	Supplies Expense	Debit
5090	Interest Expense	Debit
5100	Insurance Expense	Debit
5110	Depreciation Expense	Debit
5120	Bad Debt Expense	Debit
5130	Bank Expense	Debit
5140	Telephone Expense	Debit
5150	Income Tax Expense	Debit

Transactions

Byte of Accounting
Jueping Sun 8239
Description of transaction
01.	June 1: Jeremy made an investment in Byte of Accounting, Inc., by purchasing 2,660 shares of its common stock paying $33,300 in cash and by contributing computer equipment with a fair market value of $46,500. The par value of the common stock was $28 per share.
02.	June 1: Courtney made an investment in Byte of Accounting, Inc., by purchasing 544 shares of its common stock by contributing computer equipment with a fair market value of $15,000 and office equipment with a fair value of $1,320. The par value of the common stock was $28 per share.
03.	June 1: Jueping Sun made an investment in Byte of Accounting, Inc. by purchasing 5,550 shares of its common stock for $166,500 cash. The par value of the common stock was $28 per share.
04.	June 2: Check # 5002 was used to make a down payment of $33,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $165,000.00. A five-year note was executed by Byte for the balance.
05.	June 4: Additional office equipment costing $400.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432.
06.	June 8: Unsatisfactory office equipment costing $80.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.
07.	June 10: Check # 5003 was used to make a $25,250.00 payment reducing the prinicpal owed on the June 2 purchase of computer equipment from Royce Computers.
08.	June 10: Purchased office supplies for $1,800.00 from Staples on account. The invoice number was 61298. Included in the purchase was 10 units of Super RoutePro at a cost of $50.00 each.
09.	June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equipment for $6,480.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387.
10.	June 16: Checks in the amount of $8,510.00 was received for services performed for cash customers.
11.	June 16: Byte purchased a building and the land it is on for $149,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $24,000.00. The balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $14,900.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance.
12.	June 17: Check # 5006 for $6,300.00 was paid for rent of the office space for June, July and August.
13.	June 17: Received invoice number 26354 in the amount of $475.00 from the local newspaper for advertising.
14.	June 21: Billed various miscellaneous local customers $4,800.00 for consulting services performed.
15.	June 21: Check # 5007 was used to purchase a fax machine for the office from Office Machines Express for $825.00. The invoice number was 975-328.
16.	June 21: Accounts payable in the amount of $320.00 were paid with Check # 5008.
17.	June 22: Check # 5009 was used to pay the advertising bill that was received on June 17.
18.	June 22: Received a bill for $1,240.00 from Computer Parts and Repair Co. for repairs to the computer equipment. The invoice number was 43254.
19.	June 22: Check # 5010 was used to pay salaries of $885.00 to equipment operators for the week ending June 18. Ignore payroll taxes.
20.	June 23: Cash in the amount of $3,845.00 was received on billings.
21.	June 23: Purchased office supplies for $900.00 from Staples on account. The invoice number was 65498. Included in the purchase was 10 units of Super RoutePro at a cost of $53.00 each.
22.	June 28: Billed $5,280.00 to miscellaneous customers for services performed to June 25.
23.	June 29: Cash in the amount of $5,001.00 was received for billings.
24.	June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check # 5011.
25.	June 29: Check # 5012 was used to pay salaries of $885.00 to equipment operators for the week ending June 25. Ignore payroll taxes.
26.	June 30: Received a bill for the amount of $1,015.00 from O & G Oil and Gas Co. The invoice number was 784537.
27.	June 30: Check # 5013 was used to pay for a cash dividend of $0.15 per share to Jeremy, a shareholder of Byte.
28.	June 30: Check # 5014 was used to pay for a cash dividend of $0.15 per share to Jueping Sun a shareholder of Byte.
29.	June 30: Check # 5015 was used to pay for a cash dividend of $0.15 per share to Courtney, a shareholder of Byte.
Adjusting Entries - Round to two decimal places.
30.	The rent payment made on June 17 was for June, July and August. Expense the amount associated with one month's rent.
31.	A physical inventory showed that only $380.00 worth of general office supplies remained on hand as of June 30. This did not include any of the Super RoutePro. There were 5 units of Super RoutePro on hand. We use FIFO to determine the valuation of the supplies.
31.	A physical inventory showed that only $380.00 worth of general office supplies remained on hand as of June 30. This did not include any of the Super RoutePro. There were 5 units of Super RoutePro on hand. We use FIFO to determine the valuation of the supplies.
32.	The annual interest rate on the mortgage payable was 9.25 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16.
33.	Record a journal entry to reflect that one half month's insurance has expired.
34.	A review of Byte’s job worksheets show that there are unbilled revenues in the amount of $15,250 for the period of June 28-30.
The fixed assets have estimated useful lives as follows:
The Building and the Office Equipment have the following estimated useful lives:
35.	Building - 31.5 years
Office Equipment - 7.0 years
Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building’s salvage value is $7,000.00. The office equipment has a salvage value of $500.00. Calculate the depreciation for one month using the straight-line method of depreciation.
The Computer Equipment has an estimated useful life of 5.00 years.
36.	Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The computer equipment's scrap value is $20,000.00. Calculate the depreciation for one month using the double declining method of depreciation.
37.	A review of the payroll records show that unpaid salaries in the amount of $531.00 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.
38.	[IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $132,000.00. On June 10, eight days later, $25,250.00 was repaid. Interest expense must be
calculated on the $132,000.00 for eight days. In addition, interest expense on the $106,750.00 balance of the loan ($132,000.00 less $25,250.00 = $106,750.00) must be calculated for the 20 days remaining in the month of June.]
39.	Based on the information on the "Bank Reconciliation" sheet prepare the journal entry required to increases cash.
40.	Based on the information on the "Bank Reconciliation" sheet prepare the journal entry required to decreases cash.
41.	Our CPA has informed us to estimate that 3.00% of Computer & Consulting Revenue will be uncollectable.
42.	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
43.	Close the revenue accounts.
44.	Close the expense accounts.
45.	Close the income summary account.
46.	Close the dividends account.

Transaction

General Journal

A Byte of Accounting
General Journal

Transaction	Date	Account	Name	Description	Debit	Credit	Total Balance

01	Jun 01	1110	Cash	Jeremy made an investment, par value $28	33,300.00	33300	0
01	Jun 01	1311	Computer Equip.	Jeremy made an investment, par value $28	46,500.00	46500	0
01	Jun 01	3100	Capital Stock	Jeremy made an investment, par value $28	74,480.00	(74480)	0
01	Jun 01	3110	Paid-in Capital in Excess of Par Value	Jeremy made an investment, par value $28	5,320.00	(5320)	0

02	Jun 01	1311	Computer Equip.	Courtney made an investment	15,000.00	15000	0
02	Jun 01	1211	Office Equip.	Courtney made an investment	1,320.00	1320	0
02	Jun 01	3100	Capital Stock	Courtney made an investment	15,232.00	(15232)	0
02	Jun 01	3110	Paid-in Capital in Excess of Par Value	Courtney made an investment	1,088.00	(1088)	0

03	Jun 01	1110	Cash	Jueping Sun made an investment	166,500.00	166500	0
03	Jun 01	3100	Capital Stock	Jueping Sun made an investment	155,400.00	(155400)	0
03	Jun 01	3110	Paid-in Capital in Excess of Par Value	Jueping Sun made an investment	11,100.00	(11100)	0
				0	0

04	Jun 02	1311	Computer Equip.	Purchased Computer Equipment	165,000.00	165000	0
04	Jun 02	1110	Cash	Purchased Computer Equipment	33,000.00	(33000)	0
04	Jun 02	2202	Notes Payable	Purchased Computer Equipment	132,000.00	(132000)	0
				0	0

05	Jun 04	1211	Office Equip.	Purchased Office Equipment	400.00	400	0
05	Jun 04	2101	Accounts Payable	Purchased Office Equipment	400.00	(400)	0
				0	0
				0	0

06	Jun 08	2101	Accounts Payable	Return Office Equipment	80.00	80	0
06	Jun 08	1211	Office Equip.	Return Office Equipment	80.00	(80)	0
				0	0
				0	0

07	Jun 10	2202	Notes Payable	Paid for Office Equipment	25,250.00	25250	0
07	Jun 10	1110	Cash	Paid for Office Equipment	25,250.00	(25250)	0
				0	0
				0	0

08	Jun 10	1150	Office Supplies	Purchased Office Supplies	1,800.00	1800	0
08	Jun 10	2101	Accounts Payable	Purchased Office Supplies	1,800.00	(1800)	0
				0	0
				0	0

09	Jun 14	1130	Prepaid Insurance	Paid for Insurance	6,480.00	6480	0
09	Jun 14	1110	Cash	Paid for Insurance	6,480.00	(6480)	0
				0	0
				0	0

10	Jun 16	1110	Cash	Revenue from Service	8,510.00	8510	0
10	Jun 16	4100	Computer & Consulting Revenue	Revenue from Service	8,510.00	(8510)	0
				0	0
				0	0

11	Jun 16	1510	Land	Purchased Land & Building	24,000.00	24000	0
11	Jun 16	1411	Building	Purchased Land & Building	125,000.00	125000	0
11	Jun 16	1110	Cash	Purchased Land & Building	14,900.00	(14900)	0
11	Jun 16	2201	Mortgage Payable	Purchased Land & Building	134,100.00	(134100)	0

12	Jun 17	1140	Prepaid Rent	Paid for Rent	6,300.00	6300	0
12	Jun 17	1110	Cash	Paid for Rent	6,300.00	(6300)	0
				0	0
				0	0

13	Jun 17	5030	Advertising Expense	Advertising Expense	475.00	475	0
13	Jun 17	2101	Accounts Payable	Advertising Expense	475.00	(475)	0
				0	0
				0	0

14	Jun 21	1120	Accounts Receivable	Revenue from Service	4,800.00	4800	0
14	Jun 21	4100	Computer & Consulting Revenue	Revenue from Service	4,800.00	(4800)	0
				0	0
				0	0

15	Jun 21	1211	Office Equip.	Purchased Fax Machine	825.00	825	0
15	Jun 21	1110	Cash	Purchased Fax Machine	825.00	(825)	0
				0	0
				0	0

16	Jun 21	2101	Accounts Payable	Paid for What is Owed	320.00	320	0
16	Jun 21	1110	Cash	Paid for What is Owed	320.00	(320)	0
				0	0
				0	0

17	Jun 22	2101	Accounts Payable	Paid for Advertising Expense	475.00	475	0
17	Jun 22	1110	Cash	Paid for Advertising Expense	475.00	(475)	0
				0	0
				0	0

18	Jun 22	5040	Repairs & Maint. Expense	Paid for Computers Repairs	1,240.00	1240	0
18	Jun 22	2101	Accounts Payable	Paid for Computers Repairs	1,240.00	(1240)	0
				0	0
				0	0

19	Jun 22	5020	Salary Expense	Paid for Salaries Expense	885.00	885	0
19	Jun 22	1110	Cash	Paid for Salaries Expense	885.00	(885)	0
				0	0
				0	0

20	Jun 23	1110	Cash	Cash Received on billings	3,845.00	3845	0
20	Jun 23	1120	Accounts Receivable	Cash Received on billings	3,845.00	(3845)	0
				0	0
				0	0

21	Jun 23	1150	Office Supplies	Purchased Office Supplies	900.00	900	0
21	Jun 23	2101	Accounts Payable	Purchased Office Supplies	900.00	(900)	0
				0	0
				0	0

22	Jun 28	1120	Accounts Receivable	Billed Customers for Performed Service	5,280.00	5280	0
22	Jun 28	4100	Computer & Consulting Revenue	Billed Customers for Performed Service	5,280.00	(5280)	0
				0	0
				0	0

23	Jun 29	1110	Cash	Cash Received on billings	5,001.00	5001	0
23	Jun 29	1120	Accounts Receivable	Cash Received on billings	5,001.00	(5001)	0
				0	0
				0	0

24	Jun 29	2101	Accounts Payable	Paid for Computers Repairs	1,240.00	1240	0
24	Jun 29	1110	Cash	Paid for Computers Repairs	1,240.00	(1240)	0
				0	0
				0	0

25	Jun 29	5020	Salary Expense	Paid for Salaries Expense	885.00	885	0
25	Jun 29	1110	Cash	Paid for Salaries Expense	885.00	(885)	0
				0	0
				0	0

26	Jun 30	5050	Oil & Gas Expense	Received Bill for Oil & Gas Expense	1,015.00	1015	0
26	Jun 30	2101	Accounts Payable	Received Bill for Oil & Gas Expense	1,015.00	(1015)	0
				0	0
				0	0

27	Jun 30	3300	Dividends	Paid Dividends to Jeremy	399.00	399	0
27	Jun 30	1110	Cash	Paid Dividends to Jeremy	399.00	(399)	0
				0	0
				0	0

28	Jun 30	3300	Dividends	Paid Dividends to Jueping Sun	832.50	833	0
28	Jun 30	1110	Cash	Paid Dividends to Jueping Sun	832.50	(833)	0
				0	0
				0	0

29	Jun 30	3300	Dividends	Paid Dividends to Courtney	81.60	82	0
29	Jun 30	1110	Cash	Paid Dividends to Courtney	81.60	(82)	0
				0	0
				0	0

30	Jun 30	5010	Rent Expense	Adjusted for Acc. Rent Expense	2,100.00	2100	0
30	Jun 30	1140	Prepaid Rent	Adjusted for Acc. Rent Expense	2,100.00	(2100)	0
				0	0
				0	0

31	Jun 30	5080	Supplies Expense	Adjusted for Acc. Rent Expense	2,020.00	2020	0
31	Jun 30	1150	Office Supplies	Adjusted for Acc. Rent Expense	2,020.00	(2020)	0
				0	0
				0	0

32	Jun 30	5090	Interest Expense	Accumulated interest on Mortgage Note	516.84	517	0
32	Jun 30	2103	Interest Payable	Accumulated interest on Mortgage Note	516.84	(517)	0
				0	0
				0	0

33	Jun 30	5100	Insurance Expense	Half month of Insurance Expired	270.00	270	0
33	Jun 30	1130	Prepaid Insurance	Half month of Insurance Expired	270.00	(270)	0
				0	0
				0	0

34	Jun 30	1120	Accounts Receivable	Billed Customers for Performed Service	15,250.00	15250	0
34	Jun 30	4100	Computer & Consulting Revenue	Billed Customers for Performed Service	15,250.00	(15250)	0
				0	0
				0	0

35	Jun 30	5110	Depreciation Expense	Adjusted for Acc. Depreciation	319.85	320	0
35	Jun 30	1212	Accum. Depr.-Office Equip.	Adjusted for Acc. Depreciation	7.68	(8)	0
35	Jun 30	1412	Accum. Depr.-Building	Adjusted for Acc. Depreciation	312.17	(312)	0
				0	0

36	Jun 30	5110	Depreciation Expense	Accumulated Depreciation on Computer Equip	7,550.00	7550	0
36	Jun 30	1312	Accum. Depr.-Computer Equip.	Accumulated Depreciation on Computer Equip	7,550.00	(7550)	0
				0	0
				0	0

37	Jun 30	5020	Salary Expense	Recorded Unpaid Salaries Expense	531.00	531	0
37	Jun 30	2105	Salaries Payable	Recorded Unpaid Salaries Expense	531.00	(531)	0
				0	0
				0	0

38	Jun 30	5090	Interest Expense	Interest on Notes Payable	0	0
38	Jun 30	2103	Interest Payable	Interest on Notes Payable	0	0
				0	0
				0	0

39	Jun 30	1110	Cash	0	0
39	Jun 30	1120	Accounts Receivable	Need a Description	0	16		16
				0	0
				0	0

40	Jun 30	5130	Bank Expense	0	0
40	Jun 30	5140	Telephone Expense	Need a Description	0	16		16
40	Jun 30	1120	Accounts Receivable	Need a Description	0	16		16
40	Jun 30	1110	Cash	Need a Description	0	16		16

41	Jun 30	5120	Bad Debt Expense	0	0
41	Jun 30	1121	Allowance for Doubtful Accounts	Need a Description	0	16		16
				0	0
				0	0

42	Jun 30	5150	Income Tax Expense	0	0
42	Jun 30	2106	Income Taxes Payable	Need a Description	0	16		16
				0	0
				0	0

43	Jun 30	4100	Computer & Consulting Revenue	0	0
43	Jun 30	3400	Income Summary	Need a Description	0	16		16
				0	0
				0	0

44	Jun 30	3400	Income Summary	0	0
44	Jun 30	5010	Rent Expense	Need a Description	0	16		16
44	Jun 30	5020	Salary Expense	Need a Description	0	16		16
44	Jun 30	5030	Advertising Expense	Need a Description	0	16		16
44	Jun 30	5040	Repairs & Maint. Expense	0	0	0
44	Jun 30	5050	Oil & Gas Expense	0	0	0
44	Jun 30	5080	Supplies Expense	0	0	0
44	Jun 30	5090	Interest Expense	0	0	0
44	Jun 30	5100	Insurance Expense	0	0	0
44	Jun 30	5110	Depreciation Expense	0	0	0
44	Jun 30	5120	Bad Debt Expense	0	0	0
44	Jun 30	5130	Bank Expense	0	0	0
44	Jun 30	5140	Telephone Expense	0	0	0
44	Jun 30	5150	Income Tax Expense	0	0	0

45	Jun 30	3400	Income Summary	0	0
45	Jun 30	3200	Retained Earnings	Need a Description	0	16		16
				0	0
				0	0

46	Jun 30	3200	Retained Earnings	0	0
46	Jun 30	3300	Dividends	Need a Description	0	16		16
				0	0
				0	0
0

Note: You can only enter data into the yellow filled cells.

Bank Reconcilation

PublicBank	Byte of Accounting
P.O. Box 5551212, Miami, Florida 33999	123 Speed Lane
Ph # (305) 555-1212	Miami, Florida 33999
Previous Balance	- 0	Account Number	33999999
Deposits/Credits	211,895.00	Statement Date	6/30/200x
Checks/Debits	86,760.00
Ending Balance	125,135.00
125,135.00
Activity in date order
Date	Description	Amount	Balance
Jun 01	Deposit	199,800.00	199,800.00
Jun 07	4	Paid check # 5002	-33,000.00	166,800.00	0	8510
Jun 15	7	Paid check # 5003	-25,250.00	141,550.00	0	8500
Jun 16	10	Deposit	8,150.00	149,700.00	8000
Jun 21	11	Paid check # 5005	-14,900.00	134,800.00	0	500
Jun 22	NSF	-2,850.00	131,950.00	10
Jun 22	NSF service charge	-25.00	131,925.00	8150
Jun 22	12	Paid check # 5006	-6,300.00	125,625.00	0	-2850
Jun 23	20	Deposit	3,945.00	129,570.00	0	-25
Jun 24	Paid check # 306	-1,700.00	127,870.00
Jun 26	15	Paid check # 5007	-825.00	127,045.00	0	100
Jun 26	16	Paid check # 5008	-320.00	126,725.00	0	-1700
Jun 27	17	Paid check # 5009	-475.00	126,250.00	0
Jun 27	Elec Remit AT&T Telephone	-180.00	126,070.00
Jun 27	19	Paid check # 5010	-885.00	125,185.00	0
Jun 29	Service Charge- Checks	-50.00	125,135.00	180
125,135.00	0
50
Check # 306 is not our check
Our policy is to charge the customer for any charges related to NSF checks
The Deposit on Jun 16 was incorrectly recorded by the bank.
The Deposit on Jun 23 was correctly recorded by the bank. We do not modify the original journal entry.
Company's Books	Bank Statement
Ending Balance per books	125,282.90	Ending balance per bank	125,135.00
Additions	Additions
1. Add to Books	Total
2. Add to Bank	Total
Deductions	Deductions
3. Deduct from Books
4. Deduct from bank
Ending Correct cash balance	Ending Correct cash balance

Worksheet

A Byte of Accounting, Inc.
Worksheet
For Period Ending June 30, 2018
Account	Unadjusted Trial Balance	Adjusting Entries	Adjusted Trial Balance	Income Statement	Balance Sheet
Number	Name	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
1110	Cash	125,282.90	0.00	0.00	0.00	125,282.90	0.00
1120	Accounts Receivable	1,234.00	0.00	15,250.00	0.00	16,484.00	0.00
1121	Allowance for Doubtful Accounts	0.00	0.00	0.00	0.00	0.00	0.00
1130	Prepaid Insurance	6,480.00	0.00	0.00	270.00	6,210.00	0.00
1140	Prepaid Rent	6,300.00	0.00	0.00	2,100.00	4,200.00	0.00
1150	Office Supplies	2,700.00	0.00	0.00	2,020.00	680.00	0.00
1211	Office Equip.	2,465.00	0.00	0.00	0.00	2,465.00	0.00
1212	Accum. Depr.-Office Equip.	0.00	0.00	0.00	7.68	0.00	7.68
1311	Computer Equip.	226,500.00	0.00	0.00	0.00	226,500.00	0.00
1312	Accum. Depr.-Computer Equip.	0.00	0.00	0.00	7,550.00	0.00	7,550.00
1411	Building Cost	125,000.00	0.00	0.00	0.00	125,000.00	0.00
1412	Accum. Depr.-Building	0.00	0.00	0.00	312.17	0.00	312.17
1510	Land	24,000.00	0.00	0.00	0.00	24,000.00	0.00
2101	Accounts Payable	0.00	3,715.00	0.00	0.00	0.00	3,715.00
2102	Advanced Payments	0.00	0.00	0.00	0.00	0.00	0.00
2103	Interest Payable	0.00	0.00	0.00	516.84	0.00	516.84
2105	Salaries Payable	0.00	0.00	0.00	531.00	0.00	531.00
2106	Income Taxes Payable	0.00	0.00	0.00	0.00	0.00	0.00
2201	Mortgage Payable	0.00	134,100.00	0.00	0.00	0.00	134,100.00
2202	Notes Payable	0.00	106,750.00	0.00	0.00	0.00	106,750.00
3100	Capital Stock	0.00	245,112.00	0.00	0.00	0.00	245,112.00
3110	Paid-in Capital in Excess of Par Value	0.00	17,508.00	0.00	0.00	0.00	17,508.00
3200	Retained Earnings	0.00	0.00	0.00	0.00	0.00	0.00
3300	Dividends	1,313.10	0.00	0.00	0.00	1,313.10	0.00
0.00	0.00	0.00	0.00	0.00	0.00
4100	Computer & Consulting Revenue	0.00	18,590.00	0.00	15,250.00	0.00	33,840.00
5010	Rent Expense	0.00	0.00	2,100.00	0.00	2,100.00	0.00
5020	Salary Expense	1,770.00	0.00	531.00	0.00	2,301.00	0.00
5030	Advertising Expense	475.00	0.00	0.00	0.00	475.00	0.00
5040	Repairs & Maint. Expense	1,240.00	0.00	0.00	0.00	1,240.00	0.00
5050	Oil & Gas Expense	1,015.00	0.00	0.00	0.00	1,015.00	0.00
5080	Supplies Expense	0.00	0.00	2,020.00	0.00	2,020.00	0.00
5090	Interest Expense	0.00	0.00	516.84	0.00	516.84	0.00
5100	Insurance Expense	0.00	0.00	270.00	0.00	270.00	0.00
5110	Depreciation Expense	0.00	0.00	7,869.85	0.00	7,869.85	0.00
5120	Bad Debt Expense	0.00	0.00	0.00	0.00	0.00	0.00
5130	Bank Expense	0.00	0.00	0.00	0.00	0.00	0.00
5140	Telephone Expense	0.00	0.00	0.00	0.00	0.00	0.00
5150	Income Taxes Expense	0.00	0.00	0.00	0.00	0.00	0.00

Total	525,775.00	525,775.00	28,557.69	28,557.69	549,942.69	549,942.69
NET INCOME
Balance
`

Income Statement

0	A Byte of Accounting
0	Income Statement	Worksheet!I49	Worksheet!L49	Worksheet!G50
0	For Month Ending June 30, 2018
You must finish the worksheet before you can complete the Income Statement, see FAQ 05.
Revenues
4100	Computer Revenue
Expenses
5010	Rent Expense
5020	Salary Expense
5030	Advertising Expense
5040	Repairs & Maint. Expense
5050	Oil & Gas Expense
5080	Supplies Expense
5090	Interest Expense
5100	Insurance Expense
5110	Depreciation Expense
5120	Bad Debt Expense
Bank Expense
5110	Telephone Expense
Total
Net Income Before Tax
Income Tax Expense (Round to two decimal places)	Round to two places
Net Income After Tax

Changes in Owner's Equity

0	A Byte of Accounting, Inc.
0	Statement of Changes in Retained Earnings
0	For Month Ending June 30, 2018
You must finish the worksheet before you can complete the Changes in Retained Earnings,see FAQ 05.
Total
Balance, Beginning of Period
Net Income

Dividends
Balance, End of Period

Balance Sheet

0	A Byte of Accounting
d	Balance Sheet
As of June 30, 2018

You must finish the worksheet before you can complete the Balance Sheet, see FAQ 05.
Assets
Current Assets
1110	Cash
1120	Accounts Receivable
1121	Allowance for Doubtful Accounts
1130	Prepaid Insurance
1140	Prepaid Rent
1150	Office Supplies
Total
Long-Term Assets
1211	Office Equip.
1212	Accum. Depr.-Office Equip.
1311	Computer Equip.
1312	Accum. Depr.-Computer Equip.
1411	Building Cost
1412	Accum. Depr.-Building
1510	Land
Total
Total Assets
Liabilities
Current Liabilities
2101	Accounts Payable
2102	Advanced Payment
2103	Interest Payable
2105	Salaries Payable
2105	Income Taxes Payable
Total
Long-Term Liabilities
2201	Mortgage Payable
2202	Notes Payable
Total
Total Liabilities
Stockholder's Equity
Paid-in Capital
Capital Stock
Paid-in Capital in Excess of Par Value
Total Paid-in Capital
Retained Earnings
Total Sockholder's Equity
Total Liabilities and Stockholder's Equity

How to Create a Pivot Table

How to Create a Pivot Table
1.	Log in
2.	Download the pdf instructions