%3D c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The following transactions were completed during July, the second month of the business's operations: July 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. 31. Ken Jones, an architect, opened an office on April 1, 2019. 18. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days.  a. 1,500 The company paid $10,000 cash to settle the liability created in transaction c. j. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 2. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. 1000. c. Bought office supplies for cash, 375, Ck. 58,500 Ming Chen began a professional practice on June 1 and plans Determine the net income or net loss for April. During the month, Lexi completed the following transactions related to the business: Nov. 1. First week only $4.99! 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. 4. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 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. 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. d. Paid rent on office and equipnwnt for the month, $5,000. 61,000 (Do not insert the account numbers in the journal at this time.) Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. a. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. 25.000 Bal. During June, Ming Chen (the owner) completed these transactions. Ming Chen (the owner) completed these transactions: A:Journal: b. Determine account balances of the T accounts. It is the first step of recording transactions of a company. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? During June, Ming Chen (the owner) completed these transactions. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 8.000 Bal. stock. ol + Prepare an unadjusted trial balance. Prepare an unadjusted trial balance as of July 31, 2019. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 28. ASSETS 2. b. . screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Transactions completed during the month follow. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Using the following, A:Impact on Equity - 4. 3. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Payable 10 000 During June, 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. 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: a. 8,000 a. I have all relevant skills and expertise related to your project. 10. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. + 61,000 Determine the net income for March. Journal entry is used to the record the business transactions of an enterprises. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 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. Paid truck expenses, 435, Ck. Is this a direct or an indirect cost? Received 750, with the remainder due August 4, 2019. During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 Q:Ken Jones, an architect, opened an office on April 1, 2019. No. The account headings are presented below. the. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. b. Ming chen began a professional practice on june 1 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Establish a ledger for the accounts listed above and enter the beginning balances. . She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 2023 If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. During the month, he completed the, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. Paid cash for miscellaneous expenses, 375. j. %D Determine account balances of the T accounts. Introduce your . i. Saved c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. Next %3D 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. O OO O b. A Wages of $379,000 were paid in cash. a. Gervais deposited 25,000 in a bank account in the name of the business. 15. f. The company purchased additional equipment for $6,000 cash. H. Paid the worker hired in D for one weeks work. Create the following table similar to the one in Exhibit 1.9. She helped me in last minute in a very reasonable price. Introduction: 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. 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. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. a. How much did Marchs transactions increase or decrease Amy Austins capital? No. Q:Prepare the statement of retained earnings for the month of July 31. 0. 30.Served as a disc jockey for a charity ball for 1,500. 21. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. h. Purchased land as a future building site, paying cash of $120,000. 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. 8,000 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. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. 3. . Graw Repairs and maintenance of $9,000 were incurred and paid. 22. a. f. Paid office salaries, $6,500. 7.500 Paid the office rent for the current month, 650, Ck. Any additional hours beyond SO will be billed to KXMD at 40 per hour. Purchased office equipment on account, 15,000. Interest of $5,000 was paid on the long-term loan. Post your journal entries to T-accounts, Add additional T-accounts when needed. 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. Im very much interested to write for attendance systems. a. The policy covers a one-year period. b. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 2,500 Required Receivable %D Amount of total revenue recorded in the ledger. 25.000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. a. Wallace deposited 24,000 in a bank account in the name of the business. Instructions 1. (Do not insert the account numbers in the journal at this time.) %D Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 25,000 (Continued) Required: 1. 4. Issued common stock to Marjorie Knaus in, A:Step 1 e. EQUITY Opened a business bank account with a deposit of 35,000 in exchange for common stock. 2.Received 1,000 cash from customers on account. The company paid $1,500 cash for rent of office space for the month. The company paid $1,000 cash in dividends to the owner (sole shareholder). Recording of a business transactions in a chronological order. On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: G. Received the electricity bill. d. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 3. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Use the ending balances in the T-accounts to prepare a trial balance. 4. Paid wages of employees, 6,800. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Paid January rent for office and workroom, 1,950. c. Purchased used automobile for 28,500, paying 5,700 cash and giving a note payable for the remainder. Ethics and budgetary slack: e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Instructions 1. Thanks :--). 1. During the first month of operations of his, A:Solution: The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Problem1-63B Income Statement, Retained Earnings Statement. Paid part-time receptionist for two weeks salary, 750. i. During the month, Knaus. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. h. Purchased land as a future building site, paying cash of $120,000. 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. 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). No. 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 Recorded services provided on account for the period May 1-15; 9,180. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 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. The company paid $1,500 cash for rent of office space for . Liabilities 23. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. (a) Invested cash in the business, 510,000. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. minus sign.) Print 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. 10,000 Ming Chen began a professional practice on June 1 and. Ming Chen began a professional practice on June $1$ and plan | Quizlet Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Paid rent for July, 1,750. C. Provided services in the amount of $1,000. No. (1,500) + d. The company completed work for a client and immediately collected the $2,500 cash earned. 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--. No. 7,500 Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 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. %24 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 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.: Record the closing entries on Page 8 of the journal. $ The company pald $2,100 cash for rent of office space for . DLite Dry Cleaners is owned and operated by Joel Palk. Record the adjusting entries on Page 7 of the journal. 30. 31. 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. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. %24 Solved Ming Chen began a professional practice on June 1 and | Chegg.com 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. 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: We will pay the $110 in thirty days. The company paid $1,500 cash for rent of office space for the. J. 4. Instructions 1. 5. July 21. d. Paid rent on office and equipnwnt for the month, $5,000. Paid 700 to a local audio electronics store for rental of digital recording equipment. Common 6. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. and company a firm. 7,500 Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. b. The account headings are presented below. A. i. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Since there are multiple subparts, we will answer only first three subparts. Mulberry paid the interest payable of $8,000. 1, A:Salary is the expense of a business. None of the paper was used by year-end. Received cash for job completed, 11,500. 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. A:Introduction: 3. Accounts containing only a single entry do not need a balance. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Paid wages of 1,200 to receptionist and part-time assistant. 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. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Hello. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 0. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. b. The company paid $1,500 cash for rent of office space for the month. The worker will be paid $275 per week. 0. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Amount of total revenue recorded in the ledger. 30. Received cash from customers on account, 9,000. Instructions 1. a. 13. April. 7,500 30. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. 23. c. Amount of net income for August. Mulberry purchased computer paper for $13,000 cash in late December. b. 27. Answered: Ming Chen began a professional practice | bartleby Ming Chen began a professional practice on June 1 and plans - BRAINLY She, A:As you have posted multiple questions, the solution to the first question is being provided. Paid miscellaneous expenses, 1,000. Ask your question! There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. He completed the following transactions during June: a. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. During June, Paid dividends, 2,500. Journal Entries - Journal Entries are the recording of transactions of the organization. S NO 4. Instuction Prepare an income staement and statement of stockholders equity for July. Received 750, with the remainder due August 4, 2019. on the Business environment in China. Paid dividends, $3,000. Home., A:Since you have asked multiple questions under a single question. Assets d. The company completed work for a client and immediately collected the $2,500 cash earned. Q:Comprehensive Problem Set Write Balance in the Item column and place a check mark () in the Posting Reference column. Equity d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. (Optional) Prepare a statement of cash flows for July. ces Solved Ming Chen began a professional practice on June 1 and | Chegg.com Q:1. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Billed insurance companies for sales commissions earned, 12,500. j. g. Paid interest on the note payable, $500. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 1006. 25.000 15,000 Required 1. During the first month of operations of her business (a, A:An income statement is a part of financial statement which contain the details of all incomes and, Q:July 1, Lula Plume created a new self-storage business, Safe Storage Co. Paid dividends, 10,500. Hal Smith opened Smith's repairs on 01.03. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. + State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. i. 5. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Ming Chen began a professional practice on June 1 and plans to prepare 2,500 Hi, Hope you are doing well. 1,500 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Served as disc jockey for a party for 2,500. 61. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Greco resort opened for business on june 1. $ a. b. b. If the two totals are not equal, check the addition and subtraction. c. Amount of net income for January. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. No. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. stock. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. I am highly qualified expert, working from 2008-9 in this industry. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 0. 1. 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. Extend the balances to the appropriate balance columns after each transaction is posted. M Question 8 - Chapter 1 Exercises Connect 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.