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create a journal entry for 1-10 01. June 1: Byte of Accounting, Inc. acquired $57,200 in cash from Lauryn and issued 2,600 shares of its
create a journal entry for 1-10
01. June 1: Byte of Accounting, Inc. acquired $57,200 in cash from Lauryn and issued 2,600 shares of its common stock 02. June 1: Byte of Accounting, Inc. issued 2,560 shares of its common stock to Lucy Simmons after $23,100 in cash and computer equipment with a fair market value of $33,220 were received. 03. June 1: Byte of Accounting, Inc. issued 2,322 shares of its common stock after acquiring from Courtney S40,700 in cash, computer equipment with a fair market value of S9,680 and office equipment with a fair value of $704 04 June 2: A down payment of S31,000 in cash was made on additional computer equipment that was purchased for S155,000. A five-year note was executed by Byte for the balance. OS. June 4: Additional office equipment costing S500 was purchased on credit from Discount Computer Corporation 06. June 8: Unsatisfactory office equipment costing $100 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byto. 07 June 10: Byte paid $23,750 on the balance it owed on the June 2 purchase of computer equipment 08 June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5,136 in cash. The effective date of the policy was June 16. 09 June 16: A check in the amount of $7,750 was received for consulting revenue. 10 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 paymentf s14,900 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1 Step by Step Solution
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