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Rawlco Communications operates 10 radio stations. The following events occurred during September. a. Placed an order for office supplies costing $3,100. Supplier intends to deliver
Rawlco Communications operates 10 radio stations. The following events occurred during September.
a. Placed an order for office supplies costing $3,100. Supplier intends to deliver later in the month.
b. Purchased equipment that cost $36,000; paid $15,000 cash and signed a promissory note to pay $21,000 in one
month.
c. Negotiated and signed a one-year bank loan, and then deposited $7,000 cash in the company's checking account.
d. Hired a new finance manager on the last day of the month.
e. Received an investment of $8,000 cash from the company's owners in exchange for issuing common shares.
f. Supplies [ordered in (a)] were received, along with a bill for $3,100.
Required:
1. Indicate the specific account, amount, and direction of effects for
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