On October 1, 2011, Santana Rey launched a computer services
company, Business Solutions, that is organized as a proprietorship
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 $46,000 cash, a $24,000 computer system,
and $8,500 of office equipment in the company. 3 The company
purchased $1,440 of computer supplies on credit from Harris Office
Products. 6 The company billed Easy Leasing $5,100 for services
performed in installing a new Web server. 8 The company paid $1,440
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 $150 per day, as needed (paid weekly). 12
The company billed Easy Leasing another $1,700 for services
performed. 15 The company received $5,100 cash from Easy Leasing as
partial payment toward its account. 17 The company paid $800 cash
to repair computer equipment damaged when moving it. 20 The company
paid $1,688 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 $1,050 cash for Lyn Addie’s
wages for seven days of work this month. 31 S. Rey withdrew $3,000
cash from the company for personal use.
Enter the amount of each transaction on individual items of the
accounting equation. Show new balances after each transaction.
(Leave no cells blank – be certain to enter “0” wherever required.
Amounts to be deducted, withdrawals and expenses should be
indicated with a minus sign. Omit the “$” sign in your
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