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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question

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.)
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 4 images

Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education