Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

SP 1 Serial Problem Business Solutions ( Static ) LO P 1 Required: Enter the amount of each transaction on individual items of the accounting

SP 1 Serial Problem Business Solutions (Static) LO P1 Required:
Enter the amount of each transaction on individual items of the accounting equation.
Note: Enter decreases to account balances with a minus sign. Enter as per the
transaction order provided in the question data. Answer is not complete.
\table[[+,\table[[Computer],[System]],+,\table[[Office],[Equipment]],\table[[\table[[=],[=]]]],\table[[Liabilities],[Accounts],[Payable]],\table[[+]],\table[[Common],[Stock]],-,Dividenc],[],[+,$ 20,000,+,$ 8,000,=,,+,,-,],[+,,+,,=,1,420,+,,-,],[+,20,000,+,8,000,=,1,420,+,0,-,],[+,,+,,=,,+,,-,],[+,20,000,+,8,000,=,1,420,+,0,-,],[+,,+,,=,,+,,-,],[+,20,000,+,8,000,=,1,420,+,0,-,],[+,,+,,=,,+,,-,],[+,20,000,+,8,000,=,1,420,+,0,-,],[+,,+,,=,,+,,-,],[+,20,000,+,8,000,=,1,420,+,0,-,],[+,,+,,=,,+,,-,],[+,20,000,+,8,000,=,1,420,+,0,-,],[+,,+,,=,,+,,-,],[+,20,000,+,8,000,=,1,420,+,0,-,],[+,,+,,=,,+,,-,],[+,20,000,+,8,000,=,1,420,+,0,-,],[+,,+,,=,,+,,-,],[+,20,000,+,8,000,=,1,420,+,0,-,],[+,,+,,=,,+,,-,],[+,20,000,+,8,000,=,1,420,+,0,-,],[+,,+,,=,,+,,-,],[+,$ 20,000,+,$ 8,000,=,$ 1,420,+,$0,-,$]]
Prev 1 of 1 Next
On October 1,2021, 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.
October 1 S. Rey invested $45,000 cash, a $ $20,000 computer system, and $8,000 of office equipment in the
company in exchange for its common stock..
October 3 The company purchased $1,420 of computer supplies on credit.
October 6 The company billed Easy Leasing $4,800 for services performed in installing a new web server.
October 8 The company paid $1,420 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 $1,400 for services performed.
October 15 The company received $4,800 cash from Easy Leasing as partial payment toward its account.
October 17 The company paid $805 cash to repair its computer equipment.
October 20 The company paid $1,728 cash for advertisements published on Facebook.
October 22 The company received $1,400 cash from Easy Leasing toward its account.
October 28 The company billed IFM Company $5,208 for services performed.
October 31 The company paid $875 cash for the assistant's wages for this month.
October 31 The company paid $3,600 cash in dividends to the owner (sole shareholder).
Required:
Enter the amount of each transaction on individual items of the accounting equation.
Note: Enter decreases to account balances with a minus sign. Enter as per the transaction order provided in the question
data.
image text in transcribed

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

Investments Analysis And Management

Authors: Charles P. Jones, Gerald R. Jensen

14th Edition

ISBN: 1119578078, 978-1119578079

More Books

Students also viewed these Accounting questions