Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. II eBook Opened a business bank account with a deposit of 50,000 from personal funds. Received 1,000 for serving as a disc jockey for a party. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Introduce your . Prepare and post the closing entries. Paid dividends, $3,000. 6. What amount should Carter report as net cash from investing activities? 58,500 b. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. No. Bal. Received 500, with the remainder due on August 9, 2019. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 1006. 9. Accounts containing only a single entry do not need a balance. f. The company purchased additional equipment for $6,000 cash. A building and equipment are currently being rented, pending expansion to new facilities. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. 61,000 The account headings are presented below. During June, Ming Chen (the owner) completed these transactions. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Determine the net income or net loss for January. 10,000 25,000 f. The company purchased additional equipment for $6,000 cash. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 2. 10,000 Hi, Hope you are doing well. i. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Accounts (e) Paid phone bill, 65. 0. I can help you with creating a presentation of one slide for The Word of William Hunter. Print Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 2. the. 4. Using the following, A:Impact on Equity - Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Instructions 1. Amount of total expenses recorded in the ledger. 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. (Record as Miscellaneous Expense.) 3. 27.Paid electric bill, 915. Paid gas, oil, and repairs on automobile for April, 550. Received cash from customers on account, 9,000. (d) Received cash for services rendered, 900. 28.Paid wages of 1,200 to receptionist and part-time assistant. Instructions 1. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. I am a Ph.D. writer with more than 9 years of working experience in Writing. b. Paid dividends, 10,500. 31.Received 3,000 for serving as a disc jockey for a party. O OO O Prepare T accounts, using the account titles in (1). d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Paid on account to the City Crier, 455, Ck. Determine the net income for March. 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. Show new balances after each transaction. Greco resort opened for business on june 1. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Ming Chen started a business and had the following transactions in June. During June, Ming Chen (the owner) completed these transactions. 501. e. Bought insurance for the truck for one year, 400, Ck. Equity e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 25.000 5. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 2. Paid truck expenses, 435, Ck. I have all relevant skills and expertise related to your project. The company paid $1,500 cash for rent of office space for the month. Graw 1003. i. Instructions 1. Determine the net income or net loss for April. 3. Bal. Record the following transactions on Page 6 of the journal: 20. 9. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. Accounting Equation - and company a firm. a. Wallace deposited 24,000 in a bank account in the name of the business. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. d. Paid rent on office and equipnwnt for the month, $5,000. Instuction Prepare an income staement and statement of stockholders equity for July. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Hi! Q:On April 1, Anita Strods created a new travel agency, Strods Travel. 11.Received 1,000 for serving as a disc jockey for a party. 506. Instructions 1. 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. Instructions 1. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. Start your trial now! 3. Unadjusted Trial Balance is the trial balance before making adjustments., Q:he accountant for the firm owned by Randy Guttery prepares financial statements at the end of each. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. a. Prepare an unadjusted trial balance as of July 31, 2019. Only credit card transaction fees are limited by law. Equity b. 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. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. *Response times may vary by subject and question complexity. It is the first step of recording transactions of a company. Accounting Equation is calculated using following equation - Hire Professional Writer And Get A+ Grades In Your Homework. A:The financial statements of the business include the income statement and balance sheet of the firm. 7,500 b. a. Gervais deposited 25,000 in a bank account in the name of the business. Equipment Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Apr. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 1.500 Instructions 1. The company paid $1,500 cash for rent of office space for the month. 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. $4 The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 58,500 21. 1002. h. Received and paid the bill for utilities, 340, Ck. Insurance expired during May is 275. b. a. Thanks :--). Hal Smith opened Smith's repairs on 01.03. Received 750, with the remainder due August 4, 2019. There is no prepaid rent or rent payable at year-end. C. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. 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 During the month, he completed the following transactions connected with his professional practice: a. The following transactions, A:Journal Entries: 00. I. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. i. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. No. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. No principal payments are made, only interest is paid. 8.000 (f) Made payment on loan in transaction (c), 500. (Note: Ignore the date because these events are aggregations of individual events.) 4. H. Paid the worker hired in D for one weeks work. 18. g. Paid interest on the note payable, $500. 2020 - 2024 www.quesba.com | All rights reserved. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 61,000 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Saved 30. Q:Duerr Engineering completed the following transactions in the month of June. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 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Paid interest on the note payable, $500. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Paid part-time receptionist for two weeks salary, 750. 31. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set 58,500 2. Greetings! . %24 31. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 7.500 %24 Received and paid the heating bill, 248, Ck. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. i. No. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. During the first month of operations of her business (a, A:An income statement is a part of financial statement which contain the details of all incomes and, Q:On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. Paid the office rent for the current month, 650, Ck. 4, C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. 5. Bal Budgeting issues at the movies: A:Requirement 1: Indicate the effect of the given transactions. Revenues b. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. 1,500 Accounts b. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 2. 1. Assets Paid dividends, $3,000. The worker will be paid $275 per week. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Paid 620 to Upload Music for use of its current music demos in making various music sets. The company paid $10,000 cash to settle the liability created in transaction c. j. 29. %D d. g. Paid interest on the note payable, $500. %24 Determine the net income for June. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 0. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. + The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. (b) Paid office rent, 500. f. Paid office salaries, $6,500. Q:Prepare the statement of retained earnings for the month of July 31. Record the transactions and the balance after each transaction. Bal. Transactions completed during the month follow. Record the transactions and the balance after each transaction. 2,500 Received an invoice for truck expenses, to be paid in November, 1,250. %24 During June, Ming Chen (the owner) completed these transactions. 17. The company paid $1,500 cash for rent of office space for the month. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. %24 I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). No. Paid wages of 1,200 to receptionist and part-time assistant. 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. a. A. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 5. A:a)Indicate the effect of the given transactions. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Payable 4. Ken Jones, an architect, opened an office on April 1, 2019. Establish a ledger for the accounts listed above and enter the beginning balances. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. (c) Purchased office equipment. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 4. The company pald $2,100 cash for rent of office space for . h. Purchased land as a future building site, paying cash of $120,000. During June, Ming Chen (the owner) completed these transactions. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: Paid telephone bill for May, 260. $30000. You can message me to discuss the details. Prepare a post-closing trial balance. Enter the impact of each transaction on individual items of the accounting equation. Required 1. 25.000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. a. Inflation is 3.8% per year. Help Served as a disc jockey for a charity ball for 1,500. (Enter decreases to account balances with a On March 1 of this year, B. Gervais established Gervais Catering Service. 1,500 ol + c. Received cash from fees earned. Determine the net income or net loss for October. Owner invested 61,000 8,000 Opened a business bank account with a deposit of 35,000 in exchange for common stock. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. During the month, she completed the following transactions connected with her professional practice: a. Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: The customer will pay at a later date. Brooke completed the following transactions during the month of August: a. Enter the following transactions on Page 2 of the two-column journal: 16. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 1,500 31. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. c. Amount of net income for January. (i) Paid electricity bill, 85. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 5. d. The company completed work for a client and immediately collected the $2,500 cash earned. h. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Recorded services provided on account for the period May 16-20, 4,820. Determine account balances of the T accounts. d. Paid rent on office and equipnwnt for the month, $5,000. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. The business was started by selling $100,000 worth of common stock. b. In addition, $28,000 of computer rental costs were incurred and paid. 504. j. 7.500 Prepare an unadjusted trial balance as of August 31, 2016. 503. h. Sold catering services on account, 4,307. i. Q:Ken Jones, an architect, opened an office on April 1, 2019. Required: A statement of changes in Equity 30. Record the closing entries on Page 8 of the journal. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. 1,500 The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. b. b. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Introduce yourself. During June, Ming Chen (the owner) completed these transactions. $ 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? If you still cannot find the error, re-analyze each transaction. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder.  e. Is it a budgeted or an actual cost in your report? Dividends Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Instrustions Prepare a balance sheet as of July 31, 20Y5. During the month, Lexi completed the following transactions related to the business: Nov. 1. Interest of $5,000 was paid on the long-term loan. Received 500, with the remainder due on August 9, 2019. Purchased supplies on account, 735. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. Q:Connie Young, an architect, opened an office on October 1, 2019. Determine the amount of Joel Palks capital as of July 1 of the current year. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Hill During the first month of operations of his, A:Solution: points During June, Ming Chen (the owner) completed these transactions. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Mc. Extend the balances to the appropriate balance columns after each transaction is posted. ok ht inces a. The following, A:Unadjusted Trial Balance - 23. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Journals: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. She helped me in last minute in a very reasonable price. ASSETS Withdrew cash for personal use, 2,000. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Instructions 1. 0. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. What if the client hasn't prepared them in advance? The company paid $1,500 cash for rent of office space for the month. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. (Continued) Required: 1. 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--. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Cash Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. 505. m. Paid the salary of the assistant, 1,150, Ck. Paid miscellaneous expenses, 1,000. (1,500) + 1,500 If an entry is not required for any of these transactions, state this and explain why. Expenses CASH 29.Paid miscellaneous expenses, 540. 3. a. Prepare an unadjusted trial balance as of January 31, 2019. July 21. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:The following transactions were carried out during the month of May by M.SAJJAD Prepare an unadjusted trial balance. She, A:The balance sheet is one of the financial statements of the business which represents the financial, Q:On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of, A:Accounting Equation: Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 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. 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. a. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). A:a)Indicate the effect of the given transactions. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation.

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