Reference no: EM132040703

Question - On October 1, 2013, Adria Lopez launched a computer services company, Success Systems, that 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.

Oct. 1 A. Lopez invested $50,000 cash, a $27,000 computer system, and $11,500 of office equipment in the company in exchange for its common stock.

Oct. 3 The company purchased $1,370 of computer supplies on credit from Harris Office Products.

Oct. 6 The company billed Easy Leasing $5,600 for services performed in installing a new Web server.

Oct. 8 The company paid $1,370 cash for the computer supplies purchased from Harris Office Products on October 3.

Oct. 10 The company hired Lyn Addie as a part-time assistant for $140 per day, as needed.

Oct. 12 The company billed Easy Leasing another $1,500 for services performed.

Oct. 15 The company received $5,600 cash from Easy Leasing as partial payment toward its account.

Oct. 17 The company paid $755 cash to repair computer equipment damaged when moving it.

Oct. 20 The company paid $1,638 cash for advertisements published in the local newspaper.

Oct. 22 The company received $1,500 cash from Easy Leasing toward its account.

Oct. 28 The company billed IFM Company $5,263 for services performed.

Oct. 31 The company paid $980 cash for Lyn Addie's wages for seven days of work this month.

Oct. 31 The company paid $3,100 cash in dividends to the owner (sole shareholder).