10 Nov The following amounts summarize the financial posi
The following amounts summarize the financial position of Willis Computing, Inc., on October 31, 2016: During November 2016, the business completed these transactions: a. The business received cash of $3,900 and issued common stock. b. Performed services for a customer and received cash of $6,000. c. Paid $4,800 on accounts payable. d. Purchased supplies on account, $900. e. Collected cash from a customer on account, $1,100. f. Consulted on the design of a computer system and billed the customer for services rendered, $4,500. g. Recorded the following expenses for the month: (1) paid office rent, $1,700; (2) paid advertising, $ 1,300. h. Declared and paid a cash dividend of $2,300. Requirements 1. Analyze the effects of the preceding transactions on the accounting equation of Willis Computing, Inc. 2. Prepare the income statement of Willis Computing, Inc., for the month ended November 30, 2016. List expenses in decreasing order by amount. 3. Prepare the statement of retained earnings of Willis Computing, Inc., for the month ended November 30, 2016. 4. Prepare the balance sheet of Willis Computing, Inc., at November 30, 2016.
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