c. Received cash from fees earned. 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. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. (Do not insert the account numbers in the journal at this time.) %3D 1002. h. Received and paid the bill for utilities, 340, Ck. a. Prepare T accounts, using the account titles in (1). The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. The following transactions occurred during January of the current year. 10,000 i. Hire Professional Writer And Get A+ Grades In Your Homework. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Paid cash for miscellaneous expenses, 375. j. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Kimberly Manis, an architect, opened an office on January 1, 2016. 1. She helped me in last minute in a very reasonable price. No. Paid for a newspaper advertisement, 200. b. Check my e. Is it a budgeted or an actual cost in your report? Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. During June, Equipment 10,000 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. Dividends in the amount of $1,500 were distributed. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 0. 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. During June, Ming Chen (the owner) completed these transactions: a. Help During June, Ming Chen (the owner) completed these transactions. Problem1-63B Income Statement, Retained Earnings Statement. Prepare a post-closing trial balance. Use the ending balances in the T-accounts to prepare a trial balance. 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. The company paid $1,500 cash for rent of office space for the month. Is this a direct or an indirect cost? 2. a. The entire assets of an organization are equal to the sum of its liabilities, Q:Kristin Holden started her own consulting business in July, 20--. Paid cash to creditors on account, 4,500. j. A:Requirement 1: Indicate the effect of the given transactions. 61,000 July 21. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Owner invested Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. a. Accounts containing only a single entry do not need a balance. The following, A:Unadjusted Trial Balance - Apr. 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. 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). PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e Prepare the necessary journal entries to record these transactions. During June, Ming Chen (the owner) completed these transactions. 1,500 ezto.mheducation.com 1004. j. 503. h. Sold catering services on account, 4,307. i. 4. 58,500 Prepare a single-step income statement. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Equity 7. 8.000 4. 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. 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. %24 2,500 Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Print 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. Served as a disc jockey for a charity ball for 1,500. c. Both credit card and debit card transaction fees are limited by law. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Journal Entries - Journal Entries are the recording of transactions of the organization. Instructions 1. Instuction Prepare an income staement and statement of stockholders equity for July. 25,000 Amount of total expenses recorded in the ledger. 10,000 13. a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Payable Greco resort opened for business on june 1. 23.Served as disc jockey for a party for 2,500. 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. March transactions are as follows : Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. b. d. Purchased office supplies on account, $1,250. . Opened a business bank account with a deposit of 50,000 from personal funds. 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Hal Smith opened Smith's repairs on 01.03. Record the closing entries on Page 8 of the journal. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. Gervais deposited 25,000 in a bank account in the name of the business. 2. 3. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 0. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. 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. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. 10.000 Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Purchased supplies on account, 735. During June, Ming Chen (the owner) completed these transactions. 7.500 10 000 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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. The business was started by selling $100,000 worth of common stock. No. (1,500) + If there is. Paid electricity bill for May, 810. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. (h) Received cash for services rendered, 800. Received 3,000 for serving as a disc jockey for a party. 15,000 A balance sheet LIABILITY d. The company completed work for a client and immediately collected the $2,500 cash earned. He completed the following transactions during June: a. During the month, Jones, A:T accounts: February 20, 2023. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 2. d. Paid rent on office and equipnwnt for the month, $5,000. d. Paid rent on office and equipnwnt for the month, $5,000. 31. Accounts b. During the month, Knaus. J. M Question 8 - Chapter 1 Exercises Connect 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. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. (Do not insert the account numbers in the journal at this time.) Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. 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. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. What will be the value of interest payment at the end of fourth year in real dollars? Instructions 1. Received cash from clients on account, 2,450. 3. Each drugstore is operated by a general manager and a controller. A. 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. Only debit card transaction fees. Assets the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:The following transactions were carried out during the month of May by M.SAJJAD 75,000 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Introduce your . Instructions 1. Simple Accounting equation is. g. Paid interest on the note payable, $500. In this activity, you will be creating. 75,000 Paid dividends, $3,000. Chapter 1 Exercises i 30. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Since there are multiple subparts, we will answer only first three subparts. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. (Note: Ignore the date because these events are aggregations of individual events.) 2. f. The company purchased additional equipment for $6,000 cash. No. b. 9. b. 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. Paid an attorney 900 for reviewing the July 3 contract with KXMD. Determine the net income for March. During the month, Lexi completed the following transactions related to the business: Nov. 1. 15. 3. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. View this solution and millions of others when you join today! 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. (a) Invested cash in the business, 510,000. During May, Kelly Consulting entered into the following transactions: May 3. c. Amount of net income for August. Q:Ken Jones, an architect, opened an office on April 1, 2019. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 1. 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: 30. During June, Ming Chen (the owner) completed these transactions. Paid wages of employees, 6,800. b. f. The company purchased additional equipment for $6,000 cash. 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. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. (g) Paid wages to part-time employee, 500. (e) Paid phone bill, 65. 25.000 c. Received cash from fees earned. 0.33 Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. The company pald $2,100 cash for rent of office space for . Greetings! Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. a. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Amount of total expenses recorded in the ledger. Stock Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). g. Paid interest on the note payable, $500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. +. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Q:Connie Young, an architect, opened an office on October 1, 2019. No principal payments are made, only interest is paid. I can help you with creating a presentation of one slide for The Word of William Hunter. 10,000 Paid truck expenses, 435, Ck. Analyze each transaction, Journalize as appropriate. operations,, A:Journal entry means the entry in prime book with chronological order. %3D 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:a. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. 5. 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. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Received cash for job completed, 11,500. Ming Chen (the owner) completed these transactions. 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 . Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:Net income is calculated after analysing the revenue and expenses of the organisation. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. h. Purchased land as a future building site, paying cash of $120,000. g. Paid interest on the note payable, $500. 29. Determine the increase or decrease in owners equity for January. 1,500 Ken Jones, an architect, opened an office on April 1, 2016. the. on the Business environment in China. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. Start your trial now! 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: 8.Paid for a newspaper advertisement, 200. Paid on account to the City Crier, 455, Ck. The prepaid rent at the beginning of the year was used in 2019. 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. 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). Paid dividends, $3,000. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. First week only $4.99! 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? . Owner invested $60,000 cash in the company along with equipment. %3D Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. A:Revenue means the income earned during a given period. Withdrew cash for personal use, 2,500. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. 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). Write Balance in the Item column and place a check mark () in the Posting Reference column. The following, A:Unadjusted Trial Balance - Classify each transaction as an operating, an investing, or a financing activity. (Enter decreases to account balances with a 2023 White PaPer. Hill 14.Paid wages of 1,200 to receptionist and part-time assistant. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 1000. c. Bought office supplies for cash, 375, Ck. Hi, Hope you are doing well. Prepare T accounts, using the account titles in (1). Paid miscellaneous expenses, 540. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The company paid $1,000 cash in dividends to the owner (sole shareholder). 3. (c) Purchased office equipment. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. 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: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. 4. Opened a business bank account with a deposit of 30,000 from personal funds. b. Required: Required Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 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. 10,000 The following account balances are available: Required: 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid 620 to Upload Music for use of its current music demos in making various music sets. i. 3. Determine the net income or net loss for April. 58,500 c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. b. 2. Bal. Advertising expense of $26,000 was incurred and paid. Q:1. 5.Purchased office equipment on account from Office Mart, 7,500. I have all relevant skills and expertise related to your project. 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. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Received 2,000 for serving as a disc jockey for a wedding reception. 4. . Mulberry purchased computer paper for $13,000 cash in late December. Enter the impact of each transaction on individual items of the accounting equation. Post the journal to a ledger of four-column accounts. 0. 25,000 Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Recorded services provided on account for the remainder of May, 2,650. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Interest of $5,000 was paid on the long-term loan. I am a Ph.D. writer with more than 9 years of working experience in Writing. ASSETS Ethics and budgetary slack:
e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. The following transactions, A:Note: During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions.a. College Accounting (Book Only): A Career Approach. Paid cash for a newspaper advertisement. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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.
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