Question

02. December 3: Byte purchased a Ricoh Color Copier for $5,000.00. The invoice number was 61298. Byte paid 10% in cash and signed a three-year note for the remaining balance. Interest at a rate of 6% a year will be paid semiannually. 03. December 3: Check # 6001 for $2,700.00 was issued by Byte to pay for rent of the office space for December. 04. December 3: Byte received 12 Super Toners for resale to customers at a cost of $23.00 per toner. The invoice number was 7249, and requires payment within 30 days. 05. December 10: Byte sold 7 Super Toners to a customer on account for $57.00 each. The Sales order number was 12100. 06. December 10: Byte records the cost of the 7 Super Toners sold using FIFO. The sales order number was 12100. 07. December 11: Check # 6002 was issued to pay salaries of $2,450.00 to equipment operators. (Ignore payroll taxes at this time.) 08. December 14: Check # 6003 was issued to purchase a one-year insurance policy covering its computer equipment. The cost of the insurance is $6,504.00 and paid to Seth's Insurance. The effective date of the policy was December 16 and the invoice number was 2387. 09. December 15: Byte purchased $350.00 of supplies on account. 10. December 16: Byte received 4 Super Toners purchased for resale to customers. The cost was $24.00 per toner. The invoice number was 7959, and payment is required in 30 days. 11. December 17: Byte was informed that Mr. Madoff who has an account with the company will never pay the $562.00 he owes. Record the transaction to write off Mr. Madoff's accounts receivable account using the allowance method. 12. December 17: Byte received invoice number 26354 in the amount of $850.00 from the local newspaper for advertising. 13. December 18: Check # 6004 was issued to pay Accounts Payable in the amount of $420.00. 14. December 19: Byte sold 8 Super toners to a customer on account for $57.00 each. The sales order number was 12101. 15. December 19: Byte records the cost of the 8 Super Toners sold using FIFO. The sales order number was 12101. ount of $5,200.00 for computers that were 16. December 21: Byte received emailed invoice in the drop shipped and received today. 17. December 21: Byte billed various miscellaneous local customers $10,400.00 for computers that were delivered today. 18. December 21: Record the cost of the computers that were sold today. 19. December 22: Check # 6005 was issued to pay salaries of $2,450.00 to equipment operators. (Ignore payroll taxes at this time.) 20. December 22: Byte received a bill for $1,215.00 from Computer Parts and Repair Co. for repairs to the computer equipment. The invoice number was 43254. 21. December 22: Check # 6006 was issued to pay the advertising bill that was previously received and recorded from the local newspaper for advertising, invoice number 26354. 22. December 22: Byte received 11 Super Toners purchased for resale to customers. The cost was $26.00 per toner. The invoice number was 8988, and payment is required in 30 days. 23. December 23: Byte received $20,475.00 from customers billed when they received delivery.

Can you help me with #15, 34, 35, 37, 38, 42, 45, 48, 49 and 50: close the revenue account, 51: close the expense accounts, 52: close the dividend account. THANK YOU

Answer 1

No. CREDIT $ Number 5300 Account Cost of Goods Sold Inventory DEBIT $ 184 15 1160 184 34 1211 900 Office Equipment Game World /Note Payable being furnture ordered 24,000 35 900 1211 Game World Office Equipement being order cancelled 900 37 1110 25 1120 Cash Account Accounts Receivable Difference in cash recorded 25 38 1160 686 5300 Inventory Cost of Goods Sold Closing Inventory 686

42 1120 9070 1110 Accounts Receivable Cash Account being sold on dropshipping 9070 45 83.33 5110 Depreciation 1211 Ricoh Color copier depreciation charged for 1 month 83.33 48 5120 1120 Bad debt expenses Account Receivable additional provision

50 0 Revenue Income Summery closing revenue account 0 51 0 Income Summery Account Expenses Account closing expenses account 0 52 0 Retained Earnings Dividend Account closing dividend account 0