02 Jun 01 1110 Cash 24,960.00
02 Jun 01 1311 Computer Equip. Need a Description 35,520.00
02 Jun 01 3100 Capital Stock Need a Description 60,480.00
03 Jun 01 1110 Cash 49,200.00
03 Jun 01 1311 Computer Equip. Need a Description 12,000.00
03 Jun 01 1211 Office Equip. Need a Description 1,200.00
03 Jun 01 3100 Capital Stock Need a Description 62,400.00
04 Jun 02 1311 Computer Equip. 160,000.00
04 Jun 02 1110 Cash Need a Description 32,000.00
04 Jun 02 2202 Notes Payable Need a Description 128,000.00
05 Jun 04 1211 Office Equip. 600.00
05 Jun 04 2101 Accounts Payable Need a Description 600.00
06 Jun 08 2101 Accounts Payable 120.00
06 Jun 08 1211 Office Equip. Need a Description 120.00
07 Jun 10 2202 Notes Payable 24,500.00
07 Jun 10 1110 Cash Need a Description 24,500.00
09 Jun 16 1110 Cash 8,250.00
09 Jun 16 4100 Computer & Consulting Revenue Need a Description 8,250.00
10 Jun 16 1510 Land 15,000.00
10 Jun 16 1411 Building Cost Need a Description 80,000.00
10 Jun 16 1110 Cash Need a Description 9,500.00
10 Jun 16 2201 Mortgage Payable Need a Description 85,500.00
11 Jun 17 1140 Prepaid Rent 6,000.00
11 Jun 17 1110 Cash Need a Description 6,000.00
12 Jun 17 5030 Advertising Expense 275.00
12 Jun 17 2101 Accounts Payable Need a Description 275.00
13 Jun 21 2101 Accounts Payable 240.00
13 Jun 21 1110 Cash Need a Description 240.00
14 Jun 21 1211 Office Equip. 775.00
14 Jun 21 1110 Cash Need a Description 775.00
Added (1). (Here's the rest)
15 Jun 21 1120 Accounts Receivable 4,800.00
15 Jun 21 4100 Computer & Consulting Revenue Need a Description 4,800.00
16 Jun 22 5020 Salary Expense 1,035.00
16 Jun 22 1110 Cash Need a Description 1,035.00
17 Jun 22 5040 Repairs & Maint. Expense 1,165.00
17 Jun 22 2101 Accounts Payable Need a Description 1,165.00
18 Jun 22 2101 Accounts Payable 275.00
18 Jun 22 1110 Cash Need a Description 275.00
25 Jun 30 5050 Oil & Gas Expense 790.00
25 Jun 30 2101 Accounts Payable 7
Added (2). 32 Jun 30 5110 Depreciation Expense
32 Jun 30 1412 Accum. Depr.-Building 189.20
32 Jun 30 1312 Accum. Depr.-Computer Equip.
32 Jun 30 1212 Accum. Depr.-Office Equip.
33 Jun 30 5020 Salary Expense 621.00
33 Jun 30 2105 Salaries Payable Need a Description 621.00
34 Jun 30 5090 Interest Expense 1,031.00
34 Jun 30 2103 Interest Payable Need a Description 1,031.00
Added (3). Okay please I just want to finish this project so I can work on my physics. I need help finding the cost for office equipment and computer equip. Then also checking if my interest expense and payable is correct.
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
Added (4). calculated on the $120,000 for eight days. In addition, interest expense on the $97,000 balance of the loan ($120,000 less $23,000 = $97,000) must be calculated for the 20 days remaining in the month of June.]
Then for the depreciation
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
Added (5). if purchased on the first day of the month. The building’s scrap value is $8,500. The office equipment has a scrap value of $400. The computer equipment has no scrap value. Calculate the depreciation for one month.
Read more: I'm so fed up! I just want to finish this?!
