Hal Smith opened Smith's repairs on 01.03. If the two totals are not equal, check the addition and subtraction. a. Assets Received 3,000 for serving as a disc jockey for a party. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. 75,000 During June, Ming Chen (the owner) completed these transactions. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Transactions completed during the month follow. h. Purchased land as a future building site, paying cash of $120,000. 4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Q:Comprehensive Problem Set During June, Ming Chen (the owner) completed these transactions. 75,000 b. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 2. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 3. 75,000 The customer will pay at a later date. Instructions 1. 5. b. 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. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 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. Problem1-63B Income Statement, Retained Earnings Statement. S NO Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Instructions 1. The company pald $2,100 cash for rent of office space for . Instructions 1. i. 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. a. Wallace deposited 24,000 in a bank account in the name of the business. 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. Q:Ken Jones, an architect, opened an office on April 1, 2019. %24 During June, Ming Chen (the owner) completed these transactions. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. Payable 10,000 The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. minus sign.) 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. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - Paid an attorney 900 for reviewing the July 3 contract with KXMD. f. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (Solved) - Ming Chen began a professional practice on June 1 and plans the. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 7,500 c. Received cash from fees earned. Purchased supplies for cash, 1,750. Stock E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 8.000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. ol + The company paid $1,500 cash for rent of office space for the month. 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. 10,000 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. + 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: Paid telephone bill for May, 260. 2.Received 1,000 cash from customers on account. Ming Chen began a professional practice on June 1 and plansget 1 Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Print h. Purchased land as a future building site, paying cash of $120,000. 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. 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. The company paid $1,500 cash for rent of office space for the month. Paid Office Station Co. for part of the debt incurred on April 5, 640. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. %24 c. Amount of net income for January. Can you think of any reason why the amount determined in (4) might not be the net income for November? Check my Good morning, teachers, I am honored to be informed to have this interview. 1,500 Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Paid for a newspaper advertisement, 200. 2. The account headings are presented below. eBook During June, Ming Chen (the owner) completed these transactions: a. Instructions 1. A:a)Indicate the effect of the given transactions. Accounting Equation - I have all relevant skills and expertise related to your project. She helped me in last minute in a very reasonable price. Post your journal entries to T-accounts, Add additional T-accounts when needed. The transactions of 25.000 No. DLite Dry Cleaners is owned and operated by Joel Palk. e. 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. 30. 10. No. Dividends Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Each drugstore is operated by a general manager and a controller. Paid electricity bill for May, 810. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. [Solved] Ming Chen began a professional practice o | SolutionInn Paid cash to creditors on account, 4,500. j. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Prepare a single-step income statement. It is the first step of recording transactions of a company. As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. 12. D. An office worker was hired. + Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Q:Connie Young, an architect, opened an office on October 1, 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 0. 1. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. 58,500 Help Received 1,000 for serving as a disc jockey for a party. 1000. c. Bought office supplies for cash, 375, Ck. Create the following table similar to the one in Exhibit 1.9. M Question 8 - Chapter 1 Exercises Connect 13. %24 Paid rent for July, 1,750. f. The company purchased additional equipment for $6,000 cash. Apr. She, A:As you have posted multiple questions, the solution to the first question is being provided. If you still cannot find the error, re-analyze each transaction. Answered: Ming Chen began a professional practice | bartleby 4. No. Amount of total expenses recorded in the ledger. Explanations may be omitted. Saved 10.000 Equity C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). $4 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 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. d. Does the activity add value to Latchey’s provision of insurance services? Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 0. d. The company completed work for a client and immediately collected the $2,500 cash earned. Determine the net income or net loss for October. stock. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. b. Establish a ledger for the accounts listed above and enter the beginning balances. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. Which of the following is true? Liabilities Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. %D How much did Junes transactions increase or decrease Chad Wilsons capital? C. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. %24 d. Purchased office supplies on account, $1,250. 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. Owner withdrew $1,000 cash from the company for personal use. f. Paid office salaries, $6,500. Withdrew cash for personal use, 2,000. Purchased supplies on account, 850. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. March transactions are as follows : Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. $30000. Received cash from customers on account, 9,000. 58,500 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. 3. 31. 13. Ethics and budgetary slack: 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: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Introduce your . Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 4. 000 b. Instructions 1. During the first month of operations of his, A:Solution: b. (b) Paid office rent, 500. 21. 8. b. ces +. 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. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. 18.Purchased supplies on account, 850. a. i. 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). What amount should Carter report as net cash from investing activities? A building and equipment are currently being rented, pending expansion to new facilities. 2023 White PaPer. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Paid cash for miscellaneous expenses, 375. j. February 20, 2023. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. The company paid $1,500 cash for rent of office space for the month. First week only $4.99! I have all relevant skills and expertise related to your project. If an entry is not required for any of these transactions, state this and explain why. 10,000 At the end of May, the following adjustment data were assembled. Ming Chen began a professional practice on June $1$ and plan | Quizlet 2023. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 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. 15. We will pay the $110 in thirty days. Solved Ming Chen began a professional practice on June 1 and | Chegg.com d. Paid rent on office and equipnwnt for the month, $5,000. 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. a. Received $100 from a customer for services we will provide next week. Hi, Hope you are doing well. 2,500 28.Paid wages of 1,200 to receptionist and part-time assistant. The company paid $1,000 cash in dividends to the owner (sole shareholder). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. First week only $4.99! Paid 700 to a local audio electronics store for rental of digital recording equipment. 11.Received 1,000 for serving as a disc jockey for a party. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Received an invoice for truck expenses, to be paid in November, 1,250. stock. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 4. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Paid annual premiums on property and casualty insurance, 2,400. A Wages of $379,000 were paid in cash. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. b. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Ken Jones, an architect, opened an office on April 1, 2019. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Bal. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. During June, Ming Chen (the owner) completed these transactions. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Journalize and post the adjusting entries. 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: Show new balances after each transaction. 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. 25,000 Equipment Prepare and post the closing entries. Q:Duerr Engineering completed the following transactions in the month of June. b. Revenue So lets make no longer delay & start chatting immediately. 3. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. You can message me to discuss the details. d. Required: b. G. Received the electricity bill. Introduction: (i) Paid electricity bill, 85. Assets Determine the net income for June. During June, Ming Chen (the owner) completed these transactions: a. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Q:Prepare the statement of retained earnings for the month of July 31. $ 58,500 Inflation is 3.8% per year. $ 15,000 Recorded services provided on account for the remainder of May, 2,650. April. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 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: a. Gervais deposited 25,000 in a bank account in the name of the business. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. I will also provide you with TURNITIN PLAGIARISM REPORT. and company a firm. The following information is provided for the first month of operations for Legal Services Inc.: A. The following transactions, A:Note: c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 25,000 Repairs and maintenance of $9,000 were incurred and paid. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 4. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Ming Chen (the owner) completed these transactions: Bal. Received cash for job completed, 11,500. During June, Ming Chen (the owner) completed these transactions: a. H. Paid the worker hired in D for one weeks work. 23. 0. g. Paid interest on the note payable, $500. During the month, she completed the following transactions connected with her professional practice: a. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. 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. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 2,500 With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. No. b. Paid dividends, 10,500. 4. To ensure my potential must visit my profile to check my ratings and uploaded samples. If the two totals are not equal, check the addition and subtraction. Bal. Post the journal to a ledger of four-column accounts. b. 1,500 Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 1. c. Is it a variable or a fixed cost? 5. Paid cash for a newspaper advertisement. Determine the net income or net loss for April. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Basic Accounting Systems: Cash Basis. 2. 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. 11. *Response times may vary by subject and question complexity. 225. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 61. 7.500 d. Paid rent on office and equipment for the month, $5,000. 3. During the first month of 30. Paid dividends, 2,500. 1 of 1 SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Graw During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e Enter the impact of each transaction on individual items of the accounting equation. 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. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Receivable Enter the impact of each transaction on individual items of the accounting equation. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. A:Hi student %24 (g) Paid wages to part-time employee, 500. How much did Marchs transactions increase or decrease Amy Austins capital? 7,500 Introduce yourself. 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Enter the following transactions on Page 2 of the two-column journal: 29. 61,000 Paid 5,000 on note payable. h. The company paid $10,000 cash to settle the liability created in transaction c. + Prepare T accounts, using the account titles in (1). The company paid $1,500 cash for rent of office space for the. %24, Carl Warren, James M. Reeve, Jonathan Duchac. No. 8.Paid for a newspaper advertisement, 200. a. 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). Record the transactions and the balance after each transaction. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Served as disc jockey for a party for 2,500. g. Paid interest on the note payable, $500. Analyze each transaction, Journalize as appropriate. On June 1 of the current year, Chad Wilson established a business to manage rental property. 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. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 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 Interest of $5,000 was paid on the long-term loan. + Borrowed $100,000 by issuing a note payable. The worker will be paid $275 per week. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Mulberry paid the interest payable of $8,000. 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Owner invested $60,000 cash in the company along with equipment. 2020 - 2024 www.quesba.com | All rights reserved. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Served as a disc jockey for a charity ball for 1,500. Recorded services provided on account for the period May 1-15; 9,180. Amount of total expenses recorded in the ledger. b. Paid rent for period of November 1 to end of month, 4,000. 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. Hire Professional Writer And Get A+ Grades In Your Homework. a. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.
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ming chen began a professional practice on june 1