ming chen began a professional practice on june 1

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. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. a. 10,000 b. Extend the balances to the appropriate balance columns after each transaction is posted. Required: 3. 24 I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Determine the increase or decrease in owners equity for January. Paid rent for July, 1,750. I can help you with creating a presentation of one slide for The Word of William Hunter. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 31.Received 3,000 for serving as a disc jockey for a party. The following transactions, A:Note: Expenses 30. 7,500 %3D b. 4. i. Establish a ledger for the accounts listed above and enter the beginning balances. ACCOUNTS RECEIVABLE Apr. 31. 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. In addition, $28,000 of computer rental costs were incurred and paid. 10,000 Determine the excess of revenues over expenses for November. b. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. 31. 13. the. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Received 500, with the remainder due on August 9, 2019. The assets and liabilities of the business on July 1, 2019, are as follows: Cash, 45,000; Accounts Receivable, 93,000; Supplies, 7,000; Land, 75,000; Accounts Payable, 40,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in the business with a deposit of 35,000 in the business bank account. 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. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and Journals: Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. g. The company paid an assistant $3,000 cash as wages for the month. No. 8,000 During the month, Lexi completed the following transactions related to the business: Nov. 1. ol + Received cash from customers on account, 9,000. 25. You can message me to discuss the details. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. . a. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. During the month, he completed the following transactions connected with his professional practice: a. 75,000 Paid part-time receptionist for two weeks salary, 750. Accounts How much did Junes transactions increase or decrease Chad Wilsons capital? b. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. 61. Paid cash for miscellaneous expenses, 375. j. We will pay the $110 in thirty days. h. Borrowed $100,000 by issuing a note payable. $30000. 1, A:Salary is the expense of a business. If an entry is not required for any of these transactions, state this and explain why. Classify each transaction as an operating, an investing, or a financing activity. 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.  e. Is it a budgeted or an actual cost in your report? 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. $ 10,000 Purchased supplies for cash, 1,750. 8. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Next Introduce your . 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Recording of a business transactions in a chronological order. 2. 58,500 During June, Received 1,000 for serving as a disc jockey for a party. 1003. i. 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. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. %3D Since there are multiple subparts, we will answer only first three subparts. (Record as Miscellaneous Expense.) 3. I am highly qualified expert, working from 2008-9 in this industry. 1,500 It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ask a new question. Received cash from clients on account, 9,520. During June, Ming Chen (the owner) completed these transactions: a. 3. a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common b. 2.1.4P, Your question is solved by a Subject Matter Expert. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. b. 0. 75,000 College Accounting (Book Only): A Career Approach. 25,000 d. The company completed work for a client and immediately collected the $2,500 cash earned. 61,000 + Connie Young, an architect, opened an office on October 1, 2019. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. %3D Paid dividends, $3,000. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 5. Prepare the necessary journal entries to record these transactions. 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. Post your journal entries to T-accounts, Add additional T-accounts when needed. Prepare an unadjusted trial balance. Instructions 1. Enter the impact of each transaction on individual items of the accounting equation. Explanations may be omitted. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Prav Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 29. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Help a. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. 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. and company a firm. Accounts screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. II 4. 6. 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. Determine the net income or net loss for April. Opened a business bank account with a deposit of 30,000 from personal funds. During June, Ming Chen (the owner) completed these transactions: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. Received 3,000 for serving as a disc jockey for a party. f. The company purchased additional equipment for $6,000 cash. Instructions 1. 2. She, A:The accounting equation states that assets equal to sum of liabilities and equity. The customer will pay at a later date. 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. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Bill Hudson, Capital; Bill Hudson, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Amount of total revenue recorded in the ledger. Movies are expensive to produce and market. 10,000 3. During June, Ming Chen (the owner) completed these transactions: a. No. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. First let me introduce myself, my name is XX, 23 years old, and David is my English name. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 1,500 Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Instructions 1. a., A:1. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. No. Owner invested The company paid $1,500 cash for rent of office space for the month. 4. Enter the following transactions on Page 2 of the two-column journal: 29. *Response times may vary by subject and question complexity. Accounting Equation is calculated using following equation - 25,000 (k) Paid wages to part-time employee, 500. Hill Home., A:Since you have asked multiple questions under a single question. %3D 7. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. During June, Ming Chen (the owner) completed these transactions. I will also provide you with TURNITIN PLAGIARISM REPORT. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. Determine the net income or net loss for January. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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: A:Revenue means the income earned during a given period. Only credit card transaction fees are limited by law. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: (1,500) + Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Determine account balances of the T accounts. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 3. 1. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Post the journal to a ledger of four-column accounts. The policy covers a one-year period. 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. (f) Made payment on loan in transaction (c), 500. a. 27. 4. 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? E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. The company paid $1,500 cash for rent of office space for the month. a. 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. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Payable + Determine the increase or decrease in owners equity for August. During June, Ming Chen (the owner) completed these transactions. 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. In July of this year, M. Wallace established a business called Wallace Realty. a. Gervais deposited 25,000 in a bank account in the name of the business. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. The following transactions, A:Journal Entries: A Wages of $379,000 were paid in cash. 31. 1.500 b. (Income Summary is account 34 in the chart of accounts.) Assignments: ACCTG-4A-80575-2021SP Equity Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. d. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Paid dividends, 10,500. A:Net income is calculated after analysing the revenue and expenses of the organisation. 8.Paid for a newspaper advertisement, 200. Paid 700 to a local audio electronics store for rental of digital recording equipment. 2. 4.Prepare an unadjusted trial balance as of July 31, 2019. f. The company purchased additional equipment for $6,000 cash. II 8.000 a. 30. Assets h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Required 1. h. Borrowed $100,000 by issuing a note payable. Purchased supplies on account, 735. Equipment 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. 0. 58,500 Issued common stock to Marjorie Knaus in, A:Step 1 Repairs and maintenance of $9,000 were incurred and paid. 30. A. She helped me in last minute in a very reasonable price. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. b. 1004. j. 225. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. The following transactions were completed during July, the second month of the business's operations: July 1. %D Bal. No. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 7.500 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 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. 4. g. Paid interest on the note payable, $500. 3. 3. 2.Received 1,000 cash from customers on account. a. 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. 11. 501. e. Bought insurance for the truck for one year, 400, Ck. $15,000 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. Required Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. 8. 506. Opened a business bank account with a deposit of 35,000 in exchange for common stock. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. The company paid $10,000 cash to settle the liability created in transaction c. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 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. A:a)Indicate the effect of the given transactions. g. Paid interest on the note payable, $500. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. A:The financial statements of the business include the income statement and balance sheet of the firm. H. Paid the worker hired in D for one weeks work. 0. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. b. ol + Recorded services provided on account for the period May 1-15; 9,180. Instructions 1. Received and paid the heating bill, 248, Ck. Paid gas, oil, and repairs on automobile for April, 550. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: During June, Ming Chen (the owner) completed these transactions. Create the following table similar to the one in Exhibit 1.9. During June, Ming Chen (the owner) completed these transactions. Kimberly Manis, an architect, opened an office on January 1, 2016. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. j. 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. 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. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1. 9. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid the office rent for the current month, 650, Ck. 23. A. No. 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. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 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. 5. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 6. During June, Ming Chen (the owner) completed these transactions. Accounts Chapter 1 Exercises i 1PA, Your question is solved by a Subject Matter Expert. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. EQUITY 3. 504. j. Insurance expired during May is 275. b. b. None of the paper was used by year-end. Print 25.000 g. Paid interest on the note payable, $500. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. + During May, Kelly Consulting entered into the following transactions: May 3. stock. C. March transactions are as follows : No. 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. During June, Ming Chen (the owner) completed these transactions: a. Required: What will be the value of interest payment at the end of fourth year in real dollars? stock. 10,000 7.500 Prepare and post the closing entries. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. M Question 8 - Chapter 1 Exercises Connect J. Paid electricity bill for May, 810. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 13. 0. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Hal Smith opened Smith's Repairs on March 1 of the current year. During June, During the month, Knaus. 1. 2. ASSETS Thanks :--). A:The financial statements of the business include the income statement and balance sheet of the firm. 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: (Continued) Required: 1. 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, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. (Record as Miscellaneous Expense.) During June, Ming Chen (the owner) completed these transactions.a. A statement of changes in Equity Write Balance in the Item column and place a check mark () in the Posting Reference column. 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. 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 Bal. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 3. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 3. Paid dividends, $3,000. 00. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. b. 3. During June, Ming Chen (the owner) completed these transactions. d. The company completed work for a client and immediately collected the $2,500 cash earned. No. 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. 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. 1,500 d. Purchased office supplies on account, $1,250. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. A:Requirement 1: Indicate the effect of the given transactions. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 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: During March, the following, A:1. A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement -  b. Basic Accounting Systems: Cash Basis. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. 4. Recorded jobs completed on account and sent invoices to customers, 22,300. CASH Q:Comprehensive Problem Set Paid gas, oil, and repairs on automobile for April, 550. Paid wages of employees, 6,800. a. 2023. 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. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. f. The company purchased additional equipment for $6,000 cash. 10 000 Paid rent for period of November 1 to end of month, 4,000.

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