Accounting Cycle Project Fall 2014 Student 3 
Business 1A
Accounting Cycle Project Name: ______________________________
On October 1, 2013, Adrian Lopez launched a computer services company, Success Systems, which is organized as a corporation and provides consulting services, computer system installations, and custom program development. Lopez adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2013.
A list of business transactions for the months of October to December:
Oct.
1 Adrian Lopez invested $55,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company in exchange for its common stock. 2 The company paid $3,300 cash for four months’ rent. (Hint: Debit Prepaid Rent for $3,300.) 3 The company purchased $1,420 of computer supplies on credit from Harris Office Products. 5 The company paid $2,220 cash for one year’s premium on a property and liability insurance policy. (Hint: Debit Prepaid Insurance for $2,220.) 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 Oct 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 on its account. 17 The company paid $805 cash to repair computer equipment that was damaged when moving it. 20 The company paid $1,940 cash for advertisements published in the local newspaper. 22 The company received $1,400 cash from Easy Leasing on 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' work.
31
The company paid $3,600 cash in dividends.
Nov.
1 The company reimbursed Adrian Lopez in cash for
Accounting Cycle Project Name: ______________________________
On October 1, 2013, Adrian Lopez launched a computer services company, Success Systems, which is organized as a corporation and provides consulting services, computer system installations, and custom program development. Lopez adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2013.
A list of business transactions for the months of October to December:
Oct.
1 Adrian Lopez invested $55,000 cash, a $20,000 computer system, and $8,000 of office equipment in the company in exchange for its common stock. 2 The company paid $3,300 cash for four months’ rent. (Hint: Debit Prepaid Rent for $3,300.) 3 The company purchased $1,420 of computer supplies on credit from Harris Office Products. 5 The company paid $2,220 cash for one year’s premium on a property and liability insurance policy. (Hint: Debit Prepaid Insurance for $2,220.) 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 Oct 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 on its account. 17 The company paid $805 cash to repair computer equipment that was damaged when moving it. 20 The company paid $1,940 cash for advertisements published in the local newspaper. 22 The company received $1,400 cash from Easy Leasing on 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' work.
31
The company paid $3,600 cash in dividends.
Nov.
1 The company reimbursed Adrian Lopez in cash for