On October 1, 2020, 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 $52,000 cash, a $22,000 computer system, and $12,500 of office equipment in the company in exchange for its common stock. October 3 The company purchased $1,410 of computer supplies on credit. October 6 October 8 October 10 October 12 The company billed Easy Leasing $5,100 for services performed in installing a new web server. The company paid $1,410 cash for the computer supplies purchased on credit on October 3. The company hired a part-time assistant. The company billed Easy Leasing another $1,700 for services performed. October 15 The company received $5,100 cash from Easy Leasing as partial payment toward its account. October 17 The company paid $775 cash to repair its computer equipment. October 20 The company paid $1,683 cash for advertisements published on Facebook. October 22 The company received $1,700 cash from Easy Leasing toward its account. October 28 The company billed IFM Company $p,233 for services performed. October 31 The company paid $980 cash for the assistant's wages for this month. October 31 The company paid $3,000 cash in dividends to the owner (sole shareholder). Required: Enter the amount of each transaction on individual items of the accounting equation. Show new balances after each transaction. Note: Enter decreases to account balances with a minus sign. Enter as per the transaction order provided in the question data.
On October 1, 2020, 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 $52,000 cash, a $22,000 computer system, and $12,500 of office equipment in the company in exchange for its common stock. October 3 The company purchased $1,410 of computer supplies on credit. October 6 October 8 October 10 October 12 The company billed Easy Leasing $5,100 for services performed in installing a new web server. The company paid $1,410 cash for the computer supplies purchased on credit on October 3. The company hired a part-time assistant. The company billed Easy Leasing another $1,700 for services performed. October 15 The company received $5,100 cash from Easy Leasing as partial payment toward its account. October 17 The company paid $775 cash to repair its computer equipment. October 20 The company paid $1,683 cash for advertisements published on Facebook. October 22 The company received $1,700 cash from Easy Leasing toward its account. October 28 The company billed IFM Company $p,233 for services performed. October 31 The company paid $980 cash for the assistant's wages for this month. October 31 The company paid $3,000 cash in dividends to the owner (sole shareholder). Required: Enter the amount of each transaction on individual items of the accounting equation. Show new balances after each transaction. Note: Enter decreases 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
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Transcribed Image Text:On October 1, 2020, 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 $52,000 cash, a $22,000 computer system, and $12,500 of office equipment in
the company in exchange for its common stock.
October 3
The company purchased $1,410 of computer supplies on credit.
October 6 The company billed Easy Leasing $5,100 for services performed in installing a new web server.
October 8
The company paid $1,410 cash for the computer supplies purchased on credit on October 3.1
October 10 The company hired a part-time assistant.
October 12
October 15
October 17
October 20
October 22
October 28
The company billed Easy Leasing another $1,700 for services performed.
The company received $5,100 cash from Easy Leasing as partial payment toward its account.
The company paid $775 cash to repair its computer equipment.
The company paid $1,683 cash for advertisements published on Facebook.
The company received $1,700 cash from Easy Leasing toward its account.
The company billed IFM Company $p,233 for services performed.
October 31 The company paid $980 cash for the assistant's wages for this month.
October 31 The company paid $3,000 cash in dividends to the owner (sole shareholder).
Required:
Enter the amount of each transaction on individual items of the accounting equation. Show new balances after each transaction.
Note: Enter decreases to account balances with a minus sign. Enter as per the transaction order provided in the question data.
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