The policy covers a one-year period. i. Using the following, A:Impact on Equity - Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 30. 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. 2,500 Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Bal. f. Paid office salaries, $6,500. 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: Stock Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Greco resort opened for business on june 1. Cash f. 1,500 a. a. Since there are multiple subparts, we will answer only first three subparts. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. She, A:The accounting equation states that assets equal to sum of liabilities and equity. (Income Summary is account 34 in the chart of accounts.) Equipment The American Chamber of Commerce in South China. d. During the month, he completed the following transactions connected with his professional practice: a. 3. 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 If there is. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. During June, Ming Chen (the owner) completed these transactions: a. The business was started by selling $100,000 worth of common stock. 3. Instructions 1. Owner invested 501. e. Bought insurance for the truck for one year, 400, Ck. Ken Jones, an architect, opened an office on April 1, 2019. 61,000 1.500 4. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 30.Served as a disc jockey for a charity ball for 1,500. Equipment Billed insurance companies for sales commissions earned, 12,500. j. C. Provided services in the amount of $1,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. + a. Receivable No. Required Recorded jobs completed on account and sent invoices to customers, 22,300. b. Determine account balances of the T accounts. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. g. Paid interest on the note payable, $500. Opened a business bank account with a deposit of 50,000 from personal funds. Determine account balances of the T accounts. The following transactions, A:Journal Entries: Budgeting issues at the movies: 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. 5.Purchased office equipment on account from Office Mart, 7,500. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. 2. b. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 2.Received 1,000 cash from customers on account. 11. 18.Purchased supplies on account, 850. Prepare an income statement, a retained earnings statement, and a balance sheet. Paid dividends, 10,500. 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. %D During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. b. Prepare an unadjusted trial balance as of January 31, 2019. Received $100 from a customer for services we will provide next week. (f) Made payment on loan in transaction (c), 500. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. The company paid $1,500 cash for rent of office space for the month. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? 31. 2023 White PaPer. Cash i. %24 EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. 18. The transactions of 27. Each drugstore is operated by a general manager and a controller. 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. He completed the following transactions during June: a. M Question 8 - Chapter 1 Exercises Connect Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Paid 250 to creditors on account. and company a firm. Only credit card transaction fees are limited by law. 58,500 B. Q:1. A. 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. b. Withdrew l,250 cash from PS Music for personal use. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Problem1-63B Income Statement, Retained Earnings Statement. No principal payments are made, only interest is paid. References g. Paid interest on the note payable, $500. DLite Dry Cleaners is owned and operated by Joel Palk. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Record the transactions and the balance after each transaction. No. Purchased office equipment on account from Office Mart, 7,500. $30000. a. b. During June. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. The company paid $10,000 cash to settle the liability created in transaction c. 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. Instructions 1. Instructions 1. 504. j. 9. Revenue Paid dividends, $3,000. 28. During the month, she completed the following transactions connected with her professional practice: a. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 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. Received 750, with the remainder due August 4, 2019. Received cash from clients on account, 2,450. 4. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Enter the following transactions on Page 2 of the two-column journal: 29. Hello. b. A building and equipment are currently being rented, pending expansion to new facilities. Ask your question! First week only $4.99! 5. Next During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. (1,500) + Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. stock. At the end of May, the following adjustment data were assembled. Hi! Find answers to questions asked by students like you. 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. 00. 61,000 Assets 2020 - 2024 www.quesba.com | All rights reserved. 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. II ces 23. View this solution and millions of others when you join today! Brooke completed the following transactions during the month of August: a. I am highly qualified expert, working from 2008-9 in this industry. Bal. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. On March 1 of this year, B. Gervais established Gervais Catering Service. 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. Ming Chen (the owner) completed these transactions: 4. i. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 7.500 3. 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). 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. Revenues Determine the net income or net loss for April. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. %3D + Ming Chen began a professional practice on June 1 and. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Paid wages of employees, 6,800. 1PA, Your question is solved by a Subject Matter Expert. Ask a new question. Accounts %24 I am open-minded, easy to adapt, compatible with my friends, and willing to help others. 0. Enter the impact of each transaction on individual items of the accounting equation. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 14.Paid wages of 1,200 to receptionist and part-time assistant. 60,000 25,000 000 4. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). a. Wallace deposited 24,000 in a bank account in the name of the business. A:a)Indicate the effect of the given transactions. d. The company completed work for a client and immediately collected the $2,500 cash earned. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. . Determine the following: a. Record the adjusting entries on Page 7 of the journal. 4. Recorded services provided on account for the period May 16-20, 4,820. Introduce your . b. 1006. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Equity How much did Marchs transactions increase or decrease Amy Austins capital? %24 75,000 31.Withdrew 1,250 cash from PS Music for personal use. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. No. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common I am a Ph.D. writer with more than 9 years of working experience in Writing. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Owner invested $60,000 cash in the company along with equipment. 11. 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. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. 0. Determine the net income for June. 8. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 3. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. c. Received cash from fees earned. Prav 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. points One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Received 750, with the remainder due August 4, 2019. Paid gas, oil, and repairs on automobile for April, 550. Determine the net income or net loss for April. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (e) Paid phone bill, 65. 29.Paid miscellaneous expenses, 540. Mulberry paid the interest payable of $8,000. 3. 31. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 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. Transactions completed during the month follow. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Accounts 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: 25,000 3. c. Received cash from fees earned. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 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. Ming Chen (the owner) completed these transactions. b. D. An office worker was hired. Bal. $30000. Which of the following is true? 10. 2,500 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Bal. Opened a business bank account with a deposit of 35,000 in exchange for common stock. (Record as Miscellaneous Expense.) %24, Carl Warren, James M. Reeve, Jonathan Duchac. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set 27. 15. Required 2. d. The policy covers a one-year period. During June, Ming Chen (the owner) completed these transactions. Explanations may be omitted. Purchased supplies for cash, 1,750. A:Revenue means the income earned during a given period. Liabilities It is the first step of recording transactions of a company. 10,000 + Prepare an unadjusted trial balance as of August 31, 2016. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. 2. In this activity, you will be creating. Use a chart of accounts to order the ledger accounts. Paid electric bill, 915. Check my The account headings are presented below. Prepare a post-closing trial balance. + 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. What amount should Carter report as net cash from investing activities? 1000. c. Bought office supplies for cash, 375, Ck. 2. (Optional) Prepare a statement of cash flows for July. No. Paid 700 to a local audio electronics store for rental of digital recording equipment. In addition, $28,000 of computer rental costs were incurred and paid. f. Paid office salaries, $6,500. $30000. a. During June, Recording of a business transactions in a chronological order. 1. The company paid $10,000 cash to settle the liability created in transaction c. j. Common Paid utilities expense, 4,500. Prepare T accounts, using the account titles in (1). the. 2. d. The company completed work for a client and immediately collected the $2,500 cash earned. During June, Ming Chen (the owner) completed these transactions. Instructions 1. Accounts Show new balances after each transaction. Prepare an unadjusted trial balance. c. Received cash from fees earned. 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. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 7.500 minus sign.) b. d. The company completed work for a client and immediately collected the $2,500 cash earned. A:Journal: 2. 31. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. During June, Ming Chen (the owner) completed these transactions: a. EQUITY b. 58,500 Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. To ensure my potential must visit my profile to check my ratings and uploaded samples. a. %D 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. g. Paid interest on the note payable, $500. 1. (Do not insert the account numbers in the journal at this time.) 30. According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack: Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. Graw 29. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. (d) Received cash for services rendered, 900. (b) Paid office rent, 500. None of the paper was used by year-end. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. a. Gervais deposited 25,000 in a bank account in the name of the business. No. 13. 15,000 Amount of total revenue recorded in the ledger. Paid dividends, $3,000. 1,500 24. f. Paid office salaries, $6,500. h. Purchased land as a future building site, paying cash of $120,000. 58,500 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 Paid an attorney 900 for reviewing the July 3 contract with KXMD. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. 2,500 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. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. Paid part-time receptionist for two weeks salary, 750. Start your trial now! 12. Insurance expired during May is 275. b. a. Only debit card transaction fees are limited by law. 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 11.Received 1,000 for serving as a disc jockey for a party. 503. h. Sold catering services on account, 4,307. i. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week.
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