There is no prepaid rent or rent payable at year-end. The following, A:Unadjusted Trial Balance - (Record as Miscellaneous Expense.) Issued common stock to Marjorie Knaus in, A:Step 1 Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Paid 620 to Upload Music for use of its current music demos in making various music sets. 1,500 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. Bal. %24 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 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. Ming Chen began a professional practice on June 1 and plans to prepare 8.000 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). g. Paid interest on the note payable, $500. The following transactions were completed during July, the second month of the business's operations: July 1. Accounts containing only a single entry do not need a balance. Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. How much did Marchs transactions increase or decrease Amy Austins capital? 1,500 Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. (83) %D Hal Smith opened Smith's Repairs on March 1 of the current year. A Wages of $379,000 were paid in cash. 3. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Interest of $5,000 was paid on the long-term loan. g. Paid interest on the note payable, $500. $30000. During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? a. No. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 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. 27.Paid electric bill, 915. g. Paid interest on the note payable, $500. c. Is it a variable or a fixed cost? $15,000 f. Paid office salaries, $6,500. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. I am highly qualified expert, working from 2008-9 in this industry. b. 8,000 Instructions 1. 25.000 Opened a business bank account with a deposit of 50,000 from personal funds. 15. 2. Only debit card transaction fees. b. The worker will be paid $275 per week. Advertising expense of $26,000 was incurred and paid. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. b. a. b. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Paid wages of 1,200 to receptionist and part-time assistant. 1004. j. A:a)Indicate the effect of the given transactions. In July of this year, M. Wallace established a business called Wallace Realty. The company paid $1,500 cash for rent of office space for the month. 7.500 What if the client hasn't prepared them in advance? Write Balance in the Item column and place a check mark () in the Posting Reference column. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Repairs and maintenance of $9,000 were incurred and paid. A:Revenue means the income earned during a given period. 0. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Receivable 15,000 Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 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. h. Purchased land as a future building site, paying cash of $120,000. Enter the impact of each transaction on individual items of the accounting equation. 2. CASH 1.500 During June, Ming Chen (the owner) completed these transactions: a. 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. %3D Purchased office equipment on account, 15,000. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Only credit card transaction fees are limited by law. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Received 750, with the remainder due August 4, 2019. The account headings are presented below. b. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. 2. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. No. 10,000 3. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. 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. Stock July 21. %24 b. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 8.Paid for a newspaper advertisement, 200. The company paid $1,500 cash for rent of office space for the month. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. During June, Ming Chen (the owner) completed these transactions. The, A:An accounting equation refers to a mathematical representation of the transactions. 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. g. The company paid an assistant $3,000 cash as wages for the month. Start your trial now! She helped me in last minute in a very reasonable price. Only debit card transaction fees are limited by law. 22. 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. *Response times may vary by subject and question complexity. Payable 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 10. 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. 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. 10,000 0. and company a firm. (k) Paid wages to part-time employee, 500. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 1,500 Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Amount of total expenses recorded in the ledger. 27. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The prepaid rent at the beginning of the year was used in 2019. 30. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 3. A. No. 28.Paid wages of 1,200 to receptionist and part-time assistant. 0. 16. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 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. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. 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 Check my I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. The account headings are presented below. 1 of 1 No. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. On June 1 of the current year, Chad Wilson established a business to manage rental property. a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. Prepare an unadjusted trial balance. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 31. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Prepare the necessary journal entries to record these transactions. $ 15,000 During the month, she completed the following transactions connected with her professional practice: a. 000 Introduce yourself. 25.000 3. I am a Ph.D. writer with more than 9 years of working experience in Writing. Determine the net income or net loss for April. Accounts It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Paid miscellaneous expenses, 1,000. 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. Hire Professional Writer And Get A+ Grades In Your Homework. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Received cash from customers on account, 88,000. k. Determined that the cost of supplies on hand was 5,900; therefore, the cost of supplies used during the month was 3,600. l. Withdrew 12,000 cash for personal use. i. The company paid $1,500 cash for rent of office space for . No. a. No. a. Gervais deposited 25,000 in a bank account in the name of the business. ACCOUNTS RECEIVABLE 58,500 8. 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. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. (f) Made payment on loan in transaction (c), 500. Owner invested $60,000 cash in the company along with equipment. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Thanks :--). Solved Ming Chen began a professional practice on June 1 and | Chegg.com (Income Summary is account 34 in the chart of accounts.) i. b. 4. S NO A. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Determine the increase or decrease in owners equity for January. 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. Accounts On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Introduction: the. Q:Duerr Engineering completed the following transactions in the month of June. 10,000 + b. d. 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. d. Does the activity add value to Latchey’s provision of insurance services? 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: 2. Paid an attorney 900 for reviewing the July 3 contract with KXMD. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. Required 1. Required Determine account balances of the T accounts. Explanations may be omitted. 23.Served as disc jockey for a party for 2,500. Ming Chen began a professional practice on June 1 and plans 1,500 State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. During June, Ming Chen (the owner) completed these transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 4. During June, Ming Chen (the owner) completed these transactions. Instructions 1. 4. 23. 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). Ming Chen began a professional practice on June $1$ and plan | Quizlet h. Borrowed $100,000 by issuing a note payable. Paid wages of employees, 6,800. Bal. 2. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. b. 31. (Note: Ignore the date because these events are aggregations of individual events.) Bal. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. g. The company paid an assistant $3,000 cash as wages for the month. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. 225. Analyze each transaction, Journalize as appropriate. A:The financial statements of the business include the income statement and balance sheet of the firm. 4. 10,000 Is it a product or a period cost? 1006. Purchased supplies on account, 735. Instructions 1. 11. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Determine the net income or net loss for October. $30000. h. Borrowed $100,000 by issuing a note payable. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed d. The company completed work for a client and immediately collected the $2,500 cash earned. 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. b. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. the firm are, A:Income statement (Optional) Prepare a statement of cash flows for July.
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