a., A:1. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Determine the net income or net loss for October. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. a. Wallace deposited 24,000 in a bank account in the name of the business. ezto.mheducation.com (Enter decreases to account balances with a Ming Chen began a professional practice on June $1$ and plan | Quizlet Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. II First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Which of the following is true? Prepare a single-step income statement. Greco resort opened for business on june 1. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 4. 15. Received and paid the heating bill, 248, Ck. 2023 Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. g. Paid interest on the note payable, $500. 10,000 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. Record the transactions and the balance after each transaction. 31. The policy covers a one-year period. Bal. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 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. 27. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. During the first month of 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). Accounts The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Required: 5. If the two totals are not equal, check the addition and subtraction. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Can you think of any reason why the amount determined in (4) might not be the net income for November? Saved 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. 1.500 Paid miscellaneous expenses, 1,000. Paid cash for miscellaneous expenses, 375. j.  b. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. During June, Ming Chen (the owner) completed these transactions: a. d. The company completed work for a client and immediately collected the $2,500 cash earned. 31. During June, Ming Chen (the owner) completed these transactions: a. The company paid $1,500 cash for rent of office space for the month. During June, Ming Chen (the owner) completed these transactions. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Expenses 22. A:Hi student A:Prepare a trial balance for Randy Guttery, Landscape Consultant. EQUITY I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. 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. Prepare an unadjusted trial balance as of January 31, 2019. Amount of total expenses recorded in the ledger. Journalize and post the adjusting entries. A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her g. The company paid an assistant $3,000 cash as wages for the month. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Received cash from clients on account, 9,520. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. If you still cannot find the error, re-analyze each transaction. (83) 23. Purchased office equipment on account, 15,000. Received cash for job completed, 11,500. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, she completed the following transactions connected with her professional practice: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common O OO O 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. Paid Office Station Co. for part of the debt incurred on April 5, 640. 28.Paid wages of 1,200 to receptionist and part-time assistant. Determine account balances of the T accounts. A:Requirement 1: Indicate the effect of the given transactions. ok ht inces a. a. 10,000 29. Paid the office rent for the current month, 650, Ck. Start your trial now! A balance sheet 4. 1,500 The company paid $1,500 cash for rent of office space for the month. 15. 7,500 Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 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: 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. 1,500 d. _Accounting 1 Assignment Part 1 - Ming Chen began a professional 1004. j. 1.500 If an entry is not required for any of these transactions, state this and explain why. Amount of total revenue recorded in the ledger. The following transactions, A:Note: A:Revenue means the income earned during a given period. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 3. 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. Introduce yourself. Instructions 1. Payable Paid 700 to a local audio electronics store for rental of digital recording equipment. 5. The company paid $1,500 cash for rent of office space for the month. 1,500 1.500 The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. a. Create the following table similar to the one in Exhibit 1.9. Instructions 1. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 58,500 There is no prepaid rent or rent payable at year-end. 23.Served as disc jockey for a party for 2,500. The customer will pay at a later date. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June. Common Paid dividends, 10,500. c. Amount of net income for January. Withdrew l,250 cash from PS Music for personal use. During June, Ming Chen (the owner) completed these transactions. g. Paid interest on the note payable, $500. A:a)Indicate the effect of the given transactions. None of the paper was used by year-end. 2. 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. Determine the amount of Joel Palks capital as of July 1 of the current year. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. March transactions are as follows : Record the closing entries on Page 8 of the journal. 4. Answered: Ming Chen began a professional practice | bartleby 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 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. 0. The following transactions, A:Journal Entries: c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. 2,500 . Received 2,000 for serving as a disc jockey for a wedding reception. On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, 40,000. b. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. d. The company completed work for a client and immediately collected the $2,500 cash earned. minus sign.) Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 2,500 5.Purchased office equipment on account from Office Mart, 7,500. 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. + 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. Stock property. Paid miscellaneous expenses, 540. He. Received an invoice for truck expenses, to be paid in November, 1,250. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 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. 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. b. Answered: Ming Chen began a professional practice | bartleby 1. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Recorded services provided on account for the period May 16-20, 4,820. 30. d. The company completed work for a client and immediately collected the $2,500 cash earned. Save & Exit d. The company completed work for a client and immediately collected the $2,500 cash earned. Instrustions Prepare a balance sheet as of July 31, 20Y5. Instructions 1. Q:Duerr Engineering completed the following transactions in the month of June. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. d. Paid rent on office and equipnwnt for the month, $5,000. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. 4. Ask a new question. Liabilities %24 Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Record the adjusting entries on Page 7 of the journal. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 0. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. Accounts containing only a single entry do not need a balance. c. Received cash from fees earned. Received cash from clients on account, 2,450. G. Received the electricity bill. Introduce your . Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. If you still cannot find the error, re-analyze each transaction. a. April. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Is this a direct or an indirect cost? Prepare an unadjusted trial balance. a. 10.000 b. Each drugstore is operated by a general manager and a controller. Expenses 13. 4.Prepare an unadjusted trial balance as of July 31, 2019. *Response times may vary by subject and question complexity. a. b. Any additional hours beyond SO will be billed to KXMD at 40 per hour. %24 3. f. The company purchased additional equipment for $6,000 cash. 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. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Equipment . Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. During June, Ming Chen (the owner) completed these transactions. The following, A:Unadjusted Trial Balance - 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. 10,000 Ming Chen began a professional practice on June $1$ and plan | Quizlet During the month, Knaus. $30000. 75,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common b. 1,500 Received 500, with the remainder due on August 9, 2019. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. stock. Received cash from customers on account, 9,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare an adjusted trial balance. 5. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. a. Gervais deposited 25,000 in a bank account in the name of the business. 31. 28. Paid wages of 1,200 to receptionist and part-time assistant. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Chapter 1 Exercises i During June, Ming Chen (the owner) completed these transactions. 15,000 29. 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. d. Purchased office supplies on account, $1,250. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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. a. Write Balance in the Item column and place a check mark () in the Posting Reference column. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Establish a ledger for the accounts listed above and enter the beginning balances. Recorded services provided on account for the period May 1-15; 9,180. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. g. The company paid an assistant $3,000 cash as wages for the month. Post the journal to a ledger of four-column accounts. Q:Ken Jones, an architect, opened an office on April 1, 2019. 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 . Instructions 1. Solved Ming Chen began a professional practice on June 1 and | Chegg.com I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. 58,500 Basic Accounting Systems: Cash Basis. 0. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? 5. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Use a chart of accounts to order the ledger accounts. Journal Entries - Journal Entries are the recording of transactions of the organization. 16. What amount should Carter report as net cash from investing activities? During June, Ming Chen (the owner) completed these transactions. 0. 2. Paid gas, oil, and repairs on automobile for April, 550. (Do not insert the account numbers in the journal at this time.) The company paid $1,500 cash for rent of office space for the month. The policy covers a one-year period. Withdrew cash for personal use, 2,000. What will be the value of interest payment at the end of fourth year in real dollars? During the month, he completed the following transactions connected with his professional practice: a. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. 61,000 minus sign.) Only debit card transaction fees. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 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. During June, Ming Chen (the owner) completed these transactions. 4. Ming Chen began a professional practice on June 1 and plans to prepare h. Borrowed $100,000 by issuing a note payable. and company a firm. 25,000 No principal payments are made, only interest is paid. 28. (Do not insert the account numbers in the journal at this time.) The account headings are presented below. 1. 0. Paid dividends, $3,000. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Explanations may be omitted. 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. 21. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 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. Paid wages of employees, 6,800. Paid truck expenses, 435, Ck. Determine the following: a. Received 3,000 for serving as a disc jockey for a party. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 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. February 20, 2023. Instructions 1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 2. Revenue 0.33 During June, Ming Chen (the owner) completed these transactions: a. He completed the following transactions during June: a. 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. b. + During June, Ming Chen (the owner) completed these transactions. Purchased office equipment on account from Office Mart, 7,500. 1,500 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Determine account balances of the T accounts. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Prav Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 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. Paid rent for period of November 1 to end of month, 4,000. b. 14.Paid wages of 1,200 to receptionist and part-time assistant. She helped me in last minute in a very reasonable price. Q:Comprehensive Problem Set 0. 8.Paid for a newspaper advertisement, 200. the firm are, A:Income statement Solved Ming Chen began a professional practice on June 1 and | Chegg.com 2,500 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. f. Paid office salaries, $6,500. I can help you with creating a presentation of one slide for The Word of William Hunter. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Owner invested $60,000 cash in the company along with equipment that had a $15,000 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. 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. 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. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. No. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Recording of a business transactions in a chronological order. (c) Purchased office equipment. Hal Smith opened Smith's Repairs on March 1 of the current year. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. (e) Paid phone bill, 65. h. Purchased land as a future building site, paying cash of $120,000. After, A:Net income: 4. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 11.Received 1,000 for serving as a disc jockey for a party. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. July 21. Ming chen began a professional practice on june 1 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: 2. 4. 31. As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. Q:1. 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. Prepare an income statement, a retained earnings statement, and a balance sheet. 7,500