I Can See The Light A Financial Perspective

Building Blocks of Accounting ..
A Financial Perspective
to the same screen that the project was downloaded from:
www.cybertext.com,
Book
Blocks
of Accounting
- A Financial
Enter password,
DS7353.xls
or
Diana,
when you areThe
ready
to List,
haveBuilding
your work
graded
you will upload
this filePerspective,
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.
F311
150126
DS7353.xlsx,
Elf Village
Productions
50 Sheet
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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 unknowing add items to a workbook that inhibits the upload process. The conversion to an earlier version
Somehow clean the files and they then upload without problem. If the problem continue simple send your file as an
attachment with your username and passwordfriedman@cybertext.com
Windows Operating System
Select File
Select Save As
Select Save As Type:
Select Microsoft 5.0/95 Workbook (*.xls)
Select Save
Select Continue or Yes if prompted or if it indicates that there is limited memory.
Select
Select
Select
Select
Select
Select
File Close
File Open and open the .xls file
Save As
Save As Type:
Excel Workbook (*.xlsx)
Save
Upload the file at cybertext.com
Apple Operating System

Select File
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Select Format:
Select Microsoft 5.0/95 Workbook (*.xls)
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Select
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Select
Select
Select
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File Open and open the .xls file
Save As
Format:
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Save
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Excel 5.0/95
Workbook (.xls)
Elf Village
Productions
50 Sheet
Legal Pad

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

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.
FAQ 05
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:
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:
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.
Page 3
Building Blocks of Accounting -- A Financial Perspective

The instructions start on row 22 of this page.
FIRST
Diana
LAST
Sobrino
SS
7353
File
DS7353
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
Jun 01
Description
di
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In the date field enter the date of the transaction. If you do not enter a date value an error message will appear.
Cash
01
Jun 01
Description
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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
Land
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.
Description
01
01
Jun 01
Jun 01
1110 Cash
Joseph's investment
Advertising Joseph's investment
01
Jun 01
Accounts PJoseph's investment
di
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Description
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Enter the amount in the debit field.
Transaction # 1 Not in Balance by $40,000.
01
Jun 01
1110 Cash
01
Jun 01
Cash
Joseph's investment
40,000.00
Joseph's investment
Description
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Enter the second account number.
Transaction # 1 Not in Balance by $40,000.
01
01
01
Jun 01
Jun 01
Jun 01
1110 Cash
40,000.00
Joseph's investment
3100 Capital Stock Joseph's investment
Cash
Joseph's investment
01
Jun 01
1110 Cash
3100 Capital Stock
Description
Joseph's investment
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Enter the amount in the credit field.
40,000.00
Joseph's investment
40,000.00
Salary Exp Joseph's investment

Cash
Joseph's investment
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. .
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.
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 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
3400 Income Summary
4100 Computer & Consulting Revenue
5010 Rent Expense
5020 Salary Expense
5030 Advertising Expense
5040 Repairs & Maint. Expense
5050 Oil & Gas Expense
5080 Supplies Expense
5090 Interest Expense
5100 Insurance Expense
5110 Depreciation Expense
5120 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.

Diana Sobrino 7630
Transaction
Description of transaction
01. June 1: Byte of Accounting, Inc. issued 2,670 shares of its common stock to Jeremy after $30,240
in cash and computer equipment with a fair market value of $41,850 were received.
02. June 1: Byte of Accounting, Inc. issued 2,011 shares of its common stock after acquiring from
Courtney $41,850 in cash, computer equipment with a fair market value of $11,340 and office
equipment with a fair value of $1,107.
03. June 1: Byte of Accounting, Inc. acquired $81,000 in cash from Diana Sobrino and issued 3,000
shares of its common stock.
04. June 2: A down payment of $33,000 in cash was made on additional computer equipment that was
purchased for $165,000. A five-year note was executed by Byte for the balance.
05. June 4: Additional office equipment costing $300 was purchased on credit from Discount
Computer Corporation.
06. June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for
credit to be applied against the outstanding balance owed by Byte.
07. June 10: Byte paid $25,250 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
$4,968 in cash. The effective date of the policy was June 16.
09. June 16: Computer consultation revenue of $6,000 was received.
10. June 16: Byte purchased a building and the land it is on for $137,000, to house its repair facilities
and to store computer equipment. The lot on which the building is located is valued at $22,000.
The balance of the cost is to be allocated to the building. Byte made a cash down payment of
$13,700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual
installments beginning July 1.
11. June 17: Cash of $4,000 was paid for rent for June and July. Put the total amount into the Prepaid
Rent account.
12. June 17: Received a bill of $325 from the local newspaper for advertising.
13. June 21: Billed various miscellaneous local customers $4,700 for consulting services performed.
14. June 21: A fax machine for the office was purchased for $700 cash.

Diana Sobrino 7630
Transaction
15. June 21: Accounts payable in the amount of $240 were paid.
16. June 22: Paid the advertising bill that was received on June 17.
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 salaries of $960 to equipment operators for the week ending June 18.
19. June 23: Cash in the amount of $3,765 was received on billings.
20. June 23: Purchased office supplies for $555 on credit. Record the purchase as an increase to the
assets.
21. June 28: Billed $5,280 to miscellaneous customers for services performed to June 25.
22. June 29: Cash in the amount of $5,001 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 $960 to equipment operators for the week ending June 25.
25. June 30: Received a bill for the amount of $790 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 and July. Expense the amount associated with
one month's rent.
28. A physical inventory showed that only $225.00 worth of office supplies remained on hand as of
June 30.
29. The annual interest rate on the mortgage payable was 8.75 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.

Transaction
Diana Sobrino 7630

31. A review of Bytes job worksheets show that there are unbilled revenues in the amount of $5,375
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 buildings scrap
value is $8,500. The office equipment has a scrap value of $300. 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 $576 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
$132,000. On June 10, eight days later, $25,250 was repaid. Interest expense must be
calculated on the $132,000 for eight days. In addition, interest expense on the $106,750 balance of
the loan ($132,000 less $25,250 = $106,750) 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.
A Byte of Accounting, Inc.

General Journal
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Note: You can only enter data into the yellow filled cells.
01
01
01
Jun 01
Jun 01
Jun 01
1110 Cash
3100 Capital Stock
Receive Investment by Jeremy

30,240.00
41,850.00
30240
41850
72,090.00 (72090)
0
0
0
0
0
02
02
02
02
Jun 01
Jun 01
Jun 01
Jun 01
1110 Cash
1211 Office Equip.
3100 Capital Stock
Receive Investment by Courtney

41,850.00
11,340.00
1,107.00
41850
11340
1107
54,297.00 (54297)
0
0
0
0
03
03
Jun 01
Jun 01
1110 Cash
3100 Capital Stock
Receive Investment by Diana

Receive Investment by Diana
81,000.00
81000
81,000.00 (81000)
0
0
0
0
0
0
04
04
04
Jun 02
Jun 02
Jun 02

1110 Cash
2202 Notes Payable
Equipment Purchase Payable 5yr

165,000.00
165000
33,000.00 (33000)
132,000.00
###
0
0
0
0
0
05
05
Jun 04
Jun 04
1211 Office Equip.

equipment on cr frm dscnt comp corp

equipment on cr frm dscnt comp corp
300
(300)
0
0
0
0
0
0
06
06
Jun 08
Jun 08

1211 Office Equip.
return of equipment
return of equipment
60
(60)
0
0
0
0
0
0
07
07
Jun 10
Jun 10
2202 Notes Payable

1110 Cash
payment on np from 0602

payment on np from 0602
25,250.00
25250
25,250.00 (25250)
0
0
0
0
0
0
08
08
Jun 14
Jun 14

1110 Cash
purchase 1yr policy

purchase 1yr policy
4,968.00
4968
4,968.00 (4968)
0
0
0
0
0
0
09
09
Jun 16
Jun 16
1110 Cash
revenue for consultin
4100 Computer & Consultingrevenue for consultin
6,000.00
6000
6,000.00 (6000)
0
0
0
0
0
0
10
10
10
10
Jun 16
Jun 16
Jun 16
Jun 16
1510 Land
1411 Building Cost
1110 Cash
purch bldg mortg w 8 installmnt pymnt

22,000.00
115,000.00
22000
115000
13,700.00 (13700)
123,300.00
###
0
0
0
0
11
11
Jun 17
Jun 17
1140 Prepaid Rent

1110 Cash
Prepay Jun & Jul Rent

Prepay Jun & Jul Rent
4,000.00
4000
4,000.00 (4000)
0
0
0
0
0
0
12
12
Jun 17
Jun 17

received bill for advrtsng

received bill for advrtsng
325
(325)
0
0
0
0
0
0
13
13
Jun 21
Jun 21
1120 Accounts Receivable var. customers

4100 Computer & Consultingvar. customers
4700
4,700.00 (4700)
0
0
0
0
0
0
14
14
Jun 21
Jun 21
1211 Office Equip.

1110 Cash
fax machine purch

fax machine purch
700.00
700
(700)
0
0
0
0
0
0
15
15
Jun 21
Jun 21

1110 Cash
paid obligation
paid obligation
240.00
240
(240)
0
0
0
0
0
0
16
16
Jun 22
Jun 22

1110 Cash
to pay advertising from jun 17 bill

to pay advertising from jun 17 bill
325.00
325
(325)
0
0
0
0
0
0
17
17
Jun 22
Jun 22
5040 Repairs & Maint. ExpenBill from Comp Parts & Repair Co
Bill from Comp Parts & Repair Co
1,315.00
1315
1,315.00 (1315)
0
0
0
0
0
0
300.00
300.00
60.00
60.00
325.00
325.00
4,700.00
700.00
240.00
325.00

General Journal
e
18
18
Jun 22
Jun 22
5020 Salary Expense

1110 Cash
salaries for week ending 0618

salaries for week ending 0618
19
19
Jun 23
Jun 23
1110 Cash
cash rcvd for billing

cash rcvd for billing
20
20
Jun 23
Jun 23

purch office supplies

purch office supplies
21
21
Jun 28
Jun 28
1120 Accounts Receivable billed var customers for srvcs june 25

4100 Computer & Consultingbilled var customers for srvcs june 25
22
22
Jun 29
Jun 29
1110 Cash
cash rcvd for billings

cash rcvd for billings
23
23
Jun 29
Jun 29
24
24
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960.00
960
(960)
0
0
0
0
0
0
3765
3,765.00 (3765)
0
0
0
0
0
0
555
(555)
0
0
0
0
0
0
5,280.00
5280
5,280.00 (5280)
0
0
0
0
0
0
5,001.00
5001
5,001.00 (5001)
0
0
0
0
0
0

1110 Cash
paid oblgtn 0622 computer parts and r

1,315.00
paid oblgtn 0622 computer parts and repairs
1315
1,315.00 (1315)
0
0
0
0
0
0
Jun 29
Jun 29
5020 Salary Expense

1110 Cash
paid salaries week ending 0625

paid salaries week ending 0625
960.00
960
(960)
0
0
0
0
0
0
25
25
Jun 30
Jun 30

bill from O&G Oil and Gas

bill from O&G Oil and Gas
790.00
790
(790)
0
0
0
0
0
0
26
26
Jun 30
Jun 30
3300 Dividends
1110 Cash
cash div of .15to shareholders

cash div of .15to shareholders
1,152.15
1152
(1152)
0
0
0
0
0
0
27
27
Jun 30
Jun 30
5010 Rent Expense

1140 Prepaid Rent
rent for june

rent for june
2,000.00
2000
2,000.00 (2000)
0
0
0
0
0
0
28
28
Jun 30
Jun 30

to recognize expense of 330

to recognize expense of 330
330.00
330
(330)
0
0
0
0
0
0
29
29
Jun 30
Jun 30

int expense for mortg @ 8.75%

int expense for mortg @ 8.75%
449.53
450
(450)
0
0
0
0
0
0
30
30
Jun 30
Jun 30

expense 1/2 month insurance

expense 1/2 month insurance
207.00
207
(207)
0
0
0
0
0
0
31
31
Jun 30
Jun 30
1120 Accounts Receivable unbilled rev 0628-0630

4100 Computer & Consultingunbilled rev 0628-0630
5,375.00
5375
5,375.00 (5375)
0
0
0
0
0
0
32
32
32
32
Jun 30
Jun 30
Jun 30
Jun 30
5110 Depreciation Expense deprcn for bldg, office equip, comp eq

1212 Accum. Depr.-Office Eqdeprcn for bldg, office equip, comp equip
1312 Accum. Depr.-Computerdeprcn for bldg, office equip, comp equip
1412 Accum. Depr.-Building deprcn for bldg, office equip, comp equip
3,939.05
3939
20.80
(21)
3,636.50 (3637)
281.75
(282)
0
0
0
0
33
33
Jun 30
Jun 30
5020 Salary Expense

payroll owed 0628-0630

payroll owed 0628-0630
576.00
576
(576)
0
0
0
0
0
0
34
34
Jun 30
Jun 30

interest for note payable

interest for note payable
1,063.67
1064
1,063.67 (1064)
0
0
0
0
0
0
960.00
3,765.00
555.00
555.00
960.00
790.00
1,152.15
330.00
449.53
207.00
576.00

General Journal
e
35
35
Jun 30
Jun 30
5120 Income Tax Expense Income tax expns

2106 Income Taxes Payable Income tax expns
36
36
Jun 30
Jun 30
4100 Computer & Consultingclose revenue accounts

3400 Income Summary
close revenue accounts
21,355.00
37
37
37
37
37
37
37
37
37
37
37
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
Jun 30
3400 Income Summary

close expense accts
5010 Rent Expense
close expense accts
5020 Salary Expense
close expense accts
5030 Advertising Expense close expense accts
5040 Repairs & Maint. Expenclose expense accts
close expense accts
close expense accts
close expense accts
close expense accts
5110 Depreciation Expense close expense accts
5120 Income Tax Expense close expense accts
15,025.19
38
38
Jun 30
Jun 30
3400 Income Summary

close incm smmry to R/E

close incm smmry to R/E
6,329.81
39
39
Jun 30
Jun 30
3300 Dividends
close div to R/E

close div to R/E
1,152.15
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Name
D
eb
it
Ac
co
un
t
D
at
e
Tr
an
sa
ct
io
n
2,109.94
2110
(2110)
0
0
0
0
0
0
21355
21,355.00 (21355)
0
0
0
0
0
0
15025
(2000)
(2496)
(325)
(1315)
(790)
(330)
(1513)
(207)
(3939)
(2110)
0
0
0
0
0
0
0
0
0
0
0
6330
6,329.81 (6330)
0
0
0
0
0
0
1152
(1152)
0
0
0
0
0
0
2,109.94
2,000.00
2,496.00
325.00
1,315.00
790.00
330.00
1,513.20
207.00
3,939.05
2,109.94
1,152.15

Worksheet
For Period Ending June 30, 2016
Account
Number Name
1110 Cash
1140 Prepaid Rent
1211 Office Equip.
1212 Accum. Depr.-Office Equip.
1312 Accum. Depr.-Computer Equip.
1411 Building Cost
1412 Accum. Depr.-Building
1510 Land
2102 Advanced Payments
2106 Income Taxes Payable
2202 Notes Payable
3100 Capital Stock
3300 Dividends
4100 Computer & Consulting Revenue
5010 Rent Expense
5020 Salary Expense
5040 Repairs & Maint. Expense
5110 Depreciation Expense
5120 Income Tax Expense
TOTAL
NET INCOME
Unadjusted Trial Balance

Debit
Credit
81,285.85
1,214.00
4,968.00
4,000.00
555.00
2,047.00
218,190.00
115,000.00
22,000.00
1,345.00
123,300.00
106,750.00
207,387.00
1,152.15
-
Adjusting Entries
Debit
Credit
5,375.00
207.00
2,000.00
330.00
20.80
3,636.50
281.75
1,513.20
576.00
2,109.94
-
Adjusted Trial Balance

Debit
Credit
81,285.85
6,589.00
4,761.00
2,000.00
225.00
2,047.00
20.80
218,190.00
3,636.50
115,000.00
281.75
22,000.00
1,345.00
1,513.20
576.00
2,109.94
123,300.00
106,750.00
207,387.00
1,152.15
-
1,920.00
325.00
1,315.00
790.00
-
15,980.00
-
2,000.00
576.00
330.00
1,513.20
207.00
3,939.05
2,109.94
5,375.00
-
2,000.00
2,496.00
325.00
1,315.00
790.00
330.00
1,513.20
207.00
3,939.05
2,109.94
21,355.00
-
454,762.00
454,762.00
16,050.19
16,050.19
468,275.19
468,275.19
Income Statement
Debit
Credit
Balance Sheet
Debit
Credit
81,285.85
6,589.00
4,761.00
2,000.00
225.00
2,047.00
20.80
218,190.00
3,636.50
115,000.00
281.75
22,000.00
1,345.00
1,513.20
576.00
123,300.00
106,750.00
207,387.00
1,152.15
21,355.00
2,000.00
2,496.00
325.00
1,315.00
790.00
330.00
1,513.20
207.00
3,939.05
12,915.25
8,439.75
21,355.00
21,355.00
453,250.00
21,355.00
453,250.00
444,810.25
8,439.75
453,250.00

Income Statement
For Month Ending June 30, 2016
4100
5010
5020
5030
5040
5050
5080
5090
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
$ 21,355.00
2,000.00
2,496.00
325.00
1,315.00
790.00
330.00
1,513.20
207.00
3,939.05
Net Income Before Tax

5120 Income Tax Expense (Round to two decimal places)
Net Income After Tax
12,915.25
$ 8,439.75
2,109.94
$ 6,329.81
1
1
0
You must finish the worksheet before you can complete the Income Statement, see FAQ 02.

Statement of Changes in Retained Earnings
For Month Ending June 30, 2016
Total
Balance, Beginning of Period
Net Income
Dividends
Balance, End of Period
6,329.81
1,152.15
5,177.66
1
You must finish the worksheet before you can complete the Changes in Retained Earnings, see FAQ 02.

Balance Sheet
As of June 30, 2016
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.
$
$
$
$
$
$
2,047.00
20.80 $
2,026.20
1311
1312
Computer Equip.
Accum. Depr.-Computer Equip.
$ 218,190.00
3,636.50 $ 214,553.50
1411
1412
Building Cost
Accum. Depr.-Building
$ 115,000.00
281.75 $ 114,718.25
1510
Land
Total
Total Assets
81,285.85
6,589.00
4,761.00
2,000.00
225.00
94,860.85
22,000.00
$ 353,297.95
$ 448,158.80
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
$
$
$
$
$
1,345.00
1,513.20
576.00
2,109.94
$
5,544.14
$ 123,300.00
106,750.00
230,050.00
$ 235,594.14
Stockholder's Equity
3100
3200
Capital Stock
Retained Earnings
Total
Total Liabilities and Stockholder's Equity
$ 207,387.00
5,177.66
212,564.66
$ 448,158.80
1
You must finish the worksheet before you can complete the Balance Sheet, see FAQ 02.

I Can See The Light A Financial Perspective

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Building Blocks of Accounting -- A Financial Perspective

Accounts PJoseph's investment

Enter the amount in the debit field.

Transaction # 1 Not in Balance by $40,000.

Enter the second account number.

Transaction # 1 Not in Balance by $40,000.

Enter the amount in the credit field.

Salary Exp Joseph's investment

Step III Worksheet

Step IV Prepare the Financial Statements.

Debit Before Credit

Need An Account Number

Round To Two Decimal Places

Byte of Accounting, Inc.

Byte of Accounting, Inc.

Byte of Accounting, Inc.

Diana Sobrino 7630

A Byte of Accounting, Inc.

Receive Investment by Jeremy

Receive Investment by Courtney

Receive Investment by Diana

1311 Computer Equip.

Equipment Purchase Payable 5yr

1211 Office Equip.

equipment on cr frm dscnt comp corp

2101 Accounts Payable

2202 Notes Payable

payment on np from 0602

1130 Prepaid Insurance

purchase 1yr policy

purch bldg mortg w 8 installmnt pymnt

1140 Prepaid Rent

Prepay Jun & Jul Rent

5030 Advertising Expense

received bill for advrtsng

1120 Accounts Receivable var. customers

1211 Office Equip.

fax machine purch

2101 Accounts Payable

2101 Accounts Payable

to pay advertising from jun 17 bill

A Byte of Accounting, Inc.

5020 Salary Expense

salaries for week ending 0618

cash rcvd for billing

1150 Office Supplies

purch office supplies

1120 Accounts Receivable billed var customers for srvcs june 25

cash rcvd for billings

2101 Accounts Payable

paid oblgtn 0622 computer parts and r

5020 Salary Expense

paid salaries week ending 0625