EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 2,500 During June, Ming Chen (the owner) completed these transactions: a. 1.500 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 27.Paid electric bill, 915. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. (1,500) + h. Borrowed $100,000 by issuing a note payable. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. None of the paper was used by year-end. 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. July 21. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Issued common stock to Marjorie Knaus in, A:Step 1 25,000 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: Ming Chen began a professional practice on June 1 and plans Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. c. Received cash from fees earned. 25.000 9. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. 4. (Enter decreases to account balances with a Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. G. Received the electricity bill. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. It is the first step of recording transactions of a company. Purchased supplies on account, 735. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Determine account balances of the T accounts. Payable Received 750, with the remainder due August 4, 2019. 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: Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and a., A:1. Record the adjusting entries on Page 7 of the journal. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. [Solved] Ming Chen began a professional practice o | SolutionInn Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Owner invested $62,000 cash in the company along with equipment that had a $23,000 market value in exchange for its common stock b. 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. Paid cash to creditors on account, 3,000. j. Prepare an unadjusted trial balance. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Paid cash for miscellaneous expenses, 375. j. M Question 8 - Chapter 1 Exercises Connect View this solution and millions of others when you join today! The company paid $1,500 cash for rent of office space for the month. 58,500 b. i. Print 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. Determine the net income for March. 4. 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. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: 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. 3.Paid 250 to creditors on account. Use a chart of accounts to order the ledger accounts. %24 Assets Hi, Hope you are doing well. 63. Prepare a post-closing trial balance. Billed insurance companies for sales commissions earned, 12,500. j. Equity e. Received 2,000 for serving as a disc jockey for a wedding reception. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Net income is the excess amount of revenue after deducting all the expenses of a, Q:On August 1, 2019, Rafael Masey established Planet Realty, which completed the following, A:Since we only answer up to 3 sub-parts, well answer the first 3. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Expenses Enter the following transactions on Page 2 of the two-column journal: 29. 8.000 Required 22. The account headings are presented below. Withdrew cash for personal use, 2,500. 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. During June. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Prepare an unadjusted trial balance as of January 31, 2019. 28. Ken Jones, an architect, opened an office on April 1, 2016. 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 300 on note payable. b. a. Wallace deposited 24,000 in a bank account in the name of the business. 4. If an entry is not required for any of these transactions, state this and explain why. Mc. 7. Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. the firm are, A:Income statement 8.Paid for a newspaper advertisement, 200. %24 Received cash from clients on account, 2,450. 30. 2. d. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Transactions completed during the month follow. Paid dividends, $3,000. %24 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. g. Paid interest on the note payable, $500. 1PA, Your question is solved by a Subject Matter Expert. a. Determine the net income or net loss for January. d. Purchased office supplies on account, $1,250. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. (Note: Ignore the date because these events are aggregations of individual events.) 31. College Accounting (Book Only): A Career Approach. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 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. b. Find answers to questions asked by students like you. 5.Purchased office equipment on account from Office Mart, 7,500. Journals: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Write Balance in the Item column and place a check mark () in the Posting Reference column. Prepare a single-step income statement. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Enter the impact of each transaction on individual items of the accounting equation. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Repairs and maintenance of $9,000 were incurred and paid. Thanks :--). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 6. 1,500 Determine the account balances, after all posting is complete. Paid cash for a newspaper advertisement. July 21. No. During June, Ming Chen (the owner) completed these transactions. You can message me to discuss the details. Ming Chen began a professional practice on June 1 and plans to prepare Hello. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 3. 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. Record the transactions and the balance after each transaction. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. If you still cannot find the error, re-analyze each transaction. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. February 20, 2023. 3. 16. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. + Received 1,000 cash from customers on account. %24, Carl Warren, James M. Reeve, Jonathan Duchac. b. b. During the month, he completed the following transactions connected with his professional practice: a. 1. Prepare the necessary journal entries to record these transactions. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. $ f. Paid office salaries, $6,500. 7.500 4. 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). Bal a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. A Wages of $379,000 were paid in cash. In this activity, you will be creating. Instructions 1. (e) Paid phone bill, 65. Required 1. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Q:Connie Young, an architect, opened an office on October 1, 2019. 61,000 %3D Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Accounts containing only a single entry do not need a balance. Start your trial now! Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. 00. Dividends in the amount of $1,500 were distributed. 2. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Apr. (Optional) Prepare a statement of cash flows for July. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Paid for a newspaper advertisement, 200. No. 4. If the two totals are not equal, check the addition and subtraction. 2. Recorded jobs completed on account and sent invoices to customers, 22,300. Instructions 1. ces b. Paid gas, oil, and repairs on automobile for April, 550. Receivable Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. (f) Made payment on loan in transaction (c), 500. 0. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Check my No. 7.500 On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, 40,000. b. 4.Prepare an unadjusted trial balance as of July 31, 2019. First week only $4.99! a. 3. C. View this solution and millions of others when you join today! Six months rent was paid in advance, $4,500. %24 Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. The following account balances are available: Required: 1. +. 1. Which of the following is true? Advertising expense of $26,000 was incurred and paid. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 1.500 Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. B. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Prepare T accounts, using the account titles in (1). 27. Paid electricity bill for May, 810. b. Classify each transaction as an operating, an investing, or a financing activity. 5. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. i. 3. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common How much did Marchs transactions increase or decrease Amy Austins capital? 1002. h. Received and paid the bill for utilities, 340, Ck. During June, Ming Chen (the owner) completed these transactions. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. 0. Paid rent for July, 1,750. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. If you want the answer, Q:Architects completed the following transactions: Hal Smith opened Smith's repairs on 01.03. a. Accounting Equation is calculated using following equation - During June, Ming Chen (the owner) completed these transactions: a. CASH 8.000 References Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. 3. After, A:Net income: Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. The company paid $1,500 cash for rent of office space for the month. 27. a. During the first month of operations of his, A:Solution: During June, Ming Chen (the owner) completed these transactions. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Ming Chen began a professional practice on June 1 and plans - BRAINLY d. The company completed work for a client and immediately collected the $2,500 cash earned. Correct answers: 1 question: A loan of $400,000 is taken out which requires an annual interest payment of 4.4% of the borrowed amount of money (in market dollars). Recorded services provided on account for the period May 16-20, 4,820. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Payable Ken Jones, an architect, opened an office on April 1, 2019. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. Purchased supplies on account, 850. a. O OO O A:Requirement 1: Indicate the effect of the given transactions. Determine the account balances after all posting is complete. i. Determine the net income for June. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. A:a)Indicate the effect of the given transactions. on the Business environment in China. g. Paid interest on the note payable, $500. 8,000 2,500 3. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. (Record as Miscellaneous Expense.) (Do not insert the account numbers in the journal at this time.) 11. Simple Accounting equation is. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 10,000 Paid wages of 1,200 to receptionist and part-time assistant. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Received 500, with the remainder due on August 9, 2019. c. Received cash from fees earned. Ask your question! 58,500 No. 24 Accounts containing only a single entry do not need a balance. Introduction: 75,000 1. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 30.Served as a disc jockey for a charity ball for 1,500. 4. 30. Instructions 1. eBook Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. 1.500 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. Opened a business bank account with a deposit of 30,000 from personal funds. Chapter 1 Exercises i Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. (Do not insert the account numbers in the journal at this time.) g. The company paid an assistant $3,000 cash as wages for the month. The company paid $1,500 cash for rent of office space for the month. Show new balances after each transaction. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Do you need an answer to a question different from the above? During June, Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 0.33 Explanations may be omitted. b. Write Balance in the Item column and place a check mark () in the Posting Reference column. Prepare an unadjusted trial balance as of August 31, 2016. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 2.Received 1,000 cash from customers on account. 3. Determine the following: a. Paid dividends, $3,000. She helped me in last minute in a very reasonable price. 504. j. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). a. $30000. 30. Thank you for the question, As per the honor code, we are allowed to answer three, Q:Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. 7,500 %24 4. Explanations may be omitted. The prepaid rent at the beginning of the year was used in 2019. Basic Accounting Systems: Cash Basis. One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. $4 0. 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. c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. 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. He completed the following transactions during June: a. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Opened a business bank account with a deposit of 50,000 from personal funds. Paid 5,000 on note payable. 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. Answered: Ming Chen began a professional practice | bartleby c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Q:Duerr Engineering completed the following transactions in the month of June. During the month, he completed the following transactions connected with his professional practice: a. 14.Paid wages of 1,200 to receptionist and part-time assistant. During the month, she completed the following transactions connected with her professional practice: a. Instructions 1. a. a. Recorded services provided on account for the remainder of May, 2,650. Each drugstore is operated by a general manager and a controller. Graw Transactions completed during the month follow. Paid utilities expense, 4,500. 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. During June, Ming Chen (the owner) completed these transactions. Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plansget 1 Instructions 1. 1,500 Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. b. During June, Ming Chen (the owner) completed these transactions. h. Borrowed $100,000 by issuing a note payable. 0. f. The company purchased additional equipment for $6,000 cash. 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. 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. j. (b) Paid office rent, 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. The worker will be paid $275 per week. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Connie Young, an architect, opened an office on October 1, 2019. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. b. %D 4. $30000. Dividends Ming Chen began a professional practice on June 1 and plans to prepare During June, Ming Chen (the owner) completed these transactions. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. 2. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. (h) Received cash for services rendered, 800. 15. Paid truck expenses, 435, Ck. Liabilities 60,000 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. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 5. During June, Ming Chen (the owner) completed these transactions. $30000. The company paid $1,500 cash for rent of office space for the month. 23.Served as disc jockey for a party for 2,500. %3D Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common
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