i. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. $30000. eBook During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 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. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. 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. 1006. You can message me to discuss the details. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. . a. Introduction: %24 10,000 Ming Chen began a professional practice on June 1 and. Instructions 1. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Bal. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Received cash from clients on account, 2,450. 3. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.  e. Is it a budgeted or an actual cost in your report? Determine the following: a. 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. 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. 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. Ask your question! 3. 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. A:a)Indicate the effect of the given transactions. 4. b. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Help Enter the following transactions on Page 2 of the two-column journal: 16. During June, Ming Chen (the owner) completed these transactions. g. The company paid an assistant $3,000 cash as wages for the month. During the month, she completed the following transactions connected with her professional practice: a. Paid the office rent for the current month, 650, Ck. During May, Kelly Consulting entered into the following transactions: May 3. Billed insurance companies for sales commissions earned, 12,500. j. 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. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Paid wages of 1,200 to receptionist and part-time assistant. a. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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. 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. Bal. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. 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. Extend the balances to the appropriate balance columns after each transaction is posted. f. Paid office salaries, $6,500. 9. ezto.mheducation.com 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. 16. 12. During June, Ming Chen (the owner) completed these transactions. Required 1. The transactions of During the month, Lexi completed the following transactions related to the business: Nov. 1. a. Owner withdrew $1,000 cash from the company for personal use. 4. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Receivable d. Purchased office supplies on account, $1,250. Use the ending balances in the T-accounts to prepare a trial balance. 2. b. If you still cannot find the error, re-analyze each transaction. d. The company completed work for a client and immediately collected the $2,500 cash earned. c. Amount of net income for January. operations,, A:Journal entry means the entry in prime book with chronological order. c. Received cash from fees earned. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. C. Provided services in the amount of $1,000. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Prepare an unadjusted trial balance as of August 31, 2016. b. Before this, no other, Q:ournalize entries for transactions (a) through (I) using the following account titles: cash,, Q:ita Lopez started Biz Consulting, a new business, and completed the following transactions during, A:Journal entries refers to recording of business transactions into the books of the business or, Q:On April 1 of the current year, Morgan Jones 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. The company pald $2,100 cash for rent of office space for . Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 1.500 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. 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 following transactions were completed during July, the second month of the business's operations: July 1. c. Received cash from fees earned. Prepare a post-closing trial balance. 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 Instructions 1. (Enter decreases to account balances with a Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. A:Introduction: e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. During June, Ming Chen (the owner) completed these transactions: a. The prepaid rent at the beginning of the year was used in 2019. If there is. 61,000 T Accounts, Debits And Credits, Trial Balance, And Financial Statements. a. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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. Paid on account to the City Crier, 455, Ck. Determine the account balances after all posting is complete. Received an invoice for truck expenses, to be paid in November, 1,250. 25.000 Can you think of any reason why the amount determined in (4) might not be the net income for November? The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Hi, Hope you are doing well. During the month, Jones, A:T accounts: 1,500 Hill Paid electricity bill for May, 810. The account headings are presented below. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. On March 1 of this year, B. Gervais established Gervais Catering Service. Connie Young, an architect, opened an office on October 1, 2019. 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.  a. Paid 700 to a local audio electronics store for rental of digital recording equipment. 7,500 Served as disc jockey for a party for 2,500. 4. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. . Save & Exit No. 1. Q:1. 11. Classify each transaction as an operating, an investing, or a financing activity. The company paid $1,500 cash for rent of office space for the month. 2,500 Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Required: Which of the following is true? + She, A:The accounting equation states that assets equal to sum of liabilities and equity. 1,500 d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 31. 1. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Movies are expensive to produce and market. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Bal. 2023 White PaPer. If the two totals are not equal, check the addition and subtraction. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. A Wages of $379,000 were paid in cash. Liabilities 2. D. An office worker was hired. Prepare the necessary journal entries to record these transactions. 4. d. b. 8.000 A statement of changes in Equity 11.Received 1,000 for serving as a disc jockey for a party. If the two totals are not equal, check the addition and subtraction. Graw 25. Show new balances after each transaction. Received 750, with the remainder due August 4, 2019. %3D 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. Purchased supplies for cash, 1,750. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. 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. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. a. d. Paid rent on office and equipnwnt for the month, $5,000. Owner invested $60,000 cash in the company along with equipment. The company paid $1,500 cash for rent of office space for the month. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Accounting Equation is calculated using following equation - 15. 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. Received 1,000 for serving as a disc jockey for a party. c. Received cash from fees earned. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. b. 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. No. Kindly repost the question to get, A:Trial balance: It is the statement prepared at the end of the year to close all the accounts. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) d. Hal Smith opened Smith's Repairs on March 1 of the current year. Q:Connie Young, an architect, opened an office on October 1, 2019. 4. Mulberry paid the interest payable of $8,000. 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. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Paid 620 to Upload Music for use of its current music demos in making various music sets. b. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Issued common stock to Marjorie Knaus in, A:Step 1 Enter the impact of each transaction on individual items of the accounting equation. A. 75,000 Record the transactions and the balance after each transaction. b. a. 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 b. 8. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. %24 3. During June, Ming Chen (the owner) completed these transactions. Withdrew cash for personal use, 2,000. Hello. Prepare an unadjusted trial balance as of January 31, 2019. Ming Chen began a professional practice on June 1 and plansget 1 on the Business environment in China. b. 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. Opened a business bank account with a deposit of 35,000 in exchange for common stock. 30. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 2. Paid miscellaneous expenses, 540.  b. g. Paid interest on the note payable, $500. Ming Chen (the owner) completed these transactions. Only credit card transaction fees are limited by law. Is this a direct or an indirect cost? a. 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: Journal entry is used to the record the business transactions of an enterprises. Determine the net income for March. a. Wallace deposited 24,000 in a bank account in the name of the business. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 5. Since there are multiple subparts, we will answer only first three subparts. a. 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. 7.500 II Find answers to questions asked by students like you. b. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. f. Paid office salaries, $6,500. %24 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Journal Entries - Journal Entries are the recording of transactions of the organization. 3. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 27.Paid electric bill, 915. 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. A loan of $400,000 is taken out which requires an annual interest Owner invested At the end of May, the following adjustment data were assembled. %D 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. Required: the. Determine the net income or net loss for April. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 3. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 2. $ Paid part-time receptionist for two weeks salary, 750. What if the client hasn't prepared them in advance? 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: Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 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). $ 15,000 I am highly qualified expert, working from 2008-9 in this industry. After, A:Net income: 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. During June, Ming Chen (the owner) completed these transactions. Determine account balances of the T accounts. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Ming Chen began a professional practice on June 1 and plans to prepare During June, Ming Chen (the owner) completed these transactions. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 9. Ming Chen began a professional practice on June $1$ and plan | Quizlet 30. Accounts On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 58,500 (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) %3D 00. 0. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The company paid $1,500 cash for rent of office space for the month. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 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. Instructions 1. Recorded services provided on account for the remainder of May, 2,650. 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. 1003. i. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. College Accounting (Book Only): A Career Approach. 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During the first month of 13. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Repairs and maintenance of $9,000 were incurred and paid. %24 h. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. 1,500 She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 4.Prepare an unadjusted trial balance as of July 31, 2019. Revenues i. J. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 24 Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 7,500 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: (a) Invested cash in the business, 510,000.