On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation andprovides consulting services, computer system installations, and custom program development.October 1 S. Rey invested $55,000 cash, a $27,000 computer system, and $10,000 of office equipment in the company inexchange for its common stock.October 3 The company purchased $1,330 of computer supplies on credit.October 6 The company billed Easy Leasing $5,600 for services performed in installing a new web server.October 8 The company paid $1,330 cash for the computer supplies purchased on credit on October 3.October 10 The company hired a part-time assistant.billed Easy Leasing another $2,100 for services performed.October 12 The companyOctober 15 The company received $5,600 cash from Easy Leasing as partial payment toward its account.October 17 The company paid $730 cash to repair its computer equipment.October 20 The company paid $1,673 cash for advertisements published on Facebook.October 22 The company received $2,100 cash from Easy Leasing toward its account.October 28 The company billed IFM Company $5,248 for services performed.October 31 The companypaid $1,015 cash for the assistant's wages for this month.October 31 The company paid $2,700 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.

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Description: On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation andprovides consulting services, computer system installations, and custom program development.October 1 S. Rey invested $55

Every transaction has a double impact on the books of accounts according to the dual concept of…

Answered: Required: Enter the amount of each…

Business

Accounting

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 trans

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

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 $55,000 cash, a $27,000 computer system, and $10,000 of office equipment in the company in
exchange for its common stock.
October 3 The company purchased $1,330 of computer supplies on credit.
October 6 The company billed Easy Leasing $5,600 for services performed in installing a new web server.
October 8 The company paid $1,330 cash for the computer supplies purchased on credit on October 3.
October 10 The company hired a part-time assistant.
billed Easy Leasing another $2,100 for services performed.
October 12 The company
October 15 The company received $5,600 cash from Easy Leasing as partial payment toward its account.
October 17 The company paid $730 cash to repair its computer equipment.
October 20 The company paid $1,673 cash for advertisements published on Facebook.
October 22 The company received $2,100 cash from Easy Leasing toward its account.
October 28 The company billed IFM Company $5,248 for services performed.
October 31 The company
paid $1,015 cash for the assistant's wages for this month.
October 31 The company paid $2,700 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.

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