img:focus { margin: auto; } Unformatted Attachment Preview Building Blocks of Accounting .. A Financial Perspective Ahmed, when you are ready to have your work graded you will upload this fileAM3914.xls 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 markfriedman@miami.edu or call 305.284.6296. Grade will be based upon answers entered into the shaded boxes. F301 201013 or AM3914.xlsx, Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective Page 1 FAQ 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…friedman@cybertext.com Windows Operating System Select File Select Save As Select Save As Type: Select Excel Binary Workbook (.xlsb) Select Save Upload the binary file at cybertext.com Apple Operating System Select File Select Save As Select Format: Select Excel Binary Workbook (*.xlsb) Select Save MF1234.xlsx Upload the binary file at cybertext.com Excel Binary Workbook (.xlsb) Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective Page 2 FAQ 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 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. Page 3 Building Blocks of Accounting — A Financial Perspective The instructions start on row 22 of this page. FIRST Ahmed LAST Mohsen SS 3914 File AM3914 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 markfriedman@miami.edu, 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. For example, 01 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. 01 Description C re di t Name D eb it A cc ou nt D at e Tr an sa ct io n In the date field enter the date of the transaction. If you do not enter a date value an error message will appear. Jun 01 01 Jun 01 Description C re di t Name D eb it A cc ou nt D at e Tr an sa ct io n 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. 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. Description C re di t Name D eb it A cc ou nt D at e Tr an sa ct io n Enter the description in the description field. 01 Jun 01 1110 Cash Joseph’s investment Description C re di t Name D eb it A cc ou nt D at e Tr an sa ct io n Enter the amount in the debit field. Transaction # 1 Not in Balance by $40,000. 01 Jun 01 1110 Cash Joseph’s investment 40,000.00 Description C re di t Name D eb it A cc ou nt D at e Tr an sa ct io n Enter the second account number. Transaction # 1 Not in Balance by $40,000. 01 Jun 01 1110 Cash Joseph’s investment 3100 Capital Stock Joseph’s investment 40,000.00 01 Jun 01 Description 1110 Cash Joseph’s investment 3100 Capital Stock Joseph’s investment C re di t Name D eb it A cc ou nt D at e Tr an sa ct io n Enter the amount in the credit field. 40,000.00 40,000.00 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. Then copy each of the account balances to their appopiate location in the Income statement or Balance Sheet columns of your worksheet. If the net income balance both the Income Statment and the Balance Sheet then your worksheet is completed. 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 V – Prepare the Closing Entries. Based upon the information from your Worksheet or from your Financial Statements, prepare the closing entries. 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. Note: Save and make backup copies regularly. Number 1110 1120 1130 1140 1150 1211 1212 1311 1312 1411 1412 1510 2101 2102 2103 2105 2106 2201 2202 3100 3200 3300 3400 4100 5010 5020 5030 5040 5050 5080 5090 5100 5110 5120 Name Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Office Equip. Accum. Depr.-Office Equip. Computer Equip. Accum. Depr.-Computer Equip. Building Cost Accum. Depr.-Building Land Accounts Payable Advanced Payments Interest Payable Salaries Payable Income Taxes Payable Mortgage Payable Notes Payable Capital Stock Retained Earnings Dividends Income Summary Computer & Consulting Revenue Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Income Tax Expense Normal Balance Debit Debit Debit Debit Debit Debit Credit Debit Credit Debit Credit Debit Credit Credit Credit Credit Credit Credit Credit Credit Credit Debit Credit Credit Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit Error # 1 2 4 8 16 32 64 128 256 512 1024 Message Debit And Credit On Same Line Debit Before Credit Need An Account Number Round To Two Decimal Places Need a Description Need a Date Byte of Accounting, Inc. Ahmed Mohsen 4179 Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. acquired $62,400 in cash from Lauryn and issued 2,600 shares of its common stock. 02. June 1: Byte of Accounting, Inc. issued 2,620 shares of its common stock to Ahmed Mohsen after $26,640 in cash and computer equipment with a fair market value of $36,240 were received. 03. June 1: Byte of Accounting, Inc. issued 2,522 shares of its common stock after acquiring from Courtney $49,200 in cash, computer equipment with a fair market value of $10,560 and office equipment with a fair value of $768. 04. June 2: A down payment of $29,000 in cash was made on additional computer equipment that was purchased for $145,000. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation. 06. June 8: Unsatisfactory office equipment costing $80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Byte paid $22,250 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 $6,480 in cash. The effective date of the policy was June 16. 09. June 16: A check in the amount of $8,250 was received for consulting revenue. 10. June 16: Byte purchased a building and the land it is on for $125,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $20,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $12,500 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 11. June 17: Cash of $6,900 was paid for rent for June, July and August. Put the total amount into the Prepaid Rent account. 12. June 17: Received a bill of $350 from the local newspaper for advertising. 13. June 21: Accounts payable in the amount of $320 were paid. 14. June 21: A fax machine for the office was purchased for $750 cash. Byte of Accounting, Inc. Ahmed Mohsen 4179 Transaction Description of transaction 15. June 21: Billed various miscellaneous local customers $4,400 for consulting services performed. 16. June 22: Paid salaries of $860 to equipment operators for the week ending June 18. 17. June 22: Received a bill for $1,315 from Computer Parts and Repair Co. for repairs to the computer equipment. 18. June 22: Paid the advertising bill that was received on June 17. 19. June 23: Purchased office supplies for $680 on credit. Record the purchase as an increase to the assets. 20. June 23: Cash in the amount of $3,525 was received on billings. 21. June 28: Billed $5,280 to miscellaneous customers for services performed to June 25. 22. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 23. June 29: Cash in the amount of $5,001 was received for billings. 24. June 29: Paid salaries of $860 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 $0.15 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, July and August. Expense the amount associated with one month’s rent. 28. A physical inventory showed that only $281.00 worth of office supplies remained on hand as of June 30. 29. The annual interest rate on the mortgage payable was 8.25 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 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. Byte of Accounting, Inc. Ahmed Mohsen 4179 Transaction 31. 32. 33. 34. 35. Description of transaction A review of Byte’s job worksheets show that there are unbilled revenues in the amount of $5,750 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. 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 $7,000. The office equipment has a scrap value of $500. The computer equipment has no scrap value. Calculate the depreciation for one month. A review of the payroll records show that unpaid salaries in the amount of $516.00 are owed by Byte for three days, June 28 – 30. 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 $116,000. On June 10, eight days later, $22,250 was repaid. Interest expense must be calculated on the $116,000 for eight days. In addition, interest expense on the $93,750 balance of the loan ($116,000 less $22,250 = $93,750) must be calculated for the 20 days remaining in the month of June.] 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. A Byte of Accounting, Inc. General Journal To ta lB al an ce Description C re di t Name D eb it A cc ou nt Tr an sa ct io n D at e Note: You can only enter data into the yellow filled cells. 01 0 0 0 0 0 0 0 0 02 0 0 0 0 0 0 0 0 03 0 0 0 0 0 0 0 0 04 0 0 0 0 0 0 0 0 05 0 0 0 0 0 0 0 0 06 0 0 0 0 0 0 0 0 07 0 0 0 0 0 0 0 0 08 0 0 0 0 0 0 0 0 09 0 0 0 0 0 0 0 0 10 0 0 0 0 0 0 0 0 11 0 0 0 0 0 0 0 0 12 0 0 0 0 0 0 0 0 13 0 0 0 0 0 0 0 0 14 0 0 0 0 0 0 0 0 15 0 0 0 0 0 0 0 0 16 0 0 0 0 0 0 0 0 17 0 0 0 0 0 0 0 0 18 0 0 0 0 A Byte of Accounting, Inc. General Journal To ta lB al an ce Description C re di t Name D eb it A cc ou nt Tr an sa ct io n D at e Note: You can only enter data into the yellow filled cells. 0 0 0 0 19 0 0 0 0 0 0 0 0 20 0 0 0 0 0 0 0 0 21 0 0 0 0 0 0 0 0 22 0 0 0 0 0 0 0 0 23 0 0 0 0 0 0 0 0 24 0 0 0 0 0 0 0 0 25 0 0 0 0 0 0 0 0 26 0 0 0 0 0 0 0 0 27 0 0 0 0 0 0 0 0 28 0 0 0 0 0 0 0 0 29 0 0 0 0 0 0 0 0 30 0 0 0 0 0 0 0 0 31 0 0 0 0 0 0 0 0 32 0 0 0 0 0 0 0 0 33 0 0 0 0 0 0 0 0 34 0 0 0 0 0 0 0 0 35 0 0 0 0 0 0 0 0 A Byte of Accounting, Inc. General Journal To ta lB al an ce Description C re di t Name D eb it A cc ou nt Tr an sa ct io n D at e Note: You can only enter data into the yellow filled cells. 36 0 0 0 0 0 0 0 0 37 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 38 0 0 0 0 0 0 0 0 39 0 0 0 0 0 0 0 0 A Byte of Accounting, Inc. Worksheet For Period Ending January 0, 1900 Account Number Name 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 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 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends 4100 5010 5020 5030 5040 5050 5080 5090 5100 5110 5120 Unadjusted Trial Balance Debit Credit – Adjusting Entries Debit Credit – Adjusted Trial Balance Debit Credit – Computer & Consulting Revenue Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Income Tax Expense – – – – – – TOTAL NET INCOME – – – – – – Income Statement Debit Credit GOOD ` Balance Sheet Debit Credit A Byte of Accounting, Inc. Income Statement For Month Ending January 0, 1900 4100 5010 5020 5030 5040 5050 5080 54444 5100 5110 Revenues Computer & Consulting Revenue Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Expenses Net Income Before Tax 5120 Income Tax Expense (Round to two decimal places) Net Income After Tax 1 0 1 You must finish the worksheet before you can complete the Income Statement, see FAQ 02. A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending January 0, 1900 Total Balance, Beginning of Period Net Income Dividends Balance, End of Period 1 You must finish the worksheet before you can complete the Changes in Retained Earnings, see FAQ 02. Retained Earnings, see FAQ 02. A Byte of Accounting, Inc. Balance Sheet As of January 0, 1900 d Assets 1110 1120 1130 1140 1150 1211 1212 Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets Office Equip. Accum. Depr.-Office Equip. 1311 1312 Computer Equip. Accum. Depr.-Computer Equip. 1411 1412 Building Cost Accum. Depr.-Building 1510 Land Total Total Assets Liabilities 2101 2102 2103 2105 2106 2201 2202 Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities Stockholder’s Equity 3100 3200 Capital Stock Retained Earnings Total Total Liabilities and Stockholder’s Equity 1 You must finish the worksheet before you can complete the Balance Sheet, see FAQ 02. How to Create a Pivot Table 1. Log in 2. Download the pdf instructions CYBERTEXT: On-line Project 1) Go to www.cybertext.com and register (Moore HCC Dale Mabry–Section #41890 Fall 2020). It is recommended that you use Internet Explorer as your browser as others do not work as well. The cost is $17.99 and can be paid by debit or credit card. When registering, pick any two (2) sets of four (4) digits to be used as your password and log in. Make them easy to remember (e.g. 3333, or your birth date). Follow the directions for saving the project file to your computer or a flash drive. 2) Once you have purchased the project click on the Chart of Accounts and Transaction tabs (at the bottom of the page.) Print out each of these pages. 3) Begin the project by clicking on the General Journal tab. • You can only type in yellow fields. • Be sure to round to the nearest penny. • Use the Chart of Accounts to select the proper account number. • Remember Debits must equal Credits. 4) Pacing yourself – Progress dates are merely a suggestion; the final due date is NOT! • Transactions 1 through 26 can be done now and should be completed by November 16th. These are done in the General Journal. • Adjusting Entries are in Transactions 27 through 34 and should be done by November 23rd. These are done in the General Journal using the transaction information and the account balances from the Trial Balance columns of the Worksheet. • Transaction 35 can now be calculated based on the Income Statement columns. Subtract the worksheet Income Statement debit column total from the credit column total to get operating income. Multiply this amount by the tax rate to get the amount for Transaction 35. • Next complete Transactions 36 through 39 (closing entries) in the General Journal by November 30th. • Finally, complete the Financial Statements (Income Statement, Owner’s Equity, and Balance Sheet) using textbook examples by December 5th. 5) Be sure to upload your file frequently to check your work. You can upload it as often as you like. Sign onto Cybertext using the log in information sent you in an email when you registered. Select “Building Blocks of Accounting – A Financial Perspective.” Note: When you upload your file, be sure the file name complies with the instructions on the upload page. If a transaction is correct, it will not be listed. Only those transactions that have been attempted and needing correction will be listed. 6) If you have problems and cannot figure out your error, e-mail me your Excel file at smoore109@hccfl.edu with details on which transactions or forms you have questions. 7) You do not have to submit the project to me. Just simply upload it to Cybertext, and I will get your grades from the website. Purchase answer to see full attachment Tags: accounting insurance policy Fair Market Value Consulting Revenue equipment costing User generated content is uploaded by users for the purposes of learning and should be used following Studypool’s honor code & terms of service.

May 23, 2023/in Samples /by online_admin

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i’ll be uploading the cybertext file here, it is an excel file and there are different questions that need to be done. furthermore, all other questions and directions are given in the assignment. i have also uploaded the file for the directions if incase you find it difficult. i just want you to finish all of the requirments and save everything in excel and upload it, i’ll upload it as it is.

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Unformatted Attachment Preview

Building Blocks of Accounting .. A Financial Perspective
Ahmed, when you are ready to have your work graded you will upload this fileAM3914.xls
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 markfriedman@miami.edu or call
305.284.6296.
Grade will be based upon answers entered into the shaded boxes.
F301
201013
or AM3914.xlsx,
Elf Village
Productions
50 Sheet
Legal Pad
Building Blocks of Accounting .. A Financial Perspective
Page 1
FAQ
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…friedman@cybertext.com
Windows Operating System
Select File
Select Save As
Select Save As Type:
Select Excel Binary Workbook (*.xlsb)
Select Save
Upload the binary file at cybertext.com
Apple Operating System
Select File
Select Save As
Select Format:
Select Excel Binary Workbook (*.xlsb)
Select Save
MF1234.xlsx
Upload the binary file at cybertext.com
Excel
Binary Workbook (.xlsb)
Elf Village
Productions
50 Sheet
Legal Pad
Building Blocks of Accounting .. A Financial Perspective
Page 2
FAQ
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
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.
Page 3
Building Blocks of Accounting — A Financial Perspective
The instructions start on row 22 of this page.
FIRST
Ahmed
LAST
Mohsen
SS
3914
File
AM3914
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 markfriedman@miami.edu, 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.
For example,
01
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.
01
Description
C
re
di
t
Name
D
eb
it
A
cc
ou
nt
D
at
e
Tr
an
sa
ct
io
n
In the date field enter the date of the transaction. If you do not enter a date value an error message will appear.
Jun 01
01
Jun 01
Description
C
re
di
t
Name
D
eb
it
A
cc
ou
nt
D
at
e
Tr
an
sa
ct
io
n
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.
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.
Description
C
re
di
t
Name
D
eb
it
A
cc
ou
nt
D
at
e
Tr
an
sa
ct
io
n
Enter the description in the description field.
01
Jun 01
1110 Cash
Joseph’s investment
Description
C
re
di
t
Name
D
eb
it
A
cc
ou
nt
D
at
e
Tr
an
sa
ct
io
n
Enter the amount in the debit field.
Transaction # 1 Not in Balance by $40,000.
01
Jun 01
1110 Cash
Joseph’s investment
40,000.00
Description
C
re
di
t
Name
D
eb
it
A
cc
ou
nt
D
at
e
Tr
an
sa
ct
io
n
Enter the second account number.
Transaction # 1 Not in Balance by $40,000.
01
Jun 01
1110 Cash
Joseph’s investment
3100 Capital Stock Joseph’s investment
40,000.00
01
Jun 01
Description
1110 Cash
Joseph’s investment
3100 Capital Stock Joseph’s investment
C
re
di
t
Name
D
eb
it
A
cc
ou
nt
D
at
e
Tr
an
sa
ct
io
n
Enter the amount in the credit field.
40,000.00
40,000.00
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. Then copy each of the account balances to their appopiate location in the Income
statement or Balance Sheet columns of your worksheet. If the net income balance both the Income Statment and the
Balance Sheet then your worksheet is completed.
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 V – Prepare the Closing Entries.
Based upon the information from your Worksheet or from your Financial Statements, prepare the closing entries.
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.
Note:
Save and make backup copies regularly.
Number
1110
1120
1130
1140
1150
1211
1212
1311
1312
1411
1412
1510
2101
2102
2103
2105
2106
2201
2202
3100
3200
3300
3400
4100
5010
5020
5030
5040
5050
5080
5090
5100
5110
5120
Name
Cash
Accounts Receivable
Prepaid Insurance
Prepaid Rent
Office Supplies
Office Equip.
Accum. Depr.-Office Equip.
Computer Equip.
Accum. Depr.-Computer Equip.
Building Cost
Accum. Depr.-Building
Land
Accounts Payable
Advanced Payments
Interest Payable
Salaries Payable
Income Taxes Payable
Mortgage Payable
Notes Payable
Capital Stock
Retained Earnings
Dividends
Income Summary
Computer & Consulting Revenue
Rent Expense
Salary Expense
Advertising Expense
Repairs & Maint. Expense
Oil & Gas Expense
Supplies Expense
Interest Expense
Insurance Expense
Depreciation Expense
Income Tax Expense
Normal Balance
Debit
Debit
Debit
Debit
Debit
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Credit
Credit
Credit
Credit
Credit
Credit
Credit
Credit
Debit
Credit
Credit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Debit
Error #
1
2
4
8
16
32
64
128
256
512
1024
Message
Debit And Credit On Same Line
Debit Before Credit
Need An Account Number
Round To Two Decimal Places
Need a Description
Need a Date
Byte of Accounting, Inc.
Ahmed Mohsen 4179
Transaction
Description of transaction
01.
June 1: Byte of Accounting, Inc. acquired $62,400 in cash from Lauryn and issued 2,600 shares
of its common stock.
02.
June 1: Byte of Accounting, Inc. issued 2,620 shares of its common stock to Ahmed Mohsen
after $26,640 in cash and computer equipment with a fair market value of $36,240 were received.
03.
June 1: Byte of Accounting, Inc. issued 2,522 shares of its common stock after acquiring from
Courtney $49,200 in cash, computer equipment with a fair market value of $10,560 and office
equipment with a fair value of $768.
04.
June 2: A down payment of $29,000 in cash was made on additional computer equipment that
was purchased for $145,000. A five-year note was executed by Byte for the balance.
05.
June 4: Additional office equipment costing $400 was purchased on credit from Discount
Computer Corporation.
06.
June 8: Unsatisfactory office equipment costing $80 was returned to Discount Computer for
credit to be applied against the outstanding balance owed by Byte.
07.
June 10: Byte paid $22,250 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 $6,480 in cash. The effective date of the policy was June 16.
09.
June 16: A check in the amount of $8,250 was received for consulting revenue.
10.
June 16: Byte purchased a building and the land it is on for $125,000, to house its repair
facilities and to store computer equipment. The lot on which the building is located is valued at
$20,000. The balance of the cost is to be allocated to the building. Byte made a cash down
payment of $12,500 and executed a mortgage for the balance. The mortgage is payable in eight
equal annual installments beginning July 1.
11.
June 17: Cash of $6,900 was paid for rent for June, July and August. Put the total amount into
the Prepaid Rent account.
12.
June 17: Received a bill of $350 from the local newspaper for advertising.
13.
June 21: Accounts payable in the amount of $320 were paid.
14.
June 21: A fax machine for the office was purchased for $750 cash.
Byte of Accounting, Inc.
Ahmed Mohsen 4179
Transaction
Description of transaction
15.
June 21: Billed various miscellaneous local customers $4,400 for consulting services performed.
16.
June 22: Paid salaries of $860 to equipment operators for the week ending June 18.
17.
June 22: Received a bill for $1,315 from Computer Parts and Repair Co. for repairs to the
computer equipment.
18.
June 22: Paid the advertising bill that was received on June 17.
19.
June 23: Purchased office supplies for $680 on credit. Record the purchase as an increase to the
assets.
20.
June 23: Cash in the amount of $3,525 was received on billings.
21.
June 28: Billed $5,280 to miscellaneous customers for services performed to June 25.
22.
June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co.
23.
June 29: Cash in the amount of $5,001 was received for billings.
24.
June 29: Paid salaries of $860 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 $0.15 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, July and August. Expense the amount
associated with one month’s rent.
28.
A physical inventory showed that only $281.00 worth of office supplies remained on hand as of
June 30.
29.
The annual interest rate on the mortgage payable was 8.25 percent. Interest expense for one-half
month should be computed because the building and land were purchased and the liability
incurred on June 16.
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.
Byte of Accounting, Inc.
Ahmed Mohsen 4179
Transaction
31.
32.
33.
34.
35.
Description of transaction
A review of Byte’s job worksheets show that there are unbilled revenues in the amount of
$5,750 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. 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 $7,000. The office equipment has a scrap value of $500. The computer equipment has
no scrap value. Calculate the depreciation for one month.
A review of the payroll records show that unpaid salaries in the amount of $516.00 are owed by
Byte for three days, June 28 – 30.
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
$116,000. On June 10, eight days later, $22,250 was repaid. Interest expense must be
calculated on the $116,000 for eight days. In addition, interest expense on the $93,750 balance
of the loan ($116,000 less $22,250 = $93,750) must be calculated for the 20 days remaining in
the month of June.]
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.
A Byte of Accounting, Inc.
General Journal
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Note: You can only enter data into the yellow filled cells.
01
0
0
0
0
0
0
0
0
02
0
0
0
0
0
0
0
0
03
0
0
0
0
0
0
0
0
04
0
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05
0
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06
0
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07
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08
0
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0
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09
0
0
0
0
0
0
0
0
10
0
0
0
0
0
0
0
0
11
0
0
0
0
0
0
0
0
12
0
0
0
0
0
0
0
0
13
0
0
0
0
0
0
0
0
14
0
0
0
0
0
0
0
0
15
0
0
0
0
0
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0
0
16
0
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0
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17
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18
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0
A Byte of Accounting, Inc.
General Journal
To
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Note: You can only enter data into the yellow filled cells.
0
0
0
0
19
0
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0
0
0
0
20
0
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0
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0
21
0
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0
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26
0
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27
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34
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35
0
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0
A Byte of Accounting, Inc.
General Journal
To
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Description
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Name
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Note: You can only enter data into the yellow filled cells.
36
0
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37
0
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38
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0
0
0
39
0
0
0
0
0
0
0
0
A Byte of Accounting, Inc.
Worksheet
For Period Ending January 0, 1900
Account
Number Name
1110 Cash
1120 Accounts Receivable
1130 Prepaid Insurance
1140 Prepaid Rent
1150 Office Supplies
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
2101 Accounts Payable
2102 Advanced Payments
2103 Interest Payable
2105 Salaries Payable
2106 Income Taxes Payable
2201 Mortgage Payable
2202 Notes Payable
3100 Capital Stock
3200 Retained Earnings
3300 Dividends
4100
5010
5020
5030
5040
5050
5080
5090
5100
5110
5120
Unadjusted Trial Balance
Debit
Credit
–
Adjusting Entries
Debit
Credit
–
Adjusted Trial Balance
Debit
Credit
–
Computer & Consulting Revenue
Rent Expense
Salary Expense
Advertising Expense
Repairs & Maint. Expense
Oil & Gas Expense
Supplies Expense
Interest Expense
Insurance Expense
Depreciation Expense
Income Tax Expense
–
–
–
–
–
–
TOTAL
NET INCOME
–
–
–
–
–
–
Income Statement
Debit
Credit
GOOD
`
Balance Sheet
Debit
Credit
A Byte of Accounting, Inc.
Income Statement
For Month Ending January 0, 1900
4100
5010
5020
5030
5040
5050
5080
54444
5100
5110
Revenues
Computer & Consulting Revenue
Expenses
Rent Expense
Salary Expense
Advertising Expense
Repairs & Maint. Expense
Oil & Gas Expense
Supplies Expense
Interest Expense
Insurance Expense
Depreciation Expense
Total Expenses
Net Income Before Tax
5120 Income Tax Expense (Round to two decimal places)
Net Income After Tax
1
0
1
You must finish the worksheet before you can complete the Income Statement, see FAQ 02.
A Byte of Accounting, Inc.
Statement of Changes in Retained Earnings
For Month Ending January 0, 1900
Total
Balance, Beginning of Period
Net Income
Dividends
Balance, End of Period
1
You must finish the worksheet before you can complete the Changes in Retained Earnings, see FAQ 02.
Retained Earnings, see FAQ 02.
A Byte of Accounting, Inc.
Balance Sheet
As of January 0, 1900
d
Assets
1110
1120
1130
1140
1150
1211
1212
Current Assets
Cash
Accounts Receivable
Prepaid Insurance
Prepaid Rent
Office Supplies
Total
Long-Term Assets
Office Equip.
Accum. Depr.-Office Equip.
1311
1312
Computer Equip.
Accum. Depr.-Computer Equip.
1411
1412
Building Cost
Accum. Depr.-Building
1510
Land
Total
Total Assets
Liabilities
2101
2102
2103
2105
2106
2201
2202
Current Liabilities
Accounts Payable
Advanced Payment
Interest Payable
Salaries Payable
Income Taxes Payable
Total
Long-Term Liabilities
Mortgage Payable
Notes Payable
Total
Total Liabilities
Stockholder’s Equity
3100
3200
Capital Stock
Retained Earnings
Total
Total Liabilities and Stockholder’s Equity
1
You must finish the worksheet before you can complete the Balance Sheet, see FAQ 02.
How to Create a Pivot Table
1. Log in
2. Download the pdf instructions
CYBERTEXT: On-line Project
1)
Go to www.cybertext.com and register (Moore HCC Dale Mabry–Section #41890 Fall 2020). It is
recommended that you use Internet Explorer as your browser as others do not work as well. The
cost is $17.99 and can be paid by debit or credit card. When registering, pick any two (2) sets of four
(4) digits to be used as your password and log in. Make them easy to remember (e.g. 3333, or your
birth date). Follow the directions for saving the project file to your computer or a flash drive.
2)
Once you have purchased the project click on the Chart of Accounts and Transaction tabs (at the
bottom of the page.) Print out each of these pages.
3)
Begin the project by clicking on the General Journal tab.
•
You can only type in yellow fields.
•
Be sure to round to the nearest penny.
•
Use the Chart of Accounts to select the proper account number.
•
Remember Debits must equal Credits.
4)
Pacing yourself – Progress dates are merely a suggestion; the final due date is NOT!
•
Transactions 1 through 26 can be done now and should be completed by November 16th.
These are done in the General Journal.
•
Adjusting Entries are in Transactions 27 through 34 and should be done by November 23rd.
These are done in the General Journal using the transaction information and the account
balances from the Trial Balance columns of the Worksheet.
•
Transaction 35 can now be calculated based on the Income Statement columns. Subtract the
worksheet Income Statement debit column total from the credit column total to get operating
income. Multiply this amount by the tax rate to get the amount for Transaction 35.
•
Next complete Transactions 36 through 39 (closing entries) in the General Journal by
November 30th.
•
Finally, complete the Financial Statements (Income Statement, Owner’s Equity, and
Balance Sheet) using textbook examples by December 5th.
5)
Be sure to upload your file frequently to check your work. You can upload it as often as you like.
Sign onto Cybertext using the log in information sent you in an email when you registered.
Select “Building Blocks of Accounting – A Financial Perspective.”
Note: When you upload your file, be sure the file name complies with the instructions on the
upload page. If a transaction is correct, it will not be listed. Only those transactions that have
been attempted and needing correction will be listed.
6)
If you have problems and cannot figure out your error, e-mail me your Excel file at
smoore109@hccfl.edu with details on which transactions or forms you have questions.
7)
You do not have to submit the project to me. Just simply upload it to Cybertext, and I will get your
grades from the website.

Purchase answer to see full
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https://www.onlinefreelancersnetwork.com/wp-content/uploads/2020/08/logoOFN.png 0 0 online_admin https://www.onlinefreelancersnetwork.com/wp-content/uploads/2020/08/logoOFN.png online_admin2023-05-23 23:22:402023-05-23 23:22:40Description i'll be uploading the cybertext file here, it is an excel file and there are different questions that need to be done. furthermore, all other questions and directions are given in the assignment. i have also uploaded the file for the directions if incase you find it difficult. i just want you to finish all of the requirments and save everything in excel and upload it, i'll upload it as it is. 2 attachmentsSlide 1 of 2attachment_1attachment_1attachment_2attachment_2.slider-slide > img { width: 100%; display: block; } .slider-slide > img:focus { margin: auto; } Unformatted Attachment Preview Building Blocks of Accounting .. A Financial Perspective Ahmed, when you are ready to have your work graded you will upload this fileAM3914.xls 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 markfriedman@miami.edu or call 305.284.6296. Grade will be based upon answers entered into the shaded boxes. F301 201013 or AM3914.xlsx, Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective Page 1 FAQ 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…friedman@cybertext.com Windows Operating System Select File Select Save As Select Save As Type: Select Excel Binary Workbook (*.xlsb) Select Save Upload the binary file at cybertext.com Apple Operating System Select File Select Save As Select Format: Select Excel Binary Workbook (*.xlsb) Select Save MF1234.xlsx Upload the binary file at cybertext.com Excel Binary Workbook (.xlsb) Elf Village Productions 50 Sheet Legal Pad Building Blocks of Accounting .. A Financial Perspective Page 2 FAQ 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 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. Page 3 Building Blocks of Accounting -- A Financial Perspective The instructions start on row 22 of this page. FIRST Ahmed LAST Mohsen SS 3914 File AM3914 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 markfriedman@miami.edu, 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. For example, 01 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. 01 Description C re di t Name D eb it A cc ou nt D at e Tr an sa ct io n In the date field enter the date of the transaction. If you do not enter a date value an error message will appear. Jun 01 01 Jun 01 Description C re di t Name D eb it A cc ou nt D at e Tr an sa ct io n 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. 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. Description C re di t Name D eb it A cc ou nt D at e Tr an sa ct io n Enter the description in the description field. 01 Jun 01 1110 Cash Joseph's investment Description C re di t Name D eb it A cc ou nt D at e Tr an sa ct io n Enter the amount in the debit field. Transaction # 1 Not in Balance by $40,000. 01 Jun 01 1110 Cash Joseph's investment 40,000.00 Description C re di t Name D eb it A cc ou nt D at e Tr an sa ct io n Enter the second account number. Transaction # 1 Not in Balance by $40,000. 01 Jun 01 1110 Cash Joseph's investment 3100 Capital Stock Joseph's investment 40,000.00 01 Jun 01 Description 1110 Cash Joseph's investment 3100 Capital Stock Joseph's investment C re di t Name D eb it A cc ou nt D at e Tr an sa ct io n Enter the amount in the credit field. 40,000.00 40,000.00 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. Then copy each of the account balances to their appopiate location in the Income statement or Balance Sheet columns of your worksheet. If the net income balance both the Income Statment and the Balance Sheet then your worksheet is completed. 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 V – Prepare the Closing Entries. Based upon the information from your Worksheet or from your Financial Statements, prepare the closing entries. 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. Note: Save and make backup copies regularly. Number 1110 1120 1130 1140 1150 1211 1212 1311 1312 1411 1412 1510 2101 2102 2103 2105 2106 2201 2202 3100 3200 3300 3400 4100 5010 5020 5030 5040 5050 5080 5090 5100 5110 5120 Name Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Office Equip. Accum. Depr.-Office Equip. Computer Equip. Accum. Depr.-Computer Equip. Building Cost Accum. Depr.-Building Land Accounts Payable Advanced Payments Interest Payable Salaries Payable Income Taxes Payable Mortgage Payable Notes Payable Capital Stock Retained Earnings Dividends Income Summary Computer & Consulting Revenue Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Income Tax Expense Normal Balance Debit Debit Debit Debit Debit Debit Credit Debit Credit Debit Credit Debit Credit Credit Credit Credit Credit Credit Credit Credit Credit Debit Credit Credit Debit Debit Debit Debit Debit Debit Debit Debit Debit Debit Error # 1 2 4 8 16 32 64 128 256 512 1024 Message Debit And Credit On Same Line Debit Before Credit Need An Account Number Round To Two Decimal Places Need a Description Need a Date Byte of Accounting, Inc. Ahmed Mohsen 4179 Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. acquired $62,400 in cash from Lauryn and issued 2,600 shares of its common stock. 02. June 1: Byte of Accounting, Inc. issued 2,620 shares of its common stock to Ahmed Mohsen after $26,640 in cash and computer equipment with a fair market value of $36,240 were received. 03. June 1: Byte of Accounting, Inc. issued 2,522 shares of its common stock after acquiring from Courtney $49,200 in cash, computer equipment with a fair market value of $10,560 and office equipment with a fair value of $768. 04. June 2: A down payment of $29,000 in cash was made on additional computer equipment that was purchased for $145,000. A five-year note was executed by Byte for the balance. 05. June 4: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation. 06. June 8: Unsatisfactory office equipment costing $80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 07. June 10: Byte paid $22,250 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 $6,480 in cash. The effective date of the policy was June 16. 09. June 16: A check in the amount of $8,250 was received for consulting revenue. 10. June 16: Byte purchased a building and the land it is on for $125,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $20,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $12,500 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 11. June 17: Cash of $6,900 was paid for rent for June, July and August. Put the total amount into the Prepaid Rent account. 12. June 17: Received a bill of $350 from the local newspaper for advertising. 13. June 21: Accounts payable in the amount of $320 were paid. 14. June 21: A fax machine for the office was purchased for $750 cash. Byte of Accounting, Inc. Ahmed Mohsen 4179 Transaction Description of transaction 15. June 21: Billed various miscellaneous local customers $4,400 for consulting services performed. 16. June 22: Paid salaries of $860 to equipment operators for the week ending June 18. 17. June 22: Received a bill for $1,315 from Computer Parts and Repair Co. for repairs to the computer equipment. 18. June 22: Paid the advertising bill that was received on June 17. 19. June 23: Purchased office supplies for $680 on credit. Record the purchase as an increase to the assets. 20. June 23: Cash in the amount of $3,525 was received on billings. 21. June 28: Billed $5,280 to miscellaneous customers for services performed to June 25. 22. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co. 23. June 29: Cash in the amount of $5,001 was received for billings. 24. June 29: Paid salaries of $860 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 $0.15 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, July and August. Expense the amount associated with one month's rent. 28. A physical inventory showed that only $281.00 worth of office supplies remained on hand as of June 30. 29. The annual interest rate on the mortgage payable was 8.25 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16. 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. Byte of Accounting, Inc. Ahmed Mohsen 4179 Transaction 31. 32. 33. 34. 35. Description of transaction A review of Byte’s job worksheets show that there are unbilled revenues in the amount of $5,750 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. 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 $7,000. The office equipment has a scrap value of $500. The computer equipment has no scrap value. Calculate the depreciation for one month. A review of the payroll records show that unpaid salaries in the amount of $516.00 are owed by Byte for three days, June 28 - 30. 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 $116,000. On June 10, eight days later, $22,250 was repaid. Interest expense must be calculated on the $116,000 for eight days. In addition, interest expense on the $93,750 balance of the loan ($116,000 less $22,250 = $93,750) must be calculated for the 20 days remaining in the month of June.] 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. A Byte of Accounting, Inc. General Journal To ta lB al an ce Description C re di t Name D eb it A cc ou nt Tr an sa ct io n D at e Note: You can only enter data into the yellow filled cells. 01 0 0 0 0 0 0 0 0 02 0 0 0 0 0 0 0 0 03 0 0 0 0 0 0 0 0 04 0 0 0 0 0 0 0 0 05 0 0 0 0 0 0 0 0 06 0 0 0 0 0 0 0 0 07 0 0 0 0 0 0 0 0 08 0 0 0 0 0 0 0 0 09 0 0 0 0 0 0 0 0 10 0 0 0 0 0 0 0 0 11 0 0 0 0 0 0 0 0 12 0 0 0 0 0 0 0 0 13 0 0 0 0 0 0 0 0 14 0 0 0 0 0 0 0 0 15 0 0 0 0 0 0 0 0 16 0 0 0 0 0 0 0 0 17 0 0 0 0 0 0 0 0 18 0 0 0 0 A Byte of Accounting, Inc. General Journal To ta lB al an ce Description C re di t Name D eb it A cc ou nt Tr an sa ct io n D at e Note: You can only enter data into the yellow filled cells. 0 0 0 0 19 0 0 0 0 0 0 0 0 20 0 0 0 0 0 0 0 0 21 0 0 0 0 0 0 0 0 22 0 0 0 0 0 0 0 0 23 0 0 0 0 0 0 0 0 24 0 0 0 0 0 0 0 0 25 0 0 0 0 0 0 0 0 26 0 0 0 0 0 0 0 0 27 0 0 0 0 0 0 0 0 28 0 0 0 0 0 0 0 0 29 0 0 0 0 0 0 0 0 30 0 0 0 0 0 0 0 0 31 0 0 0 0 0 0 0 0 32 0 0 0 0 0 0 0 0 33 0 0 0 0 0 0 0 0 34 0 0 0 0 0 0 0 0 35 0 0 0 0 0 0 0 0 A Byte of Accounting, Inc. General Journal To ta lB al an ce Description C re di t Name D eb it A cc ou nt Tr an sa ct io n D at e Note: You can only enter data into the yellow filled cells. 36 0 0 0 0 0 0 0 0 37 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 38 0 0 0 0 0 0 0 0 39 0 0 0 0 0 0 0 0 A Byte of Accounting, Inc. Worksheet For Period Ending January 0, 1900 Account Number Name 1110 Cash 1120 Accounts Receivable 1130 Prepaid Insurance 1140 Prepaid Rent 1150 Office Supplies 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 2101 Accounts Payable 2102 Advanced Payments 2103 Interest Payable 2105 Salaries Payable 2106 Income Taxes Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Capital Stock 3200 Retained Earnings 3300 Dividends 4100 5010 5020 5030 5040 5050 5080 5090 5100 5110 5120 Unadjusted Trial Balance Debit Credit - Adjusting Entries Debit Credit - Adjusted Trial Balance Debit Credit - Computer & Consulting Revenue Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Income Tax Expense - - - - - - TOTAL NET INCOME - - - - - - Income Statement Debit Credit GOOD ` Balance Sheet Debit Credit A Byte of Accounting, Inc. Income Statement For Month Ending January 0, 1900 4100 5010 5020 5030 5040 5050 5080 54444 5100 5110 Revenues Computer & Consulting Revenue Expenses Rent Expense Salary Expense Advertising Expense Repairs & Maint. Expense Oil & Gas Expense Supplies Expense Interest Expense Insurance Expense Depreciation Expense Total Expenses Net Income Before Tax 5120 Income Tax Expense (Round to two decimal places) Net Income After Tax 1 0 1 You must finish the worksheet before you can complete the Income Statement, see FAQ 02. A Byte of Accounting, Inc. Statement of Changes in Retained Earnings For Month Ending January 0, 1900 Total Balance, Beginning of Period Net Income Dividends Balance, End of Period 1 You must finish the worksheet before you can complete the Changes in Retained Earnings, see FAQ 02. Retained Earnings, see FAQ 02. A Byte of Accounting, Inc. Balance Sheet As of January 0, 1900 d Assets 1110 1120 1130 1140 1150 1211 1212 Current Assets Cash Accounts Receivable Prepaid Insurance Prepaid Rent Office Supplies Total Long-Term Assets Office Equip. Accum. Depr.-Office Equip. 1311 1312 Computer Equip. Accum. Depr.-Computer Equip. 1411 1412 Building Cost Accum. Depr.-Building 1510 Land Total Total Assets Liabilities 2101 2102 2103 2105 2106 2201 2202 Current Liabilities Accounts Payable Advanced Payment Interest Payable Salaries Payable Income Taxes Payable Total Long-Term Liabilities Mortgage Payable Notes Payable Total Total Liabilities Stockholder's Equity 3100 3200 Capital Stock Retained Earnings Total Total Liabilities and Stockholder's Equity 1 You must finish the worksheet before you can complete the Balance Sheet, see FAQ 02. How to Create a Pivot Table 1. Log in 2. Download the pdf instructions CYBERTEXT: On-line Project 1) Go to www.cybertext.com and register (Moore HCC Dale Mabry–Section #41890 Fall 2020). It is recommended that you use Internet Explorer as your browser as others do not work as well. The cost is $17.99 and can be paid by debit or credit card. When registering, pick any two (2) sets of four (4) digits to be used as your password and log in. Make them easy to remember (e.g. 3333, or your birth date). Follow the directions for saving the project file to your computer or a flash drive. 2) Once you have purchased the project click on the Chart of Accounts and Transaction tabs (at the bottom of the page.) Print out each of these pages. 3) Begin the project by clicking on the General Journal tab. • You can only type in yellow fields. • Be sure to round to the nearest penny. • Use the Chart of Accounts to select the proper account number. • Remember Debits must equal Credits. 4) Pacing yourself – Progress dates are merely a suggestion; the final due date is NOT! • Transactions 1 through 26 can be done now and should be completed by November 16th. These are done in the General Journal. • Adjusting Entries are in Transactions 27 through 34 and should be done by November 23rd. These are done in the General Journal using the transaction information and the account balances from the Trial Balance columns of the Worksheet. • Transaction 35 can now be calculated based on the Income Statement columns. Subtract the worksheet Income Statement debit column total from the credit column total to get operating income. Multiply this amount by the tax rate to get the amount for Transaction 35. • Next complete Transactions 36 through 39 (closing entries) in the General Journal by November 30th. • Finally, complete the Financial Statements (Income Statement, Owner’s Equity, and Balance Sheet) using textbook examples by December 5th. 5) Be sure to upload your file frequently to check your work. You can upload it as often as you like. Sign onto Cybertext using the log in information sent you in an email when you registered. Select “Building Blocks of Accounting – A Financial Perspective.” Note: When you upload your file, be sure the file name complies with the instructions on the upload page. If a transaction is correct, it will not be listed. Only those transactions that have been attempted and needing correction will be listed. 6) If you have problems and cannot figure out your error, e-mail me your Excel file at smoore109@hccfl.edu with details on which transactions or forms you have questions. 7) You do not have to submit the project to me. Just simply upload it to Cybertext, and I will get your grades from the website. Purchase answer to see full attachment Tags: accounting insurance policy Fair Market Value Consulting Revenue equipment costing User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

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