Ming Chen began a professional practice on June 1 and. 61,000 0. 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). . In this activity, you will be creating. d. Paid rent on office and equipment for the month, $5,000. Brooke completed the following transactions during the month of August: a. No. 501. e. Bought insurance for the truck for one year, 400, Ck. Connie Young, an architect, opened an office on October 1, 2019. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 0. h. Purchased land as a future building site, paying cash of $120,000. 7.500 Instructions 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. 4. (e) Paid phone bill, 65. the. 30. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Accounts Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 0.33 f. The company purchased additional equipment for $6,000 cash. $30000. During the month, she completed the following transactions connected with her professional practice: a. 2.Received 1,000 cash from customers on account. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Mulberry purchased computer paper for $13,000 cash in late December. 30. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Hal Smith opened Smith's Repairs on March 1 of the current year. 1,500 2. During June, Ming Chen (the owner) completed these transactions.a. Hi! During June, Ming Chen (the owner) completed these transactions. 4. A:Requirement 1: Indicate the effect of the given transactions. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. A:The financial statements of the business include the income statement and balance sheet of the firm. 8.Paid for a newspaper advertisement, 200. During the month, he completed the following transactions connected with his professional practice: a. 10,000 a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 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. 27.Paid electric bill, 915. a. Cash 0. Prepare an unadjusted trial balance as of January 31, 2019. %D Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. c. Received cash from fees earned. A:a)Indicate the effect of the given transactions. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Paid dividends, 2,500. Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. Enter the following transactions on Page 2 of the two-column journal: 29. Accounts 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 10.000 During the month, Lexi completed the following transactions related to the business: Nov. 1. f. Paid office salaries, $6,500. The customer will pay at a later date. Opened a business bank account with a deposit of 50,000 from personal funds. 4. The following, A:Unadjusted Trial Balance - 00. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Write Balance in the Item column and place a check mark () in the Posting Reference column. 1. 10,000 Accounting Equation is calculated using following equation - During June, Ming Chen (the owner) completed these transactions. on the Business environment in China. 1. a. Gervais deposited 25,000 in a bank account in the name of the business. e. (83) 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. Recorded services provided on account for the period May 16-20, 4,820. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Bal. 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. View this solution and millions of others when you join today! %3D 12. In July of this year, M. Wallace established a business called Wallace Realty. Bal. The actual work of dry cleaning is done by another company for a fee. 1,500 a. a., A:1. Amount of total expenses recorded in the ledger. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. None of the paper was used by year-end. During June, Paid part-time receptionist for two weeks salary, 750. Withdrew l,250 cash from PS Music for personal use. 61,000 d. The company completed work for a client and immediately collected the $2,500 cash earned. %24 ces Introduce yourself. References For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. During June, Ming Chen (the owner) completed these transactions: a. a. Issued common stock to Marjorie Knaus in, A:Step 1 Ming Chen began a professional practice on June 1 and plans to prepare 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 7.500 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. Determine account balances of the T accounts. The following account balances are available: Required: 1. (a) Invested cash in the business, 510,000. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Purchased supplies on account, 850. If there is. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. The company paid $1,500 cash for rent of office space for . . d. The company completed work for a client and immediately collected the $2,500 cash earned. Instructions 1. 25. g. Paid interest on the note payable, $500. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Good morning, teachers, I am honored to be informed to have this interview. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Hire Professional Writer And Get A+ Grades In Your Homework. g. The company paid an assistant $3,000 cash as wages for the month. H. Paid the worker hired in D for one weeks work. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 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:a. Paid dividends, 10,500. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 1.500 Determine the increase or decrease in owners equity for January. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Can you think of any reason why the amount determined in (4) might not be the net income for November? Interest of $5,000 was paid on the long-term loan. ol + (i) Paid electricity bill, 85. 2023. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Is it a product or a period cost? f. The company purchased additional equipment for $6,000 cash. I am a Ph.D. writer with more than 9 years of working experience in Writing. (1,500) + C. Only debit card transaction fees are limited by law. Received cash for job completed, 11,500. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Do you need an answer to a question different from the above? 2. Accounting Equation - 0. d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. 4. A:Introduction: Paid the office rent for the current month, 650, Ck. D. An office worker was hired. Hill Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Receivable If you want the answer, Q:Architects completed the following transactions: Received an invoice for truck expenses, to be paid in November, 1,250. 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: 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. 4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid on account to the City Crier, 455, Ck. EQUITY I am highly qualified expert, working from 2008-9 in this industry. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 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. 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 following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. The account headings are presented below. 506. 2,500 Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 15. 505. m. Paid the salary of the assistant, 1,150, Ck. h. Purchased land as a future building site, paying cash of $120,000. 11.Received 1,000 for serving as a disc jockey for a party. d. The company completed work for a client and immediately collected the $2,500 cash earned. Purchased office equipment on account from Office Mart, 7,500. 25,000 I have all relevant skills and expertise related to your project. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Explanations may be omitted. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. h. Purchased land as a future building site, paying cash of $120,000. b. Prepare a post-closing trial balance. Purchased office equipment on account, 15,000. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. ok ht inces a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. 3. i. 75,000 Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. 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. 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. Paid miscellaneous expenses, 540. d. Paid rent on office and equipnwnt for the month, $5,000. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. (j) Withdrew cash for personal use, 100. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. Ming Chen (the owner) completed these transactions. Paid 620 to Upload Music for use of its current music demos in making various music sets. 8,000 a. 75,000 Ming chen began a professional practice on june 1 Received and paid the heating bill, 248, Ck. 4. Ming Chen (the owner) completed these transactions: Solved Ming Chen began a professional practice on June 1 and | Chegg.com 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. 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. Ming Chen began a professional practice on June 1 and plansget 1 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. 30. Is this a direct or an indirect cost? Paid rent for July, 1,750. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. b. During the month, she completed the following transactions connected with her professional practice: a. J. b. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 2. a. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. b. Ming Chen began a professional practice on June $1$ and plan | Quizlet Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. A:Journal: Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 1004. j. b. Bal. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and The prepaid rent at the beginning of the year was used in 2019. Use a chart of accounts to order the ledger accounts. 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. *Response times may vary by subject and question complexity. Received 750, with the remainder due August 4, 2019. j. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 5. Q:Comprehensive Problem Set %24 Equipment No. Prepare a single-step income statement. a. 6. Journal Entries - Journal Entries are the recording of transactions of the organization.
Jeremy Johnson Too Faced Net Worth,
Brick And Batten Exterior Paint Colors,
Middle Class Measuring Rod Theory,
Worst Prisons In South Carolina,
Tui Lost Booking Reference,
Articles M
