Byte of Accounting, Inc. Transaction Description of transaction June 1: Byte of Accounting, Inc. issued 2,620 shares of its common stock to Jeremy after $22,890 in cash and computer equipment with a fair market value of $32,130 were received 01. June 1: Byte of Accounting, Inc. issued 2,022 shares of its common stock after acquiring from 02. Courtney $32,550 in cash, computer equipment with a fair market value of $9,240 and office Fune I: Byte of Accounting, Inc. acquired $46,200 in cash rom Marty Graves and issued 2,200 shares of its common stock 03. June 2: A down payment of $34,000 in cash was made on additional computer equipment that was purchased for $170,000. A five-year note was executed by Byte for the balance 04. June 4: Additional office equipment costing $600 was purchased on credit from Discount 05. Comp June 8: Unsatisfactory office equipment costing $120 was returned to Discount Computer for June 10: Byte paid $26,000 on the balance it owed on the June 2 purchase of computer 07. une T:A one-year insurance policy covering its computer equipment was purchased by Byte for 5,640 in cash. The effective date of the policy was June 16. June 16: Computer consultation revenue of $8,000 was received June 16: Byte purchased a building and the land it is on for S119,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $19,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,900 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1 10 June 17: Cash of $6,600 was paid for rent for June, July and August. Put the total amount into the Prepaid Rent account. 12. June 17: Received a bill of $275 from the local newspaper for advertising June 21: Billed various miscellaneous local customers $4,800 for consulting services performed June 21: A fax machine for the office was purchased for $750 cash. June 21: Accounts payable in the amount of $480 were paid. 13 15