01. | June 1: Byte of Accounting, Inc. issued 2,670 shares of its common stock to Jeremy after $31,900 in cash and computer equipment with a fair market value of $45,530 were received. |
02. | June 1: Byte of Accounting, Inc. issued 1,851 shares of its common stock after acquiring from Courtney $36,250 in cash, computer equipment with a fair market value of $16,240 and office equipment with a fair value of $1,189. |
03. | June 1: Byte of Accounting, Inc. acquired $58,000 in cash from Thomas horrego and issued 2,000 shares of its common stock. |
04. | June 2: A down payment of $33,000 in cash was made on additional computer equipment that was purchased for $165,000. 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 $25,250 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 $4,968 in cash. The effective date of the policy was June 16. |
09. | June 16: Computer consultation revenue of $7,750 was received. |
10. | June 16: Byte purchased a building and the land it is on for $101,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $16,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,100 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. |
Sr | Date | Particulars | Debit | Credit |
1 | June,1 | Cash | 31900 | |
June,1 | Computer Equipment | 45530 | ||
June,1 | Common Stock | 77430 | ||
(Being 2670 shares issued to Jeremy for consideration in cash of $ 31900 and Kind for Computer equipment at $ 45530) | ||||
2 | June,1 | Cash | 36250 | |
June,1 | Computer Equipment | 16240 | ||
June,1 | Office Equipment | 1189 | ||
June,1 | Common Stock | 53679 | ||
(Being 1851 shares issued to Courtney in cash;$ 36250, Computer Equipment $ 16240 and Office equipment $ 1189) | ||||
3 | June,1 | Cash | 58000 | |
June,1 | Common Stock | 58000 | ||
( Being 2000 shares issued to Thomas herrego in Cash) | ||||
4 | June,2 | Computer Equipment | 165000 | |
June,2 | Cash | 33000 | ||
June,2 | Note payable | 132000 | ||
(Being Computer equipment acquired for $ 165000, with 33000 paid as down payment and for the balance 5 year not has been executed) | ||||
5 | June,4 | Office Equipment | 500 | |
June,4 | Discount Computer Corporation | 500 | ||
(Being office equipment purchased on credit) | ||||
6 | June,8 | Discount Computer Corporation | 100 | |
June,8 | Office Equipment | 100 | ||
(Being Unsatisfactory Equipment returned to Discount Corporation and corresponding outstanding being reduced) | ||||
7 | June,10 | Note payable | 25250 | |
June,10 | Cash | 25250 | ||
(Being $25250 paid against the note payable for acquiring the equipment on June 2nd) | ||||
8 | June,14 | Insurance Exp | 2691 | |
June,14 | Prepaid Insurance | 2277 | ||
June,14 | Cash | 4968 | ||
(Being Insurance policy for the year starting from June 16, purchased, the expense for 6.5 months considered in the current fiscal and the balance has been parked to prepaid exp) | ||||
9 | June,16 | Cash | 7750 | |
June,16 | Computer Consultation | 7750 | ||
(Being Computer consultation revenue received) | ||||
10 | June,16 | Land | 16000 | |
Building | 85000 | |||
Cash | 10100 | |||
Mortgage Payable | 90900 | |||
(Being land and building acquired for $16000 and $ 85000 Respectively by making down payment of $10100 and balance for 8 Equal instalment on Mortgage, payable from July 1,) | ||||
11 | July,1 | Mortgage Payable | 11362.5 | |
July,1 | Cash | 11362.5 | ||
(Being 1st instalment for the Mortgage for Land and building discharged) | ||||
12 | August,1 | Mortgage Payable | 11362.5 | |
August,1 | Cash | 11362.5 | ||
(Being 2nd instalment for the Mortgage for Land and building discharged) | ||||
13 | September,1 | Mortgage Payable | 11362.5 | |
September,1 | Cash | 11362.5 | ||
(Being 3rd instalment for the Mortgage for Land and building discharged) | ||||
14 | October,1 | Mortgage Payable | 11362.5 | |
October,1 | Cash | 11362.5 | ||
(Being 4rth instalment for the Mortgage for Land and building discharged) | ||||
15 | November,1 | Mortgage Payable | 11362.5 | |
November,1 | Cash | 11362.5 | ||
(Being 5th instalment for the Mortgage for Land and building discharged) |
01. June 1: Byte of Accounting, Inc. issued 2,670 shares of its common stock to Jeremy...
Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,670 shares of its common stock to Jeremy after $31,900 in cash and computer equipment with a fair market value of $45,530 were received. 02. June 1: Byte of Accounting, Inc. issued 1,851 shares of its common stock after acquiring from Courtney $36,250 in cash, computer equipment with a fair market value of $16,240 and office equipment with a fair value of $1,189. 03. June 1: Byte of...
June 1: Byte of Accounting, Inc. issued 2,580 shares of its common stock to Jeremy after $30,160 in cash and computer equipment with a fair market value of $44,660 were received. June 1: Byte of Accounting, Inc. issued 1,962 shares of its common stock after acquiring from Courtney $42,050 in cash, computer equipment with a fair market value of $13,920 and office equipment with a fair value of $928. June 1: Byte of Accounting, Inc. acquired $69,600 in cash from...
ransaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,670 shares of its common stock to Jeremy after $31,900 in cash and computer equipment with a fair market value of $45,530 were received. 02. June 1: Byte of Accounting, Inc. issued 1,851 shares of its common stock after acquiring from Courtney $36,250 in cash, computer equipment with a fair market value of $16,240 and office equipment with a fair value of $1,189. 03. June 1: Byte of...
please complete the journal entries please complete the journal entries Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,650 shares of its common stock to Jeremy after $32,480 in cash and computer equipment with a fair market value of $44,370 were received. 02. June 1: Byte of Accounting, Inc. issued 1,879 shares of its common stock after acquiring from Courtney $36,250 in cash, computer equipment with a fair market value of $17,400 and office equipment with a...
в Byte of Accounting, Inc. John Clark 3394 Description of transaction June 1: Byte of Accounting, Inc. issued 2,650 shares of its common stock to Jeremy after $25,300 in cash and computer equipment with a fair market value of $35,650 were received. Transaction 01. June 1: Byte of Accounting, Inc. issued 2.451 shares of its common stock after acquiring from Courtney S42,550 in cash, computer equipment with a fair market value of $12,880 and office equipment with a fair value...
Paste Copy Format BIU-- - Merge & Center DA X ✓ fx June 1: Byte of Accounting, Inc. issued 2,610 shares of its common stock to Jeremy after $27,040 inca 3 Transaction Byte of Accounting, Inc. Akaolisa Ngwu 6023 Description of transaction June 1: Byte of Accounting, Inc. issued 2,610 shares of its common stock to Jeremy after $27.040 in cash and computer equipment with a fair market value of $40,820 were received June 1: Byte of Accounting, Inc. issued...
32 only What are the three depreciation expenses given the following information BUILDING- COMPUTER EQUIP- OFFICE EQUIP- Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. issued 2,620 shares of its common stock to Jeremy after $29,960 in cash and computer equipment with a fair market value of $43,400 were received. 02. June 1: Byte of Accounting, Inc. issued 2,122 shares of its common stock after acquiring from Courtney $43,400 in cash, computer equipment with a fair market...
journalize thse transactions EM221 Insert Draw Page Layout Formulas Data Review View Home Paste June 1: Byte of Accounting, Ine. issued 2,590 shares of its common stock to Jeremy after $22,660 in cash nd omputer o apment with a fair market value of$34,320 were received. 01. June I: Byte of Accounting, Inc, issued 2,371 shares of its common stock after acquiring from Courtney $38,500 in cash, computer equipment with a fair market value of $12,760 and office equipment with a...
i need help finding #32 & statement in changes of retained earnings Byte of Accounting, Inc. Description of transaction June 1: Byte of Accounting, Inc. issued 2.660 shares of its common stock to Jeremy after $29,700 in cash and computer equipment with a fair market value of $42.120 were received June 1: Byte of Accounting, Inc. issued 2.562 shares of its common stock after acquiring from Courtney $55.350 in cash, computer equipment with a fair market value of $12.960 and...
what are the journal entries for 32,34,&35? fx The note payable relating to the June 2, and 10 transactions is a five-year - The fixed assets have estimated useful lives as follows: Building - 31.5 years Computer Equipment - 5.0 years Office Equipment - 7.0 years Use the straight-line method of depreciation Management has decided that assets purchased during a month are treated as if purchased on the first day of the month. The building's scrap value is $7,500. The...