A Wages of $379,000 were paid in cash. 2020 - 2024 www.quesba.com | All rights reserved. During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. During the month, he completed the, 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. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. 1PA, Your question is solved by a Subject Matter Expert. If you still cannot find the error, re-analyze each transaction. e. Is it a budgeted or an actual cost in your report? During June, Ming Chen (the owner) completed these transactions. 1003. i. 61,000 i. J. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. 8.000 Only credit card transaction fees are limited by law. Payable Hi! 17. 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: Received 2,000 for serving as a disc jockey for a wedding reception. Withdrew cash for personal use, 2,500. 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. Hi, Hope you are doing well. She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. %24 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 31. (1,500) + C. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. No. Analyze and use these data to complete parts (5) and (6). I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. Brooke completed the following transactions during the month of August: a. b. a. 30. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Print Instructions 1. 31.Received 3,000 for serving as a disc jockey for a party. Paid electricity bill for May, 810. 2,500 8.000 I. + Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 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. ol + 58,500 Introduce your . A:Journal: Hal Smith opened Smith's repairs on 01.03. 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. Explanations may be omitted. %3D 8.000 Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 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. c. Is it a variable or a fixed cost? 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. 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. During June, Ming Chen (the owner) completed these transactions: a. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 3. Problem1-63B Income Statement, Retained Earnings Statement. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Required 1. 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. b. Equity Determine the increase or decrease in owners equity for January. I am highly qualified expert, working from 2008-9 in this industry. 1. If the two totals are not equal, check the addition and subtraction. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. g. The company paid an assistant $3,000 cash as wages for the month. Enter the impact of each transaction on individual items of the accounting equation. 3.Paid 250 to creditors on account. + Paid 620 to Upload Music for use of its current music demos in making various music sets. Assets Paid dividends, $3,000. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. %D 25,000 c. Both credit card and debit card transaction fees are limited by law. II 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 During June, Ming Chen (the owner) completed these transactions. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 7,500 Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. the firm are, A:Income statement . Graw Withdrew cash for personal use, 7,500. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. 61,000 Opened a business bank account with a deposit of 35,000 in exchange for common stock. 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. During the first month of operations of his, A:Solution: property. 3. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). %3D Accounts 31. He completed the following transactions during June: a. c. Received cash from fees earned. 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 . 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. Purchased supplies on account, 735. 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(Record as Miscellaneous Expense.) PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. i. Billed insurance companies for sales commissions earned, 12,500. j. 0. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. During June, Ming Chen (the owner) completed these transactions. D. An office worker was hired. Six months rent was paid in advance, $4,500. Paid 700 to a local audio electronics store for rental of digital recording equipment. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Introduce yourself. Owner withdrew $1,000 cash from the company for personal use. 25,000 July 21. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. During June, Ming Chen (the owner) completed these transactions: a. ok ht inces a. During June, Ming Chen (the owner) completed these transactions. Amount of total revenue recorded in the ledger. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. b. Paid gas, oil, and repairs on automobile for April, 550. The, A:An accounting equation refers to a mathematical representation of the transactions. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? 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. g. The company paid an assistant $3,000 cash as wages for the month. Receivable During June, Ming Chen (the owner) completed these transactions: 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. 75,000 63. Apr. Post your journal entries to T-accounts, Add additional T-accounts when needed. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. g. Paid interest on the note payable, $500. 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 August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Determine the net income for June. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. 1. 24 She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- Amount of total revenue recorded in the ledger. A balance sheet i. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Insurance expired during May is 275. b. Stock minus sign.) 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. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Accounts a., A:1. 3. 1,500 Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. + How much did Junes transactions increase or decrease Chad Wilsons capital? b. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. g. Paid interest on the note payable, $500. f. The company purchased additional equipment for $6,000 cash. Required Prepare an unadjusted trial balance. Prepare a single-step income statement. +. Determine the increase or decrease in owners equity for August. The company paid $10,000 cash to settle the liability created in transaction c. j. Income tax of $10,300 was incurred and paid in 2019. f. Paid office salaries, $6,500. Recorded jobs completed on account and sent invoices to customers, 22,300. 0. 3. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During the month, Lexi completed the following transactions related to the business: Nov. 1. 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. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Apr. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 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. Borrowed $100,000 by issuing a note payable. Required: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Post the journal to a ledger of four-column accounts. Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i. points Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Purchased office equipment on account from Office Mart, 7,500. March transactions are as follows : f. Paid office salaries, $6,500. 5. Use the ending balances in the T-accounts to prepare a trial balance. h. Purchased land as a future building site, paying cash of $120,000. 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. Instructions 1. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. a. ces e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Instructions 1. 18.Purchased supplies on account, 850. i. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. A:Introduction: 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. d. Paid rent on office and equipment 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. 15,000 The company paid $1,500 cash for rent of office space for the month. (Income Summary is account 34 in the chart of accounts.) 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. Paid Office Station Co. for part of the debt incurred on April 5, 640. d. The company completed work for a client and immediately collected the $2,500 cash earned. If an entry is not required for any of these transactions, state this and explain why. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. d. The company completed work for a client and immediately collected the $2,500 cash earned. The following transactions, A:Note: Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. The policy covers a one-year period. 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. Introduction: 3. b. d. Paid rent on office and equipnwnt for the month, $5,000. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 60,000 The company paid $1,000 cash in dividends to the owner (sole shareholder). 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. d. Can you think of any reason why the amount determined in (4) might not be the net income for November? Paid wages of 1,200 to receptionist and part-time assistant. 3. b. July 21. Common a. Gervais deposited 25,000 in a bank account in the name of the business. 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. 10,000 + Good morning, teachers, I am honored to be informed to have this interview. 25,000 EQUITY The account headings are presented below. Determine the excess of revenues over expenses for November. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. No. 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: Instructions 1. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. During the month, she completed the following transactions connected with her professional practice: a. 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. 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. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 11.Received 1,000 for serving as a disc jockey for a party. a. i. (Continued) Required: 1. Write Balance in the Item column and place a check mark () in the Posting Reference column. Find answers to questions asked by students like you. Journals: In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. (k) Paid wages to part-time employee, 500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. ASSETS a. 3. $ 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. 6. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 16. (i) Paid electricity bill, 85. Use a chart of accounts to order the ledger accounts. 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.
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