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. 10,000 Received 2,000 for serving as a disc jockey for a wedding reception. Determine account balances of the T accounts. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. $30000. b. 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. 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. a. Bal. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. 4. 31.Received 3,000 for serving as a disc jockey for a party. Received 750, with the remainder due August 4, 2019. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. Bal 1. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 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. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? So lets make no longer delay & start chatting immediately. During June, Ming Chen (the owner) completed these transactions: a. Record the transactions and the balance after each transaction. 15,000 b. Paid 620 to Upload Music for use of its current music demos in making various music sets. 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 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. References %3D During the first month of operations of his, A:Solution: Determine the increase or decrease in owners equity for January. b. operations,, A:Journal entry means the entry in prime book with chronological order. 29.Paid miscellaneous expenses, 540. Solved Ming Chen began a professional practice on June 1 and | Chegg.com 5. Determine account balances of the T accounts. Purchased supplies on account, 850. 2. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. During June, Ming Chen (the owner) completed these transactions. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Equity Paid 620 to Upload Music for use of its current music demos in making various music sets. 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. 3. d. Paid rent on office and equipnwnt for the month, $5,000. a. %3D 2. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 4. 75,000 a. Hire Professional Writer And Get A+ Grades In Your Homework. 11. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Determine account balances of the T accounts. a. Hello. f. The company purchased additional equipment for $6,000 cash. Bal. i. a. i. 1003. i. 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. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 7.500 The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Graw 7,500 Prepare and post the closing entries. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? 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. Ming chen began a professional practice on june 1 During the first month of operations of her business (a, A:An income statement is a part of financial statement which contain the details of all incomes and, Q:July 1, Lula Plume created a new self-storage business, Safe Storage Co. +. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. ok ht inces a. 4. Received cash from customers on account, 9,000. Problem1-63B Income Statement, Retained Earnings Statement. The following information is provided for the first month of operations for Legal Services Inc.: A. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. A statement of changes in Equity Im very much interested to write for attendance systems. Bal. 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 . 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. 15. 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. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Enter the impact of each transaction on individual items of the accounting equation. 3.Paid 250 to creditors on account. Paid 250 to creditors on account. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. April. 58,500 + 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. Determine account balances of the T accounts. 4. on the Business environment in China. 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. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Purchased supplies on account, 735. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 8,000 504. j. Equipment d. Does the activity add value to Latchey’s provision of insurance services? 0.33 3. 4. b. No. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. 23.Served as disc jockey for a party for 2,500. %24 DLite Dry Cleaners is owned and operated by Joel Palk. 75,000 1. July 21. During June, Ming Chen (the owner) completed these transactions. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 2. 1.500 a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Received 1,000 for serving as a disc jockey for a party. Correct answers: 1 question: A loan of $400,000 is taken out which requires an annual interest payment of 4.4% of the borrowed amount of money (in market dollars). 28. Paid cash to creditors on account, 4,500. j. f. The company purchased additional equipment for $6,000 cash. 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. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. j. 29. Paid part-time receptionist for two weeks salary, 750. H. Paid the worker hired in D for one weeks work. Paid cash for miscellaneous expenses, 375. j. g. The company paid an assistant $\$3,000$ cash as wages for the month. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Paid dividends, $3,000. 31. 8. 8.Paid for a newspaper advertisement, 200. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: c. Amount of net income for August. Ming Chen began a professional practice on June 1 and plans to prepare Cash g. Paid interest on the note payable, $500. g. Paid interest on the note payable, $500. 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. h. Purchased land as a future building site, paying cash of $120,000. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. The, A:An accounting equation refers to a mathematical representation of the transactions. Received 500, with the remainder due on August 9, 2019. 2. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. During the first month of operations of her business (a, A:An income statement is a part of financial statement which contain the details of all incomes and, Q:On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. Issued common stock to Marjorie Knaus in, A:Step 1 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. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 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. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Q:Connie Young, an architect, opened an office on October 1, 2019. Revenue Journalize and post the adjusting entries. Received 750, with the remainder due August 4, 2019. Ming Chen began a professional practice on June 1 and plansget 1 Prav Ming Chen began a professional practice on June $1$ and plan | Quizlet _Accounting 1 Assignment Part 1 - Ming Chen began a professional Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. h. Purchased land as a future building site, paying cash of $120,000. 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 1,500 Is this a direct or an indirect cost? Explanations may be omitted. She, A:As you have posted multiple questions, the solution to the first question is being provided. 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. I am highly qualified expert, working from 2008-9 in this industry. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 4. Prepare T accounts, using the account titles in (1). During June, Ming Chen (the owner) completed these transactions. Bal. 0. h. Purchased land as a future building site, paying cash of $120,000. The company paid $10,000 cash to settle the liability created in transaction c. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Introduce your . Hi, Hope you are doing well. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Recorded services provided on account for the period May 16-20, 4,820. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. ACCOUNTS RECEIVABLE b. Received $100 from a customer for services we will provide next week. If you want the answer, Q:Architects completed the following transactions: Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. Home., A:Since you have asked multiple questions under a single question. 8,000 17. (Enter decreases to account balances with a $ 15,000 During June, Ming Chen (the owner) completed these transactions: a. 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. 3. Extend the balances to the appropriate balance columns after each transaction is posted. Transactions completed during the month follow. b. Prepare an unadjusted trial balance as of January 31, 2019. 2. Ming Chen began a professional practice on June $1$ and plan | Quizlet Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Q:1. $30000. No. 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. i. %24, Carl Warren, James M. Reeve, Jonathan Duchac. 30. + 4. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. A:The financial statements of the business include the income statement and balance sheet of the firm. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 2023 Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Recorded services provided on account for the period May 1-15; 9,180. The following transactions occurred during January of the current year. 0. Liabilities 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. Paid dividends, $3,000. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. What will be the value of interest payment at the end of fourth year in real dollars? 1004. j. 4. 30.Served as a disc jockey for a charity ball for 1,500. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Kimberly Manis, an architect, opened an office on January 1, 2016. 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. h. Ming Chen began a professional practice on June 1 and plans Paid Office Station Co. for part of the debt incurred on April 5, 640. a. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. %24 b. Paid the office rent for the current month, 650, Ck. Withdrew cash for personal use, 3,900. Ask your question! On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, 40,000. b. During June. 58,500 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. (e) Paid phone bill, 65. A:Revenue means the income earned during a given period. 58,500 %3D Recording of a business transactions in a chronological order. 25. Paid wages of 1,200 to receptionist and part-time assistant. If you still cannot find the error, re-analyze each transaction. The following transactions, A:Journal Entries: It is the first step of recording transactions of a company. 60,000 EQUITY Hal Smith opened Smith's repairs on 01.03. 10. a. Wallace deposited 24,000 in a bank account in the name of the business. 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. b. 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. Amount of total expenses recorded in the ledger. 4. At the end of May, the following adjustment data were assembled. Paid miscellaneous expenses, 540. 1,500 Do you need an answer to a question different from the above? Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Withdrew cash for personal use, 2,500. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 25.000 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. If the two totals are not equal, check the addition and subtraction. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. %24 Determine the following: a. 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. 15,000 Paid 5,000 on note payable. Received cash from clients on account, 2,450. Paid utilities expense, 4,500. 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. View this solution and millions of others when you join today! d. Neither credit card nor debit .. Budgeting issues at the movies:
Movies are expensive to produce and market. Prepare an unadjusted trial balance. 25,000 Required: 4. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Required 1. S NO Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Interest of $5,000 was paid on the long-term loan. Served as a disc jockey for a charity ball for 1,500. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. Greco resort opened for business on june 1. 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: Paid dividends, 2,500. LIABILITY The following, A:Unadjusted Trial Balance - ASSETS 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. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Determine the amount of Joel Palks capital as of July 1 of the current year. A. Served as disc jockey for a party for 2,500. I have all relevant skills and expertise related to your project. g. The company paid an assistant $3,000 cash as wages for the month. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. (b) Paid office rent, 500. We will pay the $110 in thirty days. f. The company purchased additional equipment for $6,000 cash. The business was started by selling $100,000 worth of common stock. 2023 White PaPer. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. f. Paid office salaries, $6,500. Journal entry is used to the record the business transactions of an enterprises. h. Borrowed $100,000 by issuing a note payable. 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. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Paid dividends, $3,000. Ming Chen (the owner) completed these transactions. 10,000 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. 22. 0. Recorded jobs completed on account and sent invoices to customers, 22,300. 31. 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 During the month, Knaus. Accounting Equation - Since there are multiple subparts, we will answer only first three subparts. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. 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. $15,000 Received 500, with the remainder due on August 9, 2019. 8.000 Determine the excess of revenues over expenses for November. 31. Hal Smith opened Smith's Repairs on March 1 of the current year. a. g. The company paid an assistant $3,000 cash as wages for the month. Find answers to questions asked by students like you. 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. 1.500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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