He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 3. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Recorded services provided on account for the period May 1-15; 9,180. No. The following information is provided for the first month of operations for Legal Services Inc.: A. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. The company paid $10,000 cash to settle the liability created in transaction c. 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). A:Requirement 1: Indicate the effect of the given transactions. 30. Assets Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. I am a Ph.D. writer with more than 9 years of working experience in Writing. O OO O I am highly qualified expert, working from 2008-9 in this industry. During June, Ming Chen (the owner) completed these transactions. Start your trial now! Ken Jones, an architect, opened an office on April 1, 2016. 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. a. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. (i) Paid electricity bill, 85. C. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. b. 30. i. She helped me in last minute in a very reasonable price. 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: Q:Connie Young, an architect, opened an office on October 1, 2019. Revenue + b. 2,500 60,000 Determine the following: a. Recorded services provided on account for the remainder of May, 2,650. If you want the answer, Q:Architects completed the following transactions: (Enter decreases to account balances with a a. 4. (c) Purchased office equipment. g. Paid interest on the note payable, $500. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Determine the increase or decrease in owners equity for August. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Instructions 1. 8,000 Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. 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. _Accounting 1 Assignment Part 1 - Ming Chen began a professional After, A:Net income: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. The, A:An accounting equation refers to a mathematical representation of the transactions. During the first month of operations of his, A:Solution: Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 0. 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. 2. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. ok ht inces a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Ming Chen began a professional practice on June 1 and plans to prepare 1. We will pay the $110 in thirty days. Prepare an adjusted trial balance. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Any additional hours beyond SO will be billed to KXMD at 40 per hour. Instructions 1. Determine the following: a. Journals: d. The company completed work for a client and immediately collected the $2,500 cash earned. e. +. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. July 21. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? He completed the following transactions during June: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Owner invested $60,000 cash in the company along with equipment. Expenses 27.Paid electric bill, 915. Received cash from clients on account, 9,520. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 12. Do you need an answer to a question different from the above? on the Business environment in China. (Note: Ignore the date because these events are aggregations of individual events.) 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 Solved Ming Chen began a professional practice on June 1 and | Chegg.com Opened a business bank account with a deposit of 30,000 from personal funds. A:Introduction: The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. The company paid $1,000 cash in dividends to the owner (sole shareholder). %3D Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Q:Prepare the statement of retained earnings for the month of July 31. 3. $30000. j. 7. Received 750, with the remainder due August 4, 2019. b. Determine account balances of the T accounts. 2,500 Ming Chen began a professional practice on June 1 and plans - BRAINLY Hal Smith opened Smith's repairs on 01.03. Ask a new question. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common b. Paid miscellaneous expenses, 1,000. Enter the following transactions on Page 2 of the two-column journal: 16. Explanations may be omitted. 3.Paid 250 to creditors on account. Withdrew l,250 cash from PS Music for personal use. No. 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. 2. 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. During June, Ming Chen (the owner) completed these transactions. Paid utilities expense, 4,500. (a) Invested cash in the business, 510,000. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) No. Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, 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. *Response times may vary by subject and question complexity. Good morning, teachers, I am honored to be informed to have this interview. c. Amount of net income for January. Payable b. 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. Determine the amount of Joel Palks capital as of July 1 of the current year. Received 500, with the remainder due on August 9, 2019. d. The company completed work for a client and immediately collected the $2,500 cash earned. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Paid part-time receptionist for two weeks salary, 750. CASH %24 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. None of the paper was used by year-end. Received cash from customers on account, 9,000. Mulberry paid the interest payable of $8,000. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Is this a direct or an indirect cost? f. Paid office salaries, $6,500. During June, Ming Chen (the owner) completed these transactions: a. Transactions completed during the month follow. a. 3. h. Borrowed $100,000 by issuing a note payable. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. *Response times may vary by subject and question complexity. 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. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 1,500 4. I have all relevant skills and expertise related to your project. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. $30000. Determine account balances of the T accounts. Withdrew cash for personal use, 7,500. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Repairs and maintenance of $9,000 were incurred and paid. The company paid $1,500 cash for rent of office space for . a. 9. How much did Junes transactions increase or decrease Chad Wilsons capital? Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Dividends in the amount of $1,500 were distributed. Answered: Ming Chen began a professional practice | bartleby Paid the office rent for the current month, 650, Ck. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 61,000 0. 31. During June, Ming Chen (the owner) completed these transactions: a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Withdrew cash for personal use, 2,000. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. $30000. 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. 7,500 24. Amount of total revenue recorded in the ledger. 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). The actual work of dry cleaning is done by another company for a fee. 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. As, Q:Leora Diamond began a professional practice on June 1 and plans to prepare financial statements at, A:Accounting Equation is foundation of Double entry Accounting System . 000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Amount of total revenue recorded in the ledger. Apr. Stock 1.500 1003. i. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. b. Common 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. 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: 3. a. Wallace deposited 24,000 in a bank account in the name of the business. 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. Income tax of $10,300 was incurred and paid in 2019. h. Purchased land as a future building site, paying cash of $120,000. 10,000 25.000 2. 506. 504. j. April. During June, Ming Chen (the owner) completed these transactions. b. Purchased supplies for cash, 1,750. 1002. h. Received and paid the bill for utilities, 340, Ck. a. Amount of total expenses recorded in the ledger. Mulberry purchased computer paper for $13,000 cash in late December. The transactions of References Issued common stock to Marjorie Knaus in, A:Step 1 Ming Chen began a professional practice on June $1$ and plan | Quizlet Advertising expense of $26,000 was incurred and paid. Hill In July of this year, M. Wallace established a business called Wallace Realty. 2.1.4P, Your question is solved by a Subject Matter Expert. A:a)Indicate the effect of the given transactions. Paid rent for July, 1,750. a. Instructions 1. stock. Paid on account to the City Crier, 455, Ck. (g) Paid wages to part-time employee, 500. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. During June, Ming Chen (the owner) completed these transactions: a. 31. e. Is it a budgeted or an actual cost in your report? Paid electricity bill for May, 810. 225. The company paid $10,000 cash to settle the liability created in transaction c. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. On March 1 of this year, B. Gervais established Gervais Catering Service. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. b. A. %24 A:The financial statements of the business include the income statement and balance sheet of the firm. Ethics and budgetary slack: (Enter decreases to account balances with a View this solution and millions of others when you join today! Paid gas, oil, and repairs on automobile for April, 550. 27. The following transactions, A:Note: During the first month of operations of his, A:Solution: (Optional) Prepare a statement of cash flows for July. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Ask your question! 0. Prepare an unadjusted trial balance as of August 31, 2016. Paid an attorney 900 for reviewing the July 3 contract with KXMD. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. 8.000 Bal. Paid 5,000 on note payable. Problem1-63B Income Statement, Retained Earnings Statement. Hire Professional Writer And Get A+ Grades In Your Homework. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. f. The company purchased additional equipment for $6,000 cash. Instrustions Prepare a balance sheet as of July 31, 20Y5. 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. Purchased supplies on account, 735. h. Purchased land as a future building site, paying cash of $120,000. a. The company paid $1,500 cash for rent of office space for the month. Paid rent for period of November 1 to end of month, 4,000. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. ol + 10.000 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e H. Paid the worker hired in D for one weeks work. Paid 700 to a local audio electronics store for rental of digital recording equipment. Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: Im very much interested to write for attendance systems. (Solved) - Ming Chen began a professional practice on June 1 and plans Received invoice for blueprint service, due in May, 2,500. k. Recorded fees earned on plans delivered, payment to be received in May, 15,650. l. Paid salary of assistant, 2,800. m. Paid cash for miscellaneous expenses, 200. n. Paid installment due on note payable, 300. o. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. 505. m. Paid the salary of the assistant, 1,150, Ck. J. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Prepare an income statement, a retained earnings statement, and a balance sheet. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 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. 1,500 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. 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 f. The company purchased additional equipment for $6,000 cash. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? 25,000 Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. 61,000 25,000 2023 White PaPer. During June, 24 c. Received cash from fees earned. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? 3. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The transaction analysis is done with the help of the accounting equation. Next Dividends Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Served as a disc jockey for a charity ball for 1,500. 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: 15,000 2. Prepare T accounts, using the account titles in (1). 31. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. d. Paid rent on office and equipnwnt for the month, $5,000. Connie Young, an architect, opened an office on October 1, 2019. a. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 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. Accounting Equation - During June, Ming Chen (the owner) completed these transactions. 30. Liabilities 10,000 Paid truck expenses, 435, Ck. (Do not insert the account numbers in the journal at this time.) 4. The account headings are presented below. 75,000 11.Received 1,000 for serving as a disc jockey for a party. Record the following transactions on Page 6 of the journal: 20. A loan of $400,000 is taken out which requires an annual interest During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans to prepare %24, Carl Warren, James M. Reeve, Jonathan Duchac. The following transactions were completed during July, the second month of the business's operations: July 1. $30000. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. He. During June, Ming Chen (the owner) completed these transactions: a. Paid rent for July, 1,750. First week only $4.99! 1,500 The prepaid rent at the beginning of the year was used in 2019. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. ACCOUNTS RECEIVABLE Kimberly Manis, an architect, opened an office on January 1, 2016. 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