d. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 5. 1,500 7.500 18.Purchased supplies on account, 850. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A statement of changes in Equity 10. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Instructions 1. c. Received cash from fees earned. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 1.500 0. During June. Record the closing entries on Page 8 of the journal. and company a firm. a. Wallace deposited 24,000 in a bank account in the name of the business. (f) Made payment on loan in transaction (c), 500. f. Paid office salaries, $6,500. Issued common stock to Marjorie Knaus in, A:Step 1 Explanations may be omitted. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Bal 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. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. C. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. 25,000 Paid electricity bill for May, 810. If the two totals are not equal, check the addition and subtraction. b. G. Received the electricity bill. Answered: Ming Chen began a professional practice | bartleby Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. d. The company completed work for a client and immediately collected the $2,500 cash earned. 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. a. No. %D 4. A balance sheet Q:Ken Jones, an architect, opened an office on April 1, 2019.  e. Is it a budgeted or an actual cost in your report? Amount of total expenses recorded in the ledger. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Opened a business bank account with a deposit of 30,000 from personal funds. b. She, A:The accounting equation states that assets equal to sum of liabilities and equity. 31.Withdrew 1,250 cash from PS Music for personal use. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Paid dividends, $3,000. Ken Jones, an architect, opened an office on April 1, 2019. 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. 2023 White PaPer. 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. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Instructions 1. 15,000 Withdrew l,250 cash from PS Music for personal use. 1PA, Your question is solved by a Subject Matter Expert. Six months rent was paid in advance, $4,500. I will also provide you with TURNITIN PLAGIARISM REPORT. a., A:1. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. 0. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. d. Paid rent on office and equipnwnt for the month, $5,000. 25.000 Paid gas, oil, and repairs on automobile for April, 550. February 20, 2023. You can message me to discuss the details. Determine account balances of the T accounts. %3D Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. d. The company completed work for a client and immediately collected the $2,500 cash earned. Hal Smith opened Smith's Repairs on March 1 of the current year. Solved Exercise 1-13 Identifying effects of transactions - Chegg A:Revenue means the income earned during a given period. Paid on account to the City Crier, 455, Ck. 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 A:Journal: 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. A:The financial statements of the business include the income statement and balance sheet of the firm. The transactions of 5. Instructions 1. $30000. a. 4. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. eBook 3. 58,500 To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. c. Received cash from fees earned. 25. 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). What if the client hasn't prepared them in advance? 3. 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. 2,500 A Wages of $379,000 were paid in cash. 27.Paid electric bill, 915. Instructions 1. A. A:Net income is calculated after analysing the revenue and expenses of the organisation. b. Start your trial now! %24, Carl Warren, James M. Reeve, Jonathan Duchac. Using the following, A:Impact on Equity - 15,000 Borrowed $100,000 by issuing a note payable. d. Purchased office supplies on account, $1,250. 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). Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Do you need an answer to a question different from the above? i. Amount of total expenses recorded in the ledger. (Continued) Required: 1. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. g. Paid interest on the note payable, $500. f. The company purchased additional equipment for $6,000 cash. Required 1. Prepare T accounts, using the account titles in (1). 4. Ming Chen began a professional practice on June 1 and plans to prepare a. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 25,000 Apr. (Optional) Prepare a statement of cash flows for July. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. To ensure my potential must visit my profile to check my ratings and uploaded samples. a. 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. 61. 24 Advanced practice nurse professional development plan, Mcgraw hill practice operations module 1 answers, 1.1 10 practice written assignment spanish 1 semester 2, Pre lab assignment 1 osmosis and tonicity practice problems, 1.1 10 practice complete your assignment english 12 sem 1, Safe practices for motor vehicle operations ansi asse z15 1, Kelly pitney began her consulting business kelly consulting on april 1 2016, Exercise and osteoporosis journal article, Critiquing floral arrangements crossword answers, Which of the following best describes ethics, Communicating in groups applications and skills 10th edition, Secure software development concepts support protecting applications, Cradle of filth your mother should ve swallowed shirt, The economy in the 1980s worksheet answers, Sharper image ultimate fat freezer reviews, Centripetal force and uniform circular motion lab report, What are the 6 stages of the family life cycle, The danger of a single story ted talk summary, Marshall rosenberg book nonviolent communication, Desert states employers & ufcw pension plan, Strengths and weaknesses of ethical egoism, Updater process ended with error 255 moto g4 plus, Section 6.4 traits genes and alleles section quiz answers. 1,500 July 21. Post your journal entries to T-accounts, Add additional T-accounts when needed. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Bill Hudson, Capital; Bill Hudson, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Analyze each transaction, Journalize as appropriate. 8,000 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Hi, Hope you are doing well. Ming Chen began a professional practice on June 1 and plans - BRAINLY 8.Paid for a newspaper advertisement, 200. 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. Explanations may be omitted. 4. 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. Prepare T accounts, using the account titles in (1). Required: Hill Transactions completed during the month follow. Prepare an income statement, a retained earnings statement, and a balance sheet. 1. Bal. 1002. h. Received and paid the bill for utilities, 340, Ck. 3. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. a. It is the first step of recording transactions of a company. 75,000 I am open-minded, easy to adapt, compatible with my friends, and willing to help others. 1006. Expenses 27. 10. h. Purchased land as a future building site, paying cash of $120,000. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Print Instrustions Prepare a balance sheet as of July 31, 20Y5. 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. A. ces Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 61,000 During June, Ming Chen (the owner) completed these transactions. a. %24 Extend the balances to the appropriate balance columns after each transaction is posted. During the month, Jones, A:T accounts: Prepare a post-closing trial balance. 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. b. During June, Ming Chen (the owner) completed these transactions. (g) Paid wages to part-time employee, 500. 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. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 10,000 If the two totals are not equal, check the addition and subtraction. 11. c. Received cash from fees earned. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Enter the following transactions on Page 2 of the two-column journal: 16. operations,, A:Journal entry means the entry in prime book with chronological order. Instructions 1. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 31. July 21. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. minus sign.) Ming Chen began a professional practice on June 1 and plansget 1 Enter the impact of each transaction on individual items of the accounting equation. Introduce yourself. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 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. Bal. 30. Equipment b. $30000. g. Paid interest on the note payable, $500. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. i. Ming Chen began a professional practice on June 1 and plans to prepare Paid miscellaneous expenses, 1,000. 25.000 9. 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. 4. Accounts 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. 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. 2.Received 1,000 cash from customers on account. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. %24 25.000 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 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. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 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. 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. f. The company purchased additional equipment for $6,000 cash. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Instructions 1. Paid utilities expense, 4,500. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. No. During the month, she completed the following transactions connected with her professional practice: a. a. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental $4 Paid dividends, 10,500. 0. 2.1.4P, Your question is solved by a Subject Matter Expert. Thank you for the question, As per the honor code, we are allowed to answer three, Q:Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. The company paid $1,500 cash for rent of office space for the month. Each drugstore is operated by a general manager and a controller. 3. h. Purchased land as a future building site, paying cash of $120,000. Dividends 225. Paid cash for a newspaper advertisement. %24 Connie Young, an architect, opened an office on October 1, 2019. Paid for a newspaper advertisement, 200. Im very much interested to write for attendance systems. Paid wages of 1,200 to receptionist and part-time assistant. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 7,500 She helped me in last minute in a very reasonable price. No. The company paid $1,500 cash for rent of office space for the month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:Hi student 4. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 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. 2. f. Paid office salaries, $6,500. She, A:As you have posted multiple questions, the solution to the first question is being provided. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 28.Paid wages of 1,200 to receptionist and part-time assistant. h. Borrowed $100,000 by issuing a note payable. 4. + 61,000 D. An office worker was hired. 7,500 %3D Paid dividends, $3,000. 29.Paid miscellaneous expenses, 540. Withdrew cash for personal use, 2,000. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. A loan of $400,000 is taken out which requires an annual interest 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. b. 8,000 f. The company purchased additional equipment for $6,000 cash. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. The company paid $10,000 cash to settle the liability created in transaction c. No. Bal. Prepare an unadjusted trial balance as of August 31, 2016. 31. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. During June, Ming Chen (the owner) completed these transactions: a. 2. 8.000 A:Requirement 1: Indicate the effect of the given transactions. During June, Ming Chen (the owner) completed these transactions: a. Create the following table similar to the one in Exhibit 1.9. Is this a direct or an indirect cost? No. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. A:a)Indicate the effect of the given transactions. Paid the office rent for the current month, 650, Ck. 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: points 1. Prepare and post the closing entries. Since there are multiple subparts, we will answer only first three subparts. Find answers to questions asked by students like you. Assets First week only $4.99! b. During June, Ming Chen (the owner) completed these transactions. 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. (b) Paid office rent, 500. J. 10,000 The following account balances are available: Required: 1. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Paid telephone bill for May, 260. i. During the first month of operations of his, A:Solution: Purchased supplies on account, 850. 31. Ken Jones, an architect, opened an office on April 1, 2016. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. Assets 31. %24 %24 Paid 5,000 on note payable. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 1003. i. + Ming Chen began a professional practice on June $1$ and plan | Quizlet 30.Served as a disc jockey for a charity ball for 1,500. 1 of 1 Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. 2020 - 2024 www.quesba.com | All rights reserved. 58,500 Received cash for job completed, 11,500. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. 5. References Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. View this solution and millions of others when you join today! Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 0. the. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. b. 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. M Question 8 - Chapter 1 Exercises Connect The following information is provided for the first month of operations for Legal Services Inc.: A.
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