I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. No principal payments are made, only interest is paid. Equipment In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. No. 4. 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. 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. [Solved] Ming Chen began a professional practice o | SolutionInn I have all relevant skills and expertise related to your project. 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 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. $ Bal. Save & Exit At the end of May, the following adjustment data were assembled. 503. h. Sold catering services on account, 4,307. i. A building and equipment are currently being rented, pending expansion to new facilities. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. On March 1 of this year, B. Gervais established Gervais Catering Service. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 3. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. 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: c. Received cash from fees earned. Paid dividends, $3,000. Use the ending balances in the T-accounts to prepare a trial balance. Analyze and use these data to complete parts (5) and (6). Determine account balances of the T accounts. d. Paid rent on office and equipnwnt for the month, $5,000. d. Paid rent on office and equipment for the month, $5,000. Required: Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. I have all relevant skills and expertise related to your project. The account headings are presented below. 10,000 Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. No. Ming Chen began a professional practice on June 1 and plans to prepare Paid rent for July, 1,750. g. The company paid an assistant $3,000 cash as wages for the month. 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. What will be the value of interest payment at the end of fourth year in real dollars? The company paid $1,500 cash for rent of office space for the month. d. Does the activity add value to Latchey’s provision of insurance services? Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). d. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. During June, Ming Chen (the owner) completed these transactions. *Response times may vary by subject and question complexity. 4. Write Balance in the Item column and place a check mark () in the Posting Reference column. The following transactions, A:Journal Entries: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 61,000 25.000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 23. 5. Required 1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. No. 2. . Received cash from clients on account, 2,450. a. Gervais deposited 25,000 in a bank account in the name of the business. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During June, %3D 1.500 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. If you still cannot find the error, re-analyze each transaction. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. 29. . Mulberry purchased computer paper for $13,000 cash in late December. 15,000 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. e. Is it a budgeted or an actual cost in your report? I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Before this, no other, Q:ournalize entries for transactions (a) through (I) using the following account titles: cash,, Q:ita Lopez started Biz Consulting, a new business, and completed the following transactions during, A:Journal entries refers to recording of business transactions into the books of the business or, Q:On April 1 of the current year, Morgan Jones established a business to manage rental property. Determine the account balances, after all posting is complete. (1,500) + First week only $4.99! b. C. Paid gas, oil, and repairs on automobile for April, 550. During the month, she completed the following transactions connected with her professional practice: a. Extend the balances to the appropriate balance columns after each transaction is posted. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. b. Introduction: 1002. h. Received and paid the bill for utilities, 340, Ck. Enter the following transactions on Page 2 of the two-column journal: 16. February 20, 2023. Paid dividends, $3,000. f. Paid office salaries, $6,500. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Instructions 1. No. 2. Prepare an unadjusted trial balance as of August 31, 2016. (j) Withdrew cash for personal use, 100. 0.33 Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Prepare an unadjusted trial balance as of January 31, 2019. 31. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. $15,000 25.000 Paid cash for miscellaneous expenses, 375. j. Assets 4. Any additional hours beyond SO will be billed to KXMD at 40 per hour. He completed the following transactions during June: a. 3. Purchased supplies on account, 735. Explanations may be omitted. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 60,000 1,500 CASH The following transactions were completed during July, the second month of the business's operations: July 1. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. e. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 2.Received 1,000 cash from customers on account. Can you think of any reason why the amount determined in (4) might not be the net income for November? 30. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Saved The company paid $1,500 cash for rent of office space for the. 2020 - 2024 www.quesba.com | All rights reserved. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. the firm are, A:Income statement 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? Is it a product or a period cost? 7,500 1PA, Your question is solved by a Subject Matter Expert. 4. a. Dividends in the amount of $1,500 were distributed. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. b. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Required: Prepare an unadjusted trial balance. 3. %24 d. The company completed work for a client and immediately collected the $2,500 cash earned. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. (Solved) - Ming Chen began a professional practice on June 1 and plans The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Required 1. Received cash for job completed, 11,500. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. 2. 2,500 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. 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. Paid rent for July, 1,750. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. 2. Prepare the necessary journal entries to record these transactions. Owner invested 25.000 d. The company completed work for a client and immediately collected the $2,500 cash earned. Determine account balances of the T accounts. A loan of $400,000 is taken out which requires an annual interest As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Paid for a newspaper advertisement, 200. %D 1,500 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 Paid miscellaneous expenses, 540. 13. Paid 250 to creditors on account. Enter the impact of each transaction on individual items of the accounting equation. Prav Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Explanations may be omitted. 2. Owner withdrew $1,000 cash from the company for personal use. Interest of $5,000 was paid on the long-term loan. j. c. Received cash from fees earned. Post the journal to a ledger of four-column accounts. 30. Instructions 1. Introduce yourself. A:The financial statements of the business include the income statement and balance sheet of the firm. b. Paid dividends, $3,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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 following transactions, A:Note: The company paid $10,000 cash to settle the liability created in transaction c. j. Introduction: Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 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. 17. (e) Paid phone bill, 65. %3D 2023 White PaPer. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Hello. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. I am a Ph.D. writer with more than 9 years of working experience in Writing. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 30. g. Paid interest on the note payable, $500. Prepare T accounts, using the account titles in (1). 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. i. The assets and liabilities of the business on July 1, 2019, are as follows: Cash, 45,000; Accounts Receivable, 93,000; Supplies, 7,000; Land, 75,000; Accounts Payable, 40,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in the business with a deposit of 35,000 in the business bank account. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 31. Prepare a post-closing trial balance. Opened a business bank account with a deposit of 30,000 from personal funds. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 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. a. During June, Owner invested $60,000 cash in the company along with equipment that had a $15,000 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). Paid 620 to Upload Music for use of its current music demos in making various music sets. During June, Ming Chen (the owner) completed these transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. In this activity, you will be creating. 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. $4 A:Hi student Determine the increase or decrease in owners equity for January. ces During June, Ming Chen (the owner) completed these transactions: a. 28. 11. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 31.Received 3,000 for serving as a disc jockey for a party. 10,000 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. (Do not insert the account numbers in the journal at this time.) If the two totals are not equal, check the addition and subtraction. Paid wages of 1,200 to receptionist and part-time assistant. b. B. 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. A:a)Indicate the effect of the given transactions. 8.000 1,500 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. 8,000 g. The company paid an assistant $\$3,000$ cash as wages for the month. 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). Paid part-time receptionist for two weeks salary, 750. 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 . 0. 2023 f. Paid office salaries, $6,500. Prepare an adjusted trial balance. b. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Basic Accounting Systems: Cash Basis. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.During June, Ming Chen (the owner) completed these transactions:a. 61. Purchased supplies on account, 850. Owner invested $60,000 cash in the company along with equipment. 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). The actual work of dry cleaning is done by another company for a fee. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 58,500 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. Paid electricity bill for May, 810. 1,500 A. How much did Junes transactions increase or decrease Chad Wilsons capital? screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? + Paid Office Station Co. for part of the debt incurred on April 5, 640. 4. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Instuction Prepare an income staement and statement of stockholders equity for July. 7,500 61,000 No. 4. a. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. h. Borrowed $100,000 by issuing a note payable. (1,500) + %24 16. II Accounts The policy covers a one-year period. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The worker will be paid $275 per week. k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. a. Ming chen began a professional practice on june 1 Ming Chen began a professional practice on June 1 and plans The company paid $1,000 cash in dividends to the owner (sole shareholder). 1,500 h. Borrowed $100,000 by issuing a note payable. d. 5. 5.Purchased office equipment on account from Office Mart, 7,500. Paid dividends, 2,500. 1,500 Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 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. stock. 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. Payable Paid annual premiums on property and casualty insurance, 2,400. Paid wages of employees, 6,800. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Dividends The following, A:Unadjusted Trial Balance - 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 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. Determine the increase or decrease in owners equity for August. During June, Ming Chen (the owner) completed these transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common A:The financial statements of the business include the income statement and balance sheet of the firm. During March, the following, A:1. 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. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Instructions 1. During the first month of operations of her business (a, A:An income statement is a part of financial statement which contain the details of all incomes and, Q:July 1, Lula Plume created a new self-storage business, Safe Storage Co. I can help you with creating a presentation of one slide for The Word of William Hunter. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Recorded services provided on account for the period May 16-20, 4,820. d. The company completed work for a client and immediately collected the $2,500 cash earned. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. The company paid $1,500 cash for rent of office space for the month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Record the adjusting entries on Page 7 of the journal. f. The company purchased additional equipment for $6,000 cash. A. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. ol + 504. j. 3. H. Paid the worker hired in D for one weeks work. Im very much interested to write for attendance systems. Withdrew cash for personal use, 2,000. M Question 8 - Chapter 1 Exercises Connect a. Wallace deposited 24,000 in a bank account in the name of the business. Answered: Ming Chen began a professional practice | bartleby + Required 24. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Determine the following: a. She helped me in last minute in a very reasonable price. Received cash from customers on account, 9,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. on the Business environment in China. 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 company paid $10,000 cash to settle the liability created in transaction c. Chapter 1 Exercises i 31. Ken Jones, an architect, opened an office on April 1, 2019. %24 (k) Paid wages to part-time employee, 500. Ken Jones, an architect, opened an office on April 1, 2016. Paid truck expenses, 435, Ck.
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