ASSETS Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. i. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 5. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 5.Purchased office equipment on account from Office Mart, 7,500. None of the paper was used by year-end. The account headings are presented below. (Continued) Required: 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 29.Paid miscellaneous expenses, 540. During March, the following, A:1. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. 4. a. Wallace deposited 24,000 in a bank account in the name of the business. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. During the month, she completed the following transactions connected with her professional practice: a. Purchased office equipment on account, 15,000. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Only debit card transaction fees. $30000. Ming Chen (the owner) completed these transactions: 4. The following information is provided for the first month of operations for Legal Services Inc.: A. 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. College Accounting (Book Only): A Career Approach. 10,000 Inflation is 3.8% per year. 8.000 During June, Ming Chen (the owner) completed these transactions. Recorded jobs completed on account and sent invoices to customers, 22,300. d. The company completed work for a client and immediately collected the $2,500 cash earned. 4, h. Borrowed $100,000 by issuing a note payable. Post your journal entries to T-accounts, Add additional T-accounts when needed. %3D f. The company purchased additional equipment for $6,000 cash. 7. 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. Post the journal to a ledger of four-column accounts. 0. A:a)Indicate the effect of the given transactions. h. Borrowed $100,000 by issuing a note payable. 23. 58,500 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:a. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 0. 17. The company paid $1,500 cash for rent of office space for the month. Paid cash to creditors on account, 3,000. j. 1,500 3. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 15,000 EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: During June, Ming Chen (the owner) completed these transactions. 1,500 Withdrew cash for personal use, 3,900. 10,000 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. Home., A:Since you have asked multiple questions under a single question. 3. 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 What amount should Carter report as net cash from investing activities? Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. h. Purchased land as a future building site, paying cash of $120,000. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Amount of total revenue recorded in the ledger. I am highly qualified expert, working from 2008-9 in this industry. d. The company completed work for a client and immediately collected the $2,500 cash earned. 503. h. Sold catering services on account, 4,307. i. Start your trial now! The actual work of dry cleaning is done by another company for a fee. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. During June, Ming Chen (the owner) completed these transactions. 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. 00. Solved Exercise 1-13 Identifying effects of transactions - Chegg Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. d. The company completed work for a client and immediately collected the $2,500 cash earned. During June, Ming Chen (the owner) completed these transactions: a. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. 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. d. No principal payments are made, only interest is paid. d. Paid rent on office and equipment for the month, $5,000. 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: I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. A loan of $400,000 is taken out which requires an annual interest 31. If an entry is not required for any of these transactions, state this and explain why. The company paid $1,500 cash for rent of office space for the month. Record the following transactions on Page 6 of the journal: 20. Prav a. Determine account balances of the T accounts. i. 7.500 The company paid $1,500 cash for rent of office space for the month. stock. 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). 000 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. Borrowed $100,000 by issuing a note payable. Determine the excess of revenues over expenses for November. Received 750, with the remainder due August 4, 2019. 11. Next Insurance expired during May is 275. b. During June, Ming Chen (the owner) completed these transactions. A. b. O OO O . No. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. A:Introduction: Stock In this activity, you will be creating. b. Paid rent for period of November 1 to end of month, 4,000. A:The financial statements of the business include the income statement and balance sheet of the firm. 1003. i. 1.500 g. Paid interest on the note payable, $500. Paid 250 to creditors on account. 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. References 1. Analyze each transaction, Journalize as appropriate. Instrustions Prepare a balance sheet as of July 31, 20Y5. operations,, A:Journal entry means the entry in prime book with chronological order. Movies are expensive to produce and market. 505. m. Paid the salary of the assistant, 1,150, Ck. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. A building and equipment are currently being rented, pending expansion to new facilities. 75,000 Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. The following, A:Unadjusted Trial Balance - 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. b. Recorded services provided on account for the period May 1-15; 9,180. Equipment 10.000 d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. f. Paid office salaries, $6,500. Ming Chen began a professional practice on June 1 and plansget 1 View this solution and millions of others when you join today!  d. Does the activity add value to Latchey’s provision of insurance services? I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. The following transactions were completed during July, the second month of the business's operations: July 1. Paid rent for July, 1,750. ok ht inces a. Thanks :--). 6. A balance sheet Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Income tax of $10,300 was incurred and paid in 2019. Hal Smith opened Smith's repairs on 01.03. f. Paid office salaries, $6,500. First week only $4.99! a. Ming chen began a professional practice on june 1 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. b. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 61,000 1PA, Your question is solved by a Subject Matter Expert. %24 $30000. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. a. 75,000 Graw During June, Ming Chen (the owner) completed these transactions: a. The company paid $1,000 cash in dividends to the owner (sole shareholder). 16. If you still cannot find the error, re-analyze each transaction. %D I am a Ph.D. writer with more than 9 years of working experience in Writing. a. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. g. The company paid an assistant $3,000 cash as wages for the month. [Solved] Ming Chen began a professional practice o | SolutionInn 4. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. 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--. Ming Chen began a professional practice on June $1$ and plan | Quizlet c. Both credit card and debit card transaction fees are limited by law. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. 4. 9. 0.33 61,000 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. The customer will pay at a later date. Prepare a post-closing trial balance. 7,500 It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co.  a. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (j) Withdrew cash for personal use, 100. 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. 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. %3D Instructions 1. Enter the following transactions on Page 2 of the two-column journal: 16. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. 24 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. I have all relevant skills and expertise related to your project. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 25. 61. b. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. During June, Ming Chen (the owner) completed these transactions. A:Net income is calculated after analysing the revenue and expenses of the organisation. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. A:Requirement 1: Indicate the effect of the given transactions. a., A:1. Liabilities Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. ACCOUNTS RECEIVABLE In July of this year, M. Wallace established a business called Wallace Realty. The company paid $10,000 cash to settle the liability created in transaction c. 31. Bal. 8. Problem1-63B Income Statement, Retained Earnings Statement. 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). 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. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Billed insurance companies for sales commissions earned, 12,500. j. No. During June, Ming Chen (the owner) completed these transactions. Accounts Q:Comprehensive Problem Set Instructions 1. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Print Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Received 1,000 for serving as a disc jockey for a party. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. %3D Served as disc jockey for a party for 2,500. Ming Chen began a professional practice on June 1 and plans to prepare 31. Prepare an unadjusted trial balance. 3. 3.Paid 250 to creditors on account. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 14.Paid wages of 1,200 to receptionist and part-time assistant. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. Cash Received 3,000 for serving as a disc jockey for a party. Prepare an unadjusted trial balance as of August 31, 2016. 25,000 The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Received 500, with the remainder due on August 9, 2019. Connie Young, an architect, opened an office on October 1, 2019. Paid wages of 1,200 to receptionist and part-time assistant. CASH Determine the net income or net loss for April. 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: Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 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. 25.000 we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. (Record as Miscellaneous Expense.) Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Paid dividends, $3,000. 1,500 Paid for a newspaper advertisement, 200. Paid dividends, $3,000. Withdrew cash for personal use, 2,500. Record the adjusting entries on Page 7 of the journal. Paid gas, oil, and repairs on automobile for April, 550. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. $4 The company paid $1,500 cash for rent of office space for the. Prepare an unadjusted trial balance as of January 31, 2019. (Enter decreases to account balances with a d. Paid rent on office and equipnwnt for the month, $5,000. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Bal. + He. d. Paid rent on office and equipnwnt for the month, $5,000. Paid part-time receptionist for two weeks salary, 750. 5. d. Paid rent on office and equipnwnt for the month, $5,000. 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. The following transactions, A:Journal Entries: Bal. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. + 58,500 22. Determine the account balances, after all posting is complete. Apr. During June, Ming Chen (the owner) completed these transactions. Amount of total revenue recorded in the ledger. _Accounting 1 Assignment Part 1 - Ming Chen began a professional Liabilities b. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 7,500 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. c. Amount of net income for August. $ Opened a business bank account with a deposit of 30,000 from personal funds. 4. 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. f. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Determine the net income for March. 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. b. During the month, he completed the following transactions connected with his professional practice: a. Answered: Ming Chen began a professional practice | bartleby The transactions of %24 Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 29. Paid wages of 1,200 to receptionist and part-time assistant. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Owner invested $60,000 cash in the company along with equipment. I will also provide you with TURNITIN PLAGIARISM REPORT. 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. d. Purchased office supplies on account, $1,250. d. The company completed work for a client and immediately collected the $2,500 cash earned. Recording of a business transactions in a chronological order. . 2,500 4. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Required 1. %D DLite Dry Cleaners is owned and operated by Joel Palk. Instructions 1. Introduce yourself. During June, Ming Chen (the owner) completed these transactions. Brooke completed the following transactions during the month of August: a. 25,000 1000. c. Bought office supplies for cash, 375, Ck. Paid 700 to a local audio electronics store for rental of digital recording equipment. 11.Received 1,000 for serving as a disc jockey for a party. A statement of cash flows, Q:On September 1, 20X6, Michael Moe incorporated Moe's Mowing, Inc., a company that provides mowing, A:Since you have posted a question with multiple sub-parts, we will solve the first three subparts for, Q:Bob Jacobs opened an advertising agency.
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