You can message me to discuss the details. Instrustions Prepare a balance sheet as of July 31, 20Y5. B. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. ok ht inces a. h. Purchased land as a future building site, paying cash of $120,000. (Continued) Required: 1. Issued common stock to Marjorie Knaus in, A:Step 1 Revenue Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. No. 11.Received 1,000 for serving as a disc jockey for a party. The company paid $1,500 cash for rent of office space for . Assets If the two totals are not equal, check the addition and subtraction. (j) Withdrew cash for personal use, 100. Prepare T accounts, using the account titles in (1). 3. 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. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Post your journal entries to T-accounts, Add additional T-accounts when needed. 27. 0. Explanations may be omitted. Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. We will pay the $110 in thirty days. 18.Purchased supplies on account, 850. (Note: Ignore the date because these events are aggregations of individual events.) Prepare an unadjusted trial balance as of July 31, 2019. 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. Can you think of any reason why the amount determined in (4) might not be the net income for November? 1,500 On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Required The following account balances are available: Required: 1. The actual work of dry cleaning is done by another company for a fee. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set %3D %24 Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 6. 5. 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. Received 750, with the remainder due August 4, 2019. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 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 g. The company paid an assistant $3,000 cash as wages for the month. ASSETS 2. a. c. Is it a variable or a fixed cost? Revenues 4. During June, Ming Chen (the owner) completed these transactions.a. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The transaction analysis is done with the help of the accounting equation. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. . A statement of changes in Equity The company paid $1,500 cash for rent of office space for the month. If there is. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. 61. (e) Paid phone bill, 65. 2. 28. 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. During June, Ming Chen (the owner) completed these transactions. Bal. No. During the month, he completed the following transactions connected with his professional practice: a. During June, Ming Chen (the owner) completed these transactions. A:a)Indicate the effect of the given transactions. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. Determine the net income or net loss for January. 8,000 I will also provide you with TURNITIN PLAGIARISM REPORT. b. Bal. Served as a disc jockey for a charity ball for 1,500. Paid 5,000 on note payable. The company paid $10,000 cash to settle the liability created in transaction c. j. 25,000 Determine the net income or net loss for April. Classify each transaction as an operating, an investing, or a financing activity. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. Paid dividends, 10,500. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 30. a. 10,000 The company paid $1,500 cash for rent of office space for the month. 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 installment due on note payable, 300. o. Hill None of the paper was used by year-end. Introduce your . She, A:The accounting equation states that assets equal to sum of liabilities and equity. 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). 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--. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. No. i. Enter the following transactions on Page 2 of the two-column journal: 16. Advertising expense of $26,000 was incurred and paid. 5. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Opened a business bank account with a deposit of 50,000 from personal funds. Withdrew cash for personal use, 3,900. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Mc. 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. b. March transactions are as follows : b. 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. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. 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. 1. Ming Chen began a professional practice on June 1 and. Determine the account balances, after all posting is complete. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Stock 75,000 61,000 On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. H. Paid the worker hired in D for one weeks work. The company pald $2,100 cash for rent of office space for . To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. During June, Ming Chen (the owner) completed these transactions. 29.Paid miscellaneous expenses, 540. property. If an entry is not required for any of these transactions, state this and explain why. h. Borrowed $100,000 by issuing a note payable. 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. A balance sheet Recording of a business transactions in a chronological order. 58,500 Greco resort opened for business on june 1. e. Received 750, with the remainder due August 4, 2019. April. Paid cash to creditors on account, 3,000. j. I have all relevant skills and expertise related to your project. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. M Question 8 - Chapter 1 Exercises Connect 27. J. 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. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Q:Comprehensive Problem Set Received cash from clients on account, 9,520. A. Accounts containing only a single entry do not need a balance. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 28. Greetings! 1003. i. 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. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. b. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Good morning, teachers, I am honored to be informed to have this interview. ces Repairs and maintenance of $9,000 were incurred and paid. Opened a business bank account with a deposit of 35,000 in exchange for common stock. and company a firm. After, A:Net income: 00. Introduction: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Help 1.500 If you still cannot find the error, re-analyze each transaction. 8,000 View this solution and millions of others when you join today! During June, Ming Chen (the owner) completed these transactions: a. Write Balance in the Item column and place a check mark () in the Posting Reference column. Do you need an answer to a question different from the above? Paid truck expenses, 435, Ck. Cash The account headings are presented below. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 2. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 4. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Paid rent for July, 1,750. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 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. A:a)Indicate the effect of the given transactions. f. Paid office salaries, $6,500. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 30. (Record as Miscellaneous Expense.) The prepaid rent at the beginning of the year was used in 2019. Ask your question! During the month, he completed the following transactions connected with his professional practice: a. A Wages of $379,000 were paid in cash. 58,500 He completed the following transactions during June: a. DLite Dry Cleaners is owned and operated by Joel Palk. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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). The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 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. 23. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Paid telephone bill for May, 260. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Saved g. The company paid an assistant $3,000 cash as wages for the month. Bal Hi, Hope you are doing well. 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. 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. The company paid $1,500 cash for rent of office space for the month. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. (c) Purchased office equipment. How much did Junes transactions increase or decrease Chad Wilsons capital? 10,000 There is no prepaid rent or rent payable at year-end. Equity b. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. 5. 506. Dividends in the amount of $1,500 were distributed. 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. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 29. How much did Marchs transactions increase or decrease Amy Austins capital? Connie Young, an architect, opened an office on October 1, 2019. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. a. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. a., A:1. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. 9. 11. 4. 4. (g) Paid wages to part-time employee, 500. 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. CASH c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The company paid $10,000 cash to settle the liability created in transaction c. During June, (d) Received cash for services rendered, 900. 0. During June, Ming Chen (the owner) completed these transactions. 3. Paid 250 to creditors on account. g. Paid interest on the note payable, $500. Withdrew cash for personal use, 2,000. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Withdrew cash for personal use, 2,500. In addition, $28,000 of computer rental costs were incurred and paid. Required 1. 501. e. Bought insurance for the truck for one year, 400, Ck. Hire Professional Writer And Get A+ Grades In Your Homework. 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. stock. 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. 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. Determine the net income for March. Start your trial now! 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. Instructions 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During the month, she completed the following transactions connected with her professional practice: a. (1,500) + d. Purchased office supplies on account, $1,250. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed a. Accounts Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. a. Paid cash for a newspaper advertisement. 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