CM1991

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cm1991.xls
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Introduction

Building Blocks of Accounting .. A Financial Perspective
Corey, when you are ready to have your work graded you will upload this file CM1991.xls or CM1991.xlsx,
F311 100820
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

FAQ 01 When I try to enter information in the General Journal an error appears indicating that the cell protected.
Answer: The computer program is designed to save you time. Instead of requirring 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 02 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:
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.
FAQ 03 In the feedback section, what does it mean when I have points under reverse?
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
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:

Welcome

Building Blocks of Accounting -- A Financial Perspective
The instructions start on row 22 of this page.
FIRST LAST SS File
Corey Maida 1991 CM1991
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
0
01 Jun 01 Cash
00 Dec 31 0 0
00 Dec 31 0 0
00 Dec 31 0 0
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
0
01 Jun 01 1110 Cash
00 Dec 31 0 0
00 Dec 31 0 0
00 Dec 31 Land 0
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
0
01 Jun 01 1110 Cash Joseph's investment
01 Jun 01 Advertising Expense Joseph's investment
01 Jun 01 Accounts Payable Joseph's investment
00 Dec 31 0 0
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 Joseph's investment 40,000.00
01 Jun 01 Cash Joseph's investment
00 Dec 31 0 0
00 Dec 31 0 0
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 Joseph's investment 40,000.00
01 Jun 01 3100 Capital Stock Joseph's investment
01 Jun 01 Cash Joseph's investment
00 Dec 31 0 0
Enter the amount in the credit field.
Transaction Date Account Name Description Debit Credit
0
01 Jun 01 1110 Cash Joseph's investment 40,000.00
00 Dec 31 3100 Capital Stock Joseph's investment 40,000.00
00 Dec 31 Salary Expense Joseph's investment
00 Dec 31 Cash Joseph's investment
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 worlds 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: Joseph made an investment in Byte of Accounting, Inc. by purchasing 2,000 shares of its common stock for $40,000 cash. The par value of the common stock was $20 per share.
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 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 and the Adjusting Entry columns will be in balance. Your Adjusted Trial Balance will balance when you place each of the account balances into the correct debit or credit position in the Adjusted Trial Balance section of the Worksheet. .
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 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.
Step V – Prepare the Cosing 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
1130 Prepaid Insurance Debit 4 Need An Account Number
1140 Prepaid Rent Debit 8 Round To Two Decimal Places
1150 Office Supplies Debit 16 Need a Description
1211 Office Equip. Debit 32 Need a Date
1212 Accum. Depr.-Office Equip. Credit 64
1311 Computer Equip. Debit 128
1312 Accum. Depr.-Computer Equip. Credit 256
1411 Building Cost Debit 512
1412 Accum. Depr.-Building Credit 1024
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
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 Income Tax Expense Debit

Transactions

Byte of Accounting, Inc.
Corey Maida 2256
Transaction Description of transaction
01. June 1: Byte of Accounting, Inc. issued 2,610 shares of its common stock to Jeremy after $23,100 in cash and computer equipment with a fair market value of $34,320 were received.
02. June 1: Byte of Accounting, Inc. issued 2,457 shares of its common stock after acquiring from Courtney $42,900 in cash, computer equipment with a fair market value of $10,120 and office equipment with a fair value of $1,034.
03. June 1: Byte of Accounting, Inc. acquired $61,600 in cash from Corey Maida and issued 2,800 shares of its common stock.
04. June 2: A down payment of $31,000 in cash was made on additional computer equipment that was purchased for $155,000. A five-year note was executed by Byte for the balance.
05. June 4: Additional office equipment costing $500 was purchased on credit from Discount Computer Corporation.
06. June 8: Unsatisfactory office equipment costing $100 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.
07. June 10: Byte paid $23,750 on the balance it owed on the June 2 purchase of computer equipment.
08. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5,976 in cash. The effective date of the policy was June 16.
09. June 16: Computer consultation revenue of $7,500 was received.
10. June 16: Byte purchased a building and the land it is on for $149,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $24,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $14,900 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1.
11. June 17: Cash of $3,200 was paid for rent for June and July. Put the total amount into the Prepaid Rent account.
12. June 17: Received a bill of $250 from the local newspaper for advertising.
13. June 21: Billed various miscellaneous local customers $4,500 for consulting services performed.
14. June 21: A fax machine for the office was purchased for $850 cash.
15. June 21: Accounts payable in the amount of $400 were paid.
16. June 22: Paid the advertising bill that was received on June 17.
17. June 22: Received a bill for $1,190 from Computer Parts and Repair Co. for repairs to the computer equipment.
18. June 22: Paid salaries of $1,035 to equipment operators for the week ending June 18.
19. June 23: Cash in the amount of $3,605 was received on billings.
20. June 23: Purchased office supplies for $530 on credit. Record the purchase as an increase to the assets.
21. June 28: Billed $5,595 to miscellaneous customers for services performed to June 25.
22. June 29: Cash in the amount of $5,300 was received for billings.
23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co.
24. June 29: Paid salaries of $1,035 to equipment operators for the week ending June 25.
25. June 30: Received a bill for the amount of $1,015 from O & G Oil and Gas Co.
26. June 30: Paid a cash dividend of $0.18 per share to the three shareholders of Byte. [IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first three transactions.]
Adjusting Entries - Round to two decimal places.
27. The rent payment made on June 17 was for June and July. Expense the amount associated with one month's rent.
28. A physical inventory showed that only $214.00 worth of office supplies remained on hand as of June 30.
29. The annual interest rate on the mortgage payable was 7.50 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. Information relating to the prepaid insurance may be obtained from the transaction recorded on June 14. Expense the amount associated with one half month's insurance.
31. A review of Byte’s job worksheets show that there are unbilled revenues in the amount of $5,125 for the period of June 28-30.
32. 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. 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 $500. The office equipment has a scrap value of $350. 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 $621 are owed by Byte for three days, June 28 - 30.
34. The note payable relating to the June 2, and 10 transactions 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.
[IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $124,000. On June 10, eight days later, $23,750 was repaid. Interest expense must be
calculated on the $124,000 for eight days. In addition, interest expense on the $100,250 balance of the loan ($124,000 less $23,750 = $100,250) must be calculated for the 20 days remaining in the month of June.]
35. 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
36. Close the revenue accounts.
37. Close the expense accounts.
38. Close the income summary account.
39. Close the dividends account.

General Journal

A Byte of Accounting, Inc.
General Journal
Not in Balance by -$6,048.36
Transaction Date Account Name Description Debit Credit Total Balance
0 0
01 Jun 01 1110 Cash 23,100.00 23100 0 0 0 0
01 Jun 01 1311 Computer Equip. Need a Description 34,320.00 34320 16 0 0 0 0 0 16
01 Jun 01 3100 Capital Stock Need a Description 57,420.00 (57420) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
02 Jun 01 1110 Cash 42,900.00 42900 0 0 0 0
02 Jun 01 1311 Computer Equip. Need a Description 10,120.00 10120 16 0 0 0 0 0 16
02 Jun 01 1211 Office Equip. Need a Description 1,034.00 1034 16 0 0 0 0 0 16
02 Jun 01 3100 Capital Stock Need a Description 54,054.00 (54054) 16 0 0 0 0 0 16
0 0
03 Jun 01 1110 Cash 61,600.00 61600 0 0 0 0
03 Jun 01 3100 Capital Stock Need a Description 61,600.00 (61600) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
04 Jun 02 1311 Computer Equip. 155,000.00 155000 0 0 0 0
04 Jun 02 2202 Notes Payable Need a Description 124,000.00 (124000) 16 0 0 0 0 0 16
04 Jun 02 1110 Cash Need a Description 31,000.00 (31000) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
05 Jun 04 1211 Office Equip. 500.00 500 0 0 0 0
05 Jun 04 2101 Accounts Payable Need a Description 500.00 (500) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
06 Jun 08 2101 Accounts Payable 100.00 100 0 0 0 0
06 Jun 08 1211 Office Equip. Need a Description 100.00 (100) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
07 Jun 10 2202 Notes Payable 23,750.00 23750 0 0 0 0
07 Jun 10 1110 Cash Need a Description 23,750.00 (23750) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
08 Jun 14 1130 Prepaid Insurance 5,976.00 5976 0 0 0 0
08 Jun 14 1110 Cash Need a Description 5,976.00 (5976) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
09 Jun 16 1110 Cash 7,500.00 7500 0 0 0 0
09 Jun 16 4100 Computer & Consulting Revenue Need a Description 7,500.00 (7500) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
10 Jun 16 1510 Land 24,000.00 24000 0 0 0 0
10 Jun 16 1411 Building Cost Need a Description 125,000.00 125000 16 0 0 0 0 0 16
10 Jun 16 1110 Cash Need a Description 14,900.00 (14900) 16 0 0 0 0 0 16
10 Jun 16 2201 Mortgage Payable Need a Description 134,100.00 (134100) 16 0 0 0 0 0 16
0 0
11 Jun 17 1140 Prepaid Rent 3,200.00 3200 0 0 0 0
11 Jun 17 1110 Cash Need a Description 3,200.00 (3200) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
12 Jun 17 5030 Advertising Expense 250.00 250 0 0 0 0
12 Jun 17 2101 Accounts Payable Need a Description 250.00 (250) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
13 Jun 21 1120 Accounts Receivable 4,500.00 4500 0 0 0 0
13 Jun 21 4100 Computer & Consulting Revenue Need a Description 4,500.00 (4500) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
14 Jun 21 1211 Office Equip. 850.00 850 0 0 0 0
14 Jun 21 1110 Cash Need a Description 850.00 (850) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
15 Jun 21 2101 Accounts Payable 400.00 400 0 0 0 0
15 Jun 21 1110 Cash Need a Description 400.00 (400) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
16 Jun 22 2101 Accounts Payable 250.00 250 0 0 0 0
16 Jun 22 1110 Cash Need a Description 250.00 (250) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
17 Jun 22 5040 Repairs & Maint. Expense 1,190.00 1190 0 0 0 0
17 Jun 22 2101 Accounts Payable Need a Description 1,190.00 (1190) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
18 Jun 22 5020 Salary Expense 1,035.00 1035 0 0 0 0
18 Jun 22 1110 Cash Need a Description 1,035.00 (1035) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
19 Jun 23 1110 Cash 3,605.00 3605 0 0 0 0
19 Jun 23 1120 Accounts Receivable Need a Description 3,605.00 (3605) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
20 Jun 23 1150 Office Supplies 530.00 530 0 0 0 0
20 Jun 23 2101 Accounts Payable Need a Description 530.00 (530) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
21 Jun 28 1120 Accounts Receivable 5,595.00 5595 0 0 0 0
21 Jun 28 4100 Computer & Consulting Revenue Need a Description 5,595.00 (5595) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
22 Jun 29 1110 Cash 5,300.00 5300 0 0 0 0
22 Jun 29 1120 Accounts Receivable Need a Description 5,300.00 (5300) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
23 Jun 29 2101 Accounts Payable 1,190.00 1190 0 0 0 0
23 Jun 29 1110 Cash Need a Description 1,190.00 (1190) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
24 Jun 29 5020 Salary Expense 1,035.00 1035 0 0 0 0
24 Jun 29 1110 Cash Need a Description 1,035.00 (1035) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
25 Jun 30 5050 Oil & Gas Expense 1,015.00 1015 0 0 0 0
25 Jun 30 2101 Accounts Payable Need a Description 1,015.00 (1015) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
26 Jun 30 3300 Dividends 1,416.06 1416 0 0 0 0
26 Jun 30 1110 Cash Need a Description 1,416.06 (1416) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
27 Jun 30 5010 Rent Expense 1,600.00 1600 0 0 0 0
27 Jun 30 1140 Prepaid Rent Need a Description 1,600.00 (1600) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
28 Jun 30 5080 Supplies Expense 214.00 214 0 0 0 0
28 Jun 30 1150 Office Supplies Need a Description 214.00 (214) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
29 Jun 30 5090 Interest Expense 419.06 419 0 0 0 0
29 Jun 30 2103 Interest Payable Need a Description 419.06 (419) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
30 Jun 30 5100 Insurance Expense 249.00 249 0 0 0 0
30 Jun 30 1130 Prepaid Insurance Need a Description 249.00 (249) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
31 Jun 30 1120 Accounts Receivable 5,125.00 5125 0 0 0 0
31 Jun 30 4100 Computer & Consulting Revenue Need a Description 5,125.00 (5125) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
32 Jun 30 5110 Depreciation Expense 326.30 326 0 0 0 0
32 Jun 30 1412 Accum. Depr.-Building Need a Description 308.20 (308) 16 0 0 0 0 0 16
32 Jun 30 1212 Accum. Depr.-Office Equip. Need a Description 18.10 (18) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
33 Jun 30 5020 Salary Expense 621.00 621 0 0 0 0
33 Jun 30 2105 Salaries Payable Need a Description 621.00 (621) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
34 Jun 30 5090 Interest Expense 999.00 999 0 0 0 0
34 Jun 30 2103 Interest Payable Need a Description 999.00 (999) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
35 Jun 30 5120 Income Tax Expense 4,076.87 4077 0 0 0 0
35 Jun 30 2106 Income Taxes Payable Need a Description 4,076.87 (4077) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
36 Jun 30 4100 Computer & Consulting Revenue 22,720.00 22720 0 0 0 0
36 Jun 30 3400 Income Summary Need a Description 22,720.00 (22720) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 # 37 Not in Balance by -$6,048.36
37 Jun 30 3400 Income Summary 0 0 0 0 0
37 Jun 30 5010 Rent Expense Need a Description 1,600.00 (1600) 16 0 0 0 0 0 16
37 Jun 30 5020 Salary Expense Need a Description 0 16 0 0 0 0 0 16
37 Jun 30 5030 Advertising Expense Need a Description 250.00 (250) 16 0 0 0 0 0 16
37 Jun 30 5040 Repairs & Maint. Expense Need a Description 1,190.00 (1190) 16 0 0 0 0 0 16
37 Jun 30 5050 Oil & Gas Expense Need a Description 1,015.00 (1015) 16 0 0 0 0 0 16
37 Jun 30 5080 Supplies Expense Need a Description 0 16 0 0 0 0 0 16
37 Jun 30 5090 Interest Expense Need a Description 1,418.06 (1418) 16 0 0 0 0 0 16
37 Jun 30 5100 Insurance Expense Need a Description 249.00 (249) 16 0 0 0 0 0 16
37 Jun 30 5110 Depreciation Expense Need a Description 326.30 (326) 16 0 0 0 0 0 16
37 Jun 30 5120 Income Tax Expense Need a Description 0 16 0 0 0 0 0 16
0 0
38 Jun 30 3400 Income Summary 0 0 0 0 0
38 Jun 30 3200 Retained Earnings Need a Description 0 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
0 0
39 Jun 30 3200 Retained Earnings 1,416.06 1416 0 0 0 0
39 Jun 30 3300 Dividends Need a Description 1,416.06 (1416) 16 0 0 0 0 0 16
00 Dec 31 0 0 0 0 0 0 0 0 0 0
00 Dec 31 0 0 0 0 0 0 0 0 0 0
Note: You can only enter data into the yellow filled cells.

Worksheet

A Byte of Accounting, Inc.
Worksheet
0
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 59,002.94 - 0 - 0 --0 59,002.94 - 0 .
1120 Accounts Receivable 1,190.00 - 0 5,125.00 - 0 6,315.00 - 0
1130 Prepaid Insurance 5,976.00 - 0 - 0 249.00 5,727.00 - 0
1140 Prepaid Rent 3,200.00 - 0 - 0 1,600.00 1,600.00 - 0
1150 Office Supplies 530.00 - 0 - 0 214.00 316.00 - 0
1211 Office Equip. 2,284.00 - 0 - 0 --0 2,284.00 - 0
1212 Accum. Depr.-Office Equip. - 0 --0 - 0 18.10 - 0 18.10
1311 Computer Equip. 199,440.00 - 0 - 0 --0 199,440.00 - 0
1312 Accum. Depr.-Computer Equip. - 0 --0 - 0 --0 - 0 - 0
1411 Building Cost 125,000.00 - 0 - 0 --0 125,000.00 - 0
1412 Accum. Depr.-Building - 0 --0 - 0 308.20 - 0 308.20
1510 Land 24,000.00 - 0 - 0 --0 24,000.00 - 0
2101 Accounts Payable - 0 1,545.00 - 0 --0 - 0 1,545.00
2102 Advanced Payments - 0 --0 - 0 --0 - 0 - 0
2103 Interest Payable - 0 --0 - 0 1,418.06 - 0 1,418.06
2105 Salaries Payable - 0 --0 - 0 621.00 - 0 621.00
2106 Income Taxes Payable - 0 --0 - 0 4,076.87 - 0 4,076.87
2201 Mortgage Payable - 0 134,100.00 - 0 --0 - 0 134,100.00
2202 Notes Payable - 0 100,250.00 - 0 --0 - 0 100,250.00
3100 Capital Stock - 0 173,074.00 - 0 --0 - 0 173,074.00
3200 Retained Earnings - 0 --0 - 0 --0 - 0 - 0
3300 Dividends 1,416.06 - 0 - 0 --0 1,416.06 - 0
4100 Computer & Consulting Revenue - 0 17,595.00 - 0 5,125.00 - 0 22,720.00
5010 Rent Expense - 0 --0 1,600.00 - 0 1,600.00 - 0
5020 Salary Expense 2,070.00 - 0 621.00 - 0 2,691.00 - 0
5030 Advertising Expense 250.00 - 0 - 0 --0 250.00 - 0
5040 Repairs & Maint. Expense 1,190.00 - 0 - 0 --0 1,190.00 - 0
5050 Oil & Gas Expense 1,015.00 - 0 - 0 --0 1,015.00 - 0
5080 Supplies Expense - 0 --0 214.00 - 0 214.00 - 0
5090 Interest Expense - 0 --0 1,418.06 - 0 1,418.06 - 0
5100 Insurance Expense - 0 --0 249.00 - 0 249.00 - 0
5110 Depreciation Expense - 0 --0 326.30 - 0 326.30 - 0
5120 Income Tax Expense - 0 --0 4,076.87 - 0 4,076.87 - 0
- 0 - 0
- 0 - 0
- 0 - 0
- 0 - 0
- 0 - 0
TOTAL 426,564.00 426,564.00 13,630.23 13,630.23 438,131.23 438,131.23
NET INCOME - 0 - 0
- 0 - 0
`

Income Statement

A Byte of Accounting, Inc.
Income Statement
0
Revenues
4100 Computer & Consulting Revenue 0
Expenses
5010 Rent Expense 0
5020 Salary Expense 0
5030 Advertising Expense 0
5040 Repairs & Maint. Expense 0
5050 Oil & Gas Expense 0
5080 Supplies Expense 0
5090 Interest Expense 0
5100 Insurance Expense 0
5110 Depreciation Expense 0
Total 0
Net Income Before Tax 0
5120 Income Tax Expense (Round to two decimal places) 0
Net Income After Tax 0
0
0
0
You must finish the worksheet before you can complete the Income Statement, see FAQ 02.

Changes in Retained Earnings

A Byte of Accounting, Inc.
Statement of Changes in Retained Earnings
0
Total
Balance, Beginning of Period 0
Net Income 0
0
Dividends 0
Balance, End of Period 0
0
You must finish the worksheet before you can complete the Changes in Retained Earnings, see FAQ 02.

Balance Sheet

A Byte of Accounting, Inc.
d Balance Sheet
0
- 0
Assets
Current Assets
1110 Cash 0
1120 Accounts Receivable 0
1130 Prepaid Insurance 0
1140 Prepaid Rent 0
1150 Office Supplies 0
Total 0
Long-Term Assets
1211 Office Equip. 0
1212 Accum. Depr.-Office Equip. 0
1311 Computer Equip. 0
1312 Accum. Depr.-Computer Equip. 0
1411 Building Cost 0
1412 Accum. Depr.-Building 0
1510 Land 0
Total 0
Total Assets 0
Liabilities
Current Liabilities
2101 Accounts Payable 0
2102 Advanced Payment
2103 Interest Payable 0
2105 Salaries Payable 0
2106 Income Taxes Payable 0
Total 0
Long-Term Liabilities
2201 Mortgage Payable 0
2202 Notes Payable 0
Total 0
Total Liabilities 0
Stockholder's Equity
3100 Capital Stock 0
3200 Retained Earnings 0
Total 0
Total Liabilities and Stockholder's Equity 0
0
You must finish the worksheet before you can complete the Balance Sheet, see FAQ 02.