Question

Excel File Edit View Insert Format Tools Data Window Help Page Layout Formulas Data Review View AA = = = Wrap Text Home Insert R Xcut © Copy - Paste Format A x B I U Morge & Center f June 30: Check #5013 was used to pay for a cash dividend of $0.21 per share to Jeremy, a shareholder of Byt B The Computer Equipment has an estimated useful life of 5.00 years. Management has decided that assets purchased during a month are treated as if purchased on the first day of the 36. month. The computer equipment's scrap value is $20,000.00. Calculate the depreciation for one month using the double declining method of depreciation. PETERS A review of the payroll records show that unpaid salaries in the amount of $501.00 are owed by Byte for three 37. days, June 28 - 30. Ignore payroll taxes. The note payable to Royce Computers (transactions 04 and 07) is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year. [IMPORTANT NOTE: The original note on the computer equipment purchased on June 2 was $144,000.00. On June 10, eight days later, $27,500.00 was repaid. Interest expense must be calculated on the $144,000.00 for eight days. In addition, interest expense on the $116,500.00 balance of the loan ($144,000.00 less $27,500.00 = $116,500.00) must be calculated for the 20 days remaining in the month of June.] 39. Based on the information on the "Bank Reconciliation" sheet prepare the journal entry required to increases cash. 40. Based on the information on the "Bank Reconciliation" sheet prepare the journal entry required to decreases cash. 41. Our CPA has informed us to estimate that 3.00% of Computer & Consulting Revenue will be uncollectable. 42. Income taxes are to be computed at the rate of 25 percent of net income before taxes. [IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tax line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement.) Transactions General Journal A Bank Reconcilation Worksheet Income Statement Changes in Owner's Ready MacBook Air

Need general journal transactions for 31, 35, 36, 37, 38, and 41.

Answer 1

А G B journal entries 31 income summary account to inventory (to close the inventory account) E F debit credit $403.00 $403.00 GOWN inventory account $628.00 to income summary account (to open the inventory account with new balance) $628.00 10 35&36 $30,714.29 11 12 depreciation account to building account to office equipment account to computer equipment account (to record the depreciation *) $5,714.29 $520.00 $24,480.00 13 14 $501.00 37 salaries account to salaries payable (to record the unpaid salaries) $501.00 $850.00 21 22 $850.00 25 384 466 850 38 interest expense to interest payable (to record the interest payable **) 23 24 calculation of interest ** 144000 12% 8/30 days 1/12 year 26 116500 12% 12/30 days 1/12 year 27 28 calculation of depreciation * 29 cost 90,000 cost 30 salvage salvage 31 life 31.5 32 period 0.0833333 period 33 34 depreciation depreciation for office 35 for building $5,714.29 equipment 36 1,820 cost 61,200 20,000 life salvage life period 0.08333333 0.08333333 depreciation for computer equipment $520.00 $24,480.00