Equipment 10,000 27.Paid electric bill, 915. Received and paid the heating bill, 248, Ck. a. I am highly qualified expert, working from 2008-9 in this industry. 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. 15. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. i. Withdrew cash for personal use, 2,000. d. No. During the month, Jones, A:T accounts: Hi, Hope you are doing well. 25.000 Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Paid dividends, $3,000. During the first month of operations of his, A:Solution: e. 4. 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. 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 Amount of total revenue recorded in the ledger. 25.000 75,000 a. 1,500 31. Introduce your . Ming Chen (the owner) completed these transactions. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. (c) Purchased office equipment. Enter the impact of each transaction on individual items of the accounting equation. Issued common stock to Marjorie Knaus in, A:Step 1 During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. 21. During June, $30000. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Paid rent for July, 1,750. 8.000 + Save & Exit 16. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. a. %3D 2.1.4P, Your question is solved by a Subject Matter Expert. Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. (Continued) Required: 1. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. a. 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, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. 00. Explanations may be omitted. Paid cash for miscellaneous expenses, 375. j. ces Post your journal entries to T-accounts, Add additional T-accounts when needed. If an entry is not required for any of these transactions, state this and explain why. Determine the excess of revenues over expenses for November. 3. The account headings are presented below. 8,000 Required: Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 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. Recorded services provided on account for the remainder of May, 2,650. A:Introduction: During June, (Income Summary is account 34 in the chart of accounts.) Post the journal to a ledger of four-column accounts. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Served as a disc jockey for a charity ball for 1,500. Determine account balances of the T accounts. Ken Jones, an architect, opened an office on April 1, 2019. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- I can help you with creating a presentation of one slide for The Word of William Hunter. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 3. 2. Instructions 1. 3. No. 30.Served as a disc jockey for a charity ball for 1,500. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. i. Prav (k) Paid wages to part-time employee, 500. points 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. d. Paid rent on office and equipment for the month, $5,000. ok ht inces a. (Note: Ignore the date because these events are aggregations of individual events.) 13. 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.: No. A Wages of $379,000 were paid in cash. Served as disc jockey for a party for 2,500. April. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. 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. 1.500 Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 1004. j. a. 58,500 4.Prepare an unadjusted trial balance as of July 31, 2019. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 4. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 1,500 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. During June, Ming Chen (the owner) completed these transactions: a. c. Paid April rent for office and workroom, 3,150. d. Paid cash for supplies, 1,450. e. Purchased office and computer equipment on account, 6,500. f. Paid cash for annual insurance policies on automobile and equipment, 2,400. g. Received cash from a client for plans delivered, 12,000. h. Paid cash to creditors on account, 1,800. i. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. 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. 10,000 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 installment due on note payable, 300. o. 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. 31. d. Purchased office supplies on account, $1,250. A:Hi student 58,500 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. 7.500 Mc. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 10,000 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. stock. College Accounting (Book Only): A Career Approach. Prepare an unadjusted trial balance as of January 31, 2019. The following transactions, A:Journal Entries: 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. $30000. Bal. i. . (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Hello. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Purchased office equipment on account, 15,000. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (1,500) + Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. The company paid $1,500 cash for rent of office space for the month. Start your trial now! f. Paid 700 to a local audio electronics store for rental of digital recording equipment. 61,000 d. Paid rent on office and equipnwnt for the month, $5,000. Paid 620 to Upload Music for use of its current music demos in making various music sets. c. Both credit card and debit card transaction fees are limited by law. S NO Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. a. Determine the net income or net loss for April. Bal. He completed the following transactions during June: a. Prepare T accounts, using the account titles in (1). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Kimberly Manis, an architect, opened an office on January 1, 2016. 15,000 and company a firm. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Instructions 1. A statement of changes in Equity 0. Since there are multiple subparts, we will answer only first three subparts. Recorded jobs completed on account and sent invoices to customers, 22,300. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 7,500 75,000 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Bal. Saved Accounts containing only a single entry do not need a balance. Mulberry paid the interest payable of $8,000. c. Received cash from fees earned. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. %3D 10.000 4. 2. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 3. Opened a business bank account with a deposit of 30,000 from personal funds. During the month, he completed the following transactions connected with his professional practice: a. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 61,000 h. Borrowed $100,000 by issuing a note payable. Paid rent for July, 1,750. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). II b. 0. 1.500 No. b. 1,500 6. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Budgeting issues at the movies: a. $30000. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 4. Owner invested $ Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. %24 Thanks :--). Record the closing entries on Page 8 of the journal. Received cash for job completed, 11,500. f. The company purchased additional equipment for $6,000 cash. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 1,500 ASSETS 2020 - 2024 www.quesba.com | All rights reserved. Paid truck expenses, 435, Ck. March transactions are as follows : Determine the increase or decrease in owners equity for August. Prepare a single-step income statement. In addition, $28,000 of computer rental costs were incurred and paid. Common During June, Ming Chen (the owner) completed these transactions. He. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Amount of total expenses recorded in the ledger. Bal. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. Movies are expensive to produce and market. Dividends g. Paid interest on the note payable, $500. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 4. b. Paid electricity bill for May, 810. 0. The following account balances are available: Required: 1. Explanations may be omitted. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. During March, the following, A:1. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. During June, Ming Chen (the owner) completed these transactions.a. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. b. 12. f. The company purchased additional equipment for $6,000 cash. Bal. Withdrew cash for personal use, 3,900. Ming Chen (the owner) completed these transactions: f. Paid office salaries, $6,500. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 0. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. b. 0. 17. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. Required Which of the following is true? Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common eBook Accounts 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 . Write Balance in the Item column and place a check mark () in the Posting Reference column. Accounts 000 Paid 250 to creditors on account. Journalize and post the adjusting entries. B. h. Purchased land as a future building site, paying cash of $120,000. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 225. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. The equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. First let me introduce myself, my name is XX, 23 years old, and David is my English name. 58,500 We will pay the $110 in thirty days. 8. Can you think of any reason why the amount determined in (4) might not be the net income for November? 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. h. Purchased land as a future building site, paying cash of $120,000. %3D Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. Paid telephone bill for May, 260. 30. 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. the. 10,000 13. Ming Chen (the owner) completed these transactions. 28.Paid wages of 1,200 to receptionist and part-time assistant. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. The account headings are presented below. 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). Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. 28. Determine the net income or net loss for October. 4. Hire Professional Writer And Get A+ Grades In Your Homework. 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. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. View this solution and millions of others when you join today! d. Paid rent on office and equipnwnt for the month, $5,000. 25.000 A:The financial statements of the business include the income statement and balance sheet of the firm. Instructions 1. 10,000 DLite Dry Cleaners is owned and operated by Joel Palk. 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. 10,000 Advertising expense of $26,000 was incurred and paid. Good morning, teachers, I am honored to be informed to have this interview. 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: No. 1,500 d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. 25,000 LIABILITY I am a Ph.D. writer with more than 9 years of working experience in Writing. 3. During June, Ming Chen (the owner) completed these transactions. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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 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. Bal. First week only $4.99! On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 3. 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. If you want the answer, Q:Architects completed the following transactions: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. c. Amount of net income for August. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. 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). $30000. Analyze and use these data to complete parts (5) and (6). Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. The entire assets of an organization are equal to the sum of its liabilities, Q:Kristin Holden started her own consulting business in July, 20--. No. Paid annual premiums on property and casualty insurance, 2,400. 5.Purchased office equipment on account from Office Mart, 7,500. No principal payments are made, only interest is paid. J. 1. Prepare an income statement, a retained earnings statement, and a balance sheet. 4. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: 1002. h. Received and paid the bill for utilities, 340, Ck. A. b. 10 000 Hill Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. G. Received the electricity bill. Paid dividends, $3,000. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Cash b. b. 1. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? $4 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. property. July 21. Revenues 24. 2. 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. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. How much did Junes transactions increase or decrease Chad Wilsons capital? (Optional) Prepare a statement of cash flows for July. i. 2. 29. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 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 Received 500, with the remainder due on August 9, 2019. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 61,000 Required 25,000 It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Accounting Equation - Determine account balances of the T accounts. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Greco resort opened for business on june 1. Dividends Instructions 1. A:Revenue means the income earned during a given period. Determine the following: a. So lets make no longer delay & start chatting immediately. 501. e. Bought insurance for the truck for one year, 400, Ck. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. f. The company purchased additional equipment for $6,000 cash. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received 1,000 cash from customers on account. 2. During June, Ming Chen (the owner) completed these transactions. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. g. The company paid an assistant $3,000 cash as wages for the month. Required 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 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. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. a. Paid an attorney 900 for reviewing the July 3 contract with KXMD. Required 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. To ensure my potential must visit my profile to check my ratings and uploaded samples. 1 of 1 1003. i. 23.Served as disc jockey for a party for 2,500. 3. During June. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. The company paid $1,500 cash for rent of office space for . To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. minus sign.) 8.000 + The company paid $10,000 cash to settle the liability created in transaction c. j. Prepare a post-closing trial balance. b. II A:The financial statements of the business include the income statement and balance sheet of the firm. 31.Received 3,000 for serving as a disc jockey for a party. 0.33 Prepare an unadjusted trial balance as of August 31, 2016. Paid 620 to Upload Music for use of its current music demos in making various music sets. d. Does the activity add value to Latchey’s provision of insurance services? 506. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. 11. 1.500 During the month, Lexi completed the following transactions related to the business: Nov. 1. Only credit card transaction fees are limited by law. Prepare an adjusted trial balance. 4. Determine the net income or net loss for January. At the end of May, the following adjustment data were assembled. a. Introduction: %3D Equipment (a) Invested cash in the business, 510,000. Cash Brooke completed the following transactions during the month of August: a. b. If you still cannot find the error, re-analyze each transaction. The company paid $1,500 cash for rent of office space for the month. During June, Ming Chen (the owner) completed these transactions: a. (Enter decreases to account balances with a e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. %24 Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. On March 1 of this year, B. Gervais established Gervais Catering Service. Bal A:a)Indicate the effect of the given transactions. g. Paid interest on the note payable, $500. During June, Ming Chen (the owner) completed these transactions. 1,500 The American Chamber of Commerce in South China. 1,500 Required: 75,000 During June, Ming Chen (the owner) completed these transactions.
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