Reference no: EM132782963

Question - Rayquanza Co. owned by Lily, began operations in July and completed these transactions during the first month of operations.

July 1 Lily invested RM 68,600 cash in the company.

July 2 The company rented office space and paid RM 1,300 cash for July rent.

July 3 The company purchased equipment for RM 14,600 by paying RM 6,400 cash and agreement to pay the RM 8,200 balance in 30 days.

July 6 The company purchased office supplies for RM 900 cash.

July 8 The company completed work for a customer and immediately collected RM2,000 cash for the work.

July 10 The company purchased RM 2,720 of office equipment on credit.

July 15 The company completed work for a customer on credit in the amount of RM 4,300.

July 23 The company paid RM 2,720 cash for the office equipment purchased on July 10.

July 25 The company billed a customer RM 1,000 for work completed, the balance is due in 30 days.

July 28 The company received RM 4,300 cash for the work completed on July 15.

July 30 The company paid an assistant's salary of RM 1,900 cash for this month.

July 31 The company paid RM 590 for this month's monthly utilities.

Required - Use additions (+) and subtractions (-) to show the effects of each transaction on the accounts in the accounting equation (asset, liability and equity). Show the new balances after all transactions.