Byte of Accounting, Inc. Asia Smith 3930 Description of transaction 01. June 1: Byte of Accounting, Inc. acquired $73,600 in cash from Lauryn and issued 3,200 shares of its common stock 3 Transaction 1234 55 7 81 9 10 02 03. 04. 11 12 05. 13 14 15 16 06. 07. 17 18 76 19 20 21 22 08. 80 09. 10 June 1: Byte of Accounting, Inc, issued 2,570 shares of its common stock to Asia Smith after $24.380 in cash and computer equipment with a fair market value of $34,730 were received. June 1: Byte of Accounting, Inc. issued 1,851 shares of its common stock after acquiring from Courtney $28,750 in cash, computer equipment with a fair market value of $12,880 and office equipment with a fair value of $943 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. June 4: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation June 8. Unsatisfactory office equipment costing $80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. June 10. Byte paid $25,250 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 A check in the amount of $7,250 was received for consulting revenue June 16 Byte purchased a building and the land it is on for $149,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $24,000 The balance of the cost is to be allocated to the building. Byte made a cash down payment of Welcome! Chart of Accounts Transactions General Journal Worksheet Income Statement Changes in Retained Earning