Answered step by step
Verified Expert Solution
Question
1 Approved Answer
12 SP 1 Serial Problem Business Solutions (Algo) LO P1 On October 1, 2021. Santana Rey launched a computer services company, Business Solutions, that is
12 SP 1 Serial Problem Business Solutions (Algo) LO P1 On October 1, 2021. Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom program development. 10 points eBook October 1 S. Rey invested $50,000 cash, a $24,000 computer system, and $10,000 of office equipment in the company. October 3 The company purchased $1,340 of computer supplies on credit. October 6 The company billed Easy Leasing $5,700 for services performed in installing a new web server. October 8 The company paid $1,340 cash for the computer supplies purchased on credit on October 3. October 12 The company billed Easy Leasing another $2,300 for services performed. October 15 The company received $5,700 cash from Easy Leasing as partial payment toward its account. October 17 The company paid $710 cash to repair its computer equipment. October 20 The company paid $1,668 cash for advertisements published on Facebook. October 22 The company received $2,300 cash from Easy Leasing toward its account. October 28 The company billed IFM Company $5,243 for services performed. October 31 The company paid $1,ese cash for the assistant's wages for this month. October 31 S. Rey withdrew $3,600 cash from the company for personal use. ASK Print Required Enter the amount of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign. Enter as per the transaction order provided in the question data.) References Liabilities Equity Assets Revenues Expenses S. Rey, Withdrawals Accounts Payable S. Rey, Capital Computer System Date Office Equipment Computer Supplies Accounts Receivable Cash + S 24,000 + $ 10.000) = $ 50,000 + October 1 ++ 1,340 + 1,340 + o 0 - 0 + 01 - October 3 24,000 1.340| + 10,000 = 50.000 + 0 + 1,340+ 12 + 5.700 Balance after October 1 and October 3 0 + 5.700 + 0 - Ol+ 5,700 October 6 1,340 + 10.000 24,000+ 1,340+ 5,700 + Balance after October 6 (1,340) + 0 + + 5.700 - 50,000 + (1,340) + 48,660 + ++ 01 + 0 October 8 10,000 24.000 + 1.340 5,700 + Balance after October 8
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started