Graw He completed the following transactions during June: a. Paid dividends, $3,000. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Determine the net income for June. d. Purchased office and computer equipment on account, 9,000. e. Paid cash for supplies, 2,150. f. Paid cash for annual insurance policies, 4,000. g. Received cash from client for plans delivered, 12,200. h. Paid cash for miscellaneous expenses, 815. i. Received cash from customers on account, 88,000. k. Determined that the cost of supplies on hand was 5,900; therefore, the cost of supplies used during the month was 3,600. l. Withdrew 12,000 cash for personal use. 28.Paid wages of 1,200 to receptionist and part-time assistant. ol + 8,000 58,500 The equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Paid utilities expense, 4,500. On March 1 of this year, B. Gervais established Gervais Catering Service. 3. 2,500 During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? 3. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. How much did Marchs transactions increase or decrease Amy Austins capital? March transactions are as follows : Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 61,000 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 503. h. Sold catering services on account, 4,307. i. The American Chamber of Commerce in South China. Withdrew cash for personal use, 2,500. Connie Young, an architect, opened an office on October 1, 2019. 1,500 On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. I am highly qualified expert, working from 2008-9 in this industry. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Classify each transaction as an operating, an investing, or a financing activity. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. c. Received cash from fees earned. 31. Purchased supplies for cash, 1,750. b. On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 8. Write Balance in the Item column and place a check mark () in the Posting Reference column. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. 7,500 61,000 58,500 During June, Ming Chen (the owner) completed these transactions: a. Received 750, with the remainder due August 4, 2019. Only credit card transaction fees are limited by law. 27.Paid electric bill, 915. During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Amount of total revenue recorded in the ledger. During June, Ming Chen (the owner) completed these transactions. b. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 b. J. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). + LIABILITY 0. Paid gas, oil, and repairs on automobile for April, 550. a. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. The company paid $1,500 cash for rent of office space for the month. 0. a. d. 25,000 During the month, he completed the, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Stock c. Both credit card and debit card transaction fees are limited by law. Withdrew cash for personal use, 2,000. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. Write Balance in the Item column and place a check mark () in the Posting Reference column. Find answers to questions asked by students like you. The following transactions, A:Note: c. Paid April rent for office and workroom, 3,150. d. Paid cash for supplies, 1,450. e. Purchased office and computer equipment on account, 6,500. f. Paid cash for annual insurance policies on automobile and equipment, 2,400. g. Received cash from a client for plans delivered, 12,000. h. Paid cash to creditors on account, 1,800. i. 10. 10,000 Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. d. Paid rent on office and equipment for the month, $5,000. 30.Served as a disc jockey for a charity ball for 1,500. Assignments: ACCTG-4A-80575-2021SP Equipment During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: A:a)Indicate the effect of the given transactions. *Response times may vary by subject and question complexity. 8.000 24. 27. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Enter the following transactions on Page 2 of the two-column journal: 29. 75,000 Paid dividends, $3,000. k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. Received $100 from a customer for services we will provide next week. Extend the balances to the appropriate balance columns after each transaction is posted. Kimberly Manis, an architect, opened an office on January 1, 2016. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Bill Hudson, Capital; Bill Hudson, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. 2.Received 1,000 cash from customers on account. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. 3. 1. ces 11. The company paid $1,500 cash for rent of office space for the month. You can message me to discuss the details. A balance sheet During the first month of operations of his, A:Solution: II A:The financial statements of the business include the income statement and balance sheet of the firm. d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. If there is. Prepare an income statement, a retained earnings statement, and a balance sheet. property. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. EQUITY Determine the account balances after all posting is complete. b. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Expenses Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Determine the net income or net loss for October. During March, the following, A:1. and company a firm. f. Paid office salaries, $6,500. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. Cash Journals: Received 750, with the remainder due August 4, 2019. 30. h. Purchased land as a future building site, paying cash of $120,000. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. 10,000 h. Purchased land as a future building site, paying cash of $120,000. 63. During the month, she completed the following transactions connected with her professional practice: a. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Withdrew l,250 cash from PS Music for personal use. Paid cash to creditors on account, 4,500. j. Since there are multiple subparts, we will answer only first three subparts. Ming Chen began a professional practice on June 1 and plans to 10.000 a. Gervais deposited 25,000 in a bank account in the name of the business. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Paid telephone bill for May, 260. Owner withdrew $1,000 cash from the company for personal use. 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The company completed work for a client and immediately collected the $2,500 cash earned. minus sign.) Prepare an unadjusted trial balance as of January 31, 2019. Hire Professional Writer And Get A+ Grades In Your Homework. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. a. b. 5. Bal. Paid cash for a newspaper advertisement. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Q:Prepare the statement of retained earnings for the month of July 31. No. Q:1. a. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Post the journal to a ledger of four-column accounts. f. Paid office salaries, $6,500. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. 8.000 Ming Chen began a professional practice on June 1 and plans c. Received cash from fees earned. During June, Ming Chen (the owner) completed these transactions. 12. g. The company paid an assistant $\$3,000$ cash as wages for the month. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. ACCOUNTS RECEIVABLE the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 00. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. 501. e. Bought insurance for the truck for one year, 400, Ck. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 4. 29.Paid miscellaneous expenses, 540. I have all relevant skills and expertise related to your project. 9. Ethics and budgetary slack: 10,000 The policy covers a one-year period. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 4. f. The company purchased additional equipment for $6,000 cash. a. Prepare an unadjusted trial balance as of July 31, 2019. During June, Ming Chen (the owner) completed these transactions. points First week only $4.99! Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. 1,500 Apr. The following information is provided for the first month of operations for Legal Services Inc.: A. Ming Chen began a professional practice on June 1 and plans to prepare She helped me in last minute in a very reasonable price. On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Purchased office equipment on account, 15,000. No. Advertising expense of $26,000 was incurred and paid. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. 3. Greetings! Ming Chen (the owner) completed these transactions. Analyze each transaction, Journalize as appropriate. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. 31. 2,500 2. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 1.500 Received cash from customers on account, 9,000. Prepare and post the closing entries. Paid January rent for office and workroom, 1,950. c. Purchased used automobile for 28,500, paying 5,700 cash and giving a note payable for the remainder. During the first month of Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24 Paid cash to creditors on account, 3,000. j. Answered: Ming Chen began a professional practice | bartleby The company paid $1,500 cash for rent of office space for the month. Accounts containing only a single entry do not need a balance. Good morning, teachers, I am honored to be informed to have this interview. Amount of total revenue recorded in the ledger. The general manager is responsible for the day-to-day operati.. Budgeting for a Single Product: In this activity, you will be creating budgets for a single product for each of the months in an upcoming quarter. 14.Paid wages of 1,200 to receptionist and part-time assistant. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Accounts containing only a single entry do not need a balance. b. During May, Kelly Consulting entered into the following transactions: May 3. 0. The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. d. The company completed work for a client and immediately collected the $2,500 cash earned. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. Problem1-63B Income Statement, Retained Earnings Statement. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Introduction: Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. 4. There is no prepaid rent or rent payable at year-end. Ming Chen began a professional practice on June $1$ and plan | Quizlet [Solved] Ming Chen began a professional practice o | SolutionInn Only debit card transaction fees. 1002. h. Received and paid the bill for utilities, 340, Ck. A. . During June, Ming Chen (the owner) completed these transactions. Received 500, with the remainder due on August 9, 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: 31. She, A:As you have posted multiple questions, the solution to the first question is being provided. 30. During June, Ming Chen (the owner) completed these transactions: a. Billed insurance companies for sales commissions earned, 12,500. j. Withdrew cash for personal use, 7,500. %3D Solved Ming Chen began a professional practice on June 1 and | Chegg.com h. Borrowed $100,000 by issuing a note payable. During June, Ming Chen (the owner) completed these transactions. Bal. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 4. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? %3D i. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 25.000 Accounts During the month, Lexi completed the following transactions related to the business: Nov. 1. 25,000 Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. +. B. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 2. The company paid $1,500 cash for rent of office space for . c. Amount of net income for January. Received 1,000 cash from customers on account. Ask your question! 3. 5. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). a. g. Paid interest on the note payable, $500. Can you think of any reason why the amount determined in (4) might not be the net income for November? Payable J. %D The entire assets of an organization are equal to the sum of its liabilities, Q:Kristin Holden started her own consulting business in July, 20--. A:Revenue means the income earned during a given period. 6. 9. He. The company paid $1,500 cash for rent of office space for the month. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. ol + %3D f. The company purchased additional equipment for $6,000 cash. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 8.Paid for a newspaper advertisement, 200. The following transactions were completed during July, the second month of the business's operations: July 1. on the Business environment in China. 4. 0. 4.Prepare an unadjusted trial balance as of July 31, 2019. Opened a business bank account with a deposit of 30,000 from personal funds. 4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24 April. 61. 2. Required 1. %24 d. The company completed work for a client and immediately collected the $2,500 cash earned. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid electricity bill for May, 810. a. Next The company paid $1,500 cash for rent of office space for the month. 1. 2.1.4P, Your question is solved by a Subject Matter Expert. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 8,000 Determine the amount of Joel Palks capital as of July 1 of the current year. Paid Office Station Co. for part of the debt incurred on April 5, 640. Paid dividends, $3,000. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Determine the following: a. Ming Chen began a professional practice on June 1 and plansget 1
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