Question

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

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)