25,000 Payable Paid rent for July, 1,750. The company paid $1,500 cash for rent of office space for the month. 30. J. Save & Exit Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. We will pay the $110 in thirty days. b. Instuction Prepare an income staement and statement of stockholders equity for July. Insurance expired during May is 275. b. 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. 7,500 3. 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. None of the paper was used by year-end. 0. Ming Chen began a professional practice on June 1 and plans to 2. The company paid $1,500 cash for rent of office space for the month. Received and paid the heating bill, 248, Ck. 58,500 A. minus sign.) 30. Billed insurance companies for sales commissions earned, 12,500. j. 15,000 g. Paid interest on the note payable, $500. 7,500 10,000 b. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Equity e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 3. 16. Determine the net income or net loss for April. 4. 4. Record the closing entries on Page 8 of the journal. Establish a ledger for the accounts listed above and enter the beginning balances. 61,000 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. g. The company paid an assistant $3,000 cash as wages for the month. During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 Amount of total expenses recorded in the ledger. 4. 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. Received 500, with the remainder due on August 9, 2019. View this solution and millions of others when you join today! Paid dividends, 10,500. %24 Received 750, with the remainder due August 4, 2019. 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. 4. Expenses On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Ming Chen began a professional practice on June $1$ and plan | Quizlet %24 Paid the office rent for the current month, 650, Ck. 0. $ f. The company purchased additional equipment for $6,000 cash. Paid rent for period of November 1 to end of month, 4,000. 5.Purchased office equipment on account from Office Mart, 7,500. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. No. Enter the following transactions on Page 2 of the two-column journal: 29. 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.: I am highly qualified expert, working from 2008-9 in this industry. 58,500 Required: a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Home., A:Since you have asked multiple questions under a single question. G. Received the electricity bill. Prepare an unadjusted trial balance as of January 31, 2019. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Hi, Hope you are doing well. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Q:During the first month of operations, the following transactions occurred for Blossom Inc.: S NO In this activity, you will be creating. The business was started by selling $100,000 worth of common stock. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Solved Exercise 1-13 Identifying effects of transactions - Chegg 10,000 ces Journal Entries - Journal Entries are the recording of transactions of the organization. 3. Mulberry paid the interest payable of $8,000. 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. a. J. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) a. Opened a business bank account with a deposit of 50,000 from personal funds. 27. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 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: C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Determine the excess of revenues over expenses for November. 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. 2,500 b. (1,500) + Instrustions Prepare a balance sheet as of July 31, 20Y5. a. 4. c. Amount of net income for August. 4, 4. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. The following information is provided for the first month of operations for Legal Services Inc.: A. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Hill Find answers to questions asked by students like you. How much did Marchs transactions increase or decrease Amy Austins capital? 1. The company paid $1,500 cash for rent of office space for the month. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Paid telephone bill for May, 260. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: D. An office worker was hired. %D b. 504. j. Amount of total expenses recorded in the ledger. Transactions completed during the month follow. 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. Bal. (j) Withdrew cash for personal use, 100. (Note: Ignore the date because these events are aggregations of individual events.) I have all relevant skills and expertise related to your project. Withdrew cash for personal use, 2,000. 15. 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. 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. a. Paid wages of employees, 6,800. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). + and company a firm. Check my To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid an attorney 900 for reviewing the July 3 contract with KXMD. b. Purchased supplies on account, 735. Answered: Ming Chen began a professional practice | bartleby Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Withdrew cash for personal use, 7,500. 2,500 Equipment 1. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Paid 700 to a local audio electronics store for rental of digital recording equipment. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Instructions 1. Paid rent for July, 1,750. 3.Paid 250 to creditors on account. 8. Received an invoice for truck expenses, to be paid in November, 1,250. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 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. 1 of 1 $30000. stock. 00. f. The company purchased additional equipment for $6,000 cash. 29. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. During June, Ming Chen (the owner) completed these transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Bal. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 30. No. I. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 63. (f) Made payment on loan in transaction (c), 500. 5. a. Purchased supplies for cash, 1,750. 3. 3. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Determine the net income or net loss for October. Start your trial now! 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. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. The, A:An accounting equation refers to a mathematical representation of the transactions. The customer will pay at a later date. $4 Served as a disc jockey for a charity ball for 1,500. . a. 5. a. 7. +. How much did Junes transactions increase or decrease Chad Wilsons capital? During June, Ming Chen (the owner) completed these transactions. Connie Young, an architect, opened an office on October 1, 2019. Budgeting issues at the movies: Prepare T accounts, using the account titles in (1). Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. 7.500 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. 27. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Instructions 1. 31.Withdrew 1,250 cash from PS Music for personal use. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). 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). Received cash from customers on account, 9,000. No. Apr. Paid cash for miscellaneous expenses, 375. j. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Record the transactions and the balance after each transaction. Introduce yourself. Accounting Equation - The company paid $10,000 cash to settle the liability created in transaction c. j. A:The financial statements of the business include the income statement and balance sheet of the firm. 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. 10. During June, Ming Chen (the owner) completed these transactions: a. View this solution and millions of others when you join today! The account headings are presented below. Accounts Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. (b) Paid office rent, 500. 4. If the two totals are not equal, check the addition and subtraction. A:The financial statements of the business include the income statement and balance sheet of the firm. Record the following transactions on Page 6 of the journal: 20. 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. A loan of $400,000 is taken out which requires an annual interest b. Required Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Equipment b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. ASSETS During the month, she completed the following transactions connected with her professional practice: a. Recorded services provided on account for the remainder of May, 2,650. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 2. Interest of $5,000 was paid on the long-term loan. Determine the following: a. If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and The company pald $2,100 cash for rent of office space for . 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 2. Solved Ming Chen began a professional practice on June 1 and | Chegg.com 0. g. Paid interest on the note payable, $500. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 31. During June, Ming Chen (the owner) completed these transactions. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Purchased supplies on account, 850. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. Bal. Withdrew l,250 cash from PS Music for personal use. Paid for a newspaper advertisement, 200. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. If you still cannot find the error, re-analyze each transaction. A statement of cash flows, Q:On September 1, 20X6, Michael Moe incorporated Moe's Mowing, Inc., a company that provides mowing, A:Since you have posted a question with multiple sub-parts, we will solve the first three subparts for, Q:Bob Jacobs opened an advertising agency. property. The account headings are presented below. Expenses 75,000 Which of the following is true? (Continued) Required: 1. Paid gas, oil, and repairs on automobile for April, 550.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. During June, Ming Chen (the owner) completed these transactions. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Instructions 1. No. Liabilities The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company paid $1,500 cash for rent of office space for . Paid cash to creditors on account, 3,000. j. 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. First week only $4.99! a. 225. In July of this year, M. Wallace established a business called Wallace Realty. During June, Ming Chen (the owner) completed these transactions. 1PA, Your question is solved by a Subject Matter Expert. f. The company purchased additional equipment for $6,000 cash. Prepare an income statement, a retained earnings statement, and a balance sheet. 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. (c) Purchased office equipment. Solved Ming Chen began a professional practice on June 1 and | Chegg.com She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- She, A:As you have posted multiple questions, the solution to the first question is being provided. She helped me in last minute in a very reasonable price. 0. Liabilities 30. 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. The following transactions, A:Journal Entries: 58,500 Paid cash for miscellaneous expenses, 375. j. b. A balance sheet e. Ming Chen began a professional practice on June $1$ and plan | Quizlet During June, Ming Chen (the owner) completed these transactions: a. Required: g. The company paid an assistant $3,000 cash as wages for the month. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 2020 - 2024 www.quesba.com | All rights reserved. Received 2,000 for serving as a disc jockey for a wedding reception. Determine the increase or decrease in owners equity for January. 2023 White PaPer. Each drugstore is operated by a general manager and a controller. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. July 21. 28. 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. The company paid $10,000 cash to settle the liability created in transaction c. 4.Prepare an unadjusted trial balance as of July 31, 2019. Introduce your . d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. 1. 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. d. Purchased office supplies on account, $1,250. d. Paid rent on office and equipnwnt for the month, $5,000. Bal. 503. h. Sold catering services on account, 4,307. i. Served as disc jockey for a party for 2,500. The following transactions, A:Note: 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. Next Bal. Simple Accounting equation is. Determine the following: a. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Amount of total revenue recorded in the ledger. %3D ezto.mheducation.com (Optional) Prepare a statement of cash flows for July. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 0. 4. Recording of a business transactions in a chronological order. 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. Stock Prepare and post the closing entries. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. 61,000 b. 506. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Introduction: Mc. Determine the increase or decrease in owners equity for August. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Analyze each transaction, Journalize as appropriate. During June, Ming Chen (the owner) completed these transactions.a. Instructions 1. 8,000 a., A:1. Dividends Revenues Write Balance in the Item column and place a check mark () in the Posting Reference column. 27.Paid electric bill, 915. (g) Paid wages to part-time employee, 500. 5. _Accounting 1 Assignment Part 1 - Ming Chen began a professional  d. Does the activity add value to Latchey’s provision of insurance services? Prepare an adjusted trial balance. Owner withdrew $1,000 cash from the company for personal use. Explanations may be omitted. 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 (h) Received cash for services rendered, 800. d. The company completed work for a client and immediately collected the $2,500 cash earned. 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: b. 8.000 Explanations may be omitted. Received 1,000 for serving as a disc jockey for a party. + 2,500 E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 24. i. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Cash Received 3,000 for serving as a disc jockey for a party. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 61,000 Accounts 2. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. h. 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. Only credit card transaction fees are limited by law. the. Post your journal entries to T-accounts, Add additional T-accounts when needed. 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. %24 Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. No. Ming Chen began a professional practice on June 1 and plans to prepare For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Receivable 9. g. The company paid an assistant $\$3,000$ cash as wages for the month. During June, Ming Chen (the owner) completed these transactions: a. Greco resort opened for business on june 1. 1. To ensure my potential must visit my profile to check my ratings and uploaded samples. Determine the net income for June. During May, Kelly Consulting entered into the following transactions: May 3. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ethics and budgetary slack: + 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. *Response times may vary by subject and question complexity. 13. Owner invested $60,000 cash in the company along with equipment. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 8. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Greetings! Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Problem1-63B Income Statement, Retained Earnings Statement. a. Assignments: ACCTG-4A-80575-2021SP 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 300 on note payable. During June, Ming Chen (the owner) completed these transactions. Prepare an unadjusted trial balance. Accounting Equation is calculated using following equation - Ming Chen began a professional practice on June 1 and. Paid dividends, $3,000. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Instructions 1. Only debit card transaction fees are limited by law. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 61,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. B. The company paid $1,500 cash for rent of office space for the. 1,500 29. 2. $30000. During June, Ming Chen (the owner) completed these transactions.
Cook County Jail Roster, Articles M