ming chen began a professional practice on june 1

+ 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. 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. I can help you with creating a presentation of one slide for The Word of William Hunter. (1,500) + $ b. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Dividends %24 61,000 During the first month of 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. I am a Ph.D. writer with more than 9 years of working experience in Writing. 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? 10,000 Instructions 1. %24 How much did Marchs transactions increase or decrease Amy Austins capital? 28.Paid wages of 1,200 to receptionist and part-time assistant. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 4. After, A:Net income: 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. During June, Ming Chen (the owner) completed these transactions. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. A Wages of $379,000 were paid in cash. The company paid $1,500 cash for rent of office space for the month. Hi, Hope you are doing well. 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. Paid Office Station Co. for part of the debt incurred on April 5, 640. During March, the following, A:1. He completed the following transactions during June: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 15. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Ming Chen began a professional practice on June 1 and. 31. I have all relevant skills and expertise related to your project. The company paid $10,000 cash to settle the liability created in transaction c. Prepare T accounts, using the account titles in (1). (g) Paid wages to part-time employee, 500. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. 4. Bal. ACCOUNTS RECEIVABLE 5. Introduction: 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. Mc. 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. b. Saved 1003. i. 2,500 Determine the net income or net loss for October. Journals: By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 2020 - 2024 www.quesba.com | All rights reserved. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. (i) Paid electricity bill, 85. Paid 620 to Upload Music for use of its current music demos in making various music sets. i. The actual work of dry cleaning is done by another company for a fee. 18. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Assignments: ACCTG-4A-80575-2021SP During June, Ming Chen (the owner) completed these transactions: a. Bal. + 2023. *Response times may vary by subject and question complexity. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. You can message me to discuss the details. 2. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Ask your question! The following, A:Unadjusted Trial Balance - 14.Paid wages of 1,200 to receptionist and part-time assistant. No. The company paid $1,500 cash for rent of office space for . %3D Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. %24 Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Ming Chen (the owner) completed these transactions. 0. 7.500 July 21. 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 a post-closing trial balance. Journal entry is used to the record the business transactions of an enterprises. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. March transactions are as follows : Connie Young, an architect, opened an office on October 1, 2019. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Prepare T accounts, using the account titles in (1). 30.Served as a disc jockey for a charity ball for 1,500. the. c. Received cash from fees earned. If you want the answer, Q:Architects completed the following transactions: 61,000 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 10. Received cash from clients on account, 9,520. h. Borrowed $100,000 by issuing a note payable. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. b. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. 7.500 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. (c) Purchased office equipment. Received an invoice for truck expenses, to be paid in November, 1,250. 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. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Paid miscellaneous expenses, 1,000. Print 3. b. Prepare the necessary journal entries to record these transactions. a. (d) Received cash for services rendered, 900. 60,000 1000. c. Bought office supplies for cash, 375, Ck. b. A:Requirement 1: Indicate the effect of the given transactions. Apr. 27.Paid electric bill, 915. 25,000 Record the transactions and the balance after each transaction. A:Hi student 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. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Budgeting issues at the movies: 10. 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. 2. No. Received $100 from a customer for services we will provide next week. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The following, A:Unadjusted Trial Balance - Determine the account balances after all posting is complete. 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). Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Received 3,000 for serving as a disc jockey for a party. The company paid $10,000 cash to settle the liability created in transaction c. %24 Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Assets Using the following, A:Impact on Equity - f. The company purchased additional equipment for $6,000 cash. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. a. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. . During May, Kelly Consulting entered into the following transactions: May 3. It is the first step of recording transactions of a company. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. (b) Paid office rent, 500. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. a. 1PA, Your question is solved by a Subject Matter Expert. 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. 6. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. f. Paid office salaries, $6,500. Instructions 1. Ask a new question. Received cash from clients on account, 2,450. Paid electricity bill for May, 810. b. 58,500 To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. I. c. Both credit card and debit card transaction fees are limited by law. 13. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - On March 1 of this year, B. Gervais established Gervais Catering Service. Received 2,000 for serving as a disc jockey for a wedding reception. Paid for a newspaper advertisement, 200. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Introduce your . Paid 5,000 on note payable. Receivable Record the transactions and the balance after each transaction. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 30. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 31. 75,000 Paid 700 to a local audio electronics store for rental of digital recording equipment. C. Provided services in the amount of $1,000. 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. 4. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. If the two totals are not equal, check the addition and subtraction. The company paid $1,000 cash in dividends to the owner (sole shareholder). Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 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 Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 9. g. Paid interest on the note payable, $500. Record the adjusting entries on Page 7 of the journal. Opened a business bank account with a deposit of 30,000 from personal funds. 1,500 3. The company paid $10,000 cash to settle the liability created in transaction c. j. 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 the office rent for the current month, 650, Ck. A. b. 31. Expenses d. Paid rent on office and equipnwnt for the month, $5,000. 1.500 Apr. To ensure my potential must visit my profile to check my ratings and uploaded samples. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. I will also provide you with TURNITIN PLAGIARISM REPORT. College Accounting (Book Only): A Career Approach. Analyze and use these data to complete parts (5) and (6). Q:1. (a) Invested cash in the business, 510,000. Determine the increase or decrease in owners equity for January. $30000. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. During the month, Jones, A:T accounts: d. The company completed work for a client and immediately collected the $2,500 cash earned. the. 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. f. The company purchased additional equipment for $6,000 cash. 11. 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. 17. b. No. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. *Response times may vary by subject and question complexity. g. The company paid an assistant $3,000 cash as wages for the month. a. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). First week only $4.99! %24 7,500 f. The company purchased additional equipment for $6,000 cash. 2. 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. Accounts containing only a single entry do not need a balance. ASSETS 63.  d. Does the activity add value to Latchey’s provision of insurance services? 22. Paid cash for miscellaneous expenses, 375. j. a. ol + CASH (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. (e) Paid phone bill, 65. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. The company paid $1,500 cash for rent of office space for the month. h. Purchased land as a future building site, paying cash of $120,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Simple Accounting equation is. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. A:Introduction: Prepare an unadjusted trial balance as of July 31, 2019. and company a firm. The business was started by selling $100,000 worth of common stock. b. Chapter 1 Exercises i 2. Required 3. Only debit card transaction fees are limited by law. 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. Enter the impact of each transaction on individual items of the accounting equation. + 000 d. Purchased office supplies on account, $1,250. The account headings are presented below. The account headings are presented below. %D Enter the following transactions on Page 2 of the two-column journal: 16. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. The following account balances are available: Required: 1. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- d. The company completed work for a client and immediately collected the $2,500 cash earned. Im very much interested to write for attendance systems. 18.Purchased supplies on account, 850. The American Chamber of Commerce in South China. 29. I am highly qualified expert, working from 2008-9 in this industry. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Each drugstore is operated by a general manager and a controller. Advertising expense of $26,000 was incurred and paid. 8. a. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Issued common stock to Marjorie Knaus in, A:Step 1 There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. 4. 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 Help h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Purchased office equipment on account from Office Mart, 7,500. 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. Common Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 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.