b. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. b. If you still cannot find the error, re-analyze each transaction. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. 24. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Instrustions Prepare a balance sheet as of July 31, 20Y5. Amount of total expenses recorded in the ledger. 2,500 During June, Ming Chen (the owner) completed these transactions. Bal. 7.500 0. b. April. 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 net income or net loss for January. Im very much interested to write for attendance systems. 000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:Requirement 1: Indicate the effect of the given transactions. Owner withdrew $1,000 cash from the company for personal use. 29.Paid miscellaneous expenses, 540. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 4.Prepare an unadjusted trial balance as of July 31, 2019. Paid on account to the City Crier, 455, Ck. During June, Ming Chen (the owner) completed these transactions: a. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental What will be the value of interest payment at the end of fourth year in real dollars? Hello. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. The company paid $1,500 cash for rent of office space for the month. Purchased office equipment on account from Office Mart, 7,500. a. During June, Ming Chen (the owner) completed these transactions: a. During June, Ming Chen (the owner) completed these transactions. 225. Paid electricity bill for May, 810. Purchased supplies on account, 850. 30. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Use a chart of accounts to order the ledger accounts. Determine the increase or decrease in owners equity for August. 0. 8. 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:On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. g. Paid interest on the note payable, $500. 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 . 8.000 e. Is it a budgeted or an actual cost in your report? Paid utilities expense, 4,500. Accounts 2020 - 2024 www.quesba.com | All rights reserved. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. During June, Ming Chen (the owner) completed these transactions. Payable 1.500 March transactions are as follows : 7.500 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. If you want the answer, Q:Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1., A:Financial statements: These refer to the formal or official records of the activities of the, A:As per accounting equation Assets = Liabilities, where liabilities comprises of liability and, Q:Architects completed the following transactions: There is no prepaid rent or rent payable at year-end. c. Amount of net income for January. (Record as Miscellaneous Expense.) Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. g. The company paid an assistant $3,000 cash as wages for the month. During the month, he completed the following transactions connected with his professional practice: a. %24 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Hal Smith opened Smith's Repairs on March 1 of the current year. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? 7.500 f. The customer will pay at a later date. Instructions 1. 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. Determine the increase or decrease in owners equity for January. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. S NO During May, Kelly Consulting entered into the following transactions: May 3. Movies are expensive to produce and market. (Do not insert the account numbers in the journal at this time.) 63. 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. 10,000 C. Provided services in the amount of $1,000. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 2. c. Received cash from fees earned. References 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 a. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. The company paid $1,500 cash for rent of office space for the month. d. Paid rent on office and equipnwnt for the month, $5,000. e. LIABILITY + Simple Accounting equation is. Instructions 1. G. Received the electricity bill. 1,500 Received 750, with the remainder due August 4, 2019. Post the journal to a ledger of four-column accounts. $ 75,000 The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 2,500 Apr. 25,000 On June 1 of the current year, Chad Wilson established a business to manage rental property. b. 28.Paid wages of 1,200 to receptionist and part-time assistant. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. During June, Ming Chen (the owner) completed these transactions.a. b. The actual work of dry cleaning is done by another company for a fee. II 30. First week only $4.99! 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). 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. 1002. h. Received and paid the bill for utilities, 340, Ck. Equipment Basic Accounting Systems: Cash Basis. + 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. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. 2. Enter the impact of each transaction on individual items of the accounting equation. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 60,000 Assets 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. + Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: No. 23. 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. %24, Carl Warren, James M. Reeve, Jonathan Duchac. i. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. ACCOUNTS RECEIVABLE 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. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. A:The financial statements of the business include the income statement and balance sheet of the firm. 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. 5. f. The company purchased additional equipment for $6,000 cash. Determine the net income or net loss for April. Prepare an unadjusted trial balance as of July 31, 2019. 3. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Instructions 1. Purchased supplies for cash, 1,750. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. 1003. i. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. During June, Ming Chen (the owner) completed these transactions: a. Determine the net income or net loss for April. Paid 250 to creditors on account. Paid gas, oil, and repairs on automobile for April, 550. 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. She helped me in last minute in a very reasonable price. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. If the two totals are not equal, check the addition and subtraction. 2. 61,000 %24 Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. Instructions 1. a. To ensure my potential must visit my profile to check my ratings and uploaded samples. 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. Kimberly Manis, an architect, opened an office on January 1, 2016. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. 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. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). (Continued) Required: 1. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. No. Paid cash to creditors on account, 4,500. j. During June, Ming Chen (the owner) completed these transactions. 8.000 Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Since there are multiple subparts, we will answer only first three subparts. 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. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. on the Business environment in China. ezto.mheducation.com 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). 75,000 A:a)Indicate the effect of the given transactions. Paid miscellaneous expenses, 1,000. Received invoice for blueprint service, due in May, 2,500. k. Recorded fees earned on plans delivered, payment to be received in May, 15,650. l. Paid salary of assistant, 2,800. m. Paid cash for miscellaneous expenses, 200. n. Paid 300 on note payable. 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. 16. The following account balances are available: Required: 1. 17. I am a Ph.D. writer with more than 9 years of working experience in Writing. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. I have all relevant skills and expertise related to your project. During the month, Lexi completed the following transactions related to the business: Nov. 1. 58,500 The company paid $1,500 cash for rent of office space for the month. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. b. 2023 White PaPer. Paid rent for July, 1,750. M Question 8 - Chapter 1 Exercises Connect Paid dividends, 2,500. Paid dividends, $3,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. h. Borrowed $100,000 by issuing a note payable. 4. Print The company paid $1,500 cash for rent of office space for the month. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. In July of this year, M. Wallace established a business called Wallace Realty. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. 2. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. c. Received cash from fees earned. 1. h. 61,000 1. d. Purchased office supplies on account, $1,250. CASH 13. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Bal. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: d. The company completed work for a client and immediately collected the $2,500 cash earned. 9. No. Bal. b. (1,500) + c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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 Required: Revenues 10,000 d. Paid rent on office and equipment for the month, $5,000. Expenses Saved Record the following transactions on Page 6 of the journal: 20. One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Prepare an unadjusted trial balance as of August 31, 2016. $15,000 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. 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. Write Balance in the Item column and place a check mark () in the Posting Reference column. Record the transactions and the balance after each transaction. 3. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Using the following, A:Impact on Equity - State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 1. 25. g. Paid interest on the note payable, $500. Receivable In addition, $28,000 of computer rental costs were incurred and paid. ASSETS Problem1-63B Income Statement, Retained Earnings Statement. a. 0. Paid wages of 1,200 to receptionist and part-time assistant. d. 3. If you want the answer, Q:Architects completed the following transactions: b. If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and eBook 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. Dividends in the amount of $1,500 were distributed. 10,000 1000. c. Bought office supplies for cash, 375, Ck. b. Common *Response times may vary by subject and question complexity. 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. Mc. . 5. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. He completed the following transactions during June: a. Prepare T accounts, using the account titles in (1). b. a. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. No. i. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 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. Journals: property. b. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Accounts containing only a single entry do not need a balance. During June, Ming Chen (the owner) completed these transactions. Ming Chen (the owner) completed these transactions. Cash 3. A Wages of $379,000 were paid in cash. f. The company purchased additional equipment for $6,000 cash. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 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. Paid telephone bill for May, 260. 23. 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 + Equity 3. 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? 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. 15,000 Received and paid the heating bill, 248, Ck. 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. d. Received 2,000 for serving as a disc jockey for a wedding reception. $30000. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. (j) Withdrew cash for personal use, 100. 6. 2. Determine account balances of the T accounts. Received 3,000 for serving as a disc jockey for a party. July 21. Determine the amount of Joel Palks capital as of July 1 of the current year. Help (Enter decreases to account balances with a 2. 2. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - Mulberry purchased computer paper for $13,000 cash in late December. DLite Dry Cleaners is owned and operated by Joel Palk. Bal. 31.Received 3,000 for serving as a disc jockey for a party. Accounts Q:Comprehensive Problem Set If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 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: f. Paid office salaries, $6,500. 30. 29. The company paid $10,000 cash to settle the liability created in transaction c. the firm are, A:Income statement A:Prepare a trial balance for Randy Guttery, Landscape Consultant. II 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. A statement of changes in Equity %24 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 75,000 Determine the net income for March. Ethics and budgetary slack: Next Paid miscellaneous expenses, 540. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. During June, Ming Chen (the owner) completed these transactions. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. 4. The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. a. b. Paid dividends, $3,000. 28. Billed insurance companies for sales commissions earned, 12,500. j. Establish a ledger for the accounts listed above and enter the beginning balances. Dividends During June, Ming Chen (the owner) completed these transactions. 25.000 h. Purchased land as a future building site, paying cash of $120,000. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 28. 4. The company paid $10,000 cash to settle the liability created in transaction c. Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 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. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. d. The company completed work for a client and immediately collected the $2,500 cash earned. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid cash for miscellaneous expenses, 375. j. 0. A. . During the month, she completed the following transactions connected with her professional practice: a. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Accounts containing only a single entry do not need a balance. O OO O Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Record the closing entries on Page 8 of the journal. Determine account balances of the T accounts. points 0. Only debit card transaction fees are limited by law. 1. 8.000 a. During the first month of H. Paid the worker hired in D for one weeks work. 4. I am highly qualified expert, working from 2008-9 in this industry. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. h. Purchased land as a future building site, paying cash of $120,000. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 10,000 + Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. b. (e) Paid phone bill, 65. 15. $30000. c. Amount of net income for August. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Classify each transaction as an operating, an investing, or a financing activity. (i) Paid electricity bill, 85. Purchased supplies on account, 735. The prepaid rent at the beginning of the year was used in 2019. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Bal Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and What if the client hasn't prepared them in advance? Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. (Do not insert the account numbers in the journal at this time.) There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Issued common stock to Marjorie Knaus in, A:Step 1 g. The company paid an assistant $3,000 cash as wages for the month. 22. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm.
Past Kare 11 Meteorologists,
Chicago Travel Softball Teams,
2003 Upper Deck Baseball Card Values,
Articles M
