Journalize the transactions 01. 02. 03. 04. 05. 06. 07. 08. 09. 10. 11. June 1: Hudson
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
01. 02. 03. 04. 05. 06. 07. 08. 09. 10. 11. June 1: Hudson Bloom invested $141,904.00 cash and computer equipment with a fair market value of $43,120.00 in his new business, Byte of Accounting. June 1: Check # 5000 was used to purchased office equipment costing $1,064.00 from Office Express. The invoice number was 87417. June 1: Check # 5001 was used to purchased computer equipment costing $14,000.00 from Maxwell Monroe. The invoice number was 20117.. June 2: Check # 5002 was used to make a down payment of $30,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $150,000.00. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing $700.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432. June 8: Unsatisfactory office equipment costing $140.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Check # 5003 was used to make a $23,000.00 payment reducing the principal owed on the June 2 purchase of computer equipment from Royce Computers. June 14: Check # 5004 was used purchase a one-year insurance policy covering its computer equipment for $6,312.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. June 16: A check in the amount of $7,250.00 was received for services performed for Pitman Pictures. June 16: Byte purchased a building and the land it is on for $107,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $17,000.00. The balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $10,700.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance. June 17: Check # 5006 for$8,000.00 was paid for rent of the office space for June, July, August and 01. 02. 03. 04. 05. 06. 07. 08. 09. 10. 11. June 1: Hudson Bloom invested $141,904.00 cash and computer equipment with a fair market value of $43,120.00 in his new business, Byte of Accounting. June 1: Check # 5000 was used to purchased office equipment costing $1,064.00 from Office Express. The invoice number was 87417. June 1: Check # 5001 was used to purchased computer equipment costing $14,000.00 from Maxwell Monroe. The invoice number was 20117.. June 2: Check # 5002 was used to make a down payment of $30,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $150,000.00. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing $700.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432. June 8: Unsatisfactory office equipment costing $140.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Check # 5003 was used to make a $23,000.00 payment reducing the principal owed on the June 2 purchase of computer equipment from Royce Computers. June 14: Check # 5004 was used purchase a one-year insurance policy covering its computer equipment for $6,312.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. June 16: A check in the amount of $7,250.00 was received for services performed for Pitman Pictures. June 16: Byte purchased a building and the land it is on for $107,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $17,000.00. The balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $10,700.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance. June 17: Check # 5006 for$8,000.00 was paid for rent of the office space for June, July, August and
Expert Answer:
Answer rating: 100% (QA)
Step 1 Journalizing transactions Journalizing transactions is a part of the accounting cycle p... View the full answer
Related Book For
Operations Management Sustainability And Supply Chain Management
ISBN: 9780135173626
13th Edition
Authors: Jay Heizer, Barry Render, Chuck Munson
Posted Date:
Students also viewed these accounting questions
-
Why is the group of polyketide compounds often referred to as acetogenins? Draw the biosynthesis of the formation of rhein (3) from acetyl Co-A! . (3)
-
Byte of Accounting: Journalize these transactions June 1: Byte of Accounting, Inc. issued 2,670 shares of its common stock to Jeremy after $25,760 in cash and computer equipment with a fair market...
-
The Medical Assurance Company is investigating the cost of a routine office visit to family-practice physicians in the Rochester, New York, area. The following is a list of 39 family-practice...
-
Assume that you are purchasing an investment and have decided to invest in a company in the digital phone business. You have narrowed the choice to Best Digital, Corp., and Every Zone, Inc., and have...
-
Su Ltd. acquired an excavator on January 1, 2017, for 10,000 (all amounts in thousands). This excavator represents the company's only piece of equipment, and Su chooses revaluation accounting. This...
-
CrossMan Corporation, a rapidly expanding crossbow distributor to retail outlets, is in the process of formulating plans for next year. Joan Caldwell, director of marketing, has completed her sales...
-
From the following trial balance of C Worth after his first years trading, you are required to draw up a trading and profit and loss account for the year ended 30 June 19X8. A balance sheet is not...
-
Copa Corporations accountant left for vacation before completing the monthly cost variance report. The corporations president has asked you to complete the report. The following data are available...
-
Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted the following sales: Quarter 1 Quarter 2...
-
Publishing Company, Inc. ("P") is a publicly traded C corporation engaged in the publication of professional textbooks. P has 5 million shares of voting common stock outstanding. The stock is...
-
The wages of the security guards who protect the factory building are an example of Select answer from the options below Indirect Labor: Yes & Product Cost: No Indirect Labor: Yes & Product Cost: Yes...
-
Assume you own the following in your portfolio: 80 of stock 1 priced at $42 with a Beta of 1.3 10 of stock 2 priced at $30 with a Beta of 1.8 50 of stock 3 priced at $43 with a Beta of 0.7 What is...
-
2) Use the duration to calculate the effect on the bond's price of a decrease of 0.3% in its yield. 3. Consider the following probability distribution for stocks C and D. 1) What's the expected rates...
-
The female patient was admitted with right lower quadrant abdominal pain, diarrhea, fever, chills, and nausea for the past 5days. Blood and stool cultures were negative. CT of the abdomen ruled out...
-
NovaCast Innovations Ltd, a manufacturer and retailer of cutting-edge fishing equipment, began its business on 1 July 2021 by issuing 100,000 shares with a value of $2.00 each. These shares were...
-
Replace the contents of cell A1 with your class number and name. Use a format to show decimals, dollar signs, % and commas consistent with the example figures below. Use the format option with...
-
What are the issues that are raised regarding the Church s approach to them as revealed in Section 1 ?
-
Prairie Outfitters, Inc., a retailer, accepts paymnent through credit cards. During August, credit card sales amounted to $12,000. The processor charges a 3% fee. Assuming that the credit card...
-
There is only one copying machine in the student lounge of the business school. Students arrive at the rate of = 40 per hour (according to a Poisson distribution). Copying takes an average of 40...
-
Describe how and when making a decision tree will make you do the right decisions.
-
If the fourth oil change and lube job at Trendo-Lube took 18 minutes and the second took 20 minutes, estimate how long a) The first job took. b) The third job took. c) The eighth job will take. d)...
-
What are the current trends in software platforms?
-
One early morning in the fall of 2007, Dennis Jonsson was reading the latest reports on global warming and thought that someone ought to do something about it. Then he realized that he and his fellow...
-
Between 1988 and 2008, we saw an increase in the percent of cash returned to stockholders in the form of dividends. Why?
Study smarter with the SolutionInn App