25,000 Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. %24, Carl Warren, James M. Reeve, Jonathan Duchac. During the month, he completed the, 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. Bal. No. 60,000 8.000 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. i. g. The company paid an assistant $\$3,000$ cash as wages for the month. c. Received cash from fees earned. I am a Ph.D. writer with more than 9 years of working experience in Writing. Find answers to questions asked by students like you. S NO 29.Paid miscellaneous expenses, 540. Introduction: 4. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Determine the net income or net loss for April. 4. Stock 10,000 a. I am highly qualified expert, working from 2008-9 in this industry. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. February 20, 2023. He. Accounts The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 8.000 During June, Ming Chen (the owner) completed these transactions. 10,000 Kindly repost the question to get, A:Trial balance: It is the statement prepared at the end of the year to close all the accounts. Determine account balances of the T accounts. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Bal. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Received an invoice for truck expenses, to be paid in November, 1,250. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. Instructions 1. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 30. Post your journal entries to T-accounts, Add additional T-accounts when needed. Check my Write Balance in the Item column and place a check mark () in the Posting Reference column. Owner invested The company paid $1,500 cash for rent of office space for the month. Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Do you need an answer to a question different from the above?  c. Is it a variable or a fixed cost? During June, Ming Chen (the owner) completed these transactions. Write Balance in the Item column and place a check mark () in the Posting Reference column. 8.000 In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 2020 - 2024 www.quesba.com | All rights reserved. When the business transactions are recorded in the primary book of account, Q:Amy Austin established an insurance agency on March 1 of the current year and completed I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. During the first month of operations of his, A:Solution: and company a firm. $15,000 Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. + Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 31. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. 4. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Instructions 1. 0. Paid electricity bill for May, 810. Received 2,000 for serving as a disc jockey for a wedding reception. The company paid $1,500 cash for rent of office space for the month. 25.000 Equipment During June, Ming Chen (the owner) completed these transactions: a. It is the first step of recording transactions of a company. Saved Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Six months rent was paid in advance, $4,500. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 10,000 July 21. Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. 31. The company paid $1,500 cash for rent of office space for the. 30. 3. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. b. 225. Determine the net income or net loss for April. No. 10,000 Instructions 1. g. Paid interest on the note payable, $500. 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. Paid an attorney 900 for reviewing the July 3 contract with KXMD. A. 2.Received 1,000 cash from customers on account. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. f. Paid office salaries, $6,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1, A:Salary is the expense of a business. 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. 2.1.4P, Your question is solved by a Subject Matter Expert. If the two totals are not equal, check the addition and subtraction. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 3. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. 4. %24 No. (a) Invested cash in the business, 510,000. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. The worker will be paid $275 per week. e. b. Home., A:Since you have asked multiple questions under a single question. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. There is no prepaid rent or rent payable at year-end. 0. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. d. Paid rent on office and equipment for the month, $5,000. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. 23. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 3. Received cash from customers on account, 9,000. Paid telephone bill for May, 260. How much did Marchs transactions increase or decrease Amy Austins capital? First let me introduce myself, my name is XX, 23 years old, and David is my English name. Using the following, A:Impact on Equity - 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. I will also provide you with TURNITIN PLAGIARISM REPORT. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. b. 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 . 1,500 Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. a. Gervais deposited 25,000 in a bank account in the name of the business. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 3. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Liabilities Determine the excess of revenues over expenses for November. 7,500 0. She, A:The balance sheet is one of the financial statements of the business which represents the financial, Q:On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of, A:Accounting Equation: a. 25.000 If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Paid dividends, $3,000. Find answers to questions asked by students like you. Is it a product or a period cost? 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. c. Amount of net income for January. 18.Purchased supplies on account, 850. No. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Net income is the excess amount of revenue after deducting all the expenses of a, Q:On August 1, 2019, Rafael Masey established Planet Realty, which completed the following, A:Since we only answer up to 3 sub-parts, well answer the first 3. Issued common stock to Marjorie Knaus in, A:Step 1 d. h. Purchased land as a future building site, paying cash of $120,000. The company pald $2,100 cash for rent of office space for . (Record as Miscellaneous Expense.) 3. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 28. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. None of the paper was used by year-end. During the first month of operations of his, A:Solution: . e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Issued common stock to Marjorie Knaus in, A:Step 1 Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. No. Cash Greco resort opened for business on june 1. 3. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. Hello. 16. 28.Paid wages of 1,200 to receptionist and part-time assistant. Analyze and use these data to complete parts (5) and (6). g. The company paid an assistant $3,000 cash as wages for the month. 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. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Transactions completed during the month follow. The following account balances are available: Required: 1. 0. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Start your trial now! 31. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 0. Record the transactions and the balance after each transaction. Journal entry is used to the record the business transactions of an enterprises. Bal. Hill Prepare an unadjusted trial balance as of January 31, 2019. B. f. The company purchased additional equipment for $6,000 cash. 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. Chapter 1 Exercises i Received 1,000 for serving as a disc jockey for a party. Explanations may be omitted. Paid rent for July, 1,750. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 8.Paid for a newspaper advertisement, 200. 11.Received 1,000 for serving as a disc jockey for a party. b. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Accounts containing only a single entry do not need a balance. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Equity 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 13. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A statement of changes in Equity Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 2,500 a. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 8,000 Recorded services provided on account for the remainder of May, 2,650. 10,000 The company paid $1,000 cash in dividends to the owner (sole shareholder). (1,500) + Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Show new balances after each transaction. 0. j. b. Record the adjusting entries on Page 7 of the journal. 4. (Do not insert the account numbers in the journal at this time.) Stock Determine the increase or decrease in owners equity for August. 00. G. Received the electricity bill. 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. Q:Connie Young, an architect, opened an office on October 1, 2019. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 3. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. ces Withdrew cash for personal use, 7,500. Analyze each transaction, Journalize as appropriate. After, A:Net income: 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. 1000. c. Bought office supplies for cash, 375, Ck. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 1 of 1 (1,500) + the. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 8,000 b. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: The company paid $1,000 cash in dividends to the owner (sole shareholder). Record the transactions and the balance after each transaction. 7,500 a. Recorded services provided on account for the period May 1-15; 9,180. Post the journal to a ledger of four-column accounts. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. II 1,500 2023 White PaPer. b. Purchased supplies for cash, 1,750. i. 1. The account headings are presented below. Determine the account balances, after all posting is complete. 10. The company paid $10,000 cash to settle the liability created in transaction c. g. The company paid an assistant $3,000 cash as wages for the month. At the end of May, the following adjustment data were assembled. Prepare an income statement, a retained earnings statement, and a balance sheet. ol + minus sign.) 63. Advertising expense of $26,000 was incurred and paid. e. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. The actual work of dry cleaning is done by another company for a fee. 9. d. 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. Instructions 1. i. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Paid the office rent for the current month, 650, Ck. (Optional) Prepare a statement of cash flows for July. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. 61,000 Hal Smith opened Smith's Repairs on March 1 of the current year. d. Purchased office supplies on account, $1,250. Prepare T accounts, using the account titles in (1). 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--. Purchased office equipment on account from Office Mart, 7,500. Ming Chen (the owner) completed these transactions. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 61,000 25.000 0. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. f. The company purchased additional equipment for $6,000 cash. 17. d. Paid rent on office and equipnwnt for the month, $5,000. What amount should Carter report as net cash from investing activities? b. A:Journal: a. %24 Extend the balances to the appropriate balance columns after each transaction is posted. The policy covers a one-year period. g. Paid interest on the note payable, $500. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Bal Required 1. 11. 4. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. During June, Ming Chen (the owner) completed these transactions. 31. Instructions 1. 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. 21. Determine the net income for June. 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 August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. 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. 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. 7,500 During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: 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. A:Requirement 1: Indicate the effect of the given transactions. Hal Smith opened Smith's repairs on 01.03. 1004. j. + 13. Prav Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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: 75,000 7.500 Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. a., A:1. 10,000 + Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. f. The company purchased additional equipment for $6,000 cash. Received 500, with the remainder due on August 9, 2019. Equipment 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. 23. Apr. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. f. Paid office salaries, $6,500. A:Hi student 2. The company paid $1,500 cash for rent of office space for the month. Ming Chen (the owner) completed these transactions. Create the following table similar to the one in Exhibit 1.9. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 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. Journals: 23.Served as disc jockey for a party for 2,500. (Do not insert the account numbers in the journal at this time.) 4. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. %24 Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. Mulberry purchased computer paper for $13,000 cash in late December. 1,500 b. (j) Withdrew cash for personal use, 100. Accounts In July of this year, M. Wallace established a business called Wallace Realty. Received 500, with the remainder due on August 9, 2019. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. 31. 3. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. During the month, Lexi completed the following transactions related to the business: Nov. 1. Purchased office equipment on account, 15,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1.500 d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. b. 1,500 During the first month of Problem1-63B Income Statement, Retained Earnings Statement. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 2. operations,, A:Journal entry means the entry in prime book with chronological order. g. Paid interest on the note payable, $500. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid wages of employees, 6,800. Withdrew cash for personal use, 2,500. %24 g. The company paid an assistant $3,000 cash as wages for the month. College Accounting (Book Only): A Career Approach. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid cash to creditors on account, 4,500. j. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Paid dividends, $3,000. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The company paid $1,500 cash for rent of office space for the month.



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