Put all transactions into general journal entries. 1). June 1: Lauryn made an investment in Byte of
Question:
Put all transactions into general journal entries.
1). June 1: Lauryn made an investment in Byte of Accounting, Inc. by purchasing 3,850 shares of its common stock for $115,538.50 cash. The par value of the common stock was $0.01 per share.
2). June 1: Ying Pei made an investment in Byte of Accounting, Inc., by purchasing 2,520 shares of its common stock paying $30,910.30 in cash and by contributing computer equipment with a fair market value of $44,714.90. The par value of the common stock was $0.01 per share.
3). June 1: Courtney made an investment in Byte of Accounting, Inc., by purchasing 598 shares of its common stock by contributing computer equipment with a fair market value of $16,805.60 and office equipment with a fair value of $1,140.38. The par value of the common stock was $0.01 per share.
4). June 2: Check # 5002 was used to make a down payment of $35,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $175,000.00. A five-year note was executed by Byte for the balance.
5). June 4: Additional office equipment costing $700.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432.
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta