Using your unique transaction record the corresponding general journal entry, rounding to two decimal places. June 1:Byte
Question:
Using your unique transaction record the corresponding general journal entry, rounding to two decimal places.
June 1:Byte of Accounting, Inc. issued 2,650 shares of its common stock to Jeremy after $30,240 in cash and computer equipment with a fair market value of $43,960 were received.
June 1:Byte of Accounting, Inc. issued 1,779 shares of its common stock after acquiringfrom Courtney $35,000 in cash, computer equipment with a fair market value of $14,000 and office equipment with a fair value of $812.
June 1:Byte of Accounting, Inc. acquired $61,600 in cash from Ashley and issued 2,200 shares of its common stock.
June 2:A down payment of $30,000 in cash was made on additional computer equipment that was purchased for $150,000.A five-year note was executed by Byte for the balance.
June 4:Additional office equipment costing $700 was purchased on credit from Discount Computer Corporation.
June 8:Unsatisfactory office equipment costing $140was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.
June 10:Byte paid $23,000 on the balance it owed on the June 2 purchase of computer equipment.
June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5,136 incash.The effective date of the policy was June 16.
June 16:Computer consultation revenue of $7,250 was received.
June 16:Byte purchased a building and the land it is on for $107,000, to house its repair facilities and to store computer equipment.The lot on which the building is located is valued at $17,000. The balance of the cost is to be allocated to the building.Byte made a cash down payment of $10,700and executed a mortgage for the balance.The mortgage is payable in eight equal annual installments beginning July 1.
June 17:Cash of $9,200 was paid for rent for June, July, August and September.Put the total amount into the Prepaid Rent account.
June 17:Received a bill of $450 from the local newspaper for advertising.
June 21: Billed various miscellaneous local customers $4,300 for consulting services performed.
June 21:A fax machine for the office was purchased for $700 cash.