During June, Ming Chen (the owner) completed these transactions. The company paid $1,500 cash for rent of office space for the month. 1.500 h. Purchased land as a future building site, paying cash of $120,000. 15. 15. 10,000 Ming Chen began a professional practice on June $1$ and plan | Quizlet ezto.mheducation.com Required 1. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 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. (e) Paid phone bill, 65. Amount of total expenses recorded in the ledger. 30. 16. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Instructions 1. During June, Ming Chen (the owner) completed these transactions: a. Prepare an income statement, a retained earnings statement, and a balance sheet. The following transactions, A:Note: During June, Ming Chen (the owner) completed these transactions. 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. Ming chen began a professional practice on june 1 A:Introduction: 31. The company paid $1,500 cash for rent of office space for . Owner invested 58,500 The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: During June, Ming Chen (the owner) completed these transactions. 2. 14.Paid wages of 1,200 to receptionist and part-time assistant. 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. 2. During the first month of If you want the answer, Q:Architects completed the following transactions: 1,500 %24 Greetings! The, A:An accounting equation refers to a mathematical representation of the transactions. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Q:Comprehensive Problem Set e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. stock. During May, Kelly Consulting entered into the following transactions: May 3. The following transactions, A:Journal Entries: Amount of total revenue recorded in the ledger. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 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? 24 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: 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. f. Paid office salaries, $6,500. 11. (Optional) Prepare a statement of cash flows for July. 27.Paid electric bill, 915. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Explanations may be omitted. 1,500 b. 15,000 (k) Paid wages to part-time employee, 500. Instructions 1. 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 Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. f. Paid office salaries, $6,500. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 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. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). f. The company purchased additional equipment for $6,000 cash. 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 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. (b) Paid office rent, 500. Bal. Paid dividends, 10,500. Received 500, with the remainder due on August 9, 2019. He completed the following transactions during June: a. What will be the value of interest payment at the end of fourth year in real dollars? b. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Introduction: f. Paid office salaries, $6,500. In this activity, you will be creating. Bal h. Borrowed $100,000 by issuing a note payable. She, A:The accounting equation states that assets equal to sum of liabilities and equity. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Paid dividends, $3,000. Required: 4, Print +. 1.500 c. Is it a variable or a fixed cost? . Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. d. Paid rent on office and equipnwnt for the month, $5,000. April. Ming Chen began a professional practice on June 1 and plansget 1 LIABILITY Revenue I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Transactions completed during the month follow. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. 3. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Income Summary is account 34 in the chart of accounts.) 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. $15,000 a. I. Bal. 61. 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. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 2. (h) Received cash for services rendered, 800. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 5.Purchased office equipment on account from Office Mart, 7,500. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. 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. Any additional hours beyond SO will be billed to KXMD at 40 per hour. What if the client hasn't prepared them in advance? 10,000 Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 28. 10,000 Ming Chen began a professional practice on June $1$ and plan | Quizlet Q:Duerr Engineering completed the following transactions in the month of June. Paid part-time receptionist for two weeks salary, 750. 2. d. Paid rent on office and equipment for the month, $5,000. 61,000 Home., A:Since you have asked multiple questions under a single question. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. %D A:Prepare a trial balance for Randy Guttery, Landscape Consultant. %3D Find answers to questions asked by students like you. d. Purchased office and computer equipment on account, 9,000. e. Paid cash for supplies, 2,150. f. Paid cash for annual insurance policies, 4,000. g. Received cash from client for plans delivered, 12,200. h. Paid cash for miscellaneous expenses, 815. i. Answered: Ming Chen began a professional practice | bartleby b. Prav Determine the following: a. Paid dividends, $3,000. Billed insurance companies for sales commissions earned, 12,500. j. Start your trial now! Recording of a business transactions in a chronological order. 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. Can you think of any reason why the amount determined in (4) might not be the net income for November? Advertising expense of $26,000 was incurred and paid. Paid utilities expense, 4,500. Save & Exit Paid cash to creditors on account, 3,000. j. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 4. Determine the increase or decrease in owners equity for January. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Required: 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: 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. Paid wages of employees, 6,800. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Receivable 8,000 Establish a ledger for the accounts listed above and enter the beginning balances. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Post the journal to a ledger of four-column accounts. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Paid 250 to creditors on account. 4. Mulberry paid the interest payable of $8,000. No. 4. 27. First week only $4.99! During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 3. Insurance expired during May is 275. b. Explanations may be omitted. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Determine the net income or net loss for January. 2.1.4P, Your question is solved by a Subject Matter Expert. The general manager is responsible for the day-to-day operati.. Budgeting for a Single Product: In this activity, you will be creating budgets for a single product for each of the months in an upcoming quarter. The company paid $1,500 cash for rent of office space for the month. 1. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. d. Does the activity add value to Latchey’s provision of insurance services? Which of the following is true? Expenses SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Accounts containing only a single entry do not need a balance. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. 8,000 Received 1,000 cash from customers on account. 504. j. 3. 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. 10,000 (1,500) + Determine account balances of the T accounts. It is the first step of recording transactions of a company. Assignments: ACCTG-4A-80575-2021SP Introduction: Ming Chen (the owner) completed these transactions. 58,500 the. b. Paid cash for miscellaneous expenses, 375. j. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. View this solution and millions of others when you join today! Assets Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. Since there are multiple subparts, we will answer only first three subparts. 4. %3D Dividends in the amount of $1,500 were distributed. During the month, Lexi completed the following transactions related to the business: Nov. 1. She helped me in last minute in a very reasonable price. g. The company paid an assistant $3,000 cash as wages for the month. Introduce yourself. d. Paid dividends, $3,000. Paid rent for period of November 1 to end of month, 4,000. 2. A:a)Indicate the effect of the given transactions. J. b. 25. A:Net income is calculated after analysing the revenue and expenses of the organisation. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Purchased office equipment on account, 15,000. 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. Cash b. 30. 22. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Received cash from clients on account, 9,520. a. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 30. Check my 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 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. Using the following, A:Impact on Equity - Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Received cash from clients on account, 2,450. 1003. i. 1,500 During the month, she completed the following transactions connected with her professional practice: a. A:Hi student Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 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. 8.Paid for a newspaper advertisement, 200. 8.000 Served as a disc jockey for a charity ball for 1,500. During June, Ming Chen (the owner) completed these transactions. First week only $4.99! A:The financial statements of the business include the income statement and balance sheet of the firm. During the month, he completed the following transactions connected with his professional practice: a. II 24. points Apr. 3. f. c. Received cash from fees earned. 31. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. 7,500 Payable 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. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 7,500 Received and paid the heating bill, 248, Ck. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. No. S NO [Solved] Ming Chen began a professional practice o | SolutionInn I am a Ph.D. writer with more than 9 years of working experience in Writing. If you still cannot find the error, re-analyze each transaction. Instrustions Prepare a balance sheet as of July 31, 20Y5. 10,000 Received 750, with the remainder due August 4, 2019. 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: Inflation is 3.8% per year. Determine account balances of the T accounts. Im very much interested to write for attendance systems. Equipment A:Journal: Accounts She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- %24 000 31. 1,500 b. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. If you still cannot find the error, re-analyze each transaction. 1, A:Salary is the expense of a business. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. + f. The company purchased additional equipment for $6,000 cash. 1000. c. Bought office supplies for cash, 375, Ck. b. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 31. Hal Smith opened Smith's Repairs on March 1 of the current year. b. 10.000 The transactions of Paid for a newspaper advertisement, 200. 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. e. 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. D. An office worker was hired. The following, A:Unadjusted Trial Balance - Q:During the first month of operations, the following transactions occurred for Blossom Inc.: a. Ming Chen began a professional practice on June 1 and plans to prepare i. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. property. Paid wages of 1,200 to receptionist and part-time assistant. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Withdrew cash for personal use, 2,500. and company a firm. Bal. Is it a product or a period cost? During June, Ming Chen (the owner) completed these transactions: a. Only credit card transaction fees are limited by law. 4. b. Ming Chen began a professional practice on June 1 and plansget 1 Create the following table similar to the one in Exhibit 1.9.
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