Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please prepare a general journal for all transactions. Transaction Byte of Accounting, Inc. Hannah Dockstader 5512 Description of transaction June 1: Byte of Accounting, Inc.
please prepare a general journal for all transactions.
Transaction Byte of Accounting, Inc. Hannah Dockstader 5512 Description of transaction June 1: Byte of Accounting, Inc. issued 2,610 shares of its common stock to Jeremy after $26,500 in cash and computer equipment with a fair market value of $38.750 were received 01 02 June 1: Byte of Accounting, Inc. issued 2,171 shares of its common stock after acquiring from Courtney $41.250 in cash, computer equipment with a fair market value of $12,000 and office equipment with a fair value of $1,025 103 June 1: Byte of Accounting, Inc. acquired $90,000 in cash from Hannah Dockstader and issued 3,600 shares of its common stock. 04. June 2: A down payment of $35.000 in cash was made on additional computer equipment that was purchased for $175,000. A five-year note was executed by Byte for the balance. 0 1 05 June 1: Additional office equipment costing $400 was purchased on credit from Discount Computer Corporation. 2 3 06 June 8. Unsatisfactory office equipment costing $80 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. 14 16 07 June 10: Byte paid $26.750 on the balance it owed on the June 2 purchase of computer equipment. 16 17 08 June 14. A one-year insurance policy covering its computer equipment was purchased by Byte for $5.304 in cash. The effective date of the policy was June 16. 18 19 20 09 June 16: Computer consultation revenue of $7.250 was received 21 10 June 16: Byte purchased a building and the land it is on for $101.000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $16,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,100 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started