Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Create a general journal Transaction Description of transaction 01. June 1: drake Mathias, an investor, made an investment in Byte by purchasing 2,610 shares of

Create a general journal

Transaction Description of transaction
01. June 1: drake Mathias, an investor, made an investment in Byte by purchasing 2,610 shares of its common stock paying $24,420.00 in cash, and contributing to Byte computer equipment with a fair market value of $33,000.
02. June 1: Jason, an investor, made an investment in Byte by purchasing 2,200 shares of its common stock paying $48,400.00 in cash.
03. June 1: Lauryn, an investor, made an investment in Byte by purchasing 2,193 shares of its common stock paying $36,300.00 in cash, and contributing to Byte computer equipment with a fair market value of $11,440 and office equipment with a fair value of $506.
04. June 2: Additional office equipment costing $4,100 was purchased on credit from Perez's Discount Computer Corporation, invoice number AB9865.
05. June 4: Check # 6001 for $27,000 was issued as a down payment for new computer equipment that cost $135,000 on invoice 827364 from Dell. A five-year note was executed by Byte for the balance.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Managerial Accounting For Decision Makers

Authors: Michelle Hanlon, Robert Magee, Glenn Pfeiffer, Thomas Dyckman

4th Edition

1618533614, 9781618533616

More Books

Students also viewed these Accounting questions