Question

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 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.

Answer 1

Date	Particulars	Debit ($)	Credit ($)
1	Cash	31,900
	Computer Equipment	45,530
	Common stock		77,430
	(To record issue of 2670 shares of common stock @ $25 to Jeremy in exchange for cash and computer equipment)
2	Cash	36,250
	Computer equipment	16,240
	Office equipment	1,189
	Common stock		53,679
	(To record issue of 1851 shares of common stock @ $29 to Jeremy in exchange for cash and computer equipment and office equipment)
3	Cash	58,000
	Common stock		58,000
	(To record issue of 2,000 shares @ $29 for cash received)
4	Computer equipment	165,000
	Cash		33,000
	Notes Payable		132,000
	(To record purchase of computer equipment)
5	Office equipment	500
	Accounts Payable		500
	(To record purchase of office equipment on credit)
6	Accounts Payable	100
	Office equipment		100
	(To record return of office equipment due to unsatisfactory performance)
7	Note Payable	25,250
	Cash		25,250
	(To record the payment)
8	Prepaid insurance	4,968
	Cash		4,968
	(To record prepaid insurance)
9	Cash	7,750
	Service revenue		7,750
	(To record computer consultation revenue)
10	Land	16,000
	Building	85,000
	Cash		10,100
	Mortgage payable		90,900
	(To record purchase of land and building)

  

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