01 I: Byte of Accounting, Inc. issued 2,620 shares of its common stock to Jeremy
ID: 2555886 • Letter: 0
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01 I: Byte of Accounting, Inc. issued 2,620 shares of its common stock to Jeremy after $23,890 in cash computer equipment with a fair market value of $41,350 were reoeived June 1: Byte of Accounting, Inc. issued 2,216 shares of its common stock after acquiring from Courtney 02 $44,550 in cash, computer equipment with a fair market value of $14,580 and office equipment with a fai value of $702 l: Byte of Accounting, Inc. acquired $86,400 in cash from Sofia Muffoletio and issued 3,200 its common stock 03 hat was 04 une 2: A down payment of $28,000 in cash was made on additional computer for $140,000 A five-year note was executed by Byte for the balance Discount Computer Junc 4: Additional office equipment costing $300 was purchased on credit from 05 06 07 10: Byte paid S21,500 on the balance it owed on the June 2 purchase of computer equipment by Bytc for S$4,968 14. A one-year insurance policy covering its computer in cash. The efflective date of the policy was Junc 16 Itation revenuc of $8,250 was received 16: Byte purchased a building and the land i is on for $107,000, to house its repair facilities and 10 store computer equipment. The lot on which the building is located is valacd at $17,000. The balance of he cost is to be allocated to the building. Byte made a cash down payment of $10,700 and executed a balance. The montgege is payable in cight equal annual instaliments bepinning July 1. montgage for the The 17: Cesh of $8,000 was pidfor rent for June, July,Augst andSeptemaber Pat the lo nto the Prepaid Rent account 12 an 17: Received a bill of $300 from the local newspaper for advertising 13 June 21: Balled 14 June 21: Afax machine for the office was purchased for $675 cash 15 June 21: Accounts payable in the amount of $240 were paid various miscellancous local customers $4 200 for consulting services performed June 22: Paid the advertising bill that was reccived on June 22 Reccived a bill for $1,290 from Computer Parts and Repair Co. for repairs to the computer 17 18 June 22 Paid sa ares of SS?O to egu ment o eran for te week cnding June 18. une 23: Cash in the amount of $3,365 was reccived on billings 20 23: Purchased office supplies for $555 on credit. Record the purchase as an increase to the assets 21 une 2 Billed,05 to miscellaneous customers for services performed to June 2Explanation / Answer
S No Date Account Debit Credit 1 Jun 1 Cash 28890 1 Jun 1 Computer Equipment 41850 1 Jun 1 Common Stock (2620 Shares) 70740 2 Jun 1 Cash 44550 2 Jun 1 Computer Equipment 14580 2 Jun 1 Office Equipment 702 2 Jun 1 Common Stock (2216 share) 59832 3 Jun 1 Cash 86400 3 Jun 1 Common Stock (3200 share) 86400 4 Jun 2 Computer Equipment 140000 4 Jun 2 Note payable 112000 4 Jun 2 Cash 28000 5 Jun 4 Office Equipment 300 5 Jun 4 Accounts Payable 300 6 Jun 8 Accounts Payable 60 6 Jun 8 Office Equipment 60 7 Jun 10 Note payable 21500 7 Jun 10 Cash 21500 8 Jun 14 Prepaid Insurance 4968 8 Jun 14 Cash 4968 9 Jun 16 Cash 8250 9 Jun 16 Earned Fee Revenue 8250 10 Jun 16 Land 17000 10 Jun 16 Building 90000 10 Jun 16 Cash 10700 10 Jun 16 Mortgage payable (8 EMI) 96300 11 Jun 17 Prepaid Rent 8000 11 Jun 17 Cash 8000 12 Jun 17 Advertising Expense 300 12 Jun 17 Accounts Payable 300 13 Jun 21 Accounts Receivable 4200 13 Jun 21 Earned Fee Revenue 4200 14 Jun 21 Fax Machine 675 14 Jun 21 Cash 675 15 Jun 21 Accounts Payable 240 15 Jun 21 Cash 240 16 Jun 22 Accounts Payable 300 16 Jun 22 Cash 300 17 Jun 22 Repair Expense 1290 17 Jun 22 Accounts Payable 1290 18 Jun 22 Salaries Expense 810 18 Jun 22 Cash 810 19 Jun 23 Cash 3365 19 Jun 23 Accounts Receivable 3365 20 Jun 23 Office Supplies 555 20 Jun 23 Accounts Payable 555 21 Jun 28 Accounts Receivable 5805 21 Jun 28 Earned Fee Revenue 5805 22 Jun 29 Cash 5500 22 Jun 29 Accounts Receivable 5500 23 Jun 29 Accounts Payable 1290 23 Jun 29 Cash 1290 24 Jun 29 Salaries Expense 810 24 Jun 29 Cash 810 25 Jun 30 Fuel Expense 915 25 Jun 30 Accounts Payable 915 26 Jun 30 Dividend (2620+2216+3200)*0.2 1607 26 Jun 30 Cash 1607 Adjusting Entries 1 Jun 30 Rent Expense (8000/4) 2000 1 Jun 30 Prepaid Rent 2000 2 Jun 30 Office Supply Expense 555-225 330 2 Jun 30 Office Supplies 330 3 Jun 30 Interest Expense (96300*8.75%*half month) 351 3 Jun 30 Interest Payable 351 4 Jun 30 Insurance Expense (4968 for a year, for half a month=4968/24) 207 4 Jun 30 Prepaid Insurance 207 5 Jun 30 Unearned Fees 9000 5 Jun 30 Earned Fee Revenue 9000
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