General journal of all transactions. ansaction Description of transaction une 1:

ID: 2423558 • Letter: G

Question

General journal of all transactions. ansaction Description of transaction une 1: Byte of Accounting, Inc. issued 2,660 shares of its common stock to Jeremy after $24,640 in cash 01. and computer equipment with a fair market value of $33,880 were received. June 1: Byte of Accounting, Inc. issued 2,594 shares of its common stock after acquiring from Courtney $42,900 in cash, computer equipment with a fair market value of $13,200 and office equipment with a fair value of $968 02. J June 1: Byte of Accounting, Inc. acquired $61,600 in cash from martin zuniga and issued its common stock. 03. 2,800 shares of June 2: A down payment of $28,000 in cash was made on additional computer equipment that was purchased for $140,000. A five-year note was executed by Byte for the balance. 04. June 4: Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation. 05. June 8: Unsatisfactory office equipment costing $60 was returned lapplied against the outstanding balance owed by Byte. 06. June to Discount Computer for credit to be 07· June 10: Byte paid $21,500 on the balance it owed on the June 2 purchase of computer equipment ed on the June 2 fmputer equipment. June 14: A one-year insurance policy covering its computer equipment was pure in cash. The effective date of the policy was June 16 08 hased by Byte for $5,640 09. June 16: Computer consultation revenue of $7,.500 was received. Byte purchased a building and the land it is on for $107,000, to house its repair facilities and to June 16: store computer equipment. The lot on which the building is located is valued at $17,000. The balance of 10. 141! FAad welcomed/ Chart of Accounts FAQ Transactions Amranaralla.

Explanation / Answer

1. Cash 24,640

Computer equipment 33,880

Common stock 58520

2. Cash 42,900

Computer equipment 13,200

Office equipment 968

Common stock 57,068

3. Cash 61,600

Common stock 61,600

4. Equipment 140,000

Cash 28,000

Accounts payable 112,000

5. Office equipment 300

Accounts payable 300

9. Cash 7500

computer consultation revenue 7500

11. Prepaid rent account 9600

Cash 9600

12. Advertisement exp 450

Accounts payable 450

13. Consulting sevices 4600

Cash 4600

14. Fax machine 700

Cash 700

15. Accounts payable 240

Cash 240

16. Accounts payable 450

Cash 450

17. Repairs exp 1090

Accounts payable 1090

18. Salary exp 860

Cash 860

19. Cash 3685

Accounts receivable 3685

20. Office supplies 680

Accounts payable 680

21. Accounts Receivable 5700

Misc.customers 5700

22. Cash 5400

accounts receivable 5400

23. Accounts payable 1090

Cash 1090

24. Salary exp 860

cash 860

25. Oil & gas co. 990

Accounts payable 990