1.500 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 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). 15,000 %D h. Purchased land as a future building site, paying cash of $120,000. 0. During June, Ming Chen (the owner) completed these transactions. Post the journal to a ledger of four-column accounts. We will pay the $110 in thirty days. As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. 1006. 0. 3. 4. Record the closing entries on Page 8 of the journal. 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. II The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. 18. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. 4. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Brooke completed the following transactions during the month of August: a. Find answers to questions asked by students like you. No. Q:Ken Jones, an architect, opened an office on April 1, 2019. 4. 15,000 Six months rent was paid in advance, $4,500. 1,500 (Enter decreases to account balances with a T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 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. Advertising expense of $26,000 was incurred and paid. (b) Paid office rent, 500. a. Ming Chen began a professional practice on June 1 and plans If an entry is not required for any of these transactions, state this and explain why. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. i. Amount of total expenses recorded in the ledger. 6. Received 2,000 for serving as a disc jockey for a wedding reception. operations,, A:Journal entry means the entry in prime book with chronological order. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. a. During June, Ming Chen (the owner) completed these transactions. Expenses C. 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: 3. Accounts a. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. (c) Purchased office equipment. 9. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. During the month, she completed the following transactions connected with her professional practice: a. 8. 2. on the Business environment in China. 1. Withdrew cash for personal use, 7,500. b. g. The company paid an assistant $3,000 cash as wages for the month. 30. Q:Prepare the statement of retained earnings for the month of July 31. Recorded services provided on account for the period May 1-15; 9,180. 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. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. b. 22. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Owner withdrew $1,000 cash from the company for personal use. References During June, Ming Chen (the owner) completed these transactions: a. 58,500 %24 30. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 29. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. During the first month of operations of his, A:Solution: Issued common stock to Marjorie Knaus in, A:Step 1 During June, Ming Chen (the owner) completed these transactions: a. The, A:An accounting equation refers to a mathematical representation of the transactions. stock. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Instrustions Prepare a balance sheet as of July 31, 20Y5. Dividends in the amount of $1,500 were distributed. Extend the balances to the appropriate balance columns after each transaction is posted. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Payable Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. +. Prepare and post the closing entries. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Instuction Prepare an income staement and statement of stockholders equity for July. Mc. The following, A:Unadjusted Trial Balance - 3. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. (a) Invested cash in the business, 510,000. The company paid $1,500 cash for rent of office space for the month. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Income tax of $10,300 was incurred and paid in 2019. 0. (Note: Ignore the date because these events are aggregations of individual events.) Ming Chen began a professional practice on June 1 and plans to prepare Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 1. Which of the following is true? Paid dividends, 10,500. 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. + In July of this year, M. Wallace established a business called Wallace Realty. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. a. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 31. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Paid gas, oil, and repairs on automobile for April, 550. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 25.000 She helped me in last minute in a very reasonable price. b. Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. %3D What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 10,000 Ken Jones, an architect, opened an office on April 1, 2019. 18.Purchased supplies on account, 850. Paid miscellaneous expenses, 540. Graw 1004. j. a. 9. 30. No. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 3. A:Requirement 1: Indicate the effect of the given transactions. No. On June 1 of the current year, Chad Wilson established a business to manage rental property. 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. d. Paid rent on office and equipnwnt for the month, $5,000. Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. $15,000 The following account balances are available: Required: 1. Required 1. The company paid $1,500 cash for rent of office space for the. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 30. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. During the month, Jones, A:T accounts: 25,000 27.Paid electric bill, 915. Analyze and use these data to complete parts (5) and (6). DLite Dry Cleaners is owned and operated by Joel Palk. %24 Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Determine the net income or net loss for April. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. No principal payments are made, only interest is paid. I have all relevant skills and expertise related to your project. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). (Income Summary is account 34 in the chart of accounts.) (f) Made payment on loan in transaction (c), 500. %24 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. (Solved) - Ming Chen began a professional practice on June 1 and plans g. The company paid an assistant $3,000 cash as wages for the month. Purchased office equipment on account from Office Mart, 7,500. a. Start your trial now! 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The company purchased additional equipment for $6,000 cash. Paid cash to creditors on account, 3,000. j. 23. 7.500 Accounts Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Instructions 1. d. Paid rent on office and equipment for the month, $5,000. 4, 7,500 What amount should Carter report as net cash from investing activities? During June, Ming Chen (the owner) completed these transactions.a. Ming Chen (the owner) completed these transactions: 1,500 The customer will pay at a later date. Q:Connie Young, an architect, opened an office on October 1, 2019. Determine the net income or net loss for April. + Received cash from clients on account, 9,520. Enter the impact of each transaction on individual items of the accounting equation. G. Received the electricity bill. 1,500 Ming chen began a professional practice on june 1 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). d. Does the activity add value to Latchey’s provision of insurance services? Analyze each transaction, Journalize as appropriate. the. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Classify each transaction as an operating, an investing, or a financing activity. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 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. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Prepare T accounts, using the account titles in (1). J. 8,000 Repairs and maintenance of $9,000 were incurred and paid. The company paid $1,500 cash for rent of office space for the month. f. The company purchased additional equipment for $6,000 cash. College Accounting (Book Only): A Career Approach. Introduction: Assets 31.Withdrew 1,250 cash from PS Music for personal use. 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. 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: C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Prepare a single-step income statement. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. . A:a)Indicate the effect of the given transactions. Mulberry purchased computer paper for $13,000 cash in late December. 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. i. In addition, $28,000 of computer rental costs were incurred and paid. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. ACCOUNTS RECEIVABLE Equipment 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. g. Paid interest on the note payable, $500. 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. 61. Prepare an adjusted trial balance. b. Paid telephone bill for May, 260. (g) Paid wages to part-time employee, 500. Paid dividends, $3,000. 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. Received cash from clients on account, 2,450. One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. 7.500 31.Received 3,000 for serving as a disc jockey for a party. Establish a ledger for the accounts listed above and enter the beginning balances. 10. Check my i. 16. First week only $4.99! Ming Chen began a professional practice on June 1 and plans - BRAINLY 4. Recorded services provided on account for the period May 16-20, 4,820. At the end of May, the following adjustment data were assembled. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. j. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. (Record as Miscellaneous Expense.) Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. C. Provided services in the amount of $1,000. Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. 25. Equipment Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Save & Exit 4. During June, 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 60,000 24 Hello. Q:1. (d) Received cash for services rendered, 900. During June, Ming Chen (the owner) completed these transactions. + A:The financial statements of the business include the income statement and balance sheet of the firm. (h) Received cash for services rendered, 800. During June, To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. A:Revenue means the income earned during a given period. 14.Paid wages of 1,200 to receptionist and part-time assistant. She, A:As you have posted multiple questions, the solution to the first question is being provided. Since there are multiple subparts, we will answer only first three subparts. b. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 8.000 A:Hi student Explanations may be omitted. (Enter decreases to account balances with a What will be the value of interest payment at the end of fourth year in real dollars? First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 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: 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. a. 3.Paid 250 to creditors on account. 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. minus sign.) ASSETS 27. + b. 2023 White PaPer. Received 750, with the remainder due August 4, 2019. Receivable During June, Ming Chen (the owner) completed these transactions: a. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Ask a new question. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 8,000 Ming Chen (the owner) completed these transactions. $4 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--. 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. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Paid cash for a newspaper advertisement. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Recorded services provided on account for the remainder of May, 2,650. Movies are expensive to produce and market. 2.Received 1,000 cash from customers on account. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 2. 1, A:Salary is the expense of a business. 506. Paid an attorney 900 for reviewing the July 3 contract with KXMD. A loan of $400,000 is taken out which requires an annual interest Determine account balances of the T accounts. Good morning, teachers, I am honored to be informed to have this interview. B. Prepare T accounts, using the account titles in (1). %3D I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. Received and paid the heating bill, 248, Ck. A statement of changes in Equity 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. 2. If the two totals are not equal, check the addition and subtraction. 21. 1.500 8.000 b. Paid miscellaneous expenses, 1,000. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Received 500, with the remainder due on August 9, 2019. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Assignments: ACCTG-4A-80575-2021SP (Record as Miscellaneous Expense.) Bal. Opened a business bank account with a deposit of 50,000 from personal funds. Mulberry paid the interest payable of $8,000. Can you think of any reason why the amount determined in (4) might not be the net income for November? 8.000 Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 28. During June, Ming Chen (the owner) completed these transactions: a. Withdrew l,250 cash from PS Music for personal use. 1PA, Your question is solved by a Subject Matter Expert. 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). Paid annual premiums on property and casualty insurance, 2,400. What if the client hasn't prepared them in advance? I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. (e) Paid phone bill, 65. b. First week only $4.99! Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. 1. Recording of a business transactions in a chronological order. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each 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, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. Kimberly Manis, an architect, opened an office on January 1, 2016. During June, Ming Chen (the owner) completed these transactions. (Do not insert the account numbers in the journal at this time.) Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Bal. Prav 31. 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. . During June, Ming Chen (the owner) completed these transactions. a. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. No. (83) 5. 2020 - 2024 www.quesba.com | All rights reserved. The account headings are presented below. The company paid $1,500 cash for rent of office space for the 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Bal. Paid truck expenses, 435, Ck. Journals: Simple Accounting equation is. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Basic Accounting Systems: Cash Basis. J. Use the ending balances in the T-accounts to prepare a trial balance. 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. Amount of total revenue recorded in the ledger. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 61,000 13. Accounts Budgeting issues at the movies: 1. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. No. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. 4. Instructions 1. 10,000 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.
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