ASSIGNMENT $1$: TRANSACTIONS AND FINANCIAL STATEMENTS

Emma$$s parents are members of the SuperRich Golf Club. Emma plans to join the club as an intern to earn credit and get some extra money during the summer season. The club manager viwed Emma$$s profile and wants to offer Emma a business opportunity rather than a traditional internship. Emma$$s primary duty would be to oversee the club$$s Golf Course & Banquet Center operation.

$$The benefits include a salary of $$325/$week and the opportunity to assist the new club members for a flat fee. If the initial one$-$month trial turns out to be successful, the opportunity will extend for a couple of years. To demonstrate Emma$$s capabilities, Emma organized a Golf$-$with$-$Emma campaign. In September $2021,$ Emma managed the golf course and entered into the following transactions:

a$.$ Emma opened a business account with Chase Bank with an initial deposit of $$950$

b$.$ Purchased $$300$ worth of golf supplies

c$.$ Paid $$275$ rent for video equipment to increase awareness of Golf among the participants$$d$.$ Paid $$250$ rent in September for cleaning equipment. Out of $$250$ rent, $$100$ was paid in cash; the remaining $$150$ is due on October $1$

e$.$ Received $$1,750$ for training the new club members

f$.$ Received $$600$ commission from Banquet center bookings

g$.$ Salaries paid to Emma$$s assistant $$800$

h$.$ Miscellaneous expenses $$290$

i$.$ Received $$1,300$ salary for managing the golf course during September

j$.$ The cost of office supplies used was $$120$

k$.$ Withdrew $$400$ from the business for personal purposes on September $30$

$2.$ Prepare the following statements

$$ income statement for September

$$ prepare a statement of owner$$s equity for September

$$ prepare a balance sheet as of September $30$

$$ Prepare a statement of cash flows for September