30. 24. Required minus sign.) 4. Greco resort opened for business on june 1. Only debit card transaction fees are limited by law. 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. f. Paid office salaries, $6,500. Paid cash to creditors on account, 3,000. j. Start your trial now! The company pald $2,100 cash for rent of office space for . The account headings are presented below. (i) Paid electricity bill, 85. 2. 7.500 a. He. Common Insurance expired during May is 275. b. 2. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. h. Purchased land as a future building site, paying cash of $120,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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: %D Paid dividends, $3,000. During the first month of Purchased office equipment on account, 15,000. %24 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. Received an invoice for truck expenses, to be paid in November, 1,250. Advertising expense of $26,000 was incurred and paid. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 10,000 28. The company paid $1,000 cash in dividends to the owner (sole shareholder). 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. The following, A:Unadjusted Trial Balance - Introduction: 0. d. Neither credit card nor debit .. Budgeting issues at the movies:
Movies are expensive to produce and market. Prepare T accounts, using the account titles in (1). %3D a. Paid 620 to Upload Music for use of its current music demos in making various music sets. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 18.Purchased supplies on account, 850. Inflation is 3.8% per year. 4. Ask your question! 3. operations,, A:Journal entry means the entry in prime book with chronological order. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %3D 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. %24 d. The company completed work for a client and immediately collected the $2,500 cash earned. and company a firm. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. (d) Received cash for services rendered, 900. 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). Find answers to questions asked by students like you. No. A:Requirement 1: Indicate the effect of the given transactions. 10,000 8.000 Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. During the month, she completed the following transactions connected with her professional practice: a. g. The company paid an assistant $3,000 cash as wages for the month. Purchased supplies on account, 850. 25.000 The company paid $1,500 cash for rent of office space for the month. Determine the amount of Joel Palks capital as of July 1 of the current year. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. b. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. a. 4. 225. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. ezto.mheducation.com Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Bal. points 14.Paid wages of 1,200 to receptionist and part-time assistant. Bal d. Does the activity add value to Latchey’s provision of insurance services? Enter the following transactions on Page 2 of the two-column journal: 16. Received and paid the heating bill, 248, Ck. 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. d. Paid rent on office and equipnwnt for the month, $5,000. g. Paid interest on the note payable, $500. 1,500 Paid rent for July, 1,750. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. $30000. Accounting Equation is calculated using following equation - 1. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. If the two totals are not equal, check the addition and subtraction. 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. 25,000 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. 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. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Prepare an unadjusted trial balance as of January 31, 2019. Analyze and use these data to complete parts (5) and (6). 2,500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Determine the increase or decrease in owners equity for August. Received 2,000 for serving as a disc jockey for a wedding reception. The policy covers a one-year period. ces During June, Ming Chen (the owner) completed these transactions. 30. If an entry is not required for any of these transactions, state this and explain why. 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. 13. a. +. Introduce your . 5. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! $ 15,000 No. Paid dividends, $3,000. Received 3,000 for serving as a disc jockey for a party. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. No. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column 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. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. No. c. Received cash from fees earned. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Enter the impact of each transaction on individual items of the accounting equation. 2,500 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. 2. Paid rent for period of November 1 to end of month, 4,000. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e Owner invested Greetings! Paid wages of 1,200 to receptionist and part-time assistant. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. 5. Interest of $5,000 was paid on the long-term loan. 23.Served as disc jockey for a party for 2,500. Kimberly Manis, an architect, opened an office on January 1, 2016. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. 4, Help Extend the balances to the appropriate balance columns after each transaction is posted. 2023. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. II Accounts f. The company purchased additional equipment for $6,000 cash. 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. d. Liabilities 3. + Expenses Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. Income tax of $10,300 was incurred and paid in 2019. e. Is it a budgeted or an actual cost in your report? Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. 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--. Determine the net income or net loss for April. 8. Kindly repost the question to get, A:Trial balance: It is the statement prepared at the end of the year to close all the accounts. 61,000 Mc. c. Received cash from fees earned. The customer will pay at a later date. Ming Chen began a professional practice on June 1 and. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (f) Made payment on loan in transaction (c), 500. Paid cash for a newspaper advertisement. b. 4. d. The company completed work for a client and immediately collected the $2,500 cash earned. Payable Received 750, with the remainder due August 4, 2019. Issued common stock to Marjorie Knaus in, A:Step 1 Instructions 1. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. 1,500 Analyze each transaction, Journalize as appropriate. A:Revenue means the income earned during a given period. Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. She, A:As you have posted multiple questions, the solution to the first question is being provided. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. 31.Withdrew 1,250 cash from PS Music for personal use. Hello. Opened a business bank account with a deposit of 30,000 from personal funds. Instructions 1. 3. 1.500 0. During June, Ming Chen (the owner) completed these transactions: a. 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. 0. Dividends in the amount of $1,500 were distributed. a. I can help you with creating a presentation of one slide for The Word of William Hunter. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. + During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. 503. h. Sold catering services on account, 4,307. i. 3. stock. e. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. 12. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 3. The following transactions, A:Journal Entries: Q:During the first month of operations, the following transactions occurred for Blossom Inc.: G. Received the electricity bill. a. Accounts 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. 75,000 Mulberry purchased computer paper for $13,000 cash in late December. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 2. (Record as Miscellaneous Expense.) 7.500 minus sign.) Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Paid an attorney 900 for reviewing the July 3 contract with KXMD. During June, Ming Chen (the owner) completed these transactions. Bal. 10,000 Instrustions Prepare a balance sheet as of July 31, 20Y5. Revenues 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 . Received cash from clients on account, 9,520. 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. None of the paper was used by year-end. Instructions 1. M Question 8 - Chapter 1 Exercises Connect Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Paid cash for miscellaneous expenses, 375. j. March transactions are as follows : 1,500 504. j. Determine the net income for June. 30. 23. 8. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - Prepare the necessary journal entries to record these transactions. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. i. I am a Ph.D. writer with more than 9 years of working experience in Writing. 2. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 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Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. 4. ol + July 21. 31. ok ht inces a. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Bal. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. b. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. 0. 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. 10,000 Journal Entries - Journal Entries are the recording of transactions of the organization. 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. (Do not insert the account numbers in the journal at this time.) c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. The company paid $1,500 cash for rent of office space for the month. (1,500) + A:The financial statements of the business include the income statement and balance sheet of the firm. 1.500 21. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. If you want the answer, Q:Architects completed the following transactions: Q:Duerr Engineering completed the following transactions in the month of June. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. i. i. Ask a new question. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 0. 1003. i. Paid electricity bill for May, 810. Do you need an answer to a question different from the above? 4. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. Bal. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instuction Prepare an income staement and statement of stockholders equity for July. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Is it a product or a period cost? A:The financial statements of the business include the income statement and balance sheet of the firm. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Recorded services provided on account for the period May 1-15; 9,180. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. The company paid $1,000 cash in dividends to the owner (sole shareholder). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 10,000 Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. 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. DLite Dry Cleaners is owned and operated by Joel Palk. What will be the value of interest payment at the end of fourth year in real dollars? Prepare an income statement, a retained earnings statement, and a balance sheet. 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 a. f. The company purchased additional equipment for $6,000 cash. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. No. S NO 4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. + 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Paid miscellaneous expenses, 540. 2. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. C. a. a., A:1. 4. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 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. Prepare an unadjusted trial balance as of August 31, 2016. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. The company paid $1,500 cash for rent of office space for the month. $30000. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000.