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 October 6 The company purchased $1,410 of computer supplies on credit. 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. October 10 The company hired a part-time assistant. October 12 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). The company billed Easy Leasing another $1,700 for services performed. 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 October 6 The company purchased $1,410 of computer supplies on credit. 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. October 10 The company hired a part-time assistant. October 12 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). The company billed Easy Leasing another $1,700 for services performed. 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
Related questions
Question
Dinesh bhai
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 another $1,700 for services performed.
October 8
October 10
October 12
October 15
October 17
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 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.
October 22
October 28
October 31
October 20 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 $5,233 for services performed.
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.
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 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.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