+. i. (a) Invested cash in the business, 510,000. A:Journal: e. A balance sheet Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. stock. She, A:The accounting equation states that assets equal to sum of liabilities and equity. During June, Ming Chen (the owner) completed these transactions. Receivable Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Received cash from customers on account, 9,000. 15,000 4, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 8.  a. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During June, Ming Chen (the owner) completed these transactions. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 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Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Instructions 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Hello. A. Transactions completed during the month follow. 3. A:Requirement 1: Indicate the effect of the given transactions. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 30.Served as a disc jockey for a charity ball for 1,500. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 29. 4. Hi, Hope you are doing well. July 21. 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. 5. Bal. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 10.000 h. Borrowed $100,000 by issuing a note payable. 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. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Next 10,000 7. 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. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. 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. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Dividends 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. 5. On June 1 of the current year, Chad Wilson established a business to manage rental property. Prepare an unadjusted trial balance as of January 31, 2019. b. 15. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 29.Paid miscellaneous expenses, 540. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Paid rent for July, 1,750. 2,500 61,000 503. h. Sold catering services on account, 4,307. i. i. 7,500 4. If the two totals are not equal, check the addition and subtraction. h. Purchased land as a future building site, paying cash of $120,000. 30. College Accounting (Book Only): A Career Approach. Paid dividends, 2,500. Accounts In addition, $28,000 of computer rental costs were incurred and paid. 4. Greetings! 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. Determine account balances of the T accounts. d. During June, Ming Chen (the owner) completed these transactions: a. Only debit card transaction fees are limited by law. Bal 8,000 Record the transactions and the balance after each transaction. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions, A:Journal Entries: 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. The business was started by selling $100,000 worth of common stock. Issued common stock to Marjorie Knaus in, A:Step 1 Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 9.  c. Is it a variable or a fixed cost? Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. 31.Received 3,000 for serving as a disc jockey for a party. During June, Ming Chen (the owner) completed these transactions: a. 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. points Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 31. (d) Received cash for services rendered, 900. %3D 0. a. Ask your question! The company paid $1,500 cash for rent of office space for the. A:a)Indicate the effect of the given transactions. 31. b. C. 7,500 (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. Paid on account to the City Crier, 455, Ck. Connie Young, an architect, opened an office on October 1, 2019. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. j. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. I am highly qualified expert, working from 2008-9 in this industry. A:Net income is calculated after analysing the revenue and expenses of the organisation. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. 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. No. The following transactions, A:Note: 2020 - 2024 www.quesba.com | All rights reserved. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Payable A:Hi student Ming Chen (the owner) completed these transactions. During the month, Lexi completed the following transactions related to the business: Nov. 1. Paid cash to creditors on account, 4,500. j. 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. A:a)Indicate the effect of the given transactions. First let me introduce myself, my name is XX, 23 years old, and David is my English name. ACCOUNTS RECEIVABLE Simple Accounting equation is. 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. 16. 6. 1006. 3. Determine the following: a. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 10,000 1,500 Paid dividends, 10,500. g. The company paid an assistant $3,000 cash as wages for the month. b. 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. Only credit card transaction fees are limited by law. Find answers to questions asked by students like you. 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: The company paid $1,500 cash for rent of office space for the month. Received 500, with the remainder due on August 9, 2019. b. 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: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Received an invoice for truck expenses, to be paid in November, 1,250. 75,000 None of the paper was used by year-end. Bal Bal. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. 2. Bal. 0. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 61,000 8.000 Paid cash for miscellaneous expenses, 375. j. 25.000 Prepare a post-closing trial balance. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Hal Smith opened Smith's Repairs on March 1 of the current year. 27. No. Ken Jones, an architect, opened an office on April 1, 2019. 25,000 0. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. The following information is provided for the first month of operations for Legal Services Inc.: A. 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. 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. Required 1. 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. 3. a. 10,000 She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Opened a business bank account with a deposit of 50,000 from personal funds. Paid electricity bill for May, 810. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed During the month, Jones, A:T accounts: Served as a disc jockey for a charity ball for 1,500. 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. 31.Withdrew 1,250 cash from PS Music for personal use. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 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: b. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Paid 250 to creditors on account. During the month, she completed the following transactions connected with her professional practice: a. 30. Instructions 1. In this activity, you will be creating. 25.000 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. 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--. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. $4 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. (e) Paid phone bill, 65. 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. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Journals: Analyze each transaction, Journalize as appropriate. (i) Paid electricity bill, 85. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: During the first month of operations of his, A:Solution: 61. Accounts a. Q:Comprehensive Problem Set Paid rent for period of November 1 to end of month, 4,000. Assignments: ACCTG-4A-80575-2021SP 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. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Introduction: Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. She helped me in last minute in a very reasonable price. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. A:Revenue means the income earned during a given period. 2. Paid part-time receptionist for two weeks salary, 750. Advertising expense of $26,000 was incurred and paid. First week only $4.99! f. Paid office salaries, $6,500. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. During May, Kelly Consulting entered into the following transactions: May 3. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Recording of a business transactions in a chronological order. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. How much did Junes transactions increase or decrease Chad Wilsons capital? e. b. 3. 10,000 + If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. (Do not insert the account numbers in the journal at this time.) Prepare an unadjusted trial balance. Saved a., A:1. Problem1-63B Income Statement, Retained Earnings Statement. c. Received cash from fees earned. 8.Paid for a newspaper advertisement, 200. 23.Served as disc jockey for a party for 2,500. A:The financial statements of the business include the income statement and balance sheet of the firm. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. i. 3. 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. Bal. At the end of May, the following adjustment data were assembled. 0. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. C. Provided services in the amount of $1,000. 75,000 7.500 During June, Ming Chen (the owner) completed these transactions. He completed the following transactions during June: a. Budgeting issues at the movies: Paid wages of 1,200 to receptionist and part-time assistant. Required: The company paid $10,000 cash to settle the liability created in transaction c. j. The following transactions occurred during January of the current year. (b) Paid office rent, 500. There is no prepaid rent or rent payable at year-end. 4. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. Owner invested c. Received cash from fees earned. Opened a business bank account with a deposit of 30,000 from personal funds. Enter the impact of each transaction on individual items of the accounting equation. 7.500 Ask a new question. Withdrew cash for personal use, 2,500. Hi! J. 2,500 10. Movies are expensive to produce and market. D. An office worker was hired. Prepare T accounts, using the account titles in (1). a. Gervais deposited 25,000 in a bank account in the name of the business. 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. %24 1004. j. No. Instructions 1. The company paid $10,000 cash to settle the liability created in transaction c. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. 24. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. She, A:As you have posted multiple questions, the solution to the first question is being provided. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 1. Apr. No. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. During June. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Required d. Paid rent on office and equipment for the month, $5,000. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Instructions 1. f. The company purchased additional equipment for $6,000 cash. h. Purchased land as a future building site, paying cash of $120,000. Amount of total revenue recorded in the ledger. 0. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. The, A:An accounting equation refers to a mathematical representation of the transactions. The company paid $1,500 cash for rent of office space for the month. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 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. 8. $30000. (k) Paid wages to part-time employee, 500. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. 30. (c) Purchased office equipment. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Ken Jones, an architect, opened an office on April 1, 2016. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 0. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. No. Establish a ledger for the accounts listed above and enter the beginning balances. No. Bal. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 9. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 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? a. Required 1. Paid annual premiums on property and casualty insurance, 2,400. You can message me to discuss the details. 61,000 3. k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. Prepare and post the closing entries. b. Correct answers: 1 question: A loan of $400,000 is taken out which requires an annual interest payment of 4.4% of the borrowed amount of money (in market dollars). Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 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. 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. Received 1,000 cash from customers on account. d. Purchased office supplies on account, $1,250. 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. b. Paid truck expenses, 435, Ck. DLite Dry Cleaners is owned and operated by Joel Palk. 25.000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 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 - Journal Entries are the recording of transactions of the organization. g. The company paid an assistant $3,000 cash as wages for the month. Paid for a newspaper advertisement, 200. 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.: Mc. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %D 2,500 15,000 Thanks :--). 505. m. Paid the salary of the assistant, 1,150, Ck. LIABILITY h. Journalize and post the adjusting entries. 12. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. on the Business environment in China. 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 Dividends Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Determine the following: a. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. No. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. References 11. Only debit card transaction fees.

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