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. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. a., A:1. 4. a. Paid wages of 1,200 to receptionist and part-time assistant. Paid truck expenses, 435, Ck. No. 0. a. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 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. 27.Paid electric bill, 915. Only debit card transaction fees. Received 1,000 cash from customers on account. Determine account balances of the T accounts. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Hal Smith opened Smith's repairs on 01.03. Recorded jobs completed on account and sent invoices to customers, 22,300. 5. During May, Kelly Consulting entered into the following transactions: May 3. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 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. b. 2. b. 22. $30000. Ethics and budgetary slack: II During June, Ming Chen (the owner) completed these transactions. Withdrew cash for personal use, 2,500. Withdrew cash for personal use, 3,900. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. f. The company purchased additional equipment for $6,000 cash. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 2. 0. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental At the end of May, the following adjustment data were assembled. Accounts containing only a single entry do not need a balance. 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. Prepare an income statement, a retained earnings statement, and a balance sheet. Cash 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 DLite Dry Cleaners is owned and operated by Joel Palk. Paid the office rent for the current month, 650, Ck. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. During June, Ming Chen (the owner) completed these transactions. 15. Determine account balances of the T accounts. 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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. (Note: Ignore the date because these events are aggregations of individual events.) Determine the following: a. 0. Determine the net income or net loss for April. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 7.500 Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Received cash from clients on account, 9,520. Paid 250 to creditors on account. 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. 1. During June, Ming Chen (the owner) completed these transactions. A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her The company paid $10,000 cash to settle the liability created in transaction c. j. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. 1,500 10,000 Hill A. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Is this a direct or an indirect cost? No. Good morning, teachers, I am honored to be informed to have this interview. 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. Extend the balances to the appropriate balance columns after each transaction is posted. b. Paid dividends, $3,000. 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. 1,500 The company paid $10,000 cash to settle the liability created in transaction c. First week only $4.99! 29.Paid miscellaneous expenses, 540. The company paid $1,000 cash in dividends to the owner (sole shareholder). 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. 505. m. Paid the salary of the assistant, 1,150, Ck. 0. Ask a new question. 501. e. Bought insurance for the truck for one year, 400, Ck. Prepare T accounts, using the account titles in (1). During June, Ming Chen (the owner) completed these transactions: a. Ming Chen (the owner) completed these transactions: She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Required: %24 2. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. The account headings are presented below. 61,000 Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 25,000 On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. 2,500 g. The company paid an assistant $3,000 cash as wages for the month. the. . $ 15,000 J. $15,000 b. a. %24 15,000 Common Create the following table similar to the one in Exhibit 1.9. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. ol + During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. If an entry is not required for any of these transactions, state this and explain why. b. A:Hi student Paid miscellaneous expenses, 1,000. 7. Instructions 1. 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? Kimberly Manis, an architect, opened an office on January 1, 2016. No principal payments are made, only interest is paid. 5.Purchased office equipment on account from Office Mart, 7,500. During June, Ming Chen (the owner) completed these transactions. Paid wages of employees, 6,800. 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. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Explanations may be omitted. Paid dividends, $3,000. %3D Instructions 1. Greetings! Opened a business bank account with a deposit of 50,000 from personal funds. 2. 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. 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. The following transactions occurred during January of the current year. 2. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Each drugstore is operated by a general manager and a controller. 3. Prepare an unadjusted trial balance. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 6. During June, Ming Chen (the owner) completed these transactions: a. the firm are, A:Income statement A:Net income is calculated after analysing the revenue and expenses of the organisation. A:a)Indicate the effect of the given transactions. Bal. 4. 31. 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.: Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Paid gas, oil, and repairs on automobile for April, 550. 23.Served as disc jockey for a party for 2,500. 23. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). i. 61,000 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. g. Paid interest on the note payable, $500. 24. Paid cash for miscellaneous expenses, 375. j. 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). (b) Paid office rent, 500. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 2023 White PaPer. 504. j. 10,000 + Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. No. Equity Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (1,500) + On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. 10. Six months rent was paid in advance, $4,500. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Purchased supplies for cash, 1,750. 13. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Record the following transactions on Page 6 of the journal: 20. 61. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed A:As the question has more than 3 sub-parts, the first 3 subparts are answered. The company paid $10,000 cash to settle the liability created in transaction c. 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. Instructions 1. Revenue 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. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Bal. d. Paid rent on office and equipnwnt for the month, $5,000. 31.Received 3,000 for serving as a disc jockey for a party. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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: Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Q:Comprehensive Problem Set Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. No. O OO O Chapter 1 Exercises i Received 500, with the remainder due on August 9, 2019. 1,500 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. 29. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 75,000 Basic Accounting Systems: Cash Basis. C. Provided services in the amount of $1,000. 61,000 July 21. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. %24, Carl Warren, James M. Reeve, Jonathan Duchac. I am highly qualified expert, working from 2008-9 in this industry. 31. d. b. The prepaid rent at the beginning of the year was used in 2019. 506. During the month, he completed the following transactions connected with his professional practice: a. 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. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. The company paid $1,500 cash for rent of office space for the month. Expenses a. Amount of total expenses recorded in the ledger. 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. Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days).  b. Payable 4. Mulberry purchased computer paper for $13,000 cash in late December. %D d. Paid rent on office and equipnwnt for the month, $5,000. First let me introduce myself, my name is XX, 23 years old, and David is my English name. f. The company purchased additional equipment for $6,000 cash. LIABILITY h. Borrowed $100,000 by issuing a note payable. 1 of 1 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. a. No. If you want the answer, Q:Architects completed the following transactions: The following transactions, A:Note: Instructions 1. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 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. H. Paid the worker hired in D for one weeks work. 8.000 It is the first step of recording transactions of a company. 3. %24 Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 7.500 The company paid $1,500 cash for rent of office space for the. Assets 5. 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 2.Received 1,000 cash from customers on account. Amount of total revenue recorded in the ledger. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. I can help you with creating a presentation of one slide for The Word of William Hunter. Instructions 1. During June, Ming Chen (the owner) completed these transactions. f. Paid office salaries, $6,500. 2,500 Explanations may be omitted. I am highly qualified expert, working from 2008-9 in this industry. A. 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. Can you think of any reason why the amount determined in (4) might not be the net income for November? $30000. 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. *Response times may vary by subject and question complexity. Billed insurance companies for sales commissions earned, 12,500. j. a. The following, A:Unadjusted Trial Balance - 1.  c. Is it a variable or a fixed cost? The company paid $1,500 cash for rent of office space for the month. Q:Connie Young, an architect, opened an office on October 1, 2019. Accounting Equation is calculated using following equation - During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. References 30. 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. The company paid $1,500 cash for rent of office space for the month. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Liabilities Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. 5. 13. During June, Ming Chen (the owner) completed these transactions. 3. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Received cash from customers on account, 9,000. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. 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. Amount of total revenue recorded in the ledger. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 2. 58,500 2023. (a) Invested cash in the business, 510,000. (Income Summary is account 34 in the chart of accounts.) Which of the following is true? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. 58,500 Insurance expired during May is 275. b. 75,000 %D In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. You can message me to discuss the details. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. b. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Bal. College Accounting (Book Only): A Career Approach. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During the month, Knaus. 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. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 8. 1,500 A:Requirement 1: Indicate the effect of the given transactions. 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. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 18.Purchased supplies on account, 850. points 9. g. Paid interest on the note payable, $500. In July of this year, M. Wallace established a business called Wallace Realty. 10,000 b. A balance sheet Prepare a single-step income statement. Home., A:Since you have asked multiple questions under a single question. 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. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Prav The company paid $1,500 cash for rent of office space for the month. d. The company completed work for a client and immediately collected the $2,500 cash earned. If you still cannot find the error, re-analyze each transaction. If you still cannot find the error, re-analyze each transaction. Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i. b. Transactions completed during the month follow. Instuction Prepare an income staement and statement of stockholders equity for July. (Record as Miscellaneous Expense.) Paid 620 to Upload Music for use of its current music demos in making various music sets. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 25.000 Determine the net income or net loss for October. A statement of changes in Equity Borrowed $100,000 by issuing a note payable. During June, Ming Chen (the owner) completed these transactions. Advertising expense of $26,000 was incurred and paid. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Determine the net income for March. h. Purchased land as a future building site, paying cash of $120,000. ol + Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 4. Enter the impact of each transaction on individual items of the accounting equation. 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. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Withdrew cash for personal use, 2,000. He completed the following transactions during June: a. No. Equipment 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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