Record the adjusting entries on Page 7 of the journal. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Paid 620 to Upload Music for use of its current music demos in making various music sets. a. College Accounting (Book Only): A Career Approach. No principal payments are made, only interest is paid. 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. Prepare T accounts, using the account titles in (1). He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. The company paid $1,500 cash for rent of office space for the. Home., A:Since you have asked multiple questions under a single question. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Basic Accounting Systems: Cash Basis. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. $30000. 1, A:Salary is the expense of 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 Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. Expenses On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 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. $ 15,000 31. During June, Ming Chen (the owner) completed these transactions. 4. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. 27. 3. 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. How much did Junes transactions increase or decrease Chad Wilsons capital? 25. 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. (83) The company paid $1,500 cash for rent of office space for the month. If you want the answer, Q:Architects completed the following transactions: During the month, she completed the following transactions connected with her professional practice: a. Prepare the necessary journal entries to record these transactions. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Ming Chen began a professional practice on June 1 and plans to 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. Paid an attorney 900 for reviewing the July 3 contract with KXMD. Since there are multiple subparts, we will answer only first three subparts. Prepare a post-closing trial balance. minus sign.) 1002. h. Received and paid the bill for utilities, 340, Ck. 7,500 2. No. No. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 0. During June, Ming Chen (the owner) completed these transactions. eBook stock. Hal Smith opened Smith's repairs on 01.03. + Hello. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Paid miscellaneous expenses, 1,000. 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: a. Prepare and post the closing entries. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Introduction: 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Assignments: ACCTG-4A-80575-2021SP 2. Withdrew cash for personal use, 7,500. During June, Ming Chen (the owner) completed these transactions: a. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. February 20, 2023. (k) Paid wages to part-time employee, 500. Paid telephone bill for May, 260. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Opened a business bank account with a deposit of 30,000 from personal funds. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. 31.Withdrew 1,250 cash from PS Music for personal use. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 23.Served as disc jockey for a party for 2,500. Record the transactions and the balance after each transaction. c. Received cash from fees earned. Only credit card transaction fees are limited by law. Simple Accounting equation is. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. The company paid $10,000 cash to settle the liability created in transaction c. Mc. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. The policy covers a one-year period. Instructions 1. The worker will be paid $275 per week. b. 2. 506. D. An office worker was hired. Payable Ming Chen began a professional practice on June $1$ and plan | Quizlet screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? 1. Determine the net income or net loss for April. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Required 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. Received 500, with the remainder due on August 9, 2019. b. Paid dividends, 10,500. a. b. 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. (c) Purchased office equipment. 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. 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? Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. (Optional) Prepare a statement of cash flows for July. Billed insurance companies for sales commissions earned, 12,500. j. %D Ask a new question. 4. No. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 25,000 I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 75,000 J. $4 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. 61,000 21. (h) Received cash for services rendered, 800. d. Paid rent on office and equipnwnt for the month, $5,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. 1,500 27.Paid electric bill, 915. Paid part-time receptionist for two weeks salary, 750. O OO O The company paid $1,000 cash in dividends to the owner (sole shareholder). During June, Ming Chen (the owner) completed these transactions: a. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. (Enter decreases to account balances with a Assets 8.000 Help The following transactions, A:Journal Entries: b. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. 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. The following, A:Unadjusted Trial Balance - Received 2,000 for serving as a disc jockey for a wedding reception. S NO Solved Exercise 1-13 Identifying effects of transactions - Chegg Purchased office equipment on account, 15,000. Determine the net income or net loss for October. In this activity, you will be creating. During June, Ming Chen (the owner) completed these transactions. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Common Stock Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. d. During June, Ming Chen (the owner) completed these transactions. Received cash for job completed, 11,500. The company paid $10,000 cash to settle the liability created in transaction c. 8.000 The customer will pay at a later date. e. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 10,000 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. 29.Paid miscellaneous expenses, 540. i. 1. 4. 000 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. g. Paid interest on the note payable, $500. Transactions completed during the month follow. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. b. 2023. Ming Chen (the owner) completed these transactions. Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. Equipment Using the following, A:Impact on Equity - Thanks :--). I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. References Connie Young, an architect, opened an office on October 1, 2019. What will be the value of interest payment at the end of fourth year in real dollars? 0. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Hi, Hope you are doing well. A:Introduction: 10. (Income Summary is account 34 in the chart of accounts.) Analyze each transaction, Journalize as appropriate. d. The company completed work for a client and immediately collected the $2,500 cash earned. Instructions 1. 4. g. Paid interest on the note payable, $500. Issued common stock to Marjorie Knaus in, A:Step 1 61. 4. Do you need an answer to a question different from the above? Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Amount of total revenue recorded in the ledger. . 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: Bal i. i. Is this a direct or an indirect cost? h. Borrowed $100,000 by issuing a note payable. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. If there is. Greetings! 28. Borrowed $100,000 by issuing a note payable. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. i. 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. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: 30. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 8.000 Received cash from clients on account, 2,450. 2. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. 8. Explanations may be omitted. Journals: No. Served as disc jockey for a party for 2,500. Can you think of any reason why the amount determined in (4) might not be the net income for November? Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Introduction: Paid the office rent for the current month, 650, Ck. 0. 10,000 She, A:The accounting equation states that assets equal to sum of liabilities and equity. %24 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. First week only $4.99! 3. On June 1 of the current year, Chad Wilson established a business to manage rental property. Equipment f. The company purchased additional equipment for $6,000 cash. Use the ending balances in the T-accounts to prepare a trial balance. Explanations may be omitted. Inflation is 3.8% per year. Ming Chen began a professional practice on June 1 and plans to prepare Paid on account to the City Crier, 455, Ck. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. a. Ming Chen began a professional practice on June $1$ and plan | Quizlet 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. Introduce your . Instructions 1. f. Paid office salaries, $6,500. Each drugstore is operated by a general manager and a controller. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. b. stock. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. a. e. Is it a budgeted or an actual cost in your report? Prepare an unadjusted trial balance. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:The following transactions were carried out during the month of May by M.SAJJAD 61,000 30. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. C. 2. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. G. Received the electricity bill. 4. 3. Amount of total expenses recorded in the ledger. 58,500 I am highly qualified expert, working from 2008-9 in this industry. 3. On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, 40,000. b. d. Paid rent on office and equipnwnt for the month, $5,000. Paid miscellaneous expenses, 540. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. h. Purchased land as a future building site, paying cash of $120,000. the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. d. The company completed work for a client and immediately collected the $2,500 cash earned. 58,500 Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. I. Q:Ken Jones, an architect, opened an office on April 1, 2019. A. 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. Ming Chen began a professional practice on June 1 and plansget 1 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Paid Office Station Co. for part of the debt incurred on April 5, 640. 2,500 Use a chart of accounts to order the ledger accounts. None of the paper was used by year-end. 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. 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.: 15. Paid electricity bill for May, 810. a. Ming Chen began a professional practice on June $1$ and plan | Quizlet 3. Show new balances after each transaction. Enter the impact of each transaction on individual items of the accounting equation. 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. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Mulberry paid the interest payable of $8,000. I am a Ph.D. writer with more than 9 years of working experience in Writing. View this solution and millions of others when you join today! Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 2. b. *Response times may vary by subject and question complexity. a. Bal. 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. 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). Ask your question! 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. 10. 15. Instructions 1. b. Start your trial now! Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 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. Paid gas, oil, and repairs on automobile for April, 550. A loan of $400,000 is taken out which requires an annual interest 58,500 1000. c. Bought office supplies for cash, 375, Ck. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 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. 1006. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). July 21. 3. b. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 1,500 If you want the answer, Q:Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1., A:Financial statements: These refer to the formal or official records of the activities of the, A:As per accounting equation Assets = Liabilities, where liabilities comprises of liability and, Q:Architects completed the following transactions: Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. %24 State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Determine account balances of the T accounts. The actual work of dry cleaning is done by another company for a fee. The company paid $1,500 cash for rent of office space for . A:a)Indicate the effect of the given transactions. Required 1. Received cash from customers on account, 9,000. I will also provide you with TURNITIN PLAGIARISM REPORT. 11. 25.000 I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! b. 2,500 4. Journalize and post the adjusting entries. b. 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: Amount of total revenue recorded in the ledger. 10,000 1,500 2. The company paid $1,500 cash for rent of office space for the month. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. 1.500 Paid wages of 1,200 to receptionist and part-time assistant. No. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 8,000 Instructions 1. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. March transactions are as follows : Determine account balances of the T accounts. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 0. Answered: Ming Chen began a professional practice | bartleby Instuction Prepare an income staement and statement of stockholders equity for July. Instrustions Prepare a balance sheet as of July 31, 20Y5. f. Paid office salaries, $6,500. d. The company completed work for a client and immediately collected the $2,500 cash earned. 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. Find answers to questions asked by students like you. d. The company completed work for a client and immediately collected the $2,500 cash earned. . (1,500) + A. The following, A:Unadjusted Trial Balance - So lets make no longer delay & start chatting immediately. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). He completed the following transactions during June: a. 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.
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