By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 4. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e I have all relevant skills and expertise related to your project. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. 1.500 February 20, 2023. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. S NO ol + March transactions are as follows : Paid wages of employees, 6,800. 0. 5. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Mulberry paid the interest payable of $8,000. 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. f. Paid office salaries, $6,500. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Accounts containing only a single entry do not need a balance. 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: Hello. h. Purchased land as a future building site, paying cash of $120,000. H. Paid the worker hired in D for one weeks work. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. i. 15,000 4. Recorded services provided on account for the remainder of May, 2,650. 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. During June, Ming Chen (the owner) completed these transactions. Opened a business bank account with a deposit of 50,000 from personal funds. %24 27. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 0. Liabilities Bal. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Only debit card transaction fees are limited by law. Analyze each transaction, Journalize as appropriate. 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 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. Q:1. a. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. a. . Mc. $30000. 30. 2. The worker will be paid $275 per week. 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. Journals: She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! M Question 8 - Chapter 1 Exercises Connect (Do not insert the account numbers in the journal at this time.) e. e. Is it a budgeted or an actual cost in your report? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. 1,500 b. the firm are, A:Income statement 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. a. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. 5. a., A:1. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 10.000 b. No. d. The company completed work for a client and immediately collected the $2,500 cash earned. 9. Paid electricity bill for May, 810. h. Borrowed $100,000 by issuing a note payable. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Liabilities During June, Ming Chen (the owner) completed these transactions. If there is. 1,500 O OO O Q:Duerr Engineering completed the following transactions in the month of June. $ 15,000 The company paid $1,500 cash for rent of office space for the month. 28. I will also provide you with TURNITIN PLAGIARISM REPORT. Save & Exit Record the transactions and the balance after each transaction. Determine the net income or net loss for April. Income tax of $10,300 was incurred and paid in 2019. 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. a. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. a. 14.Paid wages of 1,200 to receptionist and part-time assistant. 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. h. Purchased land as a future building site, paying cash of $120,000. Determine the following: a. b. Accounts Ask a new question. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. The following transactions were completed during July, the second month of the business's operations: July 1. Expenses On March 1 of this year, B. Gervais established Gervais Catering Service.
Solved Ming Chen began a professional practice on June 1 and | Chegg.com 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: a. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 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 actual work of dry cleaning is done by another company for a fee. ACCOUNTS RECEIVABLE 31.Withdrew 1,250 cash from PS Music for personal use. 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. 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. 1. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Paid annual premiums on property and casualty insurance, 2,400. 2. During June, Ming Chen (the owner) completed these transactions. 1.500 Instructions 1. 506. b. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. 4. The company paid $10,000 cash to settle the liability created in transaction c. Dividends Ask your question! 2.Received 1,000 cash from customers on account. b. b. Start your trial now! No. %D Enter the following transactions on Page 2 of the two-column journal: 29. To ensure my potential must visit my profile to check my ratings and uploaded samples.
No. 3. 3. Payable 2. 2. The general manager is responsible for the day-to-day operati.. Budgeting for a Single Product:
In this activity, you will be creating budgets for a single product for each of the months in an upcoming quarter. 1,500 3. 3. Determine account balances of the T accounts. College Accounting (Book Only): A Career Approach. 8. e. (a) Invested cash in the business, 510,000. *Response times may vary by subject and question complexity. 13. Received cash from customers on account, 88,000. k. Determined that the cost of supplies on hand was 5,900; therefore, the cost of supplies used during the month was 3,600. l. Withdrew 12,000 cash for personal use. 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. The, A:An accounting equation refers to a mathematical representation of the transactions. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Required 4. 8.000 10,000 Kimberly Manis, an architect, opened an office on January 1, 2016. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 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 i. No. 10,000 %24 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.
[Solved] Ming Chen began a professional practice o | SolutionInn 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 4. Required 1. a. Wallace deposited 24,000 in a bank account in the name of the business. Recorded services provided on account for the period May 1-15; 9,180. Received cash from clients on account, 2,450. Paid 700 to a local audio electronics store for rental of digital recording equipment. During June, Ming Chen (the owner) completed these transactions. (k) Paid wages to part-time employee, 500. f. The company purchased additional equipment for $6,000 cash. +. 25.000 (f) Made payment on loan in transaction (c), 500. Advertising expense of $26,000 was incurred and paid. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. April. Greetings! Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. d. Paid rent on office and equipnwnt for the month, $5,000. 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. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. 4.Prepare an unadjusted trial balance as of July 31, 2019. No principal payments are made, only interest is paid. G. Received the electricity bill. a. Advanced practice nurse professional development plan, Mcgraw hill practice operations module 1 answers, 1.1 10 practice written assignment spanish 1 semester 2, Pre lab assignment 1 osmosis and tonicity practice problems, 1.1 10 practice complete your assignment english 12 sem 1, Safe practices for motor vehicle operations ansi asse z15 1, Kelly pitney began her consulting business kelly consulting on april 1 2016, Exercise and osteoporosis journal article, Critiquing floral arrangements crossword answers, Which of the following best describes ethics, Communicating in groups applications and skills 10th edition, Secure software development concepts support protecting applications, Cradle of filth your mother should ve swallowed shirt, The economy in the 1980s worksheet answers, Sharper image ultimate fat freezer reviews, Centripetal force and uniform circular motion lab report, What are the 6 stages of the family life cycle, The danger of a single story ted talk summary, Marshall rosenberg book nonviolent communication, Desert states employers & ufcw pension plan, Strengths and weaknesses of ethical egoism, Updater process ended with error 255 moto g4 plus, Section 6.4 traits genes and alleles section quiz answers. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) During June, Ming Chen (the owner) completed these transactions: a. *Response times may vary by subject and question complexity.
Answered: Ming Chen began a professional practice | bartleby Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. c. Received cash from fees earned. d. Paid rent on office and equipnwnt for the month, $5,000. The company paid $1,000 cash in dividends to the owner (sole shareholder). II 8. 504. j. She, A:As you have posted multiple questions, the solution to the first question is being provided. Bal. 30. ASSETS Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 000 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. Inflation is 3.8% per year. 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. Prepare an unadjusted trial balance as of July 31, 2019. 31. points eBook Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. The business was started by selling $100,000 worth of common stock. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Assets During June, Ming Chen (the owner) completed these transactions: a. 1,500 Stock During the month, Knaus. During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Dividends Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. g. The company paid an assistant $3,000 cash as wages for the month. 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. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. 3. Movies are expensive to produce and market. $30000. During June, Ming Chen (the owner) completed these transactions.
75,000 Greco resort opened for business on june 1. Accounts Do you need an answer to a question different from the above? b. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Bill Hudson, Capital; Bill Hudson, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. %24, Carl Warren, James M. Reeve, Jonathan Duchac. 25.000 Ming Chen (the owner) completed these transactions. Required: 25.000 Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 1004. j. If you still cannot find the error, re-analyze each transaction. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. She helped me in last minute in a very reasonable price. During March, the following, A:1. 2. Use the ending balances in the T-accounts to prepare a trial balance. Required f. Paid office salaries, $6,500. Prepare a single-step income statement. During June, Ming Chen (the owner) completed these transactions: a. 2. DLite Dry Cleaners is owned and operated by Joel Palk. What if the client hasn't prepared them in advance? 3. 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. Paid cash to creditors on account, 3,000. j. 31. %3D To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Record the closing entries on Page 8 of the journal.
Answered: Ming Chen began a professional practice | bartleby Ming chen began a professional practice on june 1 8.000 10,000 The policy covers a one-year period. 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. Prepare an adjusted trial balance. 1,500 d. Amount of total revenue recorded in the ledger. Paid 620 to Upload Music for use of its current music demos in making various music sets. 23.Served as disc jockey for a party for 2,500. 1,500 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. 5. 501. e. Bought insurance for the truck for one year, 400, Ck. 15. Basic Accounting Systems: Cash Basis. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. a. Determine the account balances after all posting is complete. B. f. The company purchased additional equipment for $6,000 cash. A:Revenue means the income earned during a given period. Equipment 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Q:Prepare the statement of retained earnings for the month of July 31. No. How much did Marchs transactions increase or decrease Amy Austins capital?
Ming Chen began a professional practice on June 1 and plans 8,000 24 Paid rent for July, 1,750. Hi! 17. During June, Ming Chen (the owner) completed these transactions. 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). Extend the balances to the appropriate balance columns after each transaction is posted. c. Received cash from fees earned. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid wages of 1,200 to receptionist and part-time assistant. 2020 - 2024 www.quesba.com | All rights reserved. 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? Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Instructions 1. Paid truck expenses, 435, Ck. 13. 25.000 b. The company paid $1,500 cash for rent of office space for the. A:Net income is calculated after analysing the revenue and expenses of the organisation. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: ezto.mheducation.com 6.
Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Purchased office equipment on account, 15,000. 18. Saved 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. (Optional) Prepare a statement of cash flows for July. Prepare an unadjusted trial balance. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Instructions 1. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. a. During June, Ming Chen (the owner) completed these transactions. 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. Paid an attorney 900 for reviewing the July 3 contract with KXMD. 0.33 Received 750, with the remainder due August 4, 2019. Equity c. Amount of net income for August.
Ming Chen began a professional practice on June $1$ and plan | Quizlet Record the following transactions on Page 6 of the journal: 20. First week only $4.99! 28. %D 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. None of the paper was used by year-end. The account headings are presented below. Apr. 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. Received 3,000 for serving as a disc jockey for a party. 10,000 Accounts Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. h. Borrowed $100,000 by issuing a note payable. The company pald $2,100 cash for rent of office space for . Paid rent for period of November 1 to end of month, 4,000. g. The company paid an assistant $3,000 cash as wages for the month. 2023 White PaPer. 11.Received 1,000 for serving as a disc jockey for a party. A Wages of $379,000 were paid in cash. 0. a. 30. 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. Introduction: %24 1,500 E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 7,500 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. 8.000 0. At the end of May, the following adjustment data were assembled. Purchased supplies on account, 850. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. EQUITY 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. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. g. Paid interest on the note payable, $500. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. A building and equipment are currently being rented, pending expansion to new facilities. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. b. Received invoice for blueprint service, due in May, 2,500. k. Recorded fees earned on plans delivered, payment to be received in May, 15,650. l. Paid salary of assistant, 2,800. m. Paid cash for miscellaneous expenses, 200. n. Paid installment due on note payable, 300. o.
Homegoods Stitch Cookie Jar,
Kevin Rutherford Net Worth,
Articles M