20 Jan The following amounts summarize the financial posi
The following amounts summarize the financial position of Rodriguez Computing, Inc., on September 30, 2016: During October 2016, Rodriguez Computing completed these transactions: a. The business received cash of $3,800 and issued common stock. b. Performed services for a customer and received cash of $6,000. c. Paid $4,300 on accounts payable. d. Purchased supplies on account, $500. e. Collected cash from a customer on account, $2,000. f. Consulted on the design of a computer system and billed the customer for services rendered, $4,000. g. Recorded the following business expenses for the month: (1) paid office rent-$1,300; (2) paid advertising-$700 h. Declared and paid a cash dividend of $2,800. Requirements 1. Analyze the effects of the preceding transactions on the accounting equation of Rodriguez Computing, Inc. 2. Prepare the income statement of Rodriguez Computing, Inc., for the month ended October 31, 2016. List expenses in decreasing order by amount. 3. Prepare the entity s statement of retained earnings for the month ended October 31, 2016. 4. Prepare the balance sheet of Rodriguez Computing, Inc., at October 31, 2016.
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