On October 1, 2019, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and orovides consulting services, computer system installations, and custom program development. 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. 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 0ctober 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 The company paid $3,600 cash in dividends to the owner (sole shareholder). ct. Required: Enter the amount of each transaction on individual items of the accounting equation. Show new balances after each transaction. (Enter lecreases to account balances with a minus sign. Enter as per the transaction order provided in the question data.)
On October 1, 2019, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and orovides consulting services, computer system installations, and custom program development. 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. 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 0ctober 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 The company paid $3,600 cash in dividends to the owner (sole shareholder). ct. Required: Enter the amount of each transaction on individual items of the accounting equation. Show new balances after each transaction. (Enter lecreases to account balances with a minus sign. Enter as per the transaction order provided in the question data.)
Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization
Section: Chapter Questions
Problem 80EDC
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Transcribed Image Text:On October 1, 2019, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and
orovides consulting services, computer system installations, and custom program development.
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.
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 0ctober 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 The company paid $3,600 cash in dividends to the owner (sole shareholder).
ct.
Required:
Enter the amount of each transaction on individual items of the accounting equation. Show new balances after each transaction. (Enter
lecreases to account balances with a minus sign. Enter as per the transaction order provided in the question data.)
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