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Rawlco Communications operates 15 radio stations The following events occurred during September. a. Placed an order for office supplies costing $ 2000 Supplier intends to deliver later in the month

Rawlco Communications operates 15 radio stations. The following events occurred during September. a. Placed an order for office supplies costing $ 2,000. Supplier intends to deliver later in the month. b. Purchased equipment that cost $ 30,000; paid $ 10,000 cash and signed a promissory note to pay $ 20,000 in one month. c. Negotiated and signed a one- year bank loan, and then deposited $ 5,000 cash in the company’s checking account. d. Hired a new finance manager on the last day of the month. e. Received an investment of $ 10,000 cash from the company’s owners in exchange for issuing common shares. f. Supplies [ordered in (a)] were received, along with a bill for $ 2,000. Required: 1. Indicate the specific account, amount, and direction of effects for each transaction on the radio station’s accounting equation. If an event is not considered a transaction, explain why. 2. Prepare journal entries to record each transaction. 3. Rawlco began the month with $ 220,000 in total assets. What total assets would be reported on the balance sheet after events (a)–(f) ?

May 22 2020 View more View Less

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