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The Byte of Accounting Corporation (Byte) sells turn-key computer systems to midsize businesses on account. Byte was started by Lauryn on January 1 of last year when she was issued 2,200 shares of stock.

- Perpetual FIFO will be used for the Super Toners.

- The allowance method is used to account for bad debts.

Transaction 01: December 1: an investor made an investment in Byte by purchasing 2,700 shares of its common stock paying $72,900 in cash. The par value of the common stock was $19.00 per share.

Transaction 02: December 3: Byte purchased a Ricoh Color Copier for $5,300.00. The invoice number was 61298. Byte paid 10% in cash and signed a three-year note for the remaining balance. Interest at a rate of 6% a year will be paid semiannually.

Transaction 03: December 3: Check # 6001 for $2,400.00 was issued by Byte to pay for rent of the office space for December.

Transaction 04: December 3: Byte received 13 Super Toners for resale to customers at a cost of $20.00 per toner. The invoice number was 7249, and requires payment within 30 days.

Transaction 05: December 10: Byte sold 8 Super Toners to a customer on account for $57.00 each. The Sales order number was 12100.

Transaction 06: December 10: Byte records the cost of the 8 Super Toners sold using FIFO. The sales order number was 12100.

Transaction 07: December 11: Check # 6002 was issued to pay salaries of $2,000.00 to equipment operators. (Ignore payroll taxes at this time.)

Transaction 08: December 14: Check # 6003 was issued to purchase a one-year insurance policy covering its computer equipment. The cost of the insurance is $6,360.00 and paid to Seth's Insurance. The effective date of the policy was December 16 and the invoice number was 2387.

Transaction 09: December 15: Byte purchased $400.00 of supplies on account.

Transaction 10: December 16: Byte received 5 Super Toners purchased for resale to customers. The cost was $22.00 per toner. The invoice number was 7959, and payment is required in 30 days.

Transaction 11: December 17: Byte was informed that Mr. Madoff who has an account with the company will never pay the $590.00 he owes. Record the transaction to write off Mr. Madoff's accounts receivable account using the allowance method.

Transaction 12: December 17: Byte received invoice number 26354 in the amount of $725.00 from the local newspaper for advertising.

Transaction 13: December 18: Check # 6004 was issued to pay Accounts Payable in the amount of $1,120.00.

Transaction 14: December 19: Byte sold 6 Super toners to a customer on account for $57.00 each. The sales order number was 12101.

Transaction 15: December 19: Byte records the cost of the 6 Super Toners sold using FIFO. The sales order number was 12101.

FOR JOURNAL ENTRY: #15 ... I need an answer with the following:

1) Transaction Name

2) Transaction Debit amount

3) Transaction Credit amount

**Answer is NOT 6x20=120**

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