Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

On October 1, 2019, 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
On October 1, 2019, 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. Oct. 1 5. Rey invested $52,000 cash, a $28,000 computer system, and $11,000 of office equipment in the company in exchange for its common stock. 3 The company purchased $1,380 of computer supplies on credit fron Harris Office Products 6 The company billed Easy Leasing $5,500 for services performed in installing a new web server. 8 The company paid $1,380 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 $135 per day, as needed. 12 The company billed Easy Leasing another $2,000 for services performed. 15 The company received $5,500 cash from Easy Leasing as partial payment toward its account. 17 The company paid $770 cash to repair computer equipment damaged when moving it. 28 The company paid $1,673 cash for advertisements published in the local newspaper. 22 The company received $2,000 cash from Easy Leasing toward its account. 28 The company billed IFM Company $5,238 for services performed. 31 The company paid $945 cash for Lyn Addie's wages for seven days of work this month. 31 The company paid $3,300 cash in dividends to the owner (sole shareholder). 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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Fundamental Accounting Principles Volume II

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

16th Canadian edition

978-1260305838

Students also viewed these Accounting questions