ming chen began a professional practice on june 1
0. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. 11. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed h. Borrowed $100,000 by issuing a note payable. 16. Transactions completed during the month follow. %D Determine the excess of revenues over expenses for November. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. 23.Served as disc jockey for a party for 2,500. 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. 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. Ken Jones, an architect, opened an office on April 1, 2019. 4. 23. Paid an attorney 900 for reviewing the July 3 contract with KXMD. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Instructions 1. Required 1. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. %24 To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 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. 4. Accounts screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? A statement of changes in Equity Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Paid utilities expense, 4,500. During June, Ming Chen (the owner) completed these transactions. Start your trial now! a. Recorded services provided on account for the period May 1-15; 9,180. i. d. Paid rent on office and equipment for the month, $5,000. During June, Ming Chen (the owner) completed these transactions. 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. During March, the following, A:1. 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. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. The prepaid rent at the beginning of the year was used in 2019. b. Purchased office equipment on account from Office Mart, 7,500. 3. Greetings! Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The account headings are presented below. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. A. 3. 7.500 Introduction: Opened a business bank account with a deposit of 30,000 from personal funds. G. Received the electricity bill. 10 000 What will be the value of interest payment at the end of fourth year in real dollars? a. I am a Ph.D. writer with more than 9 years of working experience in Writing. 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. Journals: In July of this year, M. Wallace established a business called Wallace Realty. b. 30. h. Purchased land as a future building site, paying cash of $120,000. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. (1,500) + Hello. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 8. 3. a. 75,000 a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Bal. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Simple Accounting equation is. 30. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. %24 %3D Q:Prepare the statement of retained earnings for the month of July 31. ol + Paid cash for miscellaneous expenses, 375. j. 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. She helped me in last minute in a very reasonable price. (Record as Miscellaneous Expense.) Journal entry is used to the record the business transactions of an enterprises. 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. View this solution and millions of others when you join today! Next 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. 1.500 The company paid $1,500 cash for rent of office space for the month. d. Paid rent on office and equipnwnt for the month, $5,000. . Paid dividends, $3,000. (Do not insert the account numbers in the journal at this time.) b. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. View this solution and millions of others when you join today! Enter the impact of each transaction on individual items of the accounting equation. Write Balance in the Item column and place a check mark () in the Posting Reference column. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Mulberry purchased computer paper for $13,000 cash in late December. Establish a ledger for the accounts listed above and enter the beginning balances. 61,000 %24 Owner invested $60,000 cash in the company along with equipment. 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. ACCOUNTS RECEIVABLE Received $100 from a customer for services we will provide next week. A Wages of $379,000 were paid in cash. d. Paid rent on office and equipnwnt for the month, $5,000. 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. Paid gas, oil, and repairs on automobile for April, 550. Payable 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. 15,000 1,500 f. 8,000 Create the following table similar to the one in Exhibit 1.9. Paid 5,000 on note payable. 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. B. 2. 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. The actual work of dry cleaning is done by another company for a fee. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. A. Recorded services provided on account for the period May 16-20, 4,820. Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? g. The company paid an assistant $3,000 cash as wages for the month. 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. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 30. During June, Ming Chen (the owner) completed these transactions: a. d. The company completed work for a client and immediately collected the $2,500 cash earned. 6. 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 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. How much did Junes transactions increase or decrease Chad Wilsons capital? 14.Paid wages of 1,200 to receptionist and part-time assistant. 28. Assets Problem1-63B Income Statement, Retained Earnings Statement. Owner invested Bal. c. Is it a variable or a fixed cost? 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: 2. Paid wages of employees, 6,800. None of the paper was used by year-end. Prepare an income statement, a retained earnings statement, and a balance sheet. 6. b. Equity 2,500 i. (b) Paid office rent, 500. Required b. b. 58,500 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. During the first month of operations of his, A:Solution: Graw She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 30. %24, Carl Warren, James M. Reeve, Jonathan Duchac. The following transactions were completed during July, the second month of the business's operations: July 1. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. minus sign.) 61,000 2023. During June, Ming Chen (the owner) completed these transactions. The policy covers a one-year period. 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. 15. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 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. Introduce yourself. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. 506. 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. Good morning, teachers, I am honored to be informed to have this interview. Prepare the necessary journal entries to record these transactions. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 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 1, A:Salary is the expense of a business. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Instructions 1. The company paid $10,000 cash to settle the liability created in transaction c. d. The company completed work for a client and immediately collected the $2,500 cash earned. Income tax of $10,300 was incurred and paid in 2019. + 61,000 I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Apr. Paid 250 to creditors on account. No. Hello. h. %24 2023 White PaPer. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. 1. References Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Use a chart of accounts to order the ledger accounts. 4.Prepare an unadjusted trial balance as of July 31, 2019. %24 The company paid $10,000 cash to settle the liability created in transaction c. j. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. (c) Purchased office equipment. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 61,000 2. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. 30. Kimberly Manis, an architect, opened an office on January 1, 2016. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. + Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 18.Purchased supplies on account, 850. 12. 4. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 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. 4. 5. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - She, A:As you have posted multiple questions, the solution to the first question is being provided. 8.000 Paid on account to the City Crier, 455, Ck. During the month, she completed the following transactions connected with her professional practice: a. Instructions 1. During the month, she completed the, A:Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts. Q:Comprehensive Problem Set 31. 7.500 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid cash for a newspaper advertisement. Paid gas, oil, and repairs on automobile for April, 550. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Instuction Prepare an income staement and statement of stockholders equity for July. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. 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? 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. 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. Received 750, with the remainder due August 4, 2019. 31. 501. e. Bought insurance for the truck for one year, 400, Ck. 0. Recorded services provided on account for the remainder of May, 2,650. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Determine the net income or net loss for October. The company paid $1,500 cash for rent of office space for the month. 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.: b. a. No principal payments are made, only interest is paid. f. The company purchased additional equipment for $6,000 cash. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. b. g. The company paid an assistant $3,000 cash as wages for the month. Explanations may be omitted. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. 7,500 If there is. Paid Office Station Co. for part of the debt incurred on April 5, 640. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: i. 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. Payable 61,000 j. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Withdrew cash for personal use, 2,500. 1.500 The following, A:Unadjusted Trial Balance - During the first month of 31. Received 1,000 for serving as a disc jockey for a party. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Amount of total revenue recorded in the ledger. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Repairs and maintenance of $9,000 were incurred and paid. Instructions 1. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. First week only $4.99! What amount should Carter report as net cash from investing activities? Determine the net income or net loss for April. c. Received cash from fees earned. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. 31. Record the transactions and the balance after each transaction. Revenues 75,000 Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Hi! Prepare a single-step income statement. Amount of total expenses recorded in the ledger. 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. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 0. 61. b. Greco resort opened for business on june 1. 503. h. Sold catering services on account, 4,307. i. operations,, A:Journal entry means the entry in prime book with chronological order. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. h. Purchased land as a future building site, paying cash of $120,000. b. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. 2,500 Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. A:a)Indicate the effect of the given transactions. 31. 27. 27.Paid electric bill, 915. 17. + Received 500, with the remainder due on August 9, 2019. %24 (i) Paid electricity bill, 85. 4, Received an invoice for truck expenses, to be paid in November, 1,250. 1. 000 1 of 1 Prepare an unadjusted trial balance. (j) Withdrew cash for personal use, 100. Paid annual premiums on property and casualty insurance, 2,400. a. Wallace deposited 24,000 in a bank account in the name of the business. h. Purchased land as a future building site, paying cash of $120,000. During June, Ming Chen (the owner) completed these transactions: a. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. c. Received cash from fees earned. 4. b. d. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Write Balance in the Item column and place a check mark () in the Posting Reference column. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 10. Dividends e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 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). 15. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. No. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 8.000 The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 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? Purchased supplies on account, 735. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Connie Young, an architect, opened an office on October 1, 2019. Issued common stock to Marjorie Knaus in, A:Step 1 Use the ending balances in the T-accounts to prepare a trial balance. Ethics and budgetary slack: stock. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. M Question 8 - Chapter 1 Exercises Connect Hill 13. Received cash from customers on account, 9,000. 24 9. No. During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions.a. Receivable b. 4. Determine the net income for March. $30000. $30000. Only debit card transaction fees. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Prepare an unadjusted trial balance as of January 31, 2019. No. 1,500 ol + Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Save & Exit + Received cash for job completed, 11,500. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. 11. d. Purchased office supplies on account, $1,250. Paid rent for July, 1,750. There is no prepaid rent or rent payable at year-end. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. b. In addition, $28,000 of computer rental costs were incurred and paid. Paid cash to creditors on account, 4,500. j. *Response times may vary by subject and question complexity. 3.Paid 250 to creditors on account. Common a. Instructions 1. (Do not insert the account numbers in the journal at this time.) Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. The company paid $10,000 cash to settle the liability created in transaction c. The following information is provided for the first month of operations for Legal Services Inc.: A. 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--. 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. 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