Answered step by step
Verified Expert Solution
Question
1 Approved Answer
urgent Mary Rodd is the proprietor of a career counselling and employee search business, Rodd Personnel Services. The following amounts summarize the financial position of
urgent
Mary Rodd is the proprietor of a career counselling and employee search business, Rodd Personnel Services. The following amounts summarize the financial position of the business on August 31, 2020 (Click the icon to view the financial position.) During September 2020, the following company transactions occurred (Click the icon to view the transactions.) Required Requirement 1. Analyze the effects of the transactions on the accounting equation of Rodd Personnel Services (If a box is n used in the transaction leave the box empty; do not select a label or enter "0." Use parentheses or a minus sign for a decreases. Abbreviations used: A/P - Accounts Payable: A/R = Accounts Receivable: Adv. Rev. - Advertising Revenue Exp. -Expense; Furn. - Furniture; Rev. - Revenue: Supp. - Supplies.) Complete an analysis of the transactions for each date, and then total the balance of each account at the bottom Assets Llabilities + Owner's Equity Office M Rodd Service Adv. Salarie A/R Cash + Supp Furn AP Capital Rev. Exp Bal. 54.000 + 53.000 + 0 + 133.000 + 95.000 = 69.000 + Exp - + + 0- + + 9/3 + - + + 9/4 Complete an analysis of the transactions for each date, and then total the balance of each account at the bottom Assets Liabilities + Owner's Equity Office M. Rodd Service Adv. Cash A/R + Supp: + Furn. Capital Rev Bal 54.000 + 0 + 53,000 + 0 95,000 = 69.000 + 133.000 + 9/3 Salaries Exp + Exp AP 0 - ! 1 9/4 + 11 - - - - 9/9 + + 9/15 9/18 9/19 Bambining: 0113254 Next + + HIL JUD HOE + NON DOO + HUI IHNE = + + 30 2020 . Requirement 2. Prepare the income statement of Rodd Personnel Services for the month ended September 30, 2020 Begin with the heading of the statement, and then choose the accounts and enter the corresponding amounts (Use parentheses or a minus sign for a net loss.) Revenue Expenses Expenses Total expenses Net income Requirement 3. Prepare the business's statement of owner's equity for the month ended September 30, 2020 Begin with the heading, and then choose the appropriate labels and enter the corresponding amounts Requirement 3. Prepare the business's statement of owner's equity for the month ended September 30, 2020 Begin with the heading, and then choose the appropriate labels and enter the corresponding amounts Add Add: Less Requirement 4. Prepare the balance sheet of Rodd Personnel Services at September 30, 2020 Once again, begin with the statement heading. Then complete the assets section of the balance sheet, followed by the liabilities and owner's equity sections ninin 13:52 Next Requirement 4. Prepare the balance sheet of Rodd Personnel Services at September 30, 2020 Once again, begin with the statement heading. Then, complete the assets section of the balance sheet, followed by the abilities and owner's equity sections. Assets Liabilities Total liabilities Owner's Fatty Next Assets Liabilities Total liabilities Owner's Equity Total liabilities and owner's equity Total assets Time Remaining:01:30:22 Financial Position - X of selec furn-F - Liabilities Assets Accounts Office Receivable Supplies 53,000 0 Accounts Payable Owner's Equity M. Rodd, Capital 133 000 + Furniture + Cash Bal. 54.000 + 95 000 69,000 Print Done Transactions Sep. 3 Rodd deposited $84,000 cash in the business bank account. 4 Performed services for a client and received cash of $6,600. 9 Paid off the August 31, 2020, balance of accounts payable. 15 Purchased office supplies on account, $6,300. 18 Collected cash from a customer on account $8,400. 19 Consulted on a large downsizing by a major corporation and billed the client for services rendered, $49,000. 22 Recorded the following business expenses for the month: (1) Paid co-op students for salaries$5,200. (2) Paid advertising$4,600 24 Purchased office supplies at an auction for $1,500 cash. 29 Rodd withdrew $8,200 cash. Required 1. Analyze the effects of the transactions on the accounting equation of Rodd Personnel Services 2. Prepare the income statement of Rodd Personnel Services for the month ended September 30, 2020, List expenses in decreasing order of amount 3. Prepare the business's statement of owner's equity for the month ended September 30, 2020 4. Prepare the balance sheet of Rodd Personnel Services at September 30, 2020 23 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started