f. Paid office salaries, $6,500. %24 %24, Carl Warren, James M. Reeve, Jonathan Duchac. a. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. (Record as Miscellaneous Expense.) 0. Served as a disc jockey for a charity ball for 1,500. 29. d. Purchased office supplies on account, $1,250. 75,000 minus sign.) Since there are multiple subparts, we will answer only first three subparts. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.
A:Journal: 10. 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. (a) Invested cash in the business, 510,000. e. . On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Determine the net income for June. g. The company paid an assistant $\$3,000$ cash as wages for the month. Q:Connie Young, an architect, opened an office on October 1, 2019. 1. Hi, Hope you are doing well. Withdrew cash for personal use, 7,500. Hill (Enter decreases to account balances with a (k) Paid wages to part-time employee, 500. 2023. The company paid $1,500 cash for rent of office space for the month. Paid cash for miscellaneous expenses, 375. j. (Continued) Required: 1. h. Borrowed $100,000 by issuing a note payable. 8,000 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. 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. (Enter decreases to account balances with a 1,500 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. b. 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. 505. m. Paid the salary of the assistant, 1,150, Ck. Determine account balances of the T accounts. 18.Purchased supplies on account, 850. b. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Paid dividends, $3,000. Received an invoice for truck expenses, to be paid in November, 1,250. 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. A building and equipment are currently being rented, pending expansion to new facilities. c. Amount of net income for August.
(83) In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. stock. Purchased supplies on account, 735. 2. 61,000 a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Is it a product or a period cost? 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. 31. Accounts 4. Mulberry purchased computer paper for $13,000 cash in late December. A balance sheet Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 23.Served as disc jockey for a party for 2,500. 4. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 1, A:Salary is the expense of a business. DLite Dry Cleaners is owned and operated by Joel Palk. 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. *Response times may vary by subject and question complexity. 2. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 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. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. If the two totals are not equal, check the addition and subtraction. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 4.Prepare an unadjusted trial balance as of July 31, 2019. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Required: The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 7,500 Recorded services provided on account for the period May 16-20, 4,820. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 75,000 The company paid $1,000 cash in dividends to the owner (sole shareholder). The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Paid annual premiums on property and casualty insurance, 2,400. Received cash from clients on account, 9,520. 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. 9. 3. No. 8. Ming Chen (the owner) completed these transactions. %24
Solved Ming Chen began a professional practice on June 1 and | Chegg.com Bal. +. 10,000 Paid cash to creditors on account, 3,000. j. Paid dividends, 2,500. Paid miscellaneous expenses, 1,000. Only credit card transaction fees are limited by law. 14.Paid wages of 1,200 to receptionist and part-time assistant. 10,000 During June, Stock Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. 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. 1,500 A:a)Indicate the effect of the given transactions. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 2,500
Ming Chen began a professional practice on June 1 and plans - BRAINLY 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. Paid the office rent for the current month, 650, Ck. On March 1 of this year, B. Gervais established Gervais Catering Service. Paid cash for a newspaper advertisement. 506. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common d. Paid rent on office and equipment for the month, $5,000. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. Income tax of $10,300 was incurred and paid in 2019. 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: 58,500 4. Bal. Determine the account balances after all posting is complete. Analyze and use these data to complete parts (5) and (6). 18. 1003. i. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. b. Enter the impact of each transaction on individual items of the accounting equation. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. The worker will be paid $275 per week. 10 000 (Record as Miscellaneous Expense.) 30.Served as a disc jockey for a charity ball for 1,500. No. Assets 61. Received cash for job completed, 11,500. February 20, 2023. During the first month of operations of his, A:Solution: During June, Ming Chen (the owner) completed these transactions. 4, Cash 7,500 1PA, Your question is solved by a Subject Matter Expert. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 3. Instructions 1. If an entry is not required for any of these transactions, state this and explain why. ezto.mheducation.com c. Received cash from fees earned. Paid electric bill, 915. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Journal Entries - Journal Entries are the recording of transactions of the organization. Liabilities a. Accounting Equation is calculated using following equation - 31. Use a chart of accounts to order the ledger accounts. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. During the first month of Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 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. 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. Instructions 1. Accounting Equation - Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. During the month, she completed the, A:Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. The company paid $1,500 cash for rent of office space for the month. 3. Received cash from clients on account, 2,450. Prepare an income statement, a retained earnings statement, and a balance sheet. Paid Office Station Co. for part of the debt incurred on April 5, 640. Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Amount of total expenses recorded in the ledger. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. 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. 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. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. points 8.000 8.Paid for a newspaper advertisement, 200. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1002. h. Received and paid the bill for utilities, 340, Ck. 23. 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. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. 4. g. Paid interest on the note payable, $500. April. Paid 250 to creditors on account. You can message me to discuss the details. A:Introduction: Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 3. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Required 1. Received and paid the heating bill, 248, Ck. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. 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. Instructions 1. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Simple Accounting equation is. Do you need an answer to a question different from the above? 5. b. i. 29.Paid miscellaneous expenses, 540. 5. 5. The company paid $1,500 cash for rent of office space for the month. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 60,000 Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. b. 2. Prepare T accounts, using the account titles in (1). %24 Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. No. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. During June, Ming Chen (the owner) completed these transactions: a. %24 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Post your journal entries to T-accounts, Add additional T-accounts when needed. College Accounting (Book Only): A Career Approach. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. Prepare T accounts, using the account titles in (1). d. The company completed work for a client and immediately collected the $2,500 cash earned. Revenue The company paid $1,500 cash for rent of office space for the month.
[Solved] Ming Chen began a professional practice o | SolutionInn 0. d. Purchased office and computer equipment on account, 9,000. e. Paid cash for supplies, 2,150. f. Paid cash for annual insurance policies, 4,000. g. Received cash from client for plans delivered, 12,200. h. Paid cash for miscellaneous expenses, 815. i. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a.
stock. If there is. b. 58,500 Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. No. One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. 1006. The company paid $10,000 cash to settle the liability created in transaction c. j. Prepare an unadjusted trial balance as of July 31, 2019. 60,000 a. 12. How much did Marchs transactions increase or decrease Amy Austins capital? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instructions 1. There is no prepaid rent or rent payable at year-end. Received 1,000 for serving as a disc jockey for a party. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. 504. j.
(Solved) - Ming Chen began a professional practice on June 1 and plans No. 75,000 (Note: Ignore the date because these events are aggregations of individual events.) Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. During June, Ming Chen (the owner) completed these transactions. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Required 1. A Wages of $379,000 were paid in cash. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 58,500 View this solution and millions of others when you join today! Paid rent for July, 1,750. Q:1. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Classify each transaction as an operating, an investing, or a financing activity. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 225. No. During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 0. 1. 25.000 Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 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: h. Borrowed $100,000 by issuing a note payable. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Paid wages of 1,200 to receptionist and part-time assistant. 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. 30. a. Gervais deposited 25,000 in a bank account in the name of the business. Connie Young, an architect, opened an office on October 1, 2019. The following information is provided for the first month of operations for Legal Services Inc.: A. Greetings! a. No. 7.500 i. a. Received 3,000 for serving as a disc jockey for a party. %24 Advanced practice nurse professional development plan, Mcgraw hill practice operations module 1 answers, 1.1 10 practice written assignment spanish 1 semester 2, Pre lab assignment 1 osmosis and tonicity practice problems, 1.1 10 practice complete your assignment english 12 sem 1, Safe practices for motor vehicle operations ansi asse z15 1, Kelly pitney began her consulting business kelly consulting on april 1 2016, Exercise and osteoporosis journal article, Critiquing floral arrangements crossword answers, Which of the following best describes ethics, Communicating in groups applications and skills 10th edition, Secure software development concepts support protecting applications, Cradle of filth your mother should ve swallowed shirt, The economy in the 1980s worksheet answers, Sharper image ultimate fat freezer reviews, Centripetal force and uniform circular motion lab report, What are the 6 stages of the family life cycle, The danger of a single story ted talk summary, Marshall rosenberg book nonviolent communication, Desert states employers & ufcw pension plan, Strengths and weaknesses of ethical egoism, Updater process ended with error 255 moto g4 plus, Section 6.4 traits genes and alleles section quiz answers. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. (Income Summary is account 34 in the chart of accounts.) Each drugstore is operated by a general manager and a controller. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. f. Paid office salaries, $6,500. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product:
Ming Chen began a professional practice on June 1 and plansget 1 $30000. First week only $4.99! To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Bal. 1000. c. Bought office supplies for cash, 375, Ck. 3. 1,500 31.Received 3,000 for serving as a disc jockey for a party.
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