Question

Hello, I need help with the journal entries for transactions 29, 34, 35, 37, and 38.

01. June 1: Byte issued 2,660 shares of common stock to Lisa after $28,600 in cash and computer equip with a fair market value of $40,560 were received.

02. June 1: Byte issued 2,282 of it's common stock after acquiring from Andrew $48,100 in cash, computer equipment with a FMV of $10,920 and office equip with a FMV of $676
03. June 1: Byte acquired $46,800 in cash from Katie Mondragon and issued 1,800 shares of its common stock.

04. 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. 05. June 4: Additional office equipment costing $500 was purchased on credit from Discount Computer Corporation 06. June 8: Unsatisfactory office equipment costing $100 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte 07. June 10: Byte paid $23,000 on the balance it owed on the June 2 purchase of computer, equipment. 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. 09. June 16: Computer consultation revenue of S7,250 was received 10. June 16: Byte purchased a building and the land it is on for S143,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $23,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $14,300 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 11. June 17: Cash of $6,000 was paid for rent for June, July and August. Put the total amount into the Prepaid Rent account. 12. June 17: Received a bill of $275 from the local newspaper for advertising 13. June 21: Billed various miscellaneous local customers 54,000 for consulting services 14. June 21: A fax machine for the office was purchased for $825 cash. 15. June 21: Accounts payable in the amount of $400 were paid

Answer 1

29. Interest on loan A/C DR     402

        TO Creditors A/C              402

(Being interest accounted 0.5/12X7.5%X128700)

34. Interest on loan A/C DR     644

        TO Creditors A/C              644

(Being interest accounted)

(120000X8%X8/360)+(97000X8%X20/360)

37. Transfer the balance to Profit and Loss A/C

38. Transfer the balance to Profit and Loss A/C