+ + Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2,500 In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Recorded jobs completed on account and sent invoices to customers, 22,300. A. Owner withdrew $1,000 cash from the company for personal use. %24 J. During June, 18.Purchased supplies on account, 850. 4. 3.Paid 250 to creditors on account. Solved Exercise 1-13 Identifying effects of transactions - Chegg Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 3. Check my Paid Office Station Co. for part of the debt incurred on April 5, 640. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Im very much interested to write for attendance systems. (1,500) + (j) Withdrew cash for personal use, 100. 2. If you still cannot find the error, re-analyze each transaction. Record the transactions and the balance after each transaction. ezto.mheducation.com One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. 3. March transactions are as follows : 75,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Expenses Amount of total revenue recorded in the ledger. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Paid rent for July, 1,750. 1000. c. Bought office supplies for cash, 375, Ck. 3. c. Amount of net income for August. $ 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. The company paid $1,500 cash for rent of office space for the month. 8.000 Each drugstore is operated by a general manager and a controller. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. If the two totals are not equal, check the addition and subtraction. Before this, no other, Q:ournalize entries for transactions (a) through (I) using the following account titles: cash,, Q:ita Lopez started Biz Consulting, a new business, and completed the following transactions during, A:Journal entries refers to recording of business transactions into the books of the business or, Q:On April 1 of the current year, Morgan Jones established a business to manage rental property. Accounts 3. Paid wages of 1,200 to receptionist and part-time assistant. a. %D Served as a disc jockey for a charity ball for 1,500. b. Equity Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 0. Paid gas, oil, and repairs on automobile for April, 550. d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. Hire Professional Writer And Get A+ Grades In Your Homework. The company paid $1,500 cash for rent of office space for the month. II 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. ces Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. CASH No. Enter the following transactions on Page 2 of the two-column journal: 16. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. A balance sheet 15,000 The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 1,500 Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 31.Withdrew 1,250 cash from PS Music for personal use. a. 9. Withdrew cash for personal use, 2,500. Common 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. When the business transactions are recorded in the primary book of account, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. the. 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. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Prepare an unadjusted trial balance as of July 31, 2019. 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 a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. 31.Received 3,000 for serving as a disc jockey for a party. 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. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. (i) Paid electricity bill, 85. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 1PA, Your question is solved by a Subject Matter Expert. b. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 4. 2.1.4P, Your question is solved by a Subject Matter Expert. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. During June, Ming Chen (the owner) completed these transactions. 1. 8,000 During June, Ming Chen (the owner) completed these transactions. (Solved) - Ming Chen began a professional practice on June 1 and plans 31. Use a chart of accounts to order the ledger accounts. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. a. 4. 4. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. A:Journal: Paid cash to creditors on account, 4,500. j. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. (c) Purchased office equipment. points EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental f. The company purchased additional equipment for $6,000 cash. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 29.Paid miscellaneous expenses, 540. g. The company paid an assistant $3,000 cash as wages for the month. 6. Determine the net income for March. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Determine the following: a. b. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Prepare T accounts, using the account titles in (1). Any additional hours beyond SO will be billed to KXMD at 40 per hour. Determine the excess of revenues over expenses for November. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Ming Chen (the owner) completed these transactions: Answered: Ming Chen began a professional practice | bartleby 25.000 The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. During June, Ming Chen (the owner) completed these transactions. During the month, he completed the following transactions connected with his professional practice: a. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. Journals: A loan of $400,000 is taken out which requires an annual interest a. 10,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2.Received 1,000 cash from customers on account. c. Amount of net income for January. To ensure my potential must visit my profile to check my ratings and uploaded samples. J. _Accounting 1 Assignment Part 1 - Ming Chen began a professional Paid 620 to Upload Music for use of its current music demos in making various music sets. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. i. 2020 - 2024 www.quesba.com | All rights reserved. Required i. According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack: Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. a. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. h. Purchased land as a future building site, paying cash of $120,000. 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. 4. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Kimberly Manis, an architect, opened an office on January 1, 2016. Ming Chen began a professional practice on June 1 and plans to prepare Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Determine the net income or net loss for April. %D I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Stock a. 0. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. On March 1 of this year, B. Gervais established Gervais Catering Service. 25.000 Received $100 from a customer for services we will provide next week. stock. Ming Chen began a professional practice on June 1 and plansget 1 In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Determine the amount of Joel Palks capital as of July 1 of the current year. A:a)Indicate the effect of the given transactions. Payable She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Q:Duerr Engineering completed the following transactions in the month of June. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. A:Revenue means the income earned during a given period. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. For those boxes in, A:Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by, Q:on april 1 Jiro Nozomi created a new travel agency, adventure travel. %3D In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 30. A:Introduction: References 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. Paid utilities expense, 4,500. (Income Summary is account 34 in the chart of accounts.) On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. 4. Apr. Ken Jones, an architect, opened an office on April 1, 2019. Introduce your . Assignments: ACCTG-4A-80575-2021SP 5.Purchased office equipment on account from Office Mart, 7,500. (Enter decreases to account balances with a Record the following transactions on Page 6 of the journal: 20. Ming chen began a professional practice on june 1 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Received 750, with the remainder due August 4, 2019. 7,500 Graw 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. (a) Invested cash in the business, 510,000. Prepare an unadjusted trial balance as of January 31, 2019. a., A:1. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 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, 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. 8.000 a. 1003. i. 2,500 Do you need an answer to a question different from the above? I am highly qualified expert, working from 2008-9 in this industry. 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. a. Wallace deposited 24,000 in a bank account in the name of the business. h. Purchased land as a future building site, paying cash of $120,000. 5. A statement of changes in Equity No. Determine the increase or decrease in owners equity for August. b. ASSETS Ming Chen began a professional practice on June 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 During June, Ming Chen (the owner) completed these transactions. Receivable Revenues Paid 700 to a local audio electronics store for rental of digital recording equipment. Assets 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. Ming Chen began a professional practice on June 1 and plans to prepare DLite Dry Cleaners is owned and operated by Joel Palk. (d) Received cash for services rendered, 900. 1,500 a. Only debit card transaction fees are limited by law. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Home., A:Since you have asked multiple questions under a single question. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 15. Classify each transaction as an operating, an investing, or a financing activity. 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? During the month, he completed the following transactions connected with his professional practice: a. %24 Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. . The company paid $10,000 cash to settle the liability created in transaction c. j. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Recorded services provided on account for the period May 1-15; 9,180. i. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. 2,500 (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. b. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Good morning, teachers, I am honored to be informed to have this interview. I will also provide you with TURNITIN PLAGIARISM REPORT. No. Served as disc jockey for a party for 2,500. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 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. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Record the closing entries on Page 8 of the journal. Create the following table similar to the one in Exhibit 1.9. 2. 60,000 a. Income tax of $10,300 was incurred and paid in 2019. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. 61,000 24 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. Required: 0. Transactions completed during the month follow. The account headings are presented below. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 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.: O OO O 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. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Purchased supplies for cash, 1,750. The account headings are presented below. Paid for a newspaper advertisement, 200. Connie Young, an architect, opened an office on October 1, 2019. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Stock 10,000 + Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Start your trial now! Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. During June, Ming Chen (the owner) completed these transactions. 10.000 State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 30. 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:On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Apr. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. I am a Ph.D. writer with more than 9 years of working experience in Writing. b. During June, Ming Chen (the owner) completed these transactions. c. Received cash from fees earned. the firm are, A:Income statement During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans - BRAINLY Common Opened a business bank account with a deposit of 35,000 in exchange for common stock.
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