Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

n October 1, 2017, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and s consulting services, computer system

image text in transcribedimage text in transcribed

n October 1, 2017, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and s consulting services, computer system installations, an d custom program development. Rey adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2017 Oct. 1 S. Rey invested $45,080 cash, a $20,800 computer system, and $8,0ee of office equipment in the company in exchange for its common stock 3 The company purchased $1,420 of computer supplies on credit from Harris office Products. 6 The company billed Easy Leasing $4,880 for services performed in installing a new web server 8 The company pald $1,420 cash for the computer supplies purchased from Harris Office Products on October 3 10 The company hired Lyn Addie as a part-time assistant for $125 per day, as needed 12 The company billed Easy Leasing another $1,400 for services performed 15 The company received $4,800 cash from Easy Leasing as partial payment toward its account 17 The company paid $805 cash to repair computer equipment damaged when moving it 20 The company paid $1,728 cash for advertisements published in the local newspaper 22 The company received $1,400 cash from Easy Leasing toward its account 28 The company billed IFM Company $5,208 for services performed 1 The company paid $875 cash for Lyn Addie's wages for seven days of work this month 31 The company paid $3,600 cash in dividends to the owner (sole shareholder) Required: Enter the amount of each transaction on individual items of the accounting equation. (Enter decreases to account balances with minus sign. Enter as per the transaction order provided in the question data.) Assets Liabilities Equity Office Accounts Accounts Computer Computer Commorn Date Cash +ReceivableSuppliesSystem+Equipment PayableStock Dividends +RevenuesExpenses Oct. 1 Bal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Textbook For Students And Researchers

Authors: Mukhiddin Kalonov

1st Edition

6206174077, 978-6206174073

More Books

Students also viewed these Accounting questions