Create an Account

Already have account?

Forgot Your Password ?

Home / Questions / Hudson Bloom invested $145,752.00 cash and computer equipment with a fair market value of ...

Hudson Bloom invested $145,752.00 cash and computer equipment with a fair market value of $36,720.00 in 01 his new business Byte of Accounting June 107 Check 5000 was used to purchased office

Hudson Bloom invested $145,752.00 cash and computer equipment with a fair market value of $36,720.00 in 01 his new business, Byte of Accounting June 1: 07 Check # 5000 was used to purchased office equipment costing $52.00 from Office Express The invoice mumber was 87417 June 1: 03. Check # 5001 was used to purchased computer equipment costing $14,400.00 from Laurie Rodriguez The invoice umber was 20117 June 2: Check # 5002 was used to make a down payment of $28,000.00 cn additional computer equipment that was 04. purchased from Royce Computers, invoice mmber 76542 The full price of the computer was $140,000.00.

A five year note was executed by Byte for the balance. June 4: Additional office equipment costing $500.00 was purchased on credit from Discount Computer Corporation. 05 The invoice mumber was 98432 June 8: Unsatisfactory office equipment costing $100.00 from invoice mumber 98432 was returned to Discount 06 Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Check # 5003 was 07 payment redacing the prinicpal on the Jun purchase of computer equipment from Royce Computers. June 14:

Check # 5004 was used to purchase a one-year insurance policy covering its computer equipment for 08 $5,136.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice mumber was 2387 09. June 16: A check in the amount of $6,000.00 was received for services performed for Piman Pictures. June 16: Byte purchased a building and the land it is on for $131,000.00 to bouse its repair facilities and to store computer equipment The lot on which the building is located is vallaed at $21,000.00.

The balance of the cost is to be 10. allocated to the building. Check #5005 was used to make the down payment of $13,100.00. A hirty year mortgage- with an inital payement due on August 1st, was established for the balance. 11. June 17: Check # 5006 for $7,500.00 was paid for rent of the office space for June, July and August 12. June 17: Received invoice mumber 26354 in dhe amount of $425.00 from the local newspaper for advertising. 13. June 21: Billed various miscellaneous local customers $4,700.00 for consalting services performed. June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for 14 S875.00. The invoice mumber was 975-328. 15. June 21: Accounts payable in t

he amount of S400.00 were paid with Check #5007 16. June 22: Check # 5010 was used to pay the advertising bill that was received on June 17. June 22: Received a bill for S1,140.00 from Computer Parts and Repair Co. for repairs to the computer equipment. 17 The invoice number was 43254. June 22: Check # 5009 was used to pay salaries of $910.00 to equipment operators for the week ending June 18. 18 Ignore payroll aхes. 19. June 23: Cash in the amount of $3,765.00 was received on billings. 20. June 23: Purchased office supplies for $480.00 from Staples on account The invoice mumber was 65498 21. June 28: Billed $5,595.00 to miscellaneous customers for services performed to Jun

e 25. 22. June 29: Cash in the amount of $5300.00 was received for billings. 23. June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check #5011 June 29: Check # 5012 was used to pay salaries of $910.00 to equipment operators for the week ending June 25. 24 Ignore payroll taхes. 25. June 30: Received a bill for the amount of S890.00 fromO& G Oil and Gas Co.

The invoice mumber was T84537 June 30: Check # 5013 was used to pay for airline tickets of $1,800.00 to send the kids to Grandma Ellen for the July 26. 4h holiday Adiusting Entries- Reund toe two decimal places The reat payment made on Jume 17 was for June, July and ugust Expense the amount associated with one moeth's 27. геnt 28. A physical iventory showed that only $191.00 worth of office supplies remained on hand as of June 30. The anal interest rate on the mortgage payable was 9.25 percent Interest expense for one-half moadh should be 29 computed because the building and land were purchased and the liability incurred on June 16 30. Record a journal entry to reflect that one half moadh's insurance has expired.

A review of Byte's job workssheets show that there are unbilled revenaes iin the amount of $9250 for the period of 31. June 28-30 The fixed assets have estimated useful lives as folows: Building 31.5 years Computer Equipment- 5.0 years 32. Office Equipment-7.0 years Use the straight-line method of depreciation.

Management has decided that assets purchased during a moadh are treated as if purchased on the fist day of the moah The bailding's scrap valae is S7500. The office equipment hast .scrap valae of $350. The computer equipment has no scrap valae. Cakulate the depreciation for one moeth. A review of the payroll records show that unpaid ssalaries in the amount of $546.00 are owed by Byte for three days, 33. June 28-30. Ignore payroll taxes. The note payable to Royce Computers (ransactions 04 and 07) is a five-year note, with interest at the rate of 12 34 percent anually. Interest expense shoukd be computed based on a 360 day year. Closing Entries 35. Close the revenae accounts 36. Ckose the expense accounts 37. Case the income suney unt 38. Close the withdrawals account. Hudson's investmnt Hudson's investmemt |Hudson's investmt Jun 01 10Csh 1311

Conputer Equip 3100 Hudson Bloom Cpita 145.752.00 01 Jun 01 36,720.00 Jun 0 01 182.472.00 1211 ofe Bquip office Equipment offise Equimnt 02 Jun 01 552.00 02 Jun 01 552.00 03 Jun 01 1311 Computer Equip Conputer Equipment Computer Equipmet Jun 01 14,400.00 03 14,400.00m 1311 Conputer Equip 10Csh 2202 Notes Paysb le Royce Computes Royce Computers Royce Computers 140,000.00 Jun 02 Jun 02 04 04 28,000.00m 12.000.00 04 Jun 02 05 1211 ofe Bquip 210 Accounts Payable Punch asol on Crodit Purchsod on Creodit S00.00 Jun 04 500.00 05 Jun 04 hvoice Number 98432 Retumod hvoice Number 98432 Retumod 210 Accounts Payable 1211 o auip 06 Jun 08 100.00 06. Jun 08 100.00 2202 Notes Parysb le 10Csh Check A5003 Royce Computers Check #5003

Royce Computes 21.500.00 07 Jun 10 Jun 10 07 21,500.00 Seth's Insunnce Seth's nsunnoe s,136.00 1130 Prpaid nsunnce 08 Jun 14 08 Jun 14 5.136.00 oCh 4100 Conputer& Consuting RePimn Pictures 6,000.00 Jun 16 Jun 16 Pimn Pictures 09 09 6,000.00 10 10 Jun 16 Jun 16 Jun 16 Jun 16 1411 Budang 1510 Lnd 10Csh 2201 Moge Parysble Land snd building punhsol Land snd building punhsol Lnd snd building punchased Lnd nd building punhed T10,000.00 21,000.00 13,100.00 0 10 17,900.00 140 Pre

paid Rent Csh Jun 1 Jun 17 Building Chock a5005 Buding Chock AS005 11 7,500.00 7,500.00 5030 Advatising Expanses 2101 Accounts Payable hvoice Nunder 26354 hyoice Nunher 26354. Jun 17 425.00 Jun 17 425.00 Jun 21 Jun 21 L120 Accounts Receiy able 4100 Connuter & Consulting Re Billed Service Permod Blled Service Permed 4.700.00 4.700.00 1211 offoe quip 1110 Cah. ofce Mahins Esprss Jun 21 875.00 office Mahines Esproia Jun 21 875.00 Jun 21 Jun 21 2101 Accuunts Payable 10 Ch Accounts Pay ble with Chek 45007

Accounts Payable withh Chok a5007 400.00 400.00 2101 Accounts Puyable 1110 Cash Pay Advatising B Jun 22 425.00 Jun 22 Pay Adyetising Bi 425.00 5040 Renairs & Maint Espanse 2101 Accounts Payable Computer Pats and Repair Co- Connuter Parts and Renair Co- 1 7 Jun 22 L140.00 Jun 22 1.140.00 Paid Salarics 5020 Sary Expense 110 Cah 18 Jun 22 910 00 Jun 22 Puid Salrics 910.00 L1olCwh 3.765.00 Cuh fum Binas 19 Jun 23 L120 Accounts Rocoivable Cash fum B nas 19 Jun 23 3,765.00 1150 offce Supplies 2101

Accounts Payables Punchase Offfice Sunplic Purchase Office Sungligs 20 Jun 23 430 00 Jun 23 430 00 5.595.00 1120 Accounts Rocciyable 4100 Connuter & Consulting ReServices Pemod Services Permod 21 Jun 28 21 Jun 28 5.595.00 1110 Cash Cash fom Bngs Cash fom ga Jun 29 5.300.00 T120 Accounts Receivables Jun 29 5.300.00- 2101 Accounts Pavable 10Ch L140.00 Paid Computer Prts nd Repair Co- Paid Computer Prts nd Repar Co- Jun 29 Jun 29 23 L140.00 5020 Salry Expense LL10 Cwh. Paid Salrics Paid Salries 4 Jun 29 910.00 24. Jun 29 910.00 5050 O & C Expanse 210 Accounts Payable 25 Jun 30 O &G Ol and Gae Co- 890.00 o&GOnd Gas Co 29 Jun 30- 890.00 3300 Hudson Bloom Withdnwa Ownc's Derwings LL10 Cash. 26 Jun 30 1.800.00-

Owna's Dwings 26 Jun 30 1.800.00 5010 Rnt Expense 1140 Pronaid Ront 27 Jun 30 Rent Exnense 2,500.00 27 Jun 30 Rent Exnense 2.500.00 5080 Supplics Expense T150 oce Supplics Physical hventory 28 Jun 30 289.00 28 Jun 30 Physical hy atury 289.00 5090 ntt Expense 29 Jun 30 hterest on Mortaze 454.41 2103 terest Puyahle 29. Jun 30. hterest on Mutare 454.41 Jun 30, Half Month's hsunnce Expired Half Month's hsunnce Expined 5100 hsumnce Exnenag 1130 Prenaid hsunnce 30 214.00 30 Jun 30 214.00 1120 Accounts Roccivable 4100 Connuter & Consulting ReUnbilled Revenue fom June 28-30 Unbilled Rey enue fum June 28-30 31 Jun 30. 9.250.00 31 Jun 30. 9.250.00 5110 Denrecition E

spase 1212 Accum Dene-Office Equin, Denociation Se one math 1312 Accum DepeComputer Equ Deprocion Se one month 1412 Accum Depe-Building Denrociion Se one muath 32 Jun 30 3.474.07 17.58 32 Jun 30 32 Jun 30 3.185.33 Denrocition Sr one moath 32 Jun 30 271.16 Unnaid Salrios Unpaid Saleies 5020 Salry Expense 2105 Salis Payables 33 Jun 30. 546.00 33 Jun 30. 546.00 5090 ntst Expense 2103 test Pavable nterest fom Royce Computers hterest fom Royoe Comeutoa Jun 30 902.00 Jun 30 902.00 4100

Computer& Consuling ReClosing revenue accounts 3400 hoome Summy 35 Jun 30 25,545.00 3* Jun 30 Clasing gy ouue aoaaunts 25,545.00 4100 Computer & Consulting ReClosing revenue ac0ounts 3400 hcome Summey 35 Jun 30 25.545.00 Clasing rev enue asounts 35 Jun 30 25.545.00 36 3400 hcome Summey 5020 Salry Expense 5030 Advetising Bspase S040 Repairs& Mint Expense 5010 Rent Espase $110 Deproiion Expense 5090 htest Espnse 5080 Supps Expense 5080 Supplis Expense S100 hsunnce Bspense Jun 30 Closing expense acounts Closing expense asounts Closing expense accounts Closing expense accounts Closing expense ounts Closing expense acounts Closing expense accounts Closing expense acounts Closing expense acounts Clasing expense acounts

13.195.89 36 Jun 30 2.366.00 Jun 30 36. 425.00 1140.00 2,500.00 36 Jun 30 36 Jun 30 36 Jun 30- 3,474.07 1,356.41 Jun 30 36. 36 Jun 30 289.00 36 Jun 30- 289.00 ,356.41 36. Jun 30 3400 hcome Sumey 3100 Hudson Bloom Cpitl Closing incame sunmey Closing income suny 13,195.89 Jun 30 Jun 30 37 37 13,195.89 Clasing withdawal accounts 3100 Hudson Bloom Cpi 3300 Hudson Bloom Wathdnwad Closing withdnwal accounts 38 Jun 30 182.472.00 182,472.00 38. Jun 30

Adjusted Trial Balance Credit Unadjusted Trial Balance Income Statement Balance Sheet Credit Account Adjusting Entries 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 Credit Debit Credit Debit Credit Debit Debit Debit 64.169.00 0.00 0.00 0.00 1,230,00 0,00 9,250,00 0.00 214.00 5,136.00 0.00 0.00 2,500.00 7,500.00 0.00 0.00 480.00 289.00 0.00 0.00 1,827.00 0.00 0.00 0.00 0.00 0,00 0.00 17.58 191,120.00 0.00 0.00 0.00 0.00 0.00 0.00 3,185.33 0.00 110,000.00 0,00 0.00 0.00 0.00 0.00 271.16 0.00 21,000.00 0.00 0.00 0.00 1,370.00 0.00 0.00 0.00 0.00 0.00 0.00 2103 Interest Payable 2105 Salaries Payable 2201 Mortgage Payable 2202 Notes Payable 3100 Hudson Bloom, Capital 3300 Hudson Bloom, Withdrawals 0.00 0.00 0.00 1,356.41 0.00 0.00 0.00 546.00 0.00 117,900.00 0.00 0.00 0.00 0.00 90,500.00 0.00 0.00 182,472.00 0.00 0.00 1,800.00 0,00 0.00 0.00 4100 Computer & Consulting Revenue 5010 Rent Expense 5020 Salary Expense 5030 Advertising Expense 5040 Repairs & Maint. Expense 5050 Oil & Gas Expense 9,250,00 0.00 16.295.00 0.00 0.00 0.00 2,500.00 0.00 1,820.00 0,00 546.00 0.00 425.00 0.00 0.00 0.00 0.00 1,140.00 0.00 0.00 890,00 0.00 0.00 0.00 5080 Supplies Expense 5090 Interest Expense 5100 Insurance Expense 5110 Depreciation Expense 0.00 0.00 289.00 0.00 0,00 0.00 1,356.41 0.00 0.00 0,00 214.00 0.00 0.00 0.00 3,474.07 0.00 Total 17,629.48 408,537.00 408,537,00 17,629.48 NET INCOME Balance

Feb 06 2020 View more View Less

Answer (UnSolved)

question Get Solution

Related Questions