Explanations may be omitted. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. 75,000 Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. [Solved] Ming Chen began a professional practice o | SolutionInn Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Im very much interested to write for attendance systems. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. On June 1 of the current year, Chad Wilson established a business to manage rental property. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. g. The company paid an assistant $3,000 cash as wages for the month. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. So lets make no longer delay & start chatting immediately. Recording of a business transactions in a chronological order. Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. 61,000 Paid dividends, 10,500. A:Revenue means the income earned during a given period. 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. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Received 750, with the remainder due August 4, 2019. 25,000 View this solution and millions of others when you join today! Received invoice for blueprint service, due in May, 2,500. k. Recorded fees earned on plans delivered, payment to be received in May, 15,650. l. Paid salary of assistant, 2,800. m. Paid cash for miscellaneous expenses, 200. n. Paid installment due on note payable, 300. o. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 31. 2,500 Owner invested Maria completed the following transactions, A:An income statement is one of the financial statements of a company and shows the company's, Q:Indicate the effect of each transaction and the balances after each transaction: 4. b. Ming Chen (the owner) completed these transactions. 58,500 During June, Ming Chen (the owner) completed these transactions. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. b. Payable Required To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 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:July 1, Lula Plume created a new self-storage business, Safe Storage Co.  d. Does the activity add value to Latchey’s provision of insurance services? 30. Received an invoice for truck expenses, to be paid in November, 1,250. Received and paid the heating bill, 248, Ck. Expenses 10,000 There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Accounts 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). Ming Chen began a professional practice on June $1$ and plan | Quizlet I. View this solution and millions of others when you join today! 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 25,000 8.000 Ming Chen began a professional practice on June $1$ and plan | Quizlet If you want the answer, Q:Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1., A:Financial statements: These refer to the formal or official records of the activities of the, A:As per accounting equation Assets = Liabilities, where liabilities comprises of liability and, Q:Architects completed the following transactions: II The customer will pay at a later date. Assets If there is. 2023 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. On March 1 of this year, B. Gervais established Gervais Catering Service. Paid 620 to Upload Music for use of its current music demos in making various music sets. 1. 30. + 2,500 Bal. h. Purchased land as a future building site, paying cash of $120,000. A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her b. Determine the increase or decrease in owners equity for January. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Required: Ask your question! Establish a ledger for the accounts listed above and enter the beginning balances. b. 7.500 22. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. . c. Received cash from fees earned. It is the first step of recording transactions of a company. Determine account balances of the T accounts. Instrustions Prepare a balance sheet as of July 31, 20Y5. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. + Bal 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. 14.Paid wages of 1,200 to receptionist and part-time assistant. Purchased supplies for cash, 1,750. (h) Received cash for services rendered, 800. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. A statement of changes in Equity 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. Explanations may be omitted. ol + + 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 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. 2,500 Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 00. The company paid $1,500 cash for rent of office space for the month. Each drugstore is operated by a general manager and a controller. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. Next 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. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 58,500 It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. (c) Purchased office equipment. Transactions completed during the month follow. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) $30000. points a. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: 4. %D Budgeting issues at the movies: Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. d. Paid rent on office and equipnwnt for the month, $5,000. 24. What amount should Carter report as net cash from investing activities? Transactions completed during the month follow. 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. Inflation is 3.8% per year. minus sign.) Post your journal entries to T-accounts, Add additional T-accounts when needed. The transactions of %24 d. Paid rent on office and equipnwnt for the month, $5,000. d. The company completed work for a client and immediately collected the $2,500 cash earned. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 4. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During the month, Lexi completed the following transactions related to the business: Nov. 1. Paid wages of 1,200 to receptionist and part-time assistant. 3. Hi, Hope you are doing well.  c. Is it a variable or a fixed cost? No. With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. + 2. Determine the increase or decrease in owners equity for August. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Find step-by-step Accounting solutions and your answer to the following textbook question: Ming Chen began a professional practice on June $1$ and plans to prepare financial statements at the end of each month. Mulberry purchased computer paper for $13,000 cash in late December. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare T accounts, using the account titles in (1). Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. The company paid $1,500 cash for rent of office space for the month. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Opened a business bank account with a deposit of 30,000 from personal funds. During June, Ming Chen (the owner) completed these transactions. f. The company purchased additional equipment for $6,000 cash. 1006. First let me introduce myself, my name is XX, 23 years old, and David is my English name. 2.1.4P, Your question is solved by a Subject Matter Expert. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.During June, Ming Chen (the owner) completed these transactions:a. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. 4. The actual work of dry cleaning is done by another company for a fee. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Common Home., A:Since you have asked multiple questions under a single question. Advertising expense of $26,000 was incurred and paid. Paid for a newspaper advertisement, 200. 2020 - 2024 www.quesba.com | All rights reserved. 0. If the two totals are not equal, check the addition and subtraction. Enter the impact of each transaction on individual items of the accounting equation. A statement of cash flows, Q:On September 1, 20X6, Michael Moe incorporated Moe's Mowing, Inc., a company that provides mowing, A:Since you have posted a question with multiple sub-parts, we will solve the first three subparts for, Q:Bob Jacobs opened an advertising agency. 0. (Continued) Required: 1. Instructions 1. Q:Comprehensive Problem Set First week only $4.99! A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Required 1. After, A:Net income: 503. h. Sold catering services on account, 4,307. i. Equipment 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. (83) Received 2,000 for serving as a disc jockey for a wedding reception. Start your trial now! April. 1,500 During June, Ming Chen (the owner) completed these transactions. College Accounting (Book Only): A Career Approach. Instructions 1. 10,000 + 30. As, Q:Leora Diamond began a professional practice on June 1 and plans to prepare financial statements at, A:Accounting Equation is foundation of Double entry Accounting System . 2. (i) Paid electricity bill, 85. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. 000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. j. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Before this, no other, Q:ournalize entries for transactions (a) through (I) using the following account titles: cash,, Q:ita Lopez started Biz Consulting, a new business, and completed the following transactions during, A:Journal entries refers to recording of business transactions into the books of the business or, Q:On April 1 of the current year, Morgan Jones established a business to manage rental property. 5. 4. Received cash for job completed, 11,500. a., A:1. 1,500 (Income Summary is account 34 in the chart of accounts.) 0. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Determine the net income or net loss for October. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. on the Business environment in China. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. During June, The assets and liabilities of the business on July 1, 2019, are as follows: Cash, 45,000; Accounts Receivable, 93,000; Supplies, 7,000; Land, 75,000; Accounts Payable, 40,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in the business with a deposit of 35,000 in the business bank account. The following transactions occurred during January of the current year. $ Issued common stock to Marjorie Knaus in, A:Step 1 *Response times may vary by subject and question complexity. She, A:The accounting equation states that assets equal to sum of liabilities and equity. She helped me in last minute in a very reasonable price. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. J. 27.Paid electric bill, 915. 1002. h. Received and paid the bill for utilities, 340, Ck. (e) Paid phone bill, 65. a. Accounting Equation is calculated using following equation - Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. The policy covers a one-year period. Recorded services provided on account for the period May 1-15; 9,180. 25,000 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.: Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. (g) Paid wages to part-time employee, 500. 2.Received 1,000 cash from customers on account. Paid part-time receptionist for two weeks salary, 750. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. a. 10,000 d. Paid rent on office and equipment for the month, $5,000. Paid cash for a newspaper advertisement. How much did Marchs transactions increase or decrease Amy Austins capital? 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. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Journal Entries - Journal Entries are the recording of transactions of the organization. If an entry is not required for any of these transactions, state this and explain why. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. If the two totals are not equal, check the addition and subtraction. Paid 700 to a local audio electronics store for rental of digital recording equipment. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. a. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. d. The company completed work for a client and immediately collected the $2,500 cash earned. Hello. b. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The transaction analysis is done with the help of the accounting equation. No. Instructions 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Payable a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Bal. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. B. A. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Revenue 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. I am a Ph.D. writer with more than 9 years of working experience in Writing. 6. S NO During June, Ming Chen (the owner) completed these transactions: a. A:a)Indicate the effect of the given transactions. A. 3. Record the closing entries on Page 8 of the journal. b. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. 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. Amount of total expenses recorded in the ledger. f. Paid office salaries, $6,500. 27. If you still cannot find the error, re-analyze each transaction. 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. For those boxes in, A:Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by, Q:on april 1 Jiro Nozomi created a new travel agency, adventure travel. Paid telephone bill for May, 260. 75,000 b. Paid dividends, 2,500. Hal Smith opened Smith's repairs on 01.03. During June, Ming Chen (the owner) completed these transactions: a. I can help you with creating a presentation of one slide for The Word of William Hunter. d. Paid rent on office and equipnwnt for the month, $5,000. 0. Bal. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 1004. j. (j) Withdrew cash for personal use, 100. The following transactions were completed during July, the second month of the business's operations: July 1. 3. 9. a. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. a. Ming Chen began a professional practice on June 1 and. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Determine the net income for March. 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. Hire Professional Writer And Get A+ Grades In Your Homework. 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. During the month, she completed the following transactions connected with her professional practice: a. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Paid cash for miscellaneous expenses, 375. j. Since there are multiple subparts, we will answer only first three subparts. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Accounts Using the following, A:Impact on Equity - A Wages of $379,000 were paid in cash. During June, Ming Chen (the owner) completed these transactions. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 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 eBook Prepare a single-step income statement. (1,500) + During June, Ming Chen (the owner) completed these transactions: a. a. During March, the following, A:1. (k) Paid wages to part-time employee, 500. i. The company paid $1,500 cash for rent of office space for the month. (Do not insert the account numbers in the journal at this time.) Accounts 2. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 2,500 ASSETS 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 Hill The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Ethics and budgetary slack: Greco resort opened for business on june 1. a. 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). 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. CASH I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. Instuction Prepare an income staement and statement of stockholders equity for July. 8.000 Received $100 from a customer for services we will provide next week. . In addition, $28,000 of computer rental costs were incurred and paid. Save & Exit Paid gas, oil, and repairs on automobile for April, 550. Assets b. 11. f. The company purchased additional equipment for $6,000 cash. During June. Hi! Ask a new question. Create the following table similar to the one in Exhibit 1.9. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. Record the adjusting entries on Page 7 of the journal.  b. 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: On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Greetings! %24 Paid rent for July, 1,750. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 7.500 No. The company paid $1,500 cash for rent of office space for the month. Prepare a post-closing trial balance. stock. 4.Prepare an unadjusted trial balance as of July 31, 2019. Paid cash to creditors on account, 4,500. j. C. Provided services in the amount of $1,000. Simple Accounting equation is. Paid utilities expense, 4,500. 60,000 7,500 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. 75,000 Only credit card transaction fees are limited by law. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. During June, Ming Chen (the owner) completed these transactions: a. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Movies are expensive to produce and market. No. 25.000 Stock (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 2. No. During the first month of 25.000 No. a. Problem1-63B Income Statement, Retained Earnings Statement. The company paid $10,000 cash to settle the liability created in transaction c. a. Paid 5,000 on note payable. Determine the account balances, after all posting is complete. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months.
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