Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Paid cash for a newspaper advertisement. 2023 White PaPer. C. Provided services in the amount of $1,000. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. f. The company purchased additional equipment for $6,000 cash. %3D 1006. 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. a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1. d. Purchased office and computer equipment on account, 9,000. e. Paid cash for supplies, 2,150. f. Paid cash for annual insurance policies, 4,000. g. Received cash from client for plans delivered, 12,200. h. Paid cash for miscellaneous expenses, 815. i. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. I will also provide you with TURNITIN PLAGIARISM REPORT. Determine the account balances after all posting is complete. Use a chart of accounts to order the ledger accounts. ASSETS 22. Determine account balances of the T accounts. 1,500 g. Paid interest on the note payable, $500. Paid on account to the City Crier, 455, Ck. 10,000 Ming Chen (the owner) completed these transactions. 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. Owner invested $60,000 cash in the company along with equipment.
Ming Chen began a professional practice on June 1 and plans to prepare 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. 1.500 Paid wages of employees, 6,800. Maria completed the following transactions, A:An income statement is one of the financial statements of a company and shows the company's, Q:Indicate the effect of each transaction and the balances after each transaction: 11. Prepare an unadjusted trial balance as of August 31, 2016. During June, Ming Chen (the owner) completed these transactions. Bal. Liabilities Payable 10,000 Cash Prepare a single-step income statement. b. . 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. Accounting Equation is calculated using following equation - on the Business environment in China. Borrowed $100,000 by issuing a note payable. %24, Carl Warren, James M. Reeve, Jonathan Duchac. 5. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Help d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company paid $1,000 cash in dividends to the owner (sole shareholder). Accounting Equation - EQUITY 4.Prepare an unadjusted trial balance as of July 31, 2019. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. points
Ming Chen began a professional practice on June 1 and plans to prepare Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. The transactions of Determine the net income or net loss for January. 27. Check my Owner invested 3. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. f. The company purchased additional equipment for $6,000 cash. 1,500 Accounts containing only a single entry do not need a balance. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. Received an invoice for truck expenses, to be paid in November, 1,250. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. a. A statement of changes in Equity The following information is provided for the first month of operations for Legal Services Inc.: A. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set %D 2,500
A loan of $400,000 is taken out which requires an annual interest (Income Summary is account 34 in the chart of accounts.) b. Served as a disc jockey for a charity ball for 1,500. Enter the following transactions on Page 2 of the two-column journal: 16. f. The company purchased additional equipment for $6,000 cash. During June, Ming Chen (the owner) completed these transactions. 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. 58,500 During the month, Knaus. 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 . d. Purchased office supplies on account, $1,250. 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. I. The policy covers a one-year period. Transactions completed during the month follow. 30. minus sign.) 60,000 Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Transactions completed during the month follow. Prepare an income statement, a retained earnings statement, and a balance sheet. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. 30. b. $ Opened a business bank account with a deposit of 50,000 from personal funds. 5. Explanations may be omitted. 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. d. Paid rent on office and equipnwnt for the month, $5,000. a. Determine the net income or net loss for October. b. Cash Problem1-63B Income Statement, Retained Earnings Statement. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. d. 2. Withdrew cash for personal use, 7,500. 23. 8,000 Received cash from clients on account, 2,450. 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. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Introduce your . So lets make no longer delay & start chatting immediately. The following transactions were completed during July, the second month of the business's operations: July 1. %D Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. $30000. 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. Assets Revenues Bal. She, A:As you have posted multiple questions, the solution to the first question is being provided. %24 I am a Ph.D. writer with more than 9 years of working experience in Writing. Brooke completed the following transactions during the month of August: a. The customer will pay at a later date. Received cash from clients on account, 9,520. Ken Jones, an architect, opened an office on April 1, 2016. Paid wages of 1,200 to receptionist and part-time assistant. 25. 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). Purchased supplies on account, 850. Use the ending balances in the T-accounts to prepare a trial balance. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Connie Young, an architect, opened an office on October 1, 2019. 75,000 *Response times may vary by subject and question complexity. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). b. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. g. The company paid an assistant $3,000 cash as wages for the month. 00. No. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? $30000. Equity 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. d. Does the activity add value to Latchey’s provision of insurance services? h. Purchased land as a future building site, paying cash of $120,000. c. Received cash from fees earned. + Instructions 1. According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack:
Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. 4. April. 2. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. (Enter decreases to account balances with a we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. 0.33 61,000 Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 4. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. 3. a. the. + During June, Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. LIABILITY f. Paid office salaries, $6,500. a. Recorded services provided on account for the period May 16-20, 4,820. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Post the journal to a ledger of four-column accounts. Greco resort opened for business on june 1. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1.500 1PA, Your question is solved by a Subject Matter Expert. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Accounts 0. a., A:1. 2,500 I am highly qualified expert, working from 2008-9 in this industry. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). %24 7,500 During June, Ming Chen (the owner) completed these transactions: a. 0. Determine the following: a. b. 28.Paid wages of 1,200 to receptionist and part-time assistant. During the month, she completed the following transactions connected with her professional practice: a. c. Received cash from fees earned. Apr. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 10,000 We will pay the $110 in thirty days. On March 1 of this year, B. Gervais established Gervais Catering Service. a. Withdrew cash for personal use, 2,000. 1003. i. Show new balances after each transaction.
Ming Chen began a professional practice on June 1 and plans - BRAINLY 10 000 Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. The following transactions, A:Note: 31. %3D Paid part-time receptionist for two weeks salary, 750. (Record as Miscellaneous Expense.) Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 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. g. Paid interest on the note payable, $500. Paid miscellaneous expenses, 540. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. 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. 2. Paid Office Station Co. for part of the debt incurred on April 5, 640. Paid cash to creditors on account, 4,500. j. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. 31.Received 3,000 for serving as a disc jockey for a party. 4. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. 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. Explanations may be omitted. Common 2023. 31. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 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. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Ken Jones, an architect, opened an office on April 1, 2019. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. +. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Bal
Ming Chen began a professional practice on June 1 and plans to prepare The company paid $1,500 cash for rent of office space for the month. During June, Ming Chen (the owner) completed these transactions. No principal payments are made, only interest is paid. Received 750, with the remainder due August 4, 2019. d. 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. Graw 5. Apr. 4. a. The company paid $1,500 cash for rent of office space for the month. 15. 3.Paid 250 to creditors on account. 4. Record the adjusting entries on Page 7 of the journal. 31.Withdrew 1,250 cash from PS Music for personal use. What if the client hasn't prepared them in advance? Instructions 1. Paid 620 to Upload Music for use of its current music demos in making various music sets.
Ming Chen began a professional practice on June 1 and plansget 1 To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Assets During June, Ming Chen (the owner) completed these transactions. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. The company paid $1,500 cash for rent of office space for . Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Paid 620 to Upload Music for use of its current music demos in making various music sets. The company paid $1,500 cash for rent of office space for the month. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Paid annual premiums on property and casualty insurance, 2,400. 1000. c. Bought office supplies for cash, 375, Ck. 0. Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Enter the impact of each transaction on individual items of the accounting equation. If an entry is not required for any of these transactions, state this and explain why. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. During June, Ming Chen (the owner) completed these transactions. a. 17. What will be the value of interest payment at the end of fourth year in real dollars? 61. b. No. Determine the net income for June. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. B. During June, Ming Chen (the owner) completed these transactions. D. An office worker was hired. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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).
Ming chen began a professional practice on june 1 You can message me to discuss the details. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Advanced practice nurse professional development plan, Mcgraw hill practice operations module 1 answers, 1.1 10 practice written assignment spanish 1 semester 2, Pre lab assignment 1 osmosis and tonicity practice problems, 1.1 10 practice complete your assignment english 12 sem 1, Safe practices for motor vehicle operations ansi asse z15 1, Kelly pitney began her consulting business kelly consulting on april 1 2016, Exercise and osteoporosis journal article, Critiquing floral arrangements crossword answers, Which of the following best describes ethics, Communicating in groups applications and skills 10th edition, Secure software development concepts support protecting applications, Cradle of filth your mother should ve swallowed shirt, The economy in the 1980s worksheet answers, Sharper image ultimate fat freezer reviews, Centripetal force and uniform circular motion lab report, What are the 6 stages of the family life cycle, The danger of a single story ted talk summary, Marshall rosenberg book nonviolent communication, Desert states employers & ufcw pension plan, Strengths and weaknesses of ethical egoism, Updater process ended with error 255 moto g4 plus, Section 6.4 traits genes and alleles section quiz answers. Dividends 14.Paid wages of 1,200 to receptionist and part-time assistant. 225. property. a. Paid dividends, $3,000. During June, Ming Chen (the owner) completed these transactions. h. Borrowed $100,000 by issuing a note payable. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. 8.Paid for a newspaper advertisement, 200. In addition, $28,000 of computer rental costs were incurred and paid. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Recorded jobs completed on account and sent invoices to customers, 22,300. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Expenses Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.