we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. 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. Receivable 23. b. The company paid $10,000 cash to settle the liability created in transaction c. Purchased supplies for cash, 1,750. 2,500 If an entry is not required for any of these transactions, state this and explain why. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. She, A:The accounting equation states that assets equal to sum of liabilities and equity. a. During March, the following, A:1. b. Instrustions Prepare a balance sheet as of July 31, 20Y5. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Next 5. Purchased supplies on account, 850. %D If you still cannot find the error, re-analyze each transaction. 225. Q:Connie Young, an architect, opened an office on October 1, 2019. Received 2,000 for serving as a disc jockey for a wedding reception. 4. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Accounting Equation - 31. 3. If there is. Any additional hours beyond SO will be billed to KXMD at 40 per hour. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. A:Revenue means the income earned during a given period. 10,000 Dividends EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 3. Prepare an unadjusted trial balance as of August 31, 2016. 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. Six months rent was paid in advance, $4,500. 1.500 LIABILITY Extend the balances to the appropriate balance columns after each transaction is posted. 10,000 b. 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. Recorded services provided on account for the remainder of May, 2,650. The company paid $1,000 cash in dividends to the owner (sole shareholder). Explanations may be omitted. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. c. Amount of net income for August. 12. The policy covers a one-year period. 10. Help II a. on the Business environment in China. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. Determine account balances of the T accounts. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Instructions 1. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. College Accounting (Book Only): A Career Approach. *Response times may vary by subject and question complexity. 61. 60,000 Served as disc jockey for a party for 2,500. Paid wages of employees, 6,800. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 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. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. a. Wallace deposited 24,000 in a bank account in the name of the business. 8,000 If the two totals are not equal, check the addition and subtraction. Paid gas, oil, and repairs on automobile for April, 550. On March 1 of this year, B. Gervais established Gervais Catering Service. i. In this activity, you will be creating. 7,500 Received 3,000 for serving as a disc jockey for a party. A:a)Indicate the effect of the given transactions. b. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Paid 700 to a local audio electronics store for rental of digital recording equipment. The company paid $1,500 cash for rent of office space for the month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Recording of a business transactions in a chronological order. During June, Ming Chen (the owner) completed these transactions: a. Assignments: ACCTG-4A-80575-2021SP Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Liabilities 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.: Mulberry purchased computer paper for $13,000 cash in late December. 2. Prepare T accounts, using the account titles in (1). Ethics and budgetary slack: c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). What amount should Carter report as net cash from investing activities? Journal entry is used to the record the business transactions of an enterprises. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. S NO Determine the net income for June. 7,500 Billed insurance companies for sales commissions earned, 12,500. j. 4. 3. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Instructions 1. h. Purchased land as a future building site, paying cash of $120,000. d. The company completed work for a client and immediately collected the $2,500 cash earned. 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: a. 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 . During June, Ming Chen (the owner) completed these transactions. 1,500 %3D Kindly repost the question to get, A:Trial balance: It is the statement prepared at the end of the year to close all the accounts. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. 1,500 f. Paid office salaries, $6,500. 3.Paid 250 to creditors on account. Payable She, A:As you have posted multiple questions, the solution to the first question is being provided. 1,500 Dividends 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. 2. 10,000 0. 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. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Unadjusted Trial Balance is the trial balance before making adjustments., Q:he accountant for the firm owned by Randy Guttery prepares financial statements at the end of each. Budgeting issues at the movies: Bal. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Simple Accounting equation is. Hal Smith opened Smith's repairs on 01.03. During June. Ask a new question. 505. m. Paid the salary of the assistant, 1,150, Ck. 4, During the month, he completed the following transactions connected with his professional practice: a. 506. 61,000 b. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. On June 1 of the current year, Chad Wilson established a business to manage rental property. 0. 2,500 G. Received the electricity bill. a. A:Requirement 1: Indicate the effect of the given transactions. The following information is provided for the first month of operations for Legal Services Inc.: A. After, A:Net income: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! *Response times may vary by subject and question complexity. During June, Ming Chen (the owner) completed these transactions. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. No. 14.Paid wages of 1,200 to receptionist and part-time assistant. The company paid $1,500 cash for rent of office space for the month. . (k) Paid wages to part-time employee, 500. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. 30. Q:Prepare the statement of retained earnings for the month of July 31. 23.Served as disc jockey for a party for 2,500. February 20, 2023. B. 1. (b) Paid office rent, 500. 5. + Determine the net income or net loss for April. 6. 8.Paid for a newspaper advertisement, 200. I have all relevant skills and expertise related to your project. Enter the impact of each transaction on individual items of the accounting equation. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). %3D To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 2020 - 2024 www.quesba.com | All rights reserved. 1 of 1 a. Gervais deposited 25,000 in a bank account in the name of the business. Paid part-time receptionist for two weeks salary, 750. c. Received cash from fees earned. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. If you want the answer, Q:Architects completed the following transactions: Mc. (c) Purchased office equipment. What if the client hasn't prepared them in advance? Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. 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. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. minus sign.) 27.Paid electric bill, 915. No. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 25,000 8.000 During June, Ming Chen (the owner) completed these transactions: a. d. Does the activity add value to Latchey’s provision of insurance services? 4. c. Both credit card and debit card transaction fees are limited by law. He. f. Paid office salaries, $6,500. 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. Determine the net income or net loss for October. During June, Ming Chen (the owner) completed these transactions. 6. Bal 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. b. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Instructions 1. 25,000 503. h. Sold catering services on account, 4,307. i. Received 1,000 cash from customers on account. During June, Ming Chen (the owner) completed these transactions. Required 1. 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. 8. d. The company completed work for a client and immediately collected the $2,500 cash earned. A:a)Indicate the effect of the given transactions. Ming Chen began a professional practice on June 1 and. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. I have all relevant skills and expertise related to your project. g. Paid interest on the note payable, $500. 10,000 Graw e. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. Paid an attorney 900 for reviewing the July 3 contract with KXMD. 2. Received 750, with the remainder due August 4, 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Repairs and maintenance of $9,000 were incurred and paid. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. a. Paid the office rent for the current month, 650, Ck. Journals: Accounts containing only a single entry do not need a balance. 29.Paid miscellaneous expenses, 540. 0. 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. Print Received $100 from a customer for services we will provide next week. Only debit card transaction fees are limited by law. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Q:1. (Income Summary is account 34 in the chart of accounts.) Write Balance in the Item column and place a check mark () in the Posting Reference column. CASH b. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Since there are multiple subparts, we will answer only first three subparts. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Establish a ledger for the accounts listed above and enter the beginning balances. Received 750, with the remainder due August 4, 2019. 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If you still cannot find the error, re-analyze each transaction. 000 The following account balances are available: Required: 1. In July of this year, M. Wallace established a business called Wallace Realty. 10,000 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. b. Revenue Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 1.500 During June, Ming Chen (the owner) completed these transactions. 5. So lets make no longer delay & start chatting immediately. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Determine the following: a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare an income statement, a retained earnings statement, and a balance sheet. %3D The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. 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. 60,000 1.500 During June, Ming Chen (the owner) completed these transactions. Paid 250 to creditors on account. g. Paid interest on the note payable, $500. 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 Analyze each transaction, Journalize as appropriate. Save & Exit Interest of $5,000 was paid on the long-term loan. Hill The company paid $1,500 cash for rent of office space for the month. Ming Chen (the owner) completed these transactions: Classify each transaction as an operating, an investing, or a financing activity. Ken Jones, an architect, opened an office on April 1, 2016. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Kimberly Manis, an architect, opened an office on January 1, 2016. 2. A:Net income is calculated after analysing the revenue and expenses of the organisation. During June, Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Use a chart of accounts to order the ledger accounts. I am a Ph.D. writer with more than 9 years of working experience in Writing. b. Owner invested $62,000 cash in the company along with equipment that had a $23,000 market value in exchange for its common stock b. 3. During the month, she completed the following transactions connected with her professional practice: a. 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 . i. Opened a business bank account with a deposit of 50,000 from personal funds. %24, Carl Warren, James M. Reeve, Jonathan Duchac. f. The company purchased additional equipment for $6,000 cash. Paid dividends, $3,000. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Required 31. Prav (d) Received cash for services rendered, 900. Paid electricity bill for May, 810. 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. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 25,000 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Determine the net income for March. Revenues She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 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. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. H. Paid the worker hired in D for one weeks work. 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. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. the. 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. 4. The company paid $1,500 cash for rent of office space for the. b. Accounts containing only a single entry do not need a balance. During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? b. $ Dividends in the amount of $1,500 were distributed. a. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. %24 E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. %3D 4. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. Prepare T accounts, using the account titles in (1). 18. 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. 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. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 0. Received cash from customers on account, 9,000. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 31.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. She helped me in last minute in a very reasonable price. $30000. Record the following transactions on Page 6 of the journal: 20. The company paid $1,000 cash in dividends to the owner (sole shareholder). Ken Jones, an architect, opened an office on April 1, 2019. 13. 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. Liabilities h. Purchased land as a future building site, paying cash of $120,000. 4. Received 500, with the remainder due on August 9, 2019. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Hal Smith opened Smith's Repairs on March 1 of the current year. A. 8.000 Instructions 1. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. During the month, she completed the following transactions connected with her professional practice: a. Accounts Paid truck expenses, 435, Ck. %24 1. +. Which of the following is true? Instructions 1. 2. b. b. (Record as Miscellaneous Expense.) References 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 7.500 3. Good morning, teachers, I am honored to be informed to have this interview. 63. f. The company purchased additional equipment for $6,000 cash. a. 31.Received 3,000 for serving as a disc jockey for a party. 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. Paid 5,000 on note payable. $4 Paid wages of 1,200 to receptionist and part-time assistant. %24 Hire Professional Writer And Get A+ Grades In Your Homework. + 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: Mulberry paid the interest payable of $8,000. 28.Paid wages of 1,200 to receptionist and part-time assistant. 7,500 Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 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. Introduction: Each drugstore is operated by a general manager and a controller. 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). 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 1 and plans to prepare financial statements at the end of each month. The business was started by selling $100,000 worth of common stock. 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.
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