Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer
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. October 1 S. Rey invested $47,000 cash, a $22,000 computer system, and $8,500 of office equipment in the company. October 3 The company purchased $1,520 of computer supplies on credit. October 6 The company billed Easy Leasing $5,300 for services performed in installing a new web server. October 8 The company paid $1,520 cash for the computer supplies purchased on credit on October 3. October 10 The company hired a part-time assistant. . October 12 The company billed Easy Leasing another $1,600 for services performed. October 15 The company received $5,300 cash from Easy Leasing as partial payment toward its account. October 17 The company paid $790 cash to repair its computer equipment. October 20 The company paid $1,648 cash for advertisements published on Facebook. October 22 The company received $1,600 cash from Easy Leasing toward its account. October 28 The company billed IFM Company $5,218 for services performed. October 31 The company paid $875 cash for the assistant's wages for this month. October 31 5. Rey withdrew $2,700 cash from the company for personal use. 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.) October 1 Date October 3 Balance after October 1 and October 3 October 6 Balance after October 6 October 8 Balance after October 8 October 12 Balance after October 12 October 15 Balance after October 15 October 17 Balance after October 17 October 20 Balance after October 20 October 22 Cash Accounts Receivable + + + + Assets Liabilities + Computer Supplies Computer System Office Equipment Accounts Payable = = = + + S. Rey, Capital S. Rey, Withdrawals Equity + + + + + + + + + + + + + + + + Revenues Expenses
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