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. Oct. 1 S. Rey invested $49,000 cash, a $21,000 computer system, and $9,500 of office equipment in the company in exchange for its common stock. 3 The company purchased $1,320 of computer supplies on credit. 6 The company billed Easy Leasing $5,400 for services performed in installing a new web server. 8 The company paid $1,320 cash for the computer supplies purchased on credit on October 3. 10 The company hired a part-time assistant. 12 The company billed Easy Leasing another $1,500 for services performed. 15 The company received $5,400 cash from Easy Leasing as partial payment toward its account. 17 The company paid $770 cash to repair its computer equipment. 20 The company paid $1,643 cash for advertisements published on Facebook. 22 The company received $1,500 cash from Easy Leasing toward its account. 28 The company billed IFM Company $5,303 for services performed. 31 The company paid $980 cash for the assistant's wages for this month. 31 The company paid $2,800 cash in dividends to the owner (sole shareholder).
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. Oct. 1 S. Rey invested $49,000 cash, a $21,000 computer system, and $9,500 of office equipment in the company in exchange for its common stock. 3 The company purchased $1,320 of computer supplies on credit. 6 The company billed Easy Leasing $5,400 for services performed in installing a new web server. 8 The company paid $1,320 cash for the computer supplies purchased on credit on October 3. 10 The company hired a part-time assistant. 12 The company billed Easy Leasing another $1,500 for services performed. 15 The company received $5,400 cash from Easy Leasing as partial payment toward its account. 17 The company paid $770 cash to repair its computer equipment. 20 The company paid $1,643 cash for advertisements published on Facebook. 22 The company received $1,500 cash from Easy Leasing toward its account. 28 The company billed IFM Company $5,303 for services performed. 31 The company paid $980 cash for the assistant's wages for this month. 31 The company paid $2,800 cash in dividends to the owner (sole shareholder).
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...
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Question
Required: Enter the amount of each transaction on individual items of the
Transcribed Image Text:Assets
Liabilities
Equity
Accounts
Computer
Supplies
Computer
System
Office
Accounts
Common
Date
Cash
Dividends
Revenues
Expenses
+
Receivable
Equipment
Payable
Stock
Oct. 1
+
Oct. 3
Bal.
01+
01 +
Oct. 6
+
+
Bal.
0l +
Ooct. 8
+
Bal.
01+
01 +
ol +
Oct. 12
+
+
Bal.
ol=
0l +
Oct. 15
+
+
Bal.
01+
Ol+
01 +
Oct. 17
+
+
Bal.
0l +
Oct. 20
+
Bal.
01+
Ol+
01 =
01 +
Oct. 22
+
+
Bal.
Oct. 28
Bal.
01+
Ol+
01 =
01 +
Oct. 31
+
+
Bal.
Oct. 31
Bal.
O1+
0 +
+++++++
+|++
+|++
++ + ++ + +
+
+ + +
+ + +
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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.
Oct. 1 s. Rey invested $49,000 cash, a $21,000 computer system, and $9,500 of office equipment in the company in exchange for its
common stock.
3 The company purchased $1, 320 of computer supplies on credit.
6 The company billed Easy Leasing $5,400 for services performed in installing a new web server.
8 The company paid $1,320 cash for the computer supplies purchased credit on October 3.
10 The company hired a part-time assistant.
12 The company billed Easy Leasing another $1,500 for services performed.
15 The company received $5,400 cash from Easy Leasing as partial payment toward its account.
17 The company paid $770 cash to repair its computer equipment.
20 The company paid $1,643 cash for advertisements published on Facebook.
22 The company received $1,500 cash from Easy Leasing toward its account.
28 The company billed IFM Company $5,303 for services performed.
31 The company paid $980 cash for the assistant's wages for this month.
31 The company paid $2,800 cash in dividends to the owner (sole shareholder).
on
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