Question
Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,570 shares of its common stock to Jeremy after $28,840 in cash and
Transaction | Description of transaction |
01. | June 1: Byte of Accounting, Inc. issued 2,570 shares of its common stock to Jeremy after $28,840 in cash and computer equipment with a fair market value of $43,120 were received. |
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02. | June 1: Byte of Accounting, Inc. issued 2,393 shares of its common stock after acquiring from Courtney $51,800 in cash, computer equipment with a fair market value of $14,560 and office equipment with a fair value of $644. |
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03. | June 1: Byte of Accounting, Inc. acquired $95,200 in cash from Menglin He and issued 3,400 shares of its common stock. |
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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. |
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05. | June 4: Additional office equipment costing $700 was purchased on credit from Discount Computer Corporation. |
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06. | June 8: Unsatisfactory office equipment costing $140 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. |
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07. | June 10: Byte paid $26,750 on the balance it owed on the June 2 purchase of computer equipment. |
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08. | June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $6,312 in cash. The effective date of the policy was June 16. |
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09. | June 16: Computer consultation revenue of $8,250 was received. |
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10. | June 16: Byte purchased a building and the land it is on for $137,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $22,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $13,700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. |
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