1 2 A 3 Transaction 5 6 7 01. 02. 03. B Byte of Accounting, Inc. Description of transaction June 1: Byte of Accounting, Inc. issued 2,650 shares of its common stock to Jeremy after $30,520 in cash and computer equipment with a fair market value of $43,680 were received. June 1: Byte of Accounting, Inc. issued 2,285 shares of its common stock after acquiring from Courtney $46,200 in cash, computer equipment with a fair market value of $16,800 and office equipment with a fair value of $980. June 1: Byte of Accounting, Inc. acquired $84,000 in cash from da of its common stock. and issued 3,000 shares 8 9 04. 10 11 05. 12 13 06. 14 15 16 07. 17 08. 18 19 20 09. 21 22 23 10. 11. June 2: A down payment of $31,000 in cash was made on additional computer equipment that was purchased for $155,000. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing $600 was purchased on credit from Discount Computer Corporation. June 8: Unsatisfactory office equipment costing $120 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Byte paid $23,750 on the balance it owed on the June 2 purchase of computer equipment. 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. June 16: Computer consultation revenue of $6,250 was received. June 16: Byte purchased a building and the land it is on for $101,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $16,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,100 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. June 17: Cash of $4,400 was paid for rent for June and July. Put the total amount into the Prepaid Rent account. 24 25 12. 26 | June 17: Received a bill of $325 from the local newspaper for advertising. Introduction Welcome C D Chart of Accounts Transactions. A Conoral