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The opening balance on March 1, for all of the accounts in the Bos Personnel Services Inc chart of accounts is as follows: Assets
The opening balance on March 1, for all of the accounts in the Bos Personnel Services Inc chart of accounts is as follows: Assets - Cash, $26,000; Accounts Receivable, $4,500; Supplies, no balance; Land, no balance Liabilities - Accounts Payable, $2,000; Note Payable, no balance Shareholders' Equity Share Capital, $10,000; Retained Earnings, $18,500; Dividends, no balance Revenues Service Revenue, no balance Expenses-Salary Expense, Rent Expense, Interest Expense, Utilities Expense (none have balances) Requirements: 1. 2. 3. Create a table to analyze the preceding transactions in terms of their effects on the accounting equation of Bos Personnel Services Inc. Use the module 2 readings, chapter 1: Introduction to Financial Accounting, section 1.5, page 19, as a guide. Prepare the formal journal entries in the general journal to record the preceding transactions. Use the module 3 readings, chapter 2: The Accounting Process, section 2.4, Figure 2.2 as a guide. Prepare the trial balance, income statement, statement of changes in equity, and balance sheet of Bos Personnel Services Inc., after recording all the above the transactions. Use the module 3 readings, chapter 2: The Accounting Process, Exhibit 2-2 as a guide.
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