Brooke completed the following transactions during the month of August: a. Required: First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. April. b. Payable Determine the net income or net loss for October. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 0. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Purchased office equipment on account from Office Mart, 7,500. Paid the office rent for the current month, 650, Ck. 10.000  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Since there are multiple subparts, we will answer only first three subparts. Post the journal to a ledger of four-column accounts. b. Extend the balances to the appropriate balance columns after each transaction is posted. Kimberly Manis, an architect, opened an office on January 1, 2016. Movies are expensive to produce and market. 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. Problem1-63B Income Statement, Retained Earnings Statement. Introduce yourself. 3. Solved Exercise 1-13 Identifying effects of transactions - Chegg 10,000 61,000 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. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. No.  d. Does the activity add value to Latchey’s provision of insurance services? 29. Apr. Paid dividends, $3,000. Insurance expired during May is 275. b. 3.Paid 250 to creditors on account. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ken Jones, an architect, opened an office on April 1, 2016. h. Borrowed $100,000 by issuing a note payable. No. Analyze each transaction, Journalize as appropriate. The company paid $1,500 cash for rent of office space for the month. 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. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. (Continued) Required: 1. It is the first step of recording transactions of a company. During June, Ming Chen (the owner) completed these transactions. (b) Paid office rent, 500. a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. g. Paid interest on the note payable, $500. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Received 500, with the remainder due on August 9, 2019. No. Hal Smith opened Smith's Repairs on March 1 of the current year. 1003. i. Prepare an unadjusted trial balance as of August 31, 2016. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental During June, Ming Chen (the owner) completed these transactions.a. 58,500 S NO 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. A loan of $400,000 is taken out which requires an annual interest 1,500 Received 750, with the remainder due August 4, 2019.  c. Is it a variable or a fixed cost? The company pald $2,100 cash for rent of office space for . e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Withdrew cash for personal use, 3,900. + No principal payments are made, only interest is paid. Paid on account to the City Crier, 455, Ck. 225. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Purchased supplies for cash, 1,750. 11. 8,000 In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. She helped me in last minute in a very reasonable price. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. minus sign.) Stock 30. 2.Received 1,000 cash from customers on account. 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. 2023 Instructions 1. 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. 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? $30000. 60,000 Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 1. A:Hi student 61. Determine account balances of the T accounts. 75,000 d. Paid rent on office and equipnwnt for the month, $5,000. 8.000 If the two totals are not equal, check the addition and subtraction. 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). During June, Ming Chen (the owner) completed these transactions. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. +. i. d. Paid rent on office and equipnwnt for the month, $5,000. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. A. Ken Jones, an architect, opened an office on April 1, 2019. 14.Paid wages of 1,200 to receptionist and part-time assistant. During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen began a professional practice on June $1$ and plan | Quizlet No. Connie Young, an architect, opened an office on October 1, 2019. [Solved] Ming Chen began a professional practice o | SolutionInn We will pay the $110 in thirty days. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Mulberry purchased computer paper for $13,000 cash in late December. Instructions 1. Bal. Paid truck expenses, 435, Ck. 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. Expenses (Do not insert the account numbers in the journal at this time.) 2. 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. 4. 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. Thanks :--). Chapter 1 Exercises i Equity I have all relevant skills and expertise related to your project. ASSETS He. A:The financial statements of the business include the income statement and balance sheet of the firm. (e) Paid phone bill, 65. Assets 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. + 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. Journal entry is used to the record the business transactions of an enterprises. b. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. d. The company completed work for a client and immediately collected the $2,500 cash earned. 12. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. a. Accounts b. 0.33 Bal. 1. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 4. h. Borrowed $100,000 by issuing a note payable. d. The, A:An accounting equation refers to a mathematical representation of the transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. In this activity, you will be creating. 17. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). (Income Summary is account 34 in the chart of accounts.) You can message me to discuss the details. $ Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. 2. a. Accounts 58,500 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. d. 25.000 c. Amount of net income for August. the. 4. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Owner invested $60,000 cash in the company along with equipment. 1,500 Please resubmit the question, Q:Beverly Crusher is a licensed CPA. i. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Which of the following is true?  a. 4. 1,500 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 2,500 (Optional) Prepare a statement of cash flows for July. Determine the net income for June. 2.1.4P, Your question is solved by a Subject Matter Expert. Ethics and budgetary slack: Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. II a. 15. 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. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. g. Paid interest on the note payable, $500. College Accounting (Book Only): A Career Approach. Start your trial now! Instructions 1. 25.000 Paid wages of employees, 6,800. Determine the account balances, after all posting is complete. 1,500 For each account in the post-closing trial balance, enter the balance 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. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). The worker will be paid $275 per week. The following account balances are available: Required: 1. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? 2. Paid part-time receptionist for two weeks salary, 750. 00. During June, Ming Chen (the owner) completed these transactions. First let me introduce myself, my name is XX, 23 years old, and David is my English name. During June, Ming Chen (the owner) completed these transactions. 5. Bal. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Purchased supplies on account, 735. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. h. The following, A:Unadjusted Trial Balance - 28. 1. 27. Advertising expense of $26,000 was incurred and paid. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Im very much interested to write for attendance systems. Save & Exit Each drugstore is operated by a general manager and a controller. Record the transactions and the balance after each transaction. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 7.500 The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. h. Purchased land as a future building site, paying cash of $120,000. b. (Record as Miscellaneous Expense.) 27.Paid electric bill, 915. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 21. 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. At the end of May, the following adjustment data were assembled. 8,000 Create the following table similar to the one in Exhibit 1.9. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. I am highly qualified expert, working from 2008-9 in this industry. 10,000 Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. A:Journal: 13. ezto.mheducation.com 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. 6. g. Paid interest on the note payable, $500. ces Q:Prepare the statement of retained earnings for the month of July 31. So lets make no longer delay & start chatting immediately. Prepare and post the closing entries. If an entry is not required for any of these transactions, state this and explain why. 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. Accounts containing only a single entry do not need a balance. 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. 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 0. Record the following transactions on Page 6 of the journal: 20. Using the following, A:Impact on Equity - (i) Paid electricity bill, 85. Paid rent for July, 1,750. the firm are, A:Income statement 5. 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. 3. %24 a. Wallace deposited 24,000 in a bank account in the name of the business. During June, Ming Chen (the owner) completed these transactions. 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: Print stock. 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. 61,000 Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. 6. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Received invoice for blueprint service, due in May, 2,500. k. Recorded fees earned on plans delivered, payment to be received in May, 15,650. l. Paid salary of assistant, 2,800. m. Paid cash for miscellaneous expenses, 200. n. Paid 300 on note payable. Paid cash to creditors on account, 3,000. j. 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. Ming Chen (the owner) completed these transactions. 25. Paid dividends, 2,500. d. The company completed work for a client and immediately collected the $2,500 cash earned. a. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- Hello. 15,000 Required 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. 13. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. If the two totals are not equal, check the addition and subtraction. 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 August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. 10,000 c. Received cash from fees earned. 1006. Required Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Q:1. Only credit card transaction fees are limited by law. 1PA, 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. 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. g. The company paid an assistant $3,000 cash as wages for the month. Dividends Equity Prepare a post-closing trial balance. Required 1. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. Next Determine the net income for March. Determine the amount of Joel Palks capital as of July 1 of the current year. and company a firm. Equipment Journal Entries - Journal Entries are the recording of transactions of the organization. During the month, she completed the following transactions connected with her professional practice: a. b. Find answers to questions asked by students like you. d. Paid rent on office and equipment for the month, $5,000. The customer will pay at a later date. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 8.000 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. During the month, Knaus. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. g. Paid interest on the note payable, $500. b. 0. J. Required 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. a. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Paid annual premiums on property and casualty insurance, 2,400. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Paid miscellaneous expenses, 1,000. Purchased office equipment on account, 15,000. 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. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Amount of total revenue recorded in the ledger. Ask a new question. 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. Record the transactions and the balance after each transaction. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. c. Received cash from fees earned. 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 account balances of the T accounts. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Help Paid gas, oil, and repairs on automobile for April, 550. Paid rent for July, 1,750. 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: Received 3,000 for serving as a disc jockey for a party. Amount of total revenue recorded in the ledger. c. Received cash from fees earned. First week only $4.99! 3. The transactions of e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Paid electricity bill for May, 810. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. operations,, A:Journal entry means the entry in prime book with chronological order. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. The following, A:Unadjusted Trial Balance - Paid 620 to Upload Music for use of its current music demos in making various music sets. Ming Chen began a professional practice on June $1$ and plan | Quizlet 18. 2. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 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 Establish a ledger for the accounts listed above and enter the beginning balances. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. (1,500) + Answered: Ming Chen began a professional practice | bartleby Withdrew cash for personal use, 7,500. There is no prepaid rent or rent payable at year-end. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. The following transactions occurred during January of the current year. I. 4. 5. What if the client hasn't prepared them in advance? . 2,500 Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. a. f. The company purchased additional equipment for $6,000 cash. Graw Paid for a newspaper advertisement, 200. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Required: (Do not insert the account numbers in the journal at this time.) b. 2023. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Analyze and use these data to complete parts (5) and (6). 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. Home., A:Since you have asked multiple questions under a single question. O OO O h. Purchased land as a future building site, paying cash of $120,000. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. During June, Ming Chen (the owner) completed these transactions. 2,500 Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. A:a)Indicate the effect of the given transactions. 3. A:a)Indicate the effect of the given transactions. Withdrew cash for personal use, 2,000. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Explanations may be omitted. Saved Issued common stock to Marjorie Knaus in, A:Step 1 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
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