Success Systems

Check Ending balances: Cash, $52,560; Revenues, $11,408; Expenses, $3,620

SP 1   On October 1, 2009, Adriana 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, 2009.

Required

Create a table like the one in Exhibit 1.9 using the following headings for columns: Cash; Accounts Receivable; Computer Supplies; Computer System; Office Equipment; Accounts Payable; Common Stock; Dividends; Revenues; and Expenses. Then use additions and subtractions within the table created to show the dollar effects for each of the following October transactions for Success Systems on the individual items of the accounting equation. Show new balances after each transaction.

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