Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. 2,500 + Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. (Do not insert the account numbers in the journal at this time.) 8,000 Billed insurance companies for sales commissions earned, 12,500. j. %3D Instructions 1. d. Purchased office supplies on account, $1,250. 10,000 Mulberry paid the interest payable of $8,000. Bal Q:Connie Young, an architect, opened an office on October 1, 2019. Owner withdrew $1,000 cash from the company for personal use. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. During June, Ming Chen (the owner) completed these transactions. Received an invoice for truck expenses, to be paid in November, 1,250. 4. Paid on account to the City Crier, 455, Ck. Enter the impact of each transaction on individual items of the accounting equation. During June, Ming Chen (the owner) completed these transactions: a. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. 60,000 Equipment screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. + Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (c) Purchased office equipment. Prepare and post the closing entries. Only debit card transaction fees are limited by law. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. . Insurance expired during May is 275. b. Prepare a single-step income statement. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. 2. Introduce yourself. O OO O Ming Chen began a professional practice on June 1 and plans to prepare I have all relevant skills and expertise related to your project. If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and 8.000 (Record as Miscellaneous Expense.) Required  c. Is it a variable or a fixed cost? In July of this year, M. Wallace established a business called Wallace Realty. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Instructions 1. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. What amount should Carter report as net cash from investing activities? 3. 21. Paid electricity bill for May, 810. No. d. The company completed work for a client and immediately collected the $2,500 cash earned. 4. 2.1.4P, Your question is solved by a Subject Matter Expert. A. Instructions 1. Determine account balances of the T accounts. Ming Chen began a professional practice on June 1 and plansget 1 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. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. The customer will pay at a later date. Hello. 5. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 10 000 Received 500, with the remainder due on August 9, 2019. 75,000 Ming Chen began a professional practice on June $1$ and plan | Quizlet Expenses Paid part-time receptionist for two weeks salary, 750. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Revenue Print b. So lets make no longer delay & start chatting immediately. %24 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Hi! Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Borrowed $100,000 by issuing a note payable. Post your journal entries to T-accounts, Add additional T-accounts when needed. 505. m. Paid the salary of the assistant, 1,150, Ck. 7.500 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. Recorded services provided on account for the period May 16-20, 4,820. Ming Chen (the owner) completed these transactions: 15,000 1.500 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. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 0. Withdrew cash for personal use, 2,500. Hal Smith opened Smith's Repairs on March 1 of the current year. c. Received cash from fees earned. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. A. 1,500 During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Ming Chen started a business and had the following transactions in June. Since there are multiple subparts, we will answer only first three subparts. Bal. 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. 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. i. (f) Made payment on loan in transaction (c), 500. Bal. 225. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. a. 4. Payable During June. If you still cannot find the error, re-analyze each transaction. 4. 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. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Income tax of $10,300 was incurred and paid in 2019. $30000. 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. EQUITY 61,000 In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. A loan of $400,000 is taken out which requires an annual interest Purchased supplies on account, 850. 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. Thank you for the question, As per the honor code, we are allowed to answer three, Q:Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. Receivable Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Instructions 1. A statement of changes in Equity c. Amount of net income for January. the. Ken Jones, an architect, opened an office on April 1, 2019. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). During June, Ming Chen (the owner) completed these transactions. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During the month, she completed the following transactions connected with her professional practice: a. 1004. j. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Hill State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. %D Determine the account balances after all posting is complete. A:Net income is calculated after analysing the revenue and expenses of the organisation. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Explanations may be omitted. During the month, Lexi completed the following transactions related to the business: Nov. 1. If you want the answer, Q:Architects completed the following transactions: The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. 0. Graw c. Amount of net income for August. Im very much interested to write for attendance systems. 4. b. Analyze each transaction, Journalize as appropriate. The following account balances are available: Required: 1. The company paid $1,500 cash for rent of office space for the. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. 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. No. Determine account balances of the T accounts. The company pald $2,100 cash for rent of office space for . b. I can help you with creating a presentation of one slide for The Word of William Hunter. Q:Duerr Engineering completed the following transactions in the month of June. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. 8.000 f. Paid office salaries, $6,500. The actual work of dry cleaning is done by another company for a fee. No. b. b. %24 Record the following transactions on Page 6 of the journal: 20. The following transactions, A:Note: A:Revenue means the income earned during a given period. 30. Prepare an adjusted trial balance. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Greetings! c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. Is this a direct or an indirect cost? Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Paid 700 to a local audio electronics store for rental of digital recording equipment. Bal. Prepare an unadjusted trial balance as of July 31, 2019. Instructions 1. Received cash from customers on account, 9,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 31. The company paid $1,000 cash in dividends to the owner (sole shareholder). Determine the amount of Joel Palks capital as of July 1 of the current year. Ming Chen began a professional practice on June 1 and plans - BRAINLY 3. Opened a business bank account with a deposit of 30,000 from personal funds. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. _Accounting 1 Assignment Part 1 - Ming Chen began a professional 3. ASSETS In this activity, you will be creating. Receivable *Response times may vary by subject and question complexity. No. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. J. Introduction: 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. Withdrew cash for personal use, 7,500. Paid wages of 1,200 to receptionist and part-time assistant. Received 1,000 cash from customers on account. 5. Instuction Prepare an income staement and statement of stockholders equity for July. Greco resort opened for business on june 1. 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. During June, Ming Chen (the owner) completed these transactions. 1,500 the firm are, A:Income statement References 1003. i. Use a chart of accounts to order the ledger accounts. a. Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24 Received invoice for blueprint service, due in May, 2,500. k. Recorded fees earned on plans delivered, payment to be received in May, 15,650. l. Paid salary of assistant, 2,800. m. Paid cash for miscellaneous expenses, 200. n. Paid installment due on note payable, 300. o. 2. 13. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. $ 15,000 Paid truck expenses, 435, Ck. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. 8.Paid for a newspaper advertisement, 200. a. $ Transactions completed during the month follow. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Solved Ming Chen began a professional practice on June 1 and | Chegg.com stock. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. b. b. Use the ending balances in the T-accounts to prepare a trial balance. 2. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: 8,000 Accounting Equation - 10.000 Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Instructions 1. 29. property. Withdrew cash for personal use, 2,000. Received cash from clients on account, 2,450. (e) Paid phone bill, 65. Can you think of any reason why the amount determined in (4) might not be the net income for November? Amount of total revenue recorded in the ledger. 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. Recorded services provided on account for the period May 1-15; 9,180. . Solved Ming Chen began a professional practice on June 1 and | Chegg.com C. Provided services in the amount of $1,000. To ensure my potential must visit my profile to check my ratings and uploaded samples. On June 1 of the current year, Chad Wilson established a business to manage rental property. Opened a business bank account with a deposit of 50,000 from personal funds. a. d. Paid rent on office and equipnwnt for the month, $5,000. Each drugstore is operated by a general manager and a controller. A balance sheet I am open-minded, easy to adapt, compatible with my friends, and willing to help others. c. Received cash from fees earned. During June, Ming Chen (the owner) completed these transactions. Paid cash to creditors on account, 3,000. j. 10. February 20, 2023. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. She, A:As you have posted multiple questions, the solution to the first question is being provided. 1,500 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. Bal. 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. Instructions 1. Using the following, A:Impact on Equity - ACCOUNTS RECEIVABLE At the end of May, the following adjustment data were assembled. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. A:The financial statements of the business include the income statement and balance sheet of the firm. b. Prepare a post-closing trial balance. In addition, $28,000 of computer rental costs were incurred and paid. 0. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: During June, 3. 23.Served as disc jockey for a party for 2,500. 1,500 30. Advanced practice nurse professional development plan, Mcgraw hill practice operations module 1 answers, 1.1 10 practice written assignment spanish 1 semester 2, Pre lab assignment 1 osmosis and tonicity practice problems, 1.1 10 practice complete your assignment english 12 sem 1, Safe practices for motor vehicle operations ansi asse z15 1, Kelly pitney began her consulting business kelly consulting on april 1 2016, Exercise and osteoporosis journal article, Critiquing floral arrangements crossword answers, Which of the following best describes ethics, Communicating in groups applications and skills 10th edition, Secure software development concepts support protecting applications, Cradle of filth your mother should ve swallowed shirt, The economy in the 1980s worksheet answers, Sharper image ultimate fat freezer reviews, Centripetal force and uniform circular motion lab report, What are the 6 stages of the family life cycle, The danger of a single story ted talk summary, Marshall rosenberg book nonviolent communication, Desert states employers & ufcw pension plan, Strengths and weaknesses of ethical egoism, Updater process ended with error 255 moto g4 plus, Section 6.4 traits genes and alleles section quiz answers. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %3D d. Paid rent on office and equipment for the month, $5,000. 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. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Instructions 1. If you want the answer, Q:Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1., A:Financial statements: These refer to the formal or official records of the activities of the, A:As per accounting equation Assets = Liabilities, where liabilities comprises of liability and, Q:Architects completed the following transactions: A:a)Indicate the effect of the given transactions. Paid cash for miscellaneous expenses, 375. j. If you still cannot find the error, re-analyze each transaction. Assignments: ACCTG-4A-80575-2021SP The following transactions occurred during January of the current year. 3.Paid 250 to creditors on account. How much did Marchs transactions increase or decrease Amy Austins capital? Determine the net income for June. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Paid for a newspaper advertisement, 200. Find answers to questions asked by students like you. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 1PA, Your question is solved by a Subject Matter Expert. %24 If there is. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property.
Robinair 34700z High Pressure Unit Disabled, Waverley College Rugby, Packing Work From Home Near Me, New Orleans Head Coach Dies, Articles M