I got past the general journal but am having a hard time filling the rest out. please
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I got past the general journal but am having a hard time filling the rest out. please help ! I'm not understanding at all ! I need the balance sheet filled and the income statement filled and the changes in retained earrings filled, not understanding. I also am not understanding on what to name each description in the general journal and what numbers are left to fill in the general journal so I am able to fill out the rest . I am stuck
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3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Transaction 01. 02. 03. 04. 05. 06. 07. 08. 09. 10. 11. Description of transaction June 1: Byte of Accounting, Inc. issued 2,630 shares of its common stock to Jeremy after $31,030 in cash and computer equipment with a fair market value of $45,240 were received. June 1: Byte of Accounting, Inc. issued 1,905 shares of its common stock after acquiring from Courtney $39,150 in cash, computer equipment with a fair market value of $15,080 and office equipment with a fair value of $1,015. June 1: Byte of Accounting, Inc. acquired $63,800 in cash from Kory Hathcock and issued 2,200 shares of its common stock. June 2: A down payment of $30,000 cash was made on additional computer equipment that was purchased for $150,000. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation. June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Byte paid $23,000 on the balance it owed on the June 2 purchase of computer equipment. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $6,480 in cash. The effective date of the policy was June 16. June 16: Computer consultation revenue of $7,500 was received. June 16: Byte purchased a building and the land it is on for $119,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $19,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,900 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. June 17: Cash of $4,600 was paid for rent for June and July. Put the total amount into the Prepaid Rent loccount 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Transaction 01. 02. 03. 04. 05. 06. 07. 08. 09. 10. 11. Description of transaction June 1: Byte of Accounting, Inc. issued 2,630 shares of its common stock to Jeremy after $31,030 in cash and computer equipment with a fair market value of $45,240 were received. June 1: Byte of Accounting, Inc. issued 1,905 shares of its common stock after acquiring from Courtney $39,150 in cash, computer equipment with a fair market value of $15,080 and office equipment with a fair value of $1,015. June 1: Byte of Accounting, Inc. acquired $63,800 in cash from Kory Hathcock and issued 2,200 shares of its common stock. June 2: A down payment of $30,000 cash was made on additional computer equipment that was purchased for $150,000. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing $300 was purchased on credit from Discount Computer Corporation. June 8: Unsatisfactory office equipment costing $60 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Byte paid $23,000 on the balance it owed on the June 2 purchase of computer equipment. June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $6,480 in cash. The effective date of the policy was June 16. June 16: Computer consultation revenue of $7,500 was received. June 16: Byte purchased a building and the land it is on for $119,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $19,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $11,900 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1. June 17: Cash of $4,600 was paid for rent for June and July. Put the total amount into the Prepaid Rent loccount
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Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
Posted Date:
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