Question

Transaction	Description of transaction
01.	June 1: Byte of Accounting, Inc. issued 2,610 shares of its common stock to Jeremy after $24,380 in cash and computer equipment with a fair market value of $35,650 were received.
02.	June 1: Byte of Accounting, Inc. issued 1,959 shares of its common stock after acquiring from Courtney $31,050 in cash, computer equipment with a fair market value of $13,340 and office equipment with a fair value of $667.
03.	June 1:   Byte of Accounting, Inc. acquired $78,200 in cash from Justin feaster and issued 3,400 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 $400 was purchased on credit from Discount Computer Corporation.
06.	June 8: Unsatisfactory office equipment costing $80 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 $5,640 in cash. The effective date of the policy was June 16.
09.	June 16: Computer consultation revenue of $7,000 was received.
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.

Answer 1

No.	Date	Account title	Debit	Credit
1	June 1	Cash	24,380
		Computer equipment	35,650
		Common stock		60,030
		(To record issue of common stock.)
2	June 1	Cash	31,050
		Computer equipment	13,340
		Office equipment	667
		Common stock		45,057
		(To record issue of common stock.)
3	June 1	Cash	78,200
		Common stock		78,200
		(To record issue of common stock.)
4	June 2	Computer equipment	165,000
		Cash		33,000
		Long term notes payable		132,000
		(To record purchase of computer equipment.)
5	June 4	Office equipment	400
		Accounts payable - Discount Computer Corporation		400
		(To record purchase of office equipment.)
6	June 8	Accounts payable - Discount Computer Corporation	80
		Office equipment		80
		(To record returned back the office equipment.)
7	June 10	Long term notes payable	25,250
		Cash		25,250
		(To record payment made for notes payable.)
8	June 14	Prepaid insurance	5,640
		Cash		5,640
		(To record payment made for prepaid insurance.)
9	June 16	Cash	7,000
		Computer consultation revenue		7,000
		(To record computer consultation revenue.)
10	June 16	Land	24,000
		Building (149000-24000)	125,000
		Cash		14,900
		Mortgage payable (149000-14900)		134,100
		(To record acquired land and building.)