Accounting Help
Question # 00055908
Posted By:
Updated on: 03/18/2015 03:07 AM Due on: 03/18/2015
| Byte of Accounting | |||
| Anthony Lloyd 1377 | |||
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Description of transaction | ||
| 01. | June 1: Hudson Bloom invested $132,888.00 cash and computer equipment with a fair market value of $32,760.00 in his new business, Byte of Accounting. | ||
| 02. | June 1: Check # 5000 was used to purchased office equipment costing $798.00 from Office Express. The invoice number was 87417. | ||
| 03. | June 1: Check # 5001 was used to purchased computer equipment costing $12,600.00 from Anthony Lloyd. The invoice number was 20117. | ||
| 04. | June 2: Check # 5002 was used to make a down payment of $29,000.00 on additional computer equipment that was purchased from Royce Computers, invoice number 76542. The full price of the computer was $145,000.00. A five-year note was executed by Byte for the balance. | ||
| 05. | June 4: Additional office equipment costing $600.00 was purchased on credit from Discount Computer Corporation. The invoice number was 98432. | ||
| 06. | June 8: Unsatisfactory office equipment costing $120.00 from invoice number 98432 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte. | ||
| 07. | June 10: Check # 5003 was used to make a $22,250.00 payment reducing the prinicpal owed on the June 2 purchase of computer equipment from Royce Computers. | ||
| 08. | June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equipment for $6,144.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. | ||
| 09. | June 16: A check in the amount of $7,250.00 was received for services performed for Pitman Pictures. | ||
| 10. | June 16: Byte purchased a building and the land it is on for $149,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $24,000.00. The balance of the cost is to be allocated to the building. Check # 5005 was used to make the down payment of $14,900.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance. | ||
| 11. | June 17: Check # 5006 for $7,500.00 was paid for rent of the office space for June, July and August. | ||
| 12. | June 17: Received invoice number 26354 in the amount of $275.00 from the local newspaper for advertising. | ||
| 13. | June 21: Billed various miscellaneous local customers $4,600.00 for consulting services performed. | ||
| 14. | June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for $750.00. The invoice number was 975-328. | ||
| 15. | June 21: Accounts payable in the amount of $480.00 were paid with Check # 5007. | ||
| 16. | June 22: Check # 5010 was used to pay the advertising bill that was received on June 17. | ||
| 17. | June 22: Received a bill for $1,290.00 from Computer Parts and Repair Co. for repairs to the computer equipment. The invoice number was 43254. | ||
| 18. | June 22: Check # 5009 was used to pay salaries of $835.00 to equipment operators for the week ending June 18. Ignore payroll taxes. | ||
| 19. | June 23: Cash in the amount of $3,685.00 was received on billings. | ||
| 20. | June 23: Purchased office supplies for $605.00 from Staples on account. The invoice number was 65498. | ||
| 21. | June 28: Billed $5,805.00 to miscellaneous customers for services performed to June 25. | ||
| 22. | June 29: Cash in the amount of $5,500.00 was received for billings. | ||
| 23. | June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co with Check # 5011. | ||
| 24. | June 29: Check # 5012 was used to pay salaries of $835.00 to equipment operators for the week ending June 25. Ignore payroll taxes. | ||
| 25. | June 30: Received a bill for the amount of $840.00 from O & G Oil and Gas Co. The invoice number was 784537. |
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Rating:
/5
Solution: Accounting Help