Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 1004. j. g. The company paid an assistant $3,000 cash as wages for the month. 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. 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? Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. 2023 White PaPer. e. I have all relevant skills and expertise related to your project. 1, A:Salary is the expense of a business. 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 . Write Balance in the Item column and place a check mark () in the Posting Reference column. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 1,500 Instructions 1. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Brooke completed the following transactions during the month of August: a. 25.000 Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Only credit card transaction fees are limited by law. 21. Prepare and post the closing entries. %24 CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? 2. 1 of 1 d. Paid rent for July, 1,750. He completed the following transactions during June: a. 58,500 No. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. The company paid $1,500 cash for rent of office space for the month. Recorded services provided on account for the period May 16-20, 4,820. First week only $4.99! G. Received the electricity bill. 31. The American Chamber of Commerce in South China. b. a. It is the first step of recording transactions of a company. A:Hi student Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Introduction: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed f. The company purchased additional equipment for $6,000 cash. 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. %3D Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. No. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Each drugstore is operated by a general manager and a controller. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Transactions completed during the month follow. Paid rent for July, 1,750. Ethics and budgetary slack: 12. We will pay the $110 in thirty days. (g) Paid wages to part-time employee, 500. Do you need an answer to a question different from the above? c. Amount of net income for August. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Record the transactions and the balance after each transaction. 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: The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Instuction Prepare an income staement and statement of stockholders equity for July. Explanations may be omitted. b. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. A balance sheet Served as a disc jockey for a charity ball for 1,500. Prepare a single-step income statement. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Liabilities 8.Paid for a newspaper advertisement, 200. 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--. 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. Paid cash to creditors on account, 4,500. j. Repairs and maintenance of $9,000 were incurred and paid. 23. Instructions 1. During the first month of operations of his, A:Solution: Paid 250 to creditors on account. 25.000 Paid electricity bill for May, 810. During June, %24 Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 17. No. Ask your question! Cash e. 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. %3D 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. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. h. Borrowed $100,000 by issuing a note payable. Paid wages of employees, 6,800. Hal Smith opened Smith's Repairs on March 1 of the current year. Q:1. Paid electric bill, 915. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. The following, A:Unadjusted Trial Balance - Paid dividends, $3,000. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. f. Paid office salaries, $6,500. c. Amount of net income for January. 4. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 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 Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 8,000 Which of the following is true? Bal. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 7.500 b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. a. Wallace deposited 24,000 in a bank account in the name of the business. 15. Hi! 225. (f) Made payment on loan in transaction (c), 500. Paid gas, oil, and repairs on automobile for April, 550. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received 500, with the remainder due on August 9, 2019. c. Received cash from fees earned. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 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. b. I. 7,500 8.000 Stock During June, Ming Chen (the owner) completed these transactions. Movies are expensive to produce and market. on the Business environment in China. d. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Amount of total expenses recorded in the ledger. 0.33 we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %D 10. Bal Accounts (b) Paid office rent, 500. d. Does the activity add value to Latchey’s provision of insurance services? Receivable Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. b. Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Journal Entries - Journal Entries are the recording of transactions of the organization. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 7,500 Received 2,000 for serving as a disc jockey for a wedding reception. Purchased supplies on account, 735. If an entry is not required for any of these transactions, state this and explain why. 11. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. The company paid $1,500 cash for rent of office space for the month. 2. 3. Instructions 1. Record the closing entries on Page 8 of the journal. If the two totals are not equal, check the addition and subtraction. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). a. 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. h. Prepare an unadjusted trial balance as of July 31, 2019. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Paid for a newspaper advertisement, 200. Prepare T accounts, using the account titles in (1). In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Hal Smith opened Smith's repairs on 01.03. The following, A:Unadjusted Trial Balance - So lets make no longer delay & start chatting immediately. %3D The following transactions were completed during July, the second month of the business's operations: July 1. Determine the net income for March. During the month, she completed the following transactions connected with her professional practice: a. d. Paid rent on office and equipnwnt for the month, $5,000. Q:Comprehensive Problem Set 1000. c. Bought office supplies for cash, 375, Ck. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. A. 14.Paid wages of 1,200 to receptionist and part-time assistant. 3. (a) Invested cash in the business, 510,000. Budgeting issues at the movies: Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Greetings! (1,500) + 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 The policy covers a one-year period. Explanations may be omitted. (Income Summary is account 34 in the chart of accounts.) 1,500 Expenses $4 Accounts 501. e. Bought insurance for the truck for one year, 400, Ck. $15,000 Find answers to questions asked by students like you. Paid annual premiums on property and casualty insurance, 2,400. During the first month of operations of his, A:Solution: The company paid $1,500 cash for rent of office space for the month. During June. (Enter decreases to account balances with a It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. b. 1. On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. a. Amount of total revenue recorded in the ledger. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Simple Accounting equation is. 0. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 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 College Accounting (Book Only): A Career Approach. Revenue Equity Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. I am highly qualified expert, working from 2008-9 in this industry. No. During June, Ming Chen (the owner) completed these transactions: a. Accounts containing only a single entry do not need a balance. No. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Paid cash for miscellaneous expenses, 375. j. b. 1003. i. b. $30000. 4. Record the transactions and the balance after each transaction. f. Paid office salaries, $6,500. M Question 8 - Chapter 1 Exercises Connect J. 1,500 Receivable Saved Determine account balances of the T accounts. 2. 0. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 4. Required: b. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. Journal entry is used to the record the business transactions of an enterprises. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Paid 620 to Upload Music for use of its current music demos in making various music sets. No. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Paid miscellaneous expenses, 1,000. The following transactions occurred during January of the current year. 1,500 %24 0. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. Paid truck expenses, 435, Ck. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Ken Jones, an architect, opened an office on April 1, 2019. 61. 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. The company pald $2,100 cash for rent of office space for . 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. + The policy covers a one-year period. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 4. Determine the net income or net loss for April. Bal. Instructions 1. Received and paid the heating bill, 248, Ck. 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. 27. A:Journal: The following transactions, A:Journal Entries: July 21. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - A building and equipment are currently being rented, pending expansion to new facilities. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 10,000 31. 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. Issued common stock to Marjorie Knaus in, A:Step 1 d. The company completed work for a client and immediately collected the $2,500 cash earned. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Thanks :--). 8.000 Determine the amount of Joel Palks capital as of July 1 of the current year. Prepare an unadjusted trial balance as of August 31, 2016. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. 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. She helped me in last minute in a very reasonable price. Determine account balances of the T accounts. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. You can message me to discuss the details. Is this a direct or an indirect cost? a. Hi, Hope you are doing well. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 6. Enter the impact of each transaction on individual items of the accounting equation. 60,000 Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. 13. On March 1 of this year, B. Gervais established Gervais Catering Service. 4. Apr. Accounts A:Revenue means the income earned during a given period. 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. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. a. Prepare the necessary journal entries to record these transactions. A. Paid 5,000 on note payable. II 61,000 10,000 + The following information is provided for the first month of operations for Legal Services Inc.: A. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 0. 75,000 Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. March transactions are as follows : She, A:The accounting equation states that assets equal to sum of liabilities and equity. The company paid $10,000 cash to settle the liability created in transaction c. Instrustions Prepare a balance sheet as of July 31, 20Y5. 2.1.4P, Your question is solved by a Subject Matter Expert. 30. I have all relevant skills and expertise related to your project. Borrowed $100,000 by issuing a note payable. 3. Paid rent for period of November 1 to end of month, 4,000. 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: 3. 4. 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. b. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 4. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: What will be the value of interest payment at the end of fourth year in real dollars? A Wages of $379,000 were paid in cash. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 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. Ask a new question. Received cash from clients on account, 2,450. (e) Paid phone bill, 65. Recorded services provided on account for the remainder of May, 2,650. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. f. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 8. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Paid cash for a newspaper advertisement. Bal. 4.Prepare an unadjusted trial balance as of July 31, 2019. I am a Ph.D. writer with more than 9 years of working experience in Writing. 4. During June, Ming Chen (the owner) completed these transactions. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Instructions 1. $ 15,000 Save & Exit Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Paid dividends, $3,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. 5. Received 500, with the remainder due on August 9, 2019. What if the client hasn't prepared them in advance? Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. a. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? 4. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 2.Received 1,000 cash from customers on account. During June, Ming Chen (the owner) completed these transactions: a. Hello. Post your journal entries to T-accounts, Add additional T-accounts when needed. Dividends ol + Instructions 1. Record the following transactions on Page 6 of the journal: 20. 15,000 18. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid cash for miscellaneous expenses, 375. j. Received 750, with the remainder due August 4, 2019. $30000. b. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 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Required 1. Common + Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. J. Equipment 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. h. Borrowed $100,000 by issuing a note payable. The following account balances are available: Required: 1. 22. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received cash for job completed, 11,500. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. During June, Instructions 1. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. 0. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. 25. the. No. Extend the balances to the appropriate balance columns after each transaction is posted. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.
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