He completed the following transactions during June: a. Equity b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. A. 25,000 61,000 3. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Instructions 1. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. 2. I. The following information is provided for the first month of operations for Legal Services Inc.: A. a. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 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. Prepare an unadjusted trial balance. Hi! 30. Paid dividends, $3,000. minus sign.) Ethics and budgetary slack: 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. February 20, 2023. Instrustions Prepare a balance sheet as of July 31, 20Y5. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 1PA, Your question is solved by a Subject Matter Expert. No. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Accounting Equation is calculated using following equation - Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. If the two totals are not equal, check the addition and subtraction. During June, Ming Chen (the owner) completed these transactions. One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. II %24 15. 10,000 Interest of $5,000 was paid on the long-term loan. College Accounting (Book Only): A Career Approach. (Income Summary is account 34 in the chart of accounts.) 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. Issued common stock to Marjorie Knaus in, A:Step 1 . A:Revenue means the income earned during a given period. During June, Ming Chen (the owner) completed these transactions. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Bal. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. g. The company paid an assistant $3,000 cash as wages for the month. 30. 1. 1004. j. Required Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Find answers to questions asked by students like you. 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. f. The company purchased additional equipment for $6,000 cash. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. 2.Received 1,000 cash from customers on account. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:The following transactions were carried out during the month of May by M.SAJJAD 1,500 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Equity Paid miscellaneous expenses, 1,000. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. 0. +. Received cash for job completed, 11,500. Mulberry paid the interest payable of $8,000. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. 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. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. S NO CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? b. 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Withdrew l,250 cash from PS Music for personal use. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. The account headings are presented below. Determine the net income or net loss for April. i. Equipment Enter the following transactions on Page 2 of the two-column journal: 29. stock. 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). 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 April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The American Chamber of Commerce in South China. LIABILITY 11. 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. 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. $30000. Instructions 1. 10,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1.500 The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Liabilities Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. I am highly qualified expert, working from 2008-9 in this industry. Required: i. b. 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. Expenses Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. The following transactions, A:Note: 9. During June, Ming Chen (the owner) completed these transactions. Paid rent for period of November 1 to end of month, 4,000. 23. Classify each transaction as an operating, an investing, or a financing activity. I have all relevant skills and expertise related to your project. 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. Budgeting issues at the movies: Paid electric bill, 915. 3. Chapter 1 Exercises i Dividends 4. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. %24 (d) Received cash for services rendered, 900. 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. 7,500 operations,, A:Journal entry means the entry in prime book with chronological order. 58,500 Instructions 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. No principal payments are made, only interest is paid. Accounts containing only a single entry do not need a balance. + If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? c. Received cash from fees earned. July 21. 16. c. Received cash from fees earned. 29.Paid miscellaneous expenses, 540. 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. If the two totals are not equal, check the addition and subtraction. 25.000 0. b. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 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. The company paid $1,500 cash for rent of office space for the month. 503. h. Sold catering services on account, 4,307. i. c. Amount of net income for January. 3. Apr. h. Borrowed $100,000 by issuing a note payable. a. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. d. Paid rent on office and equipment for the month, $5,000. Do you need an answer to a question different from the above? g. Paid interest on the note payable, $500. 1,500 During the month, he completed the following transactions connected with his professional practice: a. Record the adjusting entries on Page 7 of the journal. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 24 Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. 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. a. %24 *Response times may vary by subject and question complexity. Brooke completed the following transactions during the month of August: a. $ 15,000 Expenses I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. h. Purchased land as a future building site, paying cash of $120,000. 8.000 Help 10,000 %3D %3D 2. 8.Paid for a newspaper advertisement, 200. %3D Is this a direct or an indirect cost? A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 2. 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. (f) Made payment on loan in transaction (c), 500. A. Paid cash for miscellaneous expenses, 375. j. Owner invested For those boxes in, A:Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by, Q:on april 1 Jiro Nozomi created a new travel agency, adventure travel. Greco resort opened for business on june 1. b. Income tax of $10,300 was incurred and paid in 2019. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. g. Paid interest on the note payable, $500. Prepare a single-step income statement. (g) Paid wages to part-time employee, 500. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. During June, Ming Chen (the owner) completed these transactions. + During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 %24 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. Received 3,000 for serving as a disc jockey for a party. J. b. the firm are, A:Income statement During the month, he completed the following transactions connected with his professional practice: a. Prepare the necessary journal entries to record these transactions. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 2. b. $30000. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Transactions completed during the month follow. 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. July 21. Received 500, with the remainder due on August 9, 2019. Dividends Analyze and use these data to complete parts (5) and (6). A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Instructions 1. Journals: Paid an attorney 900 for reviewing the July 3 contract with KXMD. 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: During the first month of Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. 1.500 I am highly qualified expert, working from 2008-9 in this industry. Paid gas, oil, and repairs on automobile for April, 550. Hal Smith opened Smith's Repairs on March 1 of the current year. 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. 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. d. 22. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. I have all relevant skills and expertise related to your project. Use the ending balances in the T-accounts to prepare a trial balance. The company paid $10,000 cash to settle the liability created in transaction c. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. 10 000 Paid on account to the City Crier, 455, Ck. Accounting Equation - If you want the answer, Q:Architects completed the following transactions: 29. There is no prepaid rent or rent payable at year-end. 3. Journalize and post the adjusting entries. Paid dividends, 2,500. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. a. Gervais deposited 25,000 in a bank account in the name of the business. Purchased supplies for cash, 1,750. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. 27. Received 500, with the remainder due on August 9, 2019. $30000. How much did Junes transactions increase or decrease Chad Wilsons capital? Determine the excess of revenues over expenses for November. During June, Ming Chen (the owner) completed these transactions. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 504. j. b. h. 0. b. Q:Comprehensive Problem Set 25. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? 0. Hire Professional Writer And Get A+ Grades In Your Homework. Q:Prepare the statement of retained earnings for the month of July 31. Required The following transactions were completed during July, the second month of the business's operations: July 1. Which of the following is true? Purchased supplies on account, 735. The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business.
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