problem solving and calculations are needed for this accounting problem
All Accounting transactions must be completed for the customer below (see attached for complete assignment)
a) Customer
Rachel Rodriguez – Enterprise
Solutions Incorporated
b) background
Rachel Rodriguez was a very inquisitive child growing up.
She was a great student in school and always asked a lot of questions. While
growing up she was a typical American girl and enjoyed cheerleading, soccer and
volleyball. But once Rachel was given a computer for her 13th
birthday she fascinated with electronics. She like everyone else enjoyed
playing on the computer but her curiosity went a little further. She opened up
her computer to see how it actually worked. She opened up her laptop, computer
and cellphone to see how the electronics worked on the inside. Her parents were
frustrated at first, but when they saw her interest was in how they worked and
not just being mischievous, they encouraged her in electronics.
Rachel enrolled in a computer class in high school and
became certified in Microsoft Office. During her summers while she was in high
school, Rachel worked for a local computer store in the small town they lived near.
While she was just the receptionist and provided customer service, when it was
slow the owner would teach her about how a computer worked. When it came time
to apply for college, Rachel knew what she wanted to major in computer science
at the University of Maryland. Her long term desire was to own her own computer
consulting business and help clients set up their computer networks and all
their computer needs.
After earning undergraduate degree, Rachel got a job a local
bank as an IT troubleshooter. She learn a lot but still wanted to own her own
business. So after five years at the local bank, Rachel began her own computer
consulting business. While doing computer consulting for the past five years
has been successful, many of the company’s clients wanted to purchase the
computer equipment from the business as well. So recently Rachel’s Enterprise
Solutions has begun offering computer equipment as well as consulting services.
So now Rachel’s Enterprise Solutions offers computer consulting and computer
equipment to small businesses. (Hint-remember you will record these two
revenues differently because one is a service and one is merchandise!)
After several years of running a successful small business
Rachel’s Enterprise Solutions has the following balance sheet shown below.
Rachel did not get an MBA so she does not know how to do that much accounting.
She has found out that you recently graduated from the Regent University School
of Business and Leadership with your MBA. She believes that you have enough
experience to help her with her accounting for a few months.
c) transactions attached
d) Required accounting statements below
1. Complete journal entries for each of the
transactions. The numbers in the journal entries can be rounded to the nearest
dollar.
2. Develop a trial balance for Rachel’s
Enterprise Solutions as of March 31, 2021.
3. Develop a single income statement representing
January through March in good form for Rachel’s Enterprise Solutions for the
first three months of 2021. Federal Income Tax Rate is 21%.
3. Develop a single statement of retained
earnings in good form as of March 31, 2021 for Rachel’s Enterprise Solutions.
4. Develop a balance sheet in good form as of
March 31, 2021 for Rachel’s Enterprise Solutions.
5. Provide one comment based on your analysis
after you complete the financial statements to Rachel’s Enterprise Solutions.
Do not forget to include a ratio to support your comment, recommendation or
analysis!
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