Required Journalize the Transactions Prepare the income statement, statement of changes in owners equity and the balance
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Required
Journalize the Transactions
Prepare the income statement, statement of changes in owners equity and the balance sheet.
Record the closing entries to the income summary and then the capital accounts
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1 2 3 4 56 Transactio 78 18 19 20 21 01. 02. 03. 04. 05. 06. 07. 08. 09. Description of transaction June 1: Hudson Bloom invested $153,132.00 cash and computer equipment with a fair market value of $42,000.00 in his new business, Byte of Accounting. June 1: Check # 5000 was used to purchased computer equipment costing $16,240.00 from Brad Blessington. The invoice number was 20117. June 1: Check # 5001 was used to purchased office equipment costing $812.00 from Office Express. The invoice number was 87417. June 2: Check # 5002 was used to make a down payment of $33,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $165,000.00. A five-year note was executed by Byte for the June 4: Additional office equipment costing $400.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432. June 8: Unsatisfactory office equipment costing $80.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Check # 5003 was used to make a $25,250.00 payment reducing the principal owed on the June 2 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 $5,640.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. June 16: A check in the amount of $7,000.00 was received for services performed for Pitman Pictures. 1 2 3 4 56 Transactio 78 18 19 20 21 01. 02. 03. 04. 05. 06. 07. 08. 09. Description of transaction June 1: Hudson Bloom invested $153,132.00 cash and computer equipment with a fair market value of $42,000.00 in his new business, Byte of Accounting. June 1: Check # 5000 was used to purchased computer equipment costing $16,240.00 from Brad Blessington. The invoice number was 20117. June 1: Check # 5001 was used to purchased office equipment costing $812.00 from Office Express. The invoice number was 87417. June 2: Check # 5002 was used to make a down payment of $33,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $165,000.00. A five-year note was executed by Byte for the June 4: Additional office equipment costing $400.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432. June 8: Unsatisfactory office equipment costing $80.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Check # 5003 was used to make a $25,250.00 payment reducing the principal owed on the June 2 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 $5,640.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. June 16: A check in the amount of $7,000.00 was received for services performed for Pitman Pictures.
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