Question:

June 1: Byte of Accounting, Inc. acquired $56,000 in cash from Jack and issued 2,000 shares of its common stock. June 1: Byte of Accounting, Inc. issued 2,530 shares of its common stock to Hannah after $29,400 in cash and computer equipment with a fair market value of $41,440 were received. June 1: Byte of Accounting, Inc. issued 2,617 shares of its common stock after acquiring from Jill $60,200 in cash, computer equipment with a fair market value of $11,760 and office equipment with a fair value of $1,316. Transaction Account Name Date Description Debit Credit 01 01 01 Jun 011 Jun 01 Jun 01 1110 Cash 1311 Computer Equip 3100 Capital Stock common stock issued common stock issued common stock issued 29,400.00 41,440.00 70,840.000 02 02 02 02 Jun 01 Jun 01 Jun 01 Jun 01 1110 Cash 1311 Computer Equip. 1211 Office Equip 3100 Capital Stock common stock issued common stock issued common stock issued common stock issued 60,200.00 11,760.00 1,316.00 73,276.00 56,000.00 03 03 Jun 01 Jun 01 1110 Cash 3100 Capital Stock common stock issued common stock issued 56,000.00 June 30: Paid a cash dividend of $0.24 per share to the three shareholders of Byte. [IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first three transactions.) 26 26 Jun 30 Jun 30 3300 Dividends 1110 Cash paid dividend of $0.16 per share paid dividend of $0.16 per share