Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On October 1, 2018, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and provides consulting services, computer system

image text in transcribed
image text in transcribed
On October 1, 2018, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and custom program development. Rey uses the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2018 Oct. 1 S. Rey invested $47,eee cash, a $24,eee computer system, and $12,5ee of office equipment in the company in exchange for its common stock. 3 The company purchased $1,469 of computer supplies on credit from Harris Office Products. 6 The company billed Easy Leasing $5,300 for services performed in installing a new web server. 8 The company paid $1,460 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 $2,400 for services performed. 15 The company received $5,300 cash from Easy Leasing as partial payment toward its account. 17 The company paid $72e cash to repair computer equipment damaged when moving it. 20 The company paid $1,643 cash for advertisements published in the local newspaper. 22 The company received $2,400 cash from Easy Leasing toward its account. 28 The company billed IFM Company $5,308 for services performed. 31 The company paid $875 cash for Lyn Addie's wages for seven days of work this month. 31 The company paid $3,100 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 a minus sign. Enter as per the transaction order provided in the question data.) 1 Accounts Receivable Assets Computer Supplies Common Liabilities Accounts Payable Date Computer System Cash Office Equipment Stock Dividends Oct. 1 25 ints Oct 3 Bal Oct 6 Bal Oct 8 Bal . + + + Oct. 10 Bal Oct. 12 Bal. Oct. 15 Bal Oct. 17 + + - + Bal Me GEW Hill Prev 1 of 4 ! Next > o pe here to search i ENG 8:13 PM 6/29/2020 lip

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

Expert Fraud Investigation A Step By Step Guide

Authors: Tracy Coenen

1st Edition

0470387963, 978-0470387962

More Books

Students also viewed these Accounting questions

Question

3. Contrast relational contexts in organizations

Answered: 1 week ago

Question

2. Describe ways in which organizational culture is communicated

Answered: 1 week ago

Question

1. Describe and compare approaches to managing an organization

Answered: 1 week ago