Rawlco Communications operates 15 radio stations The

following events occurred #2664

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) ?View Solution:
Rawlco Communications operates 15 radio stations The following events occurred

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