Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I have 3 mistakes on the 27 and 28 the Dedit amount and on the 32 the credit amount? Byte of Accounting, Inc. Hashim Alghafli

I have 3 mistakes on the 27 and 28 the Dedit amount and on the 32 the credit amount?
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Byte of Accounting, Inc. Hashim Alghafli 5243 Deseription of transaction Transaction 01.June I: Byte of Accounting, Inc. issued 2,590 shares of its common stock to Jeremy after $25,750 and computer equipment with a fair market value of $39,000 were received. 02. June 1: Byte of Accounting, Inc. issued 2,459 shares of its common stock after acquiring from Courtney $48,750 in cash, computer equipment with a fair market value of $12,000 and office equipment with a fair value of $725 03. June 1: Byte of Accounting, Inc. acquired $55,000 in cash from Hashim Alghafli and issued 04.June 2: A down payment of $32,000 in cash was made on additional computer equipment that was 05. June 4: Additional office equipment costing $700 was purchased on credit from Discount 06. June 8: Unsatisfactory office equipment costing $140 was returned to Discount Computer fo 2,200 shares of its common stock purchased for $160,000. A five-year note was executed by Byte for the balance. Co 07. June 10: Byte paid $24,500 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 $5,472 in cash. The effective date of the policy was June 16 10.June 16: Byte purchased a building and the land it is on for $119,000, 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 S11,900 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July l 11.June 17: Cash of $3,800 was paid for rent for June and July. Put the total amount into the Prepa Rent account 12.June 17: Received a bill of $250 from the local newspaper for advertising 14. June 21: A fax machine for the office was purchased for $725 cash

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 Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

15th Edition

0273760882, 9780273760887

More Books

Students also viewed these Accounting questions