ming chen began a professional practice on june 1 ming chen began a professional practice on june 1

Apr. 58,500 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Recorded services provided on account for the remainder of May, 2,650. Received $100 from a customer for services we will provide next week. h. Purchased land as a future building site, paying cash of $120,000. I am highly qualified expert, working from 2008-9 in this industry. 9. 27. Income tax of $10,300 was incurred and paid in 2019. A statement of changes in Equity 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. b. c. Received cash from fees earned. 2020 - 2024 www.quesba.com | All rights reserved. Paid for a newspaper advertisement, 200. 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. Borrowed $100,000 by issuing a note payable. References Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 5. Hi! Enter the impact of each transaction on individual items of the accounting equation. During the first month of operations of his, A:Solution: 18. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. 8.000 Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 1PA, Your question is solved by a Subject Matter Expert. Received cash for job completed, 11,500. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. (Do not insert the account numbers in the journal at this time.) II Accounts Advertising expense of $26,000 was incurred and paid. The company paid $1,500 cash for rent of office space for . Ming Chen began a professional practice on June 1 and plansget 1 4. Thanks :--). 2. 3. g. The company paid an assistant $3,000 cash as wages for the month. Ming Chen began a professional practice on June 1 and plans to prepare Prepare an unadjusted trial balance as of January 31, 2019. CASH 25.000 4. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 7,500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. DLite Dry Cleaners is owned and operated by Joel Palk. 61,000 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. The prepaid rent at the beginning of the year was used in 2019. b. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 1,500 Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 23. g. The company paid an assistant $3,000 cash as wages for the 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. 4. Transactions completed during the month follow. 4.Prepare an unadjusted trial balance as of July 31, 2019. 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. Received cash from fees earned. How much did Junes transactions increase or decrease Chad Wilsons capital? Prepare and post the closing entries. 1. Instructions 1. What amount should Carter report as net cash from investing activities? Paid cash to creditors on account, 4,500. j. Recorded services provided on account for the period May 1-15; 9,180. 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. 1. 29. Determine the amount of Joel Palks capital as of July 1 of the current year. The American Chamber of Commerce in South China. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 61,000 8.000 (b) Paid office rent, 500. 30. 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. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 31. Mc. 10,000 The, A:An accounting equation refers to a mathematical representation of the transactions. 16. b. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Received an invoice for truck expenses, to be paid in November, 1,250. A. Record the adjusting entries on Page 7 of the journal. 1. Find answers to questions asked by students like you. Ethics and budgetary slack: Save & Exit Ken Jones, an architect, opened an office on April 1, 2019. The company paid $1,000 cash in dividends to the owner (sole shareholder). First week only $4.99! Each drugstore is operated by a general manager and a controller. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 25,000 Payable 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. Six months rent was paid in advance, $4,500. h. Purchased land as a future building site, paying cash of $120,000. 61,000 0. 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. 31. a. 0. The company paid $1,500 cash for rent of office space for the month. 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). 3. 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. 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. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 60,000 The company paid $1,500 cash for rent of office space for the month. Using the following, A:Impact on Equity - e. 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. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Instructions 1. 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. %24 Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Paid miscellaneous expenses, 540. Paid rent for July, 1,750. None of the paper was used by year-end. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. July 21. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. e.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. The company paid $1,500 cash for rent of office space for the month. g. Paid interest on the note payable, $500. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. a., A:1. Since there are multiple subparts, we will answer only first three subparts. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. 75,000 27.Paid electric bill, 915. 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. Use the ending balances in the T-accounts to prepare a trial balance. 7.500 %24 Common 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Bal. Determine the net income for June. 3. Basic Accounting Systems: Cash Basis. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Expenses b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. I can help you with creating a presentation of one slide for The Word of William Hunter. The following, A:Unadjusted Trial Balance - What will be the value of interest payment at the end of fourth year in real dollars? The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. I am a Ph.D. writer with more than 9 years of working experience in Writing. Journal Entries - Journal Entries are the recording of transactions of the organization. b. Connie Young, an architect, opened an office on October 1, 2019. Solved Exercise 1-13 Identifying effects of transactions - Chegg I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. 7.500 Paid dividends, $3,000. Budgeting issues at the movies: 75,000 5. Check my k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. S NO (Continued) Required: 1. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 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. 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. Paid electric bill, 915. Net income is the excess amount of revenue after deducting all the expenses of a, Q:On August 1, 2019, Rafael Masey established Planet Realty, which completed the following, A:Since we only answer up to 3 sub-parts, well answer the first 3. 1.500 1,500 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. and company a firm. 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. Mulberry purchased computer paper for $13,000 cash in late December. 61. 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 No. Equity During June, Ming Chen (the owner) completed these transactions. Equity Paid dividends, $3,000. A:The financial statements of the business include the income statement and balance sheet of the firm. Revenues Explanations may be omitted. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Interest of $5,000 was paid on the long-term loan. Hill 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. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 1002. h. Received and paid the bill for utilities, 340, Ck. b. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 30. Instructions 1. During June, Ming Chen (the owner) completed these transactions. 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. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 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. Paid wages of 1,200 to receptionist and part-time assistant. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Ming Chen began a professional practice on June 1 and plans - BRAINLY Determine account balances of the T accounts. 15. During the first month of operations of his, A:Solution: 0.33 2. Instructions 1. 5. 25,000 D. An office worker was hired. To ensure my potential must visit my profile to check my ratings and uploaded samples. Withdrew cash for personal use, 7,500. A:Introduction: It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 3. Next 505. m. Paid the salary of the assistant, 1,150, Ck. 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. Stock b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. 0. Hire Professional Writer And Get A+ Grades In Your Homework. Paid wages of employees, 6,800. Bal. Q:Comprehensive Problem Set f. Paid office salaries, $6,500. Graw operations,, A:Journal entry means the entry in prime book with chronological order. A:Net income is calculated after analysing the revenue and expenses of the organisation. Paid January rent for office and workroom, 1,950. c. Purchased used automobile for 28,500, paying 5,700 cash and giving a note payable for the remainder. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. What if the client hasn't prepared them in advance? and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. 24 To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 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. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Dividends 10 000 + Instructions 1. Prepare an unadjusted trial balance as of August 31, 2016. The company paid $1,500 cash for rent of office space for the month. f. Paid office salaries, $6,500. Solved Ming Chen began a professional practice on June 1 and | Chegg.com 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. Received 1,000 for serving as a disc jockey for a party. Instuction Prepare an income staement and statement of stockholders equity for July. Recording of a business transactions in a chronological order. College Accounting (Book Only): A Career Approach. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. On March 1 of this year, B. Gervais established Gervais Catering Service. The policy covers a one-year period. Determine the account balances after all posting is complete. Opened a business bank account with a deposit of 30,000 from personal funds. 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.