9. Paid telephone bill for May, 260. CASH During June, Ming Chen (the owner) completed these transactions. In this activity, you will be creating. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Determine account balances of the T accounts. Bal. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. If you want the answer, Q:Architects completed the following transactions: Withdrew cash for personal use, 2,000. Determine the net income for June. 7,500 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. 7,500 If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 15. Common 10,000 1002. h. Received and paid the bill for utilities, 340, Ck. 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). II 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). Determine the amount of Joel Palks capital as of July 1 of the current year. 3. 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. There is no prepaid rent or rent payable at year-end. Explanations may be omitted. %24 Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 21. Paid wages of 1,200 to receptionist and part-time assistant. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received 1,000 cash from customers on account. 0. 8. (f) Made payment on loan in transaction (c), 500. 23. and company a firm. He completed the following transactions during June: a. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Introduce yourself. Required Instructions 1. c. Received cash from fees earned. Enter the impact of each transaction on individual items of the accounting equation. Payable Paid 5,000 on note payable. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. %24 Mulberry paid the interest payable of $8,000. f. Paid office salaries, $6,500. Equity 2. 18. 1,500 25.000 Accounting Equation - 1PA, Your question is solved by a Subject Matter Expert. 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: h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e Instructions 1. 6. Accounts Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. 504. j. Instructions 1. A. 8.000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.  e. Is it a budgeted or an actual cost in your report? 503. h. Sold catering services on account, 4,307. i. The company paid $1,500 cash for rent of office space for the month. 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. $ Paid part-time receptionist for two weeks salary, 750. During the month, she completed the following transactions connected with her professional practice: a. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. h. Purchased land as a future building site, paying cash of $120,000. C. Provided services in the amount of $1,000. During June, Ming Chen (the owner) completed these transactions: a. d. Paid rent on office and equipnwnt for the month, $5,000. 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. b. 2. Opened a business bank account with a deposit of 50,000 from personal funds. h. Purchased land as a future building site, paying cash of $120,000. Prepare an unadjusted trial balance as of July 31, 2019. 11.Received 1,000 for serving as a disc jockey for a party. During June, Ming Chen (the owner) completed these transactions: a. 3. 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. 24 C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 10,000 + Mulberry purchased computer paper for $13,000 cash in late December. Required 1. c. Received cash from fees earned. Repairs and maintenance of $9,000 were incurred and paid. a. d. The company completed work for a client and immediately collected the $2,500 cash earned. Determine the net income or net loss for April. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: 25.000 Recorded services provided on account for the period May 1-15; 9,180. 1. d. The company completed work for a client and immediately collected the $2,500 cash earned. Print Greco resort opened for business on june 1. 31. Paid utilities expense, 4,500. Assets A:Requirement 1: Indicate the effect of the given transactions. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 3. 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. During June, Ming Chen (the owner) completed these transactions. 60,000 Find answers to questions asked by students like you. 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. Post the journal to a ledger of four-column accounts. Paid annual premiums on property and casualty insurance, 2,400. Withdrew l,250 cash from PS Music for personal use. a. 1,500 501. e. Bought insurance for the truck for one year, 400, Ck. Record the closing entries on Page 8 of the journal. Dividends Paid on account to the City Crier, 455, Ck. g. The company paid an assistant $3,000 cash as wages for the month. During the first month of On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. %24, Carl Warren, James M. Reeve, Jonathan Duchac. 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. 0. Paid electric bill, 915. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. i. Paid cash to creditors on account, 3,000. j. A balance sheet The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Show new balances after each transaction. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. Problem1-63B Income Statement, Retained Earnings Statement. Common Ming Chen (the owner) completed these transactions. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Received 2,000 for serving as a disc jockey for a wedding reception. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. b. a. Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. Received 500, with the remainder due on August 9, 2019. f. The company purchased additional equipment for $6,000 cash. 0. Paid rent for period of November 1 to end of month, 4,000. Paid cash for miscellaneous expenses, 375. j. Paid the office rent for the current month, 650, Ck. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 1000. c. Bought office supplies for cash, 375, Ck. 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. Prepare an unadjusted trial balance as of August 31, 2016. Paid wages of employees, 6,800. 5. 4. 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 following transactions occurred during January of the current year. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. 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. 4. If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and Assignments: ACCTG-4A-80575-2021SP Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. f. The company purchased additional equipment for $6,000 cash. e. The company paid $1,500 cash for rent of office space for the month. 2020 - 2024 www.quesba.com | All rights reserved. The company paid $1,500 cash for rent of office space for the. 1004. j. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Which of the following is true? Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Prepare T accounts, using the account titles in (1). Paid 620 to Upload Music for use of its current music demos in making various music sets. the firm are, A:Income statement Bal. The account headings are presented below. With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. 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. g. Paid interest on the note payable, $500. During June, Ming Chen (the owner) completed these transactions: a. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. (j) Withdrew cash for personal use, 100. Received 1,000 for serving as a disc jockey for a party. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. If you still cannot find the error, re-analyze each transaction. 2. minus sign.) 58,500 75,000 %24 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. 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. 3. Determine the excess of revenues over expenses for November. During June, Ming Chen (the owner) completed these transactions. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Instructions 1. Q:Connie Young, an architect, opened an office on October 1, 2019. Q:Ken Jones, an architect, opened an office on April 1, 2019. the.  c. Is it a variable or a fixed cost? Enter the following transactions on Page 2 of the two-column journal: 29. Instructions 1. 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. Bal I am highly qualified expert, working from 2008-9 in this industry. 4. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Paid cash for a newspaper advertisement. Start your trial now! 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Opened a business bank account with a deposit of 30,000 from personal funds. Determine the net income or net loss for January. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Equipment In July of this year, M. Wallace established a business called Wallace Realty. Only debit card transaction fees are limited by law. Use a chart of accounts to order the ledger accounts. 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. Paid dividends, $3,000. 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. It is the first step of recording transactions of a company. 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. During March, the following, A:1. The following transactions, A:Journal Entries: 30. Six months rent was paid in advance, $4,500. 7.500 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. d. References (Record as Miscellaneous Expense.) 5. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Ask your question! Received 750, with the remainder due August 4, 2019. 1,500 Instructions 1. During May, Kelly Consulting entered into the following transactions: May 3. 7. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. The worker will be paid $275 per week. 4. 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). b. Bal. Classify each transaction as an operating, an investing, or a financing activity. Paid 700 to a local audio electronics store for rental of digital recording equipment. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. I am a Ph.D. writer with more than 9 years of working experience in Writing. Dividends 8. A:The financial statements of the business include the income statement and balance sheet of the firm. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. b. July 21. Ken Jones, an architect, opened an office on April 1, 2019. (c) Purchased office equipment. 8.000 31. 8.Paid for a newspaper advertisement, 200. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. 25.000 2. Record the following transactions on Page 6 of the journal: 20.