Prav 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: 1,500 Purchased supplies on account, 850. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 7,500 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). d. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. Establish a ledger for the accounts listed above and enter the beginning balances. Required: 2023. 3. $30000. a. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Received 1,000 cash from customers on account. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Q:Connie Young, an architect, opened an office on October 1, 2019. Withdrew l,250 cash from PS Music for personal use. Ming Chen began a professional practice on June 1 and plans to prepare Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. b. If an entry is not required for any of these transactions, state this and explain why. Answered: Ming Chen began a professional practice | bartleby March transactions are as follows : (1,500) + Determine account balances of the T accounts. 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. 10,000 Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 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: Using the following, A:Impact on Equity - I am a Ph.D. writer with more than 9 years of working experience in Writing. 75,000 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. 2. Start your trial now! Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. c. Amount of net income for January. 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.  e. Is it a budgeted or an actual cost in your report? Determine the net income or net loss for April. 25,000 Amount of total revenue recorded in the ledger. Mulberry paid the interest payable of $8,000. 7,500 A loan of $400,000 is taken out which requires an annual interest Ken Jones, an architect, opened an office on April 1, 2016. the firm are, A:Income statement SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Instructions 1. Only debit card transaction fees. 0. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. 31. 1,500 Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Paid telephone bill for May, 260. 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. on the Business environment in China. Paid rent for July, 1,750. 31. Accounts containing only a single entry do not need a balance. 8.Paid for a newspaper advertisement, 200. g. The company paid an assistant $3,000 cash as wages for the month. 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. Instructions 1. The company paid $1,000 cash in dividends to the owner (sole shareholder). After, A:Net income: 15. 8.000 b. Paid electricity bill for May, 810. g. Paid interest on the note payable, $500.  a. 3. There is no prepaid rent or rent payable at year-end. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. 61,000 Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. None of the paper was used by year-end. a. 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. 5. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Do you need an answer to a question different from the above? a. 3. $ 15,000 A:The financial statements of the business include the income statement and balance sheet of the firm. 8,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Hill 2. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. operations,, A:Journal entry means the entry in prime book with chronological order. Prepare an unadjusted trial balance as of August 31, 2016. The company paid $1,500 cash for rent of office space for the month. (h) Received cash for services rendered, 800. Determine the net income for June. 9. 58,500 A:Introduction: If you still cannot find the error, re-analyze each transaction. The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The following, A:Unadjusted Trial Balance - Brooke completed the following transactions during the month of August: a. The account headings are presented below. 28.Paid wages of 1,200 to receptionist and part-time assistant. 3. Paid utilities expense, 4,500. d. Paid rent on office and equipnwnt for the month, $5,000. c. Amount of net income for August. Received 500, with the remainder due on August 9, 2019.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Accounts 1. minus sign.) II Paid annual premiums on property and casualty insurance, 2,400. A. During June. 2. Determine the excess of revenues over expenses for November. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Connie Young, an architect, opened an office on October 1, 2019. points Graw Equipment A balance sheet 11.Received 1,000 for serving as a disc jockey for a party. Create the following table similar to the one in Exhibit 1.9. Instructions 1. Paid on account to the City Crier, 455, Ck. + b. Payable The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. 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. 00. Record the closing entries on Page 8 of the journal. 9. During June, Ming Chen (the owner) completed these transactions.a. 1,500 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? g. The company paid an assistant $3,000 cash as wages for the month. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. G. Received the electricity bill. Paid 700 to a local audio electronics store for rental of digital recording equipment. Ming Chen began a professional practice on June $1$ and plan | Quizlet Instructions 1. 504. j. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Ming Chen began a professional practice on June 1 and plansget 1 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. 0. (Income Summary is account 34 in the chart of accounts.) Start your trial now! 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. Received an invoice for truck expenses, to be paid in November, 1,250. ACCOUNTS RECEIVABLE A:Requirement 1: Indicate the effect of the given transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common %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. 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). Determine account balances of the T accounts. Received 500, with the remainder due on August 9, 2019. Ming Chen began a professional practice on June 1 and plans to Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. First let me introduce myself, my name is XX, 23 years old, and David is my English name. Ask a new question. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. 60,000 During June, Ming Chen (the owner) completed these transactions: a. Analyze each transaction, Journalize as appropriate. 1,500 During June, Ming Chen (the owner) completed these transactions: a. Equity (f) Made payment on loan in transaction (c), 500. 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. 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. Good morning, teachers, I am honored to be informed to have this interview. Paid gas, oil, and repairs on automobile for April, 550. 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. 3. The company pald $2,100 cash for rent of office space for . a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. f. The company purchased additional equipment for $6,000 cash. 3. Required 1. %D 4. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. To ensure my potential must visit my profile to check my ratings and uploaded samples. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. %D Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Amount of total expenses recorded in the ledger. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Paid for a newspaper advertisement, 200. (Enter decreases to account balances with a The following account balances are available: Required: 1. Purchased office equipment on account, 15,000. 8,000 1, A:Salary is the expense of a business. Prepare an income statement, a retained earnings statement, and a balance sheet. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 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. Received cash from clients on account, 9,520. Ming Chen began a professional practice on June 1 and plans to prepare 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. Find answers to questions asked by students like you. 2.Received 1,000 cash from customers on account. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Instructions 1. $4 4. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. f. Paid office salaries, $6,500. 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Hi, Hope you are doing well. During the first month of operations of his, A:Solution: You can message me to discuss the details. Is this a direct or an indirect cost? a. 505. m. Paid the salary of the assistant, 1,150, Ck. What amount should Carter report as net cash from investing activities? D. An office worker was hired. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Mulberry purchased computer paper for $13,000 cash in late December. During June, Ming Chen (the owner) completed these transactions. Accounts 10,000 Owner invested $59,000 cash in the company along with equipment that had a $13,000 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. Owner invested A:a)Indicate the effect of the given transactions. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). During June, h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 4. 1 of 1 0. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Assets Bal. 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. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. ol + 2,500 During June, Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Bal e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. 10,000 7,500 Withdrew cash for personal use, 3,900. 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. Determine the following: a. Paid dividends, $3,000. i. Issued common stock to Marjorie Knaus in, A:Step 1 I have all relevant skills and expertise related to your project. II CASH Paid gas, oil, and repairs on automobile for April, 550. Paid part-time receptionist for two weeks salary, 750. Post your journal entries to T-accounts, Add additional T-accounts when needed. . Determine the account balances, after all posting is complete. Simple Accounting equation is. 29. Paid wages of 1,200 to receptionist and part-time assistant. Bal. b. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. stock. During June, Ming Chen (the owner) completed these transactions. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. During June, Ming Chen (the owner) completed these transactions. 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 During June, Ming Chen (the owner) completed these transactions. Find answers to questions asked by students like you. Interest of $5,000 was paid on the long-term loan. f. The company purchased additional equipment for $6,000 cash. [Solved] Ming Chen began a professional practice o | SolutionInn b. 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. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Paid miscellaneous expenses, 1,000. 1003. i. Hire Professional Writer And Get A+ Grades In Your Homework. 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.