minus sign.) 3. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities.  d. Does the activity add value to Latchey’s provision of insurance services? Recorded jobs completed on account and sent invoices to customers, 22,300. a. Paid Office Station Co. for part of the debt incurred on April 5, 640. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. During June, Ming Chen (the owner) completed these transactions. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 2020 - 2024 www.quesba.com | All rights reserved. Help 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. minus sign.) Check my d. The company completed work for a client and immediately collected the $2,500 cash earned. Only credit card transaction fees are limited by law. 25,000 Paid 250 to creditors on account. During June, Ming Chen (the owner) completed these transactions. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. i. Paid dividends, $3,000. c. Both credit card and debit card transaction fees are limited by law. 10,000 Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 2.Received 1,000 cash from customers on account. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. During March, the following, A:1. J. a. 503. h. Sold catering services on account, 4,307. i. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. 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. Received 750, with the remainder due August 4, 2019. 18. No. 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. 2. 25,000 ok ht inces a. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received and paid the heating bill, 248, Ck. Determine the excess of revenues over expenses for November. + Withdrew cash for personal use, 3,900. 5. A. (j) Withdrew cash for personal use, 100. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 15. a. (Income Summary is account 34 in the chart of accounts.) 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: 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. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Dividends in the amount of $1,500 were distributed. 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. 3. Post the journal to a ledger of four-column accounts. During June, Ming Chen (the owner) completed these transactions. C. Provided services in the amount of $1,000. 58,500 Paid gas, oil, and repairs on automobile for April, 550. The company paid $10,000 cash to settle the liability created in transaction c. I am highly qualified expert, working from 2008-9 in this industry. b. Establish a ledger for the accounts listed above and enter the beginning balances. During June, Ming Chen (the owner) completed these transactions. Purchased supplies on account, 850. g. Paid interest on the note payable, $500. Hill A Wages of $379,000 were paid in cash. 30. 10.000 a. (1,500) + Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. In addition, $28,000 of computer rental costs were incurred and paid. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. During June, Ming Chen (the owner) completed these transactions. 10,000 + The account headings are presented below. Received 500, with the remainder due on August 9, 2019. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 2. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Paid wages of 1,200 to receptionist and part-time assistant. Save & Exit 63. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. b. 60,000 No. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 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. 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. 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 plans to prepare financial statements at the end of each month. To ensure my potential must visit my profile to check my ratings and uploaded samples. 1,500 Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 1. The following information is provided for the first month of operations for Legal Services Inc.: A. The account headings are presented below. A balance sheet Accounts containing only a single entry do not need a balance. Next Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 0. Hal Smith opened Smith's repairs on 01.03. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common (d) Received cash for services rendered, 900. Enter the impact of each transaction on individual items of the accounting equation. a. $ Equipment A. The following, A:Unadjusted Trial Balance - During June, Ming Chen (the owner) completed these transactions: a. 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. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) b. Accounts 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. I will also provide you with TURNITIN PLAGIARISM REPORT. a., A:1. $ Instructions 1. Common b. Paid 700 to a local audio electronics store for rental of digital recording equipment. Paid utilities expense, 4,500. II Received 1,000 cash from customers on account. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 8,000 28. If the two totals are not equal, check the addition and subtraction. eBook 11. No. Inflation is 3.8% per year. Only debit card transaction fees are limited by law. 1,500 501. e. Bought insurance for the truck for one year, 400, Ck. 4. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. d. Paid rent on office and equipnwnt for the month, $5,000. 4. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 30. 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. Paid gas, oil, and repairs on automobile for April, 550. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Determine the account balances after all posting is complete. Record the adjusting entries on Page 7 of the journal. Enter the following transactions on Page 2 of the two-column journal: 16. Im very much interested to write for attendance systems. Is it a product or a period cost? If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Ask a new question. 10. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. 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. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Q:1. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. S NO Paid truck expenses, 435, Ck. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Prepare T accounts, using the account titles in (1). 23. There is no prepaid rent or rent payable at year-end. (Record as Miscellaneous Expense.) 60,000 c. Received cash from fees earned. 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. The company paid $1,500 cash for rent of office space for the month. 58,500 %24 Determine the amount of Joel Palks capital as of July 1 of the current year. $30000. 16. 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. . 2. 30.Served as a disc jockey for a charity ball for 1,500. 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. 8,000 *Response times may vary by subject and question complexity. 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). Purchased office equipment on account from Office Mart, 7,500. Liabilities A statement of cash flows, Q:On September 1, 20X6, Michael Moe incorporated Moe's Mowing, Inc., a company that provides mowing, A:Since you have posted a question with multiple sub-parts, we will solve the first three subparts for, Q:Bob Jacobs opened an advertising agency. Determine the net income or net loss for April. We will pay the $110 in thirty days. Required 1. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Interest of $5,000 was paid on the long-term loan. 23. Accounts During June, Ming Chen (the owner) completed these transactions. 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. Receivable Paid rent for July, 1,750. After, A:Net income: %24 Q:Comprehensive Problem Set Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. No. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. J. Is this a direct or an indirect cost? b. 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. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 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. Apr. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Paid cash for miscellaneous expenses, 375. j. 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. %3D b. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. c. Received cash from fees earned. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Bal. 8,000 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. February 20, 2023. b. The following transactions, A:Journal Entries: 7,500 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. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. July 21. 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. 2. Required 1. LIABILITY During the first month of Mulberry paid the interest payable of $8,000. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. D. An office worker was hired. 10,000 (e) Paid phone bill, 65. (Do not insert the account numbers in the journal at this time.) 8. Equity A:a)Indicate the effect of the given transactions. How much did Marchs transactions increase or decrease Amy Austins capital? C. 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. Paid rent for period of November 1 to end of month, 4,000. 2023 White PaPer. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Received cash for job completed, 11,500. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. a. 0. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. 10 000 Paid dividends, 2,500. Assets If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 18.Purchased supplies on account, 850. the. i. Record the transactions and the balance after each transaction. 31. 8.000 Accounts containing only a single entry do not need a balance. 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. Recording of a business transactions in a chronological order. 1003. i. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. g. Paid interest on the note payable, $500. Write Balance in the Item column and place a check mark () in the Posting Reference column. Prepare a single-step income statement. a. 3. During the month, he completed the following transactions connected with his professional practice: a. 2,500 A:Introduction: During the month, Knaus. ezto.mheducation.com If the two totals are not equal, check the addition and subtraction. ol + Q:Duerr Engineering completed the following transactions in the month of June. 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? b. Paid an attorney 900 for reviewing the July 3 contract with KXMD. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Q:Prepare the statement of retained earnings for the month of July 31. I have all relevant skills and expertise related to your project. 29. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. 1,500 Amount of total revenue recorded in the ledger. During June, Ming Chen (the owner) completed these transactions: a. Prepare an adjusted trial balance. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set She, A:As you have posted multiple questions, the solution to the first question is being provided. The actual work of dry cleaning is done by another company for a fee. b. h. Borrowed $100,000 by issuing a note payable. 225. Maria completed the following transactions, A:An income statement is one of the financial statements of a company and shows the company's, Q:Indicate the effect of each transaction and the balances after each transaction: 1000. c. Bought office supplies for cash, 375, Ck. 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. Prepare a post-closing trial balance. During June, Ming Chen (the owner) completed these transactions. 7,500 Instuction Prepare an income staement and statement of stockholders equity for July. 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 d. The company completed work for a client and immediately collected the $2,500 cash earned. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Withdrew l,250 cash from PS Music for personal use. 2. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 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. 5. A building and equipment are currently being rented, pending expansion to new facilities. 0.33 Ask your question! 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. H. Paid the worker hired in D for one weeks work. f. Paid office salaries, $6,500. 2,500 The company paid $1,500 cash for rent of office space for the month. First let me introduce myself, my name is XX, 23 years old, and David is my English name. b. 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. During the month, she completed the following transactions connected with her professional practice: a. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Six months rent was paid in advance, $4,500. c. Paid April rent for office and workroom, 3,150. d. Paid cash for supplies, 1,450. e. Purchased office and computer equipment on account, 6,500. f. Paid cash for annual insurance policies on automobile and equipment, 2,400. g. Received cash from a client for plans delivered, 12,000. h. Paid cash to creditors on account, 1,800. i. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 25.000 4. Revenues I am highly qualified expert, working from 2008-9 in this industry. Do you need an answer to a question different from the above?
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