A:The financial statements of the business include the income statement and balance sheet of the firm. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 8,000 Explanations may be omitted. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her 60,000 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. A:Net income is calculated after analysing the revenue and expenses of the organisation. d. Purchased office supplies on account, $1,250. %3D 6. Only debit card transaction fees. stock. 1 of 1 Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. d. The company completed work for a client and immediately collected the $2,500 cash earned. 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. 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. [Solved] Ming Chen began a professional practice o | SolutionInn Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1. d. Paid rent on office and equipnwnt for the month, $5,000. 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. The company pald $2,100 cash for rent of office space for . Stock A. 12. During the month, he completed the following transactions connected with his professional practice: a. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 7,500 a. No. 23. So lets make no longer delay & start chatting immediately. Stock 3. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Ken Jones, an architect, opened an office on April 1, 2016. Enter the following transactions on Page 2 of the two-column journal: 29. Liabilities Received cash for job completed, 11,500. During June, Ming Chen (the owner) completed these transactions. Recorded services provided on account for the remainder of May, 2,650. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. Required Revenue 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. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 1,500 Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 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: + C. Cash In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Ming Chen began a professional practice on June 1 and plansget 1 3. EQUITY 506. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. The company paid $1,000 cash in dividends to the owner (sole shareholder). Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. During the month, Lexi completed the following transactions related to the business: Nov. 1. 1,500 Problem1-63B Income Statement, Retained Earnings Statement. b. 1000. c. Bought office supplies for cash, 375, Ck. She, A:The balance sheet is one of the financial statements of the business which represents the financial, Q:On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of, A:Accounting Equation: 1. b. Received 750, with the remainder due August 4, 2019. During June, Ming Chen (the owner) completed these transactions.a. 4. g. Paid interest on the note payable, $500. 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). + I can help you with creating a presentation of one slide for The Word of William Hunter. 2. 5.Purchased office equipment on account from Office Mart, 7,500. 3. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Prepare the necessary journal entries to record these transactions. 61,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. + T Accounts, Debits And Credits, Trial Balance, And Financial Statements. Paid dividends, $3,000. Paid dividends, $3,000. 10. %24 f. The company purchased additional equipment for $6,000 cash. In July of this year, M. Wallace established a business called Wallace Realty. 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. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. Determine the net income or net loss for April. c. Amount of net income for January. No. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. 10,000 Billed insurance companies for sales commissions earned, 12,500. j. Determine the net income or net loss for January. 1,500 Paid miscellaneous expenses, 1,000. 11. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. d. b. 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. No. Bal. (e) Paid phone bill, 65. A statement of cash flows, Q:On September 1, 20X6, Michael Moe incorporated Moe's Mowing, Inc., a company that provides mowing, A:Since you have posted a question with multiple sub-parts, we will solve the first three subparts for, Q:Bob Jacobs opened an advertising agency. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. During the month, he completed the following transactions connected with his professional practice: a. (c) Purchased office equipment. No. Repairs and maintenance of $9,000 were incurred and paid. 10,000 Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 61,000 The business was started by selling $100,000 worth of common stock. 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. D. An office worker was hired. Ming Chen began a professional practice on June 1 and plans to prepare b. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. 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. If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 4. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. 30. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Determine account balances of the T accounts. Paid truck expenses, 435, Ck. a. f. Paid office salaries, $6,500. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. . The following transactions, A:Journal Entries: 4. Instuction Prepare an income staement and statement of stockholders equity for July. 30. d. 8.000 503. h. Sold catering services on account, 4,307. i. ACCOUNTS RECEIVABLE A:a)Indicate the effect of the given transactions. ol + 75,000 Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Received 750, with the remainder due August 4, 2019. %24 0. 3. 0. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. h. Purchased land as a future building site, paying cash of $120,000. 2,500 Served as disc jockey for a party for 2,500. (Solved) - Ming Chen began a professional practice on June 1 and plans Revenues During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? (Note: Ignore the date because these events are aggregations of individual events.) Instructions 1. Amount of total expenses recorded in the ledger. 0. 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. 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). 0. b. Paid rent for period of November 1 to end of month, 4,000. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Purchased office equipment on account, 15,000. 61,000 1,500 Paid gas, oil, and repairs on automobile for April, 550. 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. %3D On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. ezto.mheducation.com 0. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 2. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 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. Receivable Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Determine the net income or net loss for October. Determine the net income for June. Expenses 25,000 d. Prepare an unadjusted trial balance as of July 31, 2019. 2.1.4P, Your question is solved by a Subject Matter Expert. G. Received the electricity bill. 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. 17. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. 7.500 No. 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. 4. Determine account balances of the T accounts. 504. j. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. a. 4. %3D At the end of May, the following adjustment data were assembled. Paid dividends, 10,500. Withdrew cash for personal use, 2,500. a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. A:The financial statements of the business include the income statement and balance sheet of the firm. 10.000 It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 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. Prepare a post-closing trial balance. %24 25.000 4. Use a chart of accounts to order the ledger accounts. I will also provide you with TURNITIN PLAGIARISM REPORT. Common EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 5. 8.000 d. The company completed work for a client and immediately collected the $2,500 cash earned. 2. Budgeting issues at the movies: 225. The company paid $10,000 cash to settle the liability created in transaction c. Bal. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Movies are expensive to produce and market. *Response times may vary by subject and question complexity. Owner invested $60,000 cash in the company along with equipment. (g) Paid wages to part-time employee, 500. 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. Recorded services provided on account for the period May 16-20, 4,820. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. d. Does the activity add value to Latchey’s provision of insurance services? Instructions 1. The actual work of dry cleaning is done by another company for a fee. 7,500 Mulberry purchased computer paper for $13,000 cash in late December. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. Hello. She, A:As you have posted multiple questions, the solution to the first question is being provided. 7.500 15,000 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Mulberry paid the interest payable of $8,000. The account headings are presented below. 18.Purchased supplies on account, 850. b. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 4.Prepare an unadjusted trial balance as of July 31, 2019. The company paid $1,500 cash for rent of office space for the month. Connie Young, an architect, opened an office on October 1, 2019. During June, Ming Chen (the owner) completed these transactions. Save & Exit 1,500 Borrowed $100,000 by issuing a note payable. Start your trial now! 3. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 1002. h. Received and paid the bill for utilities, 340, Ck. I. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. II The company paid $10,000 cash to settle the liability created in transaction c. j. Accounts Apr. Ming Chen began a professional practice on June 1 and plansget 1 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. Ming Chen began a professional practice on June 1 and plans to The company paid $1,500 cash for rent of office space for the month. %24 f. The company purchased additional equipment for $6,000 cash. i. Determine the following: a. (Income Summary is account 34 in the chart of accounts.) 2. During June, Ming Chen (the owner) completed these transactions. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 8.000 We will pay the $110 in thirty days. 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. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. b. 15. I am highly qualified expert, working from 2008-9 in this industry. (a) Invested cash in the business, 510,000. July 21. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Assignments: ACCTG-4A-80575-2021SP Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. I am a Ph.D. writer with more than 9 years of working experience in Writing. Record the closing entries on Page 8 of the journal. 7,500 S NO Bal 1,500 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. O OO O Accounts Determine the increase or decrease in owners equity for August. Do you need an answer to a question different from the above? i. j. Owner withdrew $1,000 cash from the company for personal use. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. In this activity, you will be creating. Paid part-time receptionist for two weeks salary, 750. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Solved Exercise 1-13 Identifying effects of transactions - Chegg The company paid $1,500 cash for rent of office space for the. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. c. Received cash from fees earned. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 000 Q:Duerr Engineering completed the following transactions in the month of June. %D $ 28.Paid wages of 1,200 to receptionist and part-time assistant. 16. Solved Ming Chen began a professional practice on June 1 and | Chegg.com 31. 9. The company paid $1,500 cash for rent of office space for the month. Instructions 1. Analyze each transaction, Journalize as appropriate. i. Print Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. During the first month of Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. g. Paid interest on the note payable, $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. 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. B. Paid cash to creditors on account, 4,500. j. I have all relevant skills and expertise related to your project. Help 3. 4. The following transactions, A:Note: Paid gas, oil, and repairs on automobile for April, 550. 24. 58,500 d. Paid rent on office and equipnwnt for the month, $5,000. 10,000 b. Journalize and post the adjusting entries. Received 2,000 for serving as a disc jockey for a wedding reception. 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. g. The company paid an assistant $\$3,000$ cash as wages for the month. The worker will be paid $275 per week. 2. 75,000 4. 5. During June, Ming Chen (the owner) completed these transactions. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. The company paid $1,500 cash for rent of office space for the month. The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Interest of $5,000 was paid on the long-term loan. 0. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. (f) Made payment on loan in transaction (c), 500. Paid cash for miscellaneous expenses, 375. j. During June, Ming Chen (the owner) completed these transactions. Use the ending balances in the T-accounts to prepare a trial balance. During June, Ming Chen (the owner) completed these transactions. February 20, 2023. 25.000 8. b. b. Paid an attorney 900 for reviewing the July 3 contract with KXMD. 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. (83) 2. Received an invoice for truck expenses, to be paid in November, 1,250. March transactions are as follows : (Enter decreases to account balances with a He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Thanks :--). No. Saved Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Ken Jones, an architect, opened an office on April 1, 2019. Im very much interested to write for attendance systems. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Ming Chen began a professional practice on June 1 and plans to prepare 61,000 Prepare and post the closing entries. Paid for a newspaper advertisement, 200. 31. Journal Entries - Journal Entries are the recording of transactions of the organization. You can message me to discuss the details. %3D Paid wages of employees, 6,800. e. Is it a budgeted or an actual cost in your report? 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. Determine account balances of the T accounts. No. 4. Which of the following is true? 10,000 1006. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Instructions 1. 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. 29. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. (Record as Miscellaneous Expense.) Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Dividends Ming Chen began a professional practice on June $1$ and plan | Quizlet e. minus sign.) Paid wages of 1,200 to receptionist and part-time assistant. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Ming Chen began a professional practice on June $1$ and plan | Quizlet No. 30.Served as a disc jockey for a charity ball for 1,500. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Paid dividends, $3,000. Record the adjusting entries on Page 7 of the journal. 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. (k) Paid wages to part-time employee, 500. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense.
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