Question

June 1 Byte of Accounting, Inc. acquired 543,200 in cash from Lauryn and issued 1,800 shares of its Common stock 02. June : Byte of Accounting, Inc. issued 2,550 shares of its common stock to Stephanie Guthrie after 525,680 in cash and computer equipment with a fair market value of $35,520 were received. 03.pune : Byte of Accounting Inc, issued 2,159 shares of its common stock after acquiring from Courtney $39.600 in cash, computer equipment with a fair market value of $11,520 and office equipment with a fair Ivalue of $696 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. 05 June 4 Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation 06 June 8 Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be lapplied against the outstanding balance owed by Byte 07. June 10: Byte paid $26,750 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 $5.976 in cash. The effective date of the policy was June 16. 09. June 16 A check in the amount of $6,750 was received for consulting revenue 10 June 16: Byte purchased a building and the land it is on for $149,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $24,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $14,900 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. 11. June 17: Cash of $8,000 was paid for rent for June, July, August and September. Put the total amount into the Prepaid Rent account 12. June 17: Received a bill of $375 from the local newspaper for advertising. 13. June 21: Accounts payable in the amount of $240 were paid 14. June 21: A fax machine for the office was purchased for $725 cash.

NEED HELP!!! I did my general lendger but my finacial statements are not balancing so there is a problem I guess in my transactions.

have to make the nessecary credit and debit transactions for each one.

Answer 1

Dr	Cash		Cr
Particulars	Amount	Particulars	Amount
Issue of common stock	43200	By Computer equipment	35000
Issue of commom stock	25680	By Computer equipment	26750
To Consulting revenue	6750	By Insurance	5976
Dr	Common stock		Cr
Particulars	Amount	Particulars	Amount
		By Cash	43200
		By Cash	25680
		By Computer	11520
		By Office Equipment	696
Dr	Computer Equipment		Cr
Particulars	Amount	Particulars	Amount
To Cash	35000
Common stock	11520
To Note Payabale	140000
Dr	Note payable		Cr
To Cash	26750	Computer equipment	140000
Dr	Office quipment		Cr
Particulars	Amount	Particulars	Amount
To Cash	696	By DC	60
To Discount computer corporation	300
Dr	Discount Computer corporation		Cr
Particulars	Amount	Particulars	Amount
To office quipment	60	By office equipment	300
	Insurance
Particulars	Amount	Particulars	Amount
To Cash	5976
	Consulting Revenue
Particulars	Amount	Particulars	Amount
		By Cash	6750