Question
Please solve transactions on a general journal for the following: Transaction 01. 02. 03. 04. 05. 06. 07. Description of transaction June 1: Byte of
Please solve transactions on a general journal for the following:
Transaction 01. 02. 03. 04. 05. 06. 07. Description of transaction June 1: Byte of Accounting, Inc. received S31,810.60 in cash and computer equipment with a fair market value of S47,115.70 when Jeremy purchased 2,630 shares of its common stock. The par value of the common stock was SO.OI per share. June 1: Byte of Accounting, Inc. received computer equipment with a fair market value of SIS,006.00 and office equipment with a fair market value of Sl,410.47 when Courtney purchased 647 shares of its common stock. The par value of the common stock was SO.OI per share. June 1: Byte of Accounting, Inc. received S121,540.50 in cash when Kimberly Sirmans purchased 4,050 shares of its common stock. The par value of the common stock was SO.OI per share. June 2: Check # 5002 was used to make a down payment of S27,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was S135,000.00. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing S400.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432. June S: Unsatisfactory office equipment costing SSO.OO from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Check # 5003 was used to make a S20,750.00 payment reducing the principal owed on the June 2 purchase of computer equipment from Royce Computers.
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