Create a table using the following headings for columns: Cash; Accounts Receivab
ID: 2419015 • Letter: C
Question
Create a table using the following headings for columns: Cash; Accounts Receivable; Computer Supplies; Computer System; Office Equipment; Accounts Payable; S. Rey, Capital; S. Rey, Withdrawals; Revenues; and Expenses. Then use additions and subtractions within the table created to show the dollar effects for each of the following October transactions for Business Solutions on the individual items of the accounting equation. Show new balances after each transaction.
Oct.
1
S. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company.
3
The company purchased $1,420 of computer supplies on credit from Harris Office Products.
6
The company billed Easy Leasing $4,800 for services performed in installing a new web server.
8
The company paid $1,420 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.
12
The company billed Easy Leasing another $1,400 for services performed.
15
The company received $4,800 cash from Easy Leasing as partial payment toward its account.
17
The company paid $805 cash to repair computer equipment damaged when moving it.
20
The company paid $1,728 cash for advertisements published in the local newspaper.
22
The company received $1,400 cash from Easy Leasing toward its account.
28
The company billed IFM Company $5,208 for services performed.
31
The company paid $875 cash for Lyn Addie’s wages for seven days of work this month.
31
S. Rey withdrew $3,600 cash from the company for personal use.
Oct.
1
S. Rey invested $45,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company.
3
The company purchased $1,420 of computer supplies on credit from Harris Office Products.
6
The company billed Easy Leasing $4,800 for services performed in installing a new web server.
8
The company paid $1,420 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.
12
The company billed Easy Leasing another $1,400 for services performed.
15
The company received $4,800 cash from Easy Leasing as partial payment toward its account.
17
The company paid $805 cash to repair computer equipment damaged when moving it.
20
The company paid $1,728 cash for advertisements published in the local newspaper.
22
The company received $1,400 cash from Easy Leasing toward its account.
28
The company billed IFM Company $5,208 for services performed.
31
The company paid $875 cash for Lyn Addie’s wages for seven days of work this month.
31
S. Rey withdrew $3,600 cash from the company for personal use.
Explanation / Answer
Cash Accounts receivables Computer supplies Computer system Office equipment Accounts payable S. Rey - Capital S. Rey - Withdrawals Revenues Expenses $ $ $ $ $ $ $ $ $ $ Oct 1 +45,000 +20,000 +8,000 73,000 3 +1,420 +1,420 6 +4,800 +4,800 8 -1,420 -1,420 43,580 0 10 Not a financial transaction 12 +1,400 +1,400 43,580 6,200 1,420 20,000 8,000 0 73,000 6,200 15 4,800 -4,800 48,380 1,400 1,420 20,000 8,000 0 73,000 6,200 17 -805 +805 47,575 1,400 1,420 20,000 8,000 0 73,000 6,200 805 20 -1,728 +1,728 45,847 1,400 1,420 20,000 8,000 0 73,000 6,200 2,533 22 +1,400 -1,400 44,447 0 1,420 20,000 8,000 0 73,000 6,200 2,533 28 +5,208 +5,208 47,247 5,208 1,420 20,000 8,000 0 73,000 11,408 2,533 31 -875 875 46,372 5,208 1,420 20,000 8,000 0 73,000 11,408 3,408 31 -3,600 3,600 42,772 5,208 1,420 20,000 8,000 0 73,000 3,600 11,408 3,408
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