Task 6: Recording Transactions

The transactions of Reynolds Company (Owned by Max Reynolds):

1. Max Reynolds, owner, invested $12,500 cash in the company.

2. The company purchased office supplies for $620 cash.

3. The company purchased $8,880 of office equipment on credit.

4. The company received $2,860 cash as fees for services provided to a customer.

5. The company paid $8,880 cash to settle the payable for the office equipment purchased in transaction 3.

6. The company billed a customer $2,030 as fees for services provided.

7. The company paid $610 cash for the monthly rent.

8. The company collected $1,470 cash as partial payment for the account receivable created in transaction 6.

9. The owner withdrew $850 cash from the company for personal use.

Required:

Record the above transactions in the table below, reflecting their effect on the different financial statements. Precede the amount with a minus sign if the transaction reduces that section of the equation.