Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On October 1, 2019, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer

image text in transcribed

On October 1, 2019, 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. Oct. 1 S. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company. 3 The company purchased $1,420 of computer supplies on credit from Harris Office Products. 6 The company billed Easy Leasing $4,800 for services performed in installing a new web server. 8 The company paid $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. 31 The company paid $875 cash for Lyn Addie's wages for seven days of work this month. 31 S. Rey withdrew $3,600 cash from the company for personal use. Required: Enter the amount of each transaction on individual items of the accounting equation. Show new balances after each transaction. (Enter decreases to account balances with a minus sign. Enter as per the transaction order provided in the question data.) Bal. Oct. 8 Bal. 0+ 0+ Oct. 10 + + Bal. 0+ 0+ Oct. 12 + Bal. 0+ 0+ Accounts Assets Computer Date Oct. 1 Cash + Receivable + Supplies + Computer System Office Liabilities Accounts Equity S. Rey, S. Rey, Equipment Payable Capital - Withdrawals + Revenues Expenses + + + Oct. 3 Bal. + 0+ + + + al + 0 + Oct. 6 + 0+ + 0+ + 0+ + 0+ + 0+ + 0+ + 0 + + 0 + + 0 + + 0+ 0+ + = 0= 0+ 0 = 0+ + + + 0+ 0 0 + 0+ 0 0+ 0 + 0= 0+ 0 0+ 0 0 + + 0 = 0+ 0 0+ 0 0 + + 0 = 0+ 0+ 0 Oct. 15 + + + Bal. 0+ 0 + 0 + 0+ 0= 0+ 0 0+ 0 0 Oct. 17 + + + + = + + Bal. 0+ 0 + 0 + 0+ 0 = 0+ 0 0+ 0 0 Oct. 20 + + + + + + Bal. Oct. 22 0+ Bal. 0+ + 0 + + 0+ 0+ 0+ 0 = 0+ 0 0+ 0 0 + + + + 0 + 0+ 0 = 0+ 0 0+ 0 0 Oct. 28 + + + + Bal. 0+ 0 Oct. 31 + + 0 + + 0+ = 0= + 0+ 0 0+ 0 0 + + + Bal. 0+ 0+ 0+ 0+ 0 = 0+ 0 0+ 0 0 Oct. 31 + +1 + + = + + Bal. $ 0+ S 0 + $ 0 + $ 0+ $ 0 $ 0+ $ 0 $ 0+ $ 0 $

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

MIS Essentials

Authors: David M. Kroenke

4th edition

978-0133546590, 133546594, 978-0133807479

More Books

Students also viewed these Accounting questions

Question

What does stickiest refer to in regard to social media

Answered: 1 week ago