Chapter 1 Serial Problem
On
October 1, 2011, 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. Rey adopts the calendar year for reporting purposes and
expects to prepare the company's first set of financial statements on
December 31, 2011.
|
Oct. 1
|
S. Rey invested $49,000 cash, a $26,000 computer system, and $12,000 of
office equipment in the company in exchange for common stock.
|
3
|
The company purchased $1,400 of computer supplies on credit from Harris
Office Products.
|
6
|
The company billed Easy Leasing $5,700 for services performed in
installing a new Web server.
|
8
|
The company paid $1,400 cash for the computer supplies purchased from
Harris Office
Products on October 3.
|
10
|
The company hired Lyn Addie as a part-time assistant for $125 per day,
as needed (paid weekly).
|
12
|
The company billed Easy Leasing another $1,700 for services performed.
|
15
|
The company received $5,700 cash from Easy Leasing as partial payment
toward its account.
|
17
|
The company paid $745 cash to repair computer equipment damaged when
moving it.
|
20
|
The company paid $1,673 cash for advertisements published in the local
newspaper.
|
22
|
The company received $1,700 cash from Easy Leasing toward its account.
|
28
|
The company billed IFM Company $5,223 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 $2,700 cash for dividends.
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Required:
|
Enter the amount of each transaction on individual items of the
accounting equation. Show new balances after each transaction.
(Leave no cells blank - be certain to enter "0"
wherever required. Amounts to be deducted, withdrawals and expenses
should be indicated with a minus sign. Omit the "$" sign in your
response.)
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