ming chen began a professional practice on june 1
Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. points %3D March transactions are as follows : Q:1. Enter the impact of each transaction on individual items of the accounting equation. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. The following transactions, A:Journal Entries: 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. Create the following table similar to the one in Exhibit 1.9. 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). 25,000 The company paid $1,500 cash for rent of office space for the month. Prepare an unadjusted trial balance as of July 31, 2019. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Mulberry paid the interest payable of $8,000. 1,500 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Only debit card transaction fees. Ask your question! c. Received cash from fees earned. No. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 13. Liabilities 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. 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. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Income tax of $10,300 was incurred and paid in 2019. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. B. Only debit card transaction fees are limited by law. A. Transactions completed during the month follow. Amount of total revenue recorded in the ledger. 9. Served as disc jockey for a party for 2,500. Determine account balances of the T accounts. b. Instructions 1. Determine the net income or net loss for January. Introduction: Assets 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. 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. If there is. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. d. Paid rent on office and equipnwnt for the month, $5,000. 8,000 8. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 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. 0. Dividends in the amount of $1,500 were distributed. 3. Required 1. Equipment 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). A Wages of $379,000 were paid in cash. 30. 5. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 75,000 No. He. 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 Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 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. April. 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 Ming Chen began a professional practice on June $1$ and plan | Quizlet 7,500 $30000. (c) Purchased office equipment. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. During June, Ming Chen (the owner) completed these transactions. b. Determine account balances of the T accounts. b. Paid Office Station Co. for part of the debt incurred on April 5, 640. During June, Ming Chen (the owner) completed these transactions. 3. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. Paid cash for miscellaneous expenses, 375. j. Determine the net income or net loss for April. Paid rent for period of November 1 to end of month, 4,000. If the two totals are not equal, check the addition and subtraction. If an entry is not required for any of these transactions, state this and explain why. Payable operations,, A:Journal entry means the entry in prime book with chronological order. a. Wallace deposited 24,000 in a bank account in the name of the business. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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. She helped me in last minute in a very reasonable price. Can you think of any reason why the amount determined in (4) might not be the net income for November? 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. %3D The company pald $2,100 cash for rent of office space for . Owner invested $60,000 cash in the company along with equipment. 3. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Paid truck expenses, 435, Ck. c. Is it a variable or a fixed cost? Ken Jones, an architect, opened an office on April 1, 2016. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. During June. The company paid $1,500 cash for rent of office space for the month. During June, Ming Chen (the owner) completed these transactions: a. d. Paid rent on office and equipnwnt for the month, $5,000. 0. February 20, 2023. The transactions of To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. During June, Ming Chen (the owner) completed these transactions. 1,500 The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 15,000 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 61,000 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Enter the following transactions on Page 2 of the two-column journal: 16. Journalize and post the adjusting entries. 60,000 Hello. %24 30. Purchased supplies on account, 850. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Liabilities Received 1,000 cash from customers on account. 1. Cash On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. 2. J. 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. Instrustions Prepare a balance sheet as of July 31, 20Y5. I will also provide you with TURNITIN PLAGIARISM REPORT. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). C. 4. During March, the following, A:1. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Ming Chen started a business and had the following transactions in June. 24. c. Amount of net income for August. During June, Ming Chen (the owner) completed these transactions: a. 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. He completed the following transactions during June: a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. Common 31. 3. i. 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: a. Gervais deposited 25,000 in a bank account in the name of the business. During June, Ming Chen (the owner) completed these transactions. a. During the month, Knaus. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Dividends b. Withdrew cash for personal use, 2,500. 10,000 No. a. During May, Kelly Consulting entered into the following transactions: May 3. 27. 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. 2020 - 2024 www.quesba.com | All rights reserved. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Withdrew cash for personal use, 2,000. 7.500 %D Kimberly Manis, an architect, opened an office on January 1, 2016. Received 1,000 for serving as a disc jockey for a party. 000 First let me introduce myself, my name is XX, 23 years old, and David is my English name. (1,500) + 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. Find answers to questions asked by students like you. Print Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Prepare T accounts, using the account titles in (1). Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. the. 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? Bal. 4. Insurance expired during May is 275. b. %24 Post your journal entries to T-accounts, Add additional T-accounts when needed. 8,000 If you still cannot find the error, re-analyze each transaction. Payable None of the paper was used by year-end. 4. b. The following, A:Unadjusted Trial Balance - Withdrew cash for personal use, 3,900. Apr. During June, Ming Chen (the owner) completed these transactions. 3. Opened a business bank account with a deposit of 50,000 from personal funds. Establish a ledger for the accounts listed above and enter the beginning balances. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. During June, Ming Chen (the owner) completed these transactions. Introduce yourself. g. Paid interest on the note payable, $500. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Determine the account balances, after all posting is complete. 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. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. h. Hill The following, A:Unadjusted Trial Balance - Amount of total revenue recorded in the ledger. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. e. Paid miscellaneous expenses, 540. 3. + Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. a. 6. 75,000 $30000. [Solved] Ming Chen began a professional practice o | SolutionInn + a. 0. 4. Check my Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 16. Paid cash to creditors on account, 4,500. j. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Explanations may be omitted. 4. 0. 25. On June 1 of the current year, Chad Wilson established a business to manage rental property. b. A:Revenue means the income earned during a given period. Graw Six months rent was paid in advance, $4,500. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Prepare a single-step income statement. 13. A loan of $400,000 is taken out which requires an annual interest ezto.mheducation.com During June, Ming Chen (the owner) completed these transactions. 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. 4. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 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. DLite Dry Cleaners is owned and operated by Joel Palk. 2. Paid part-time receptionist for two weeks salary, 750. on the Business environment in China. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. 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. d. Purchased office supplies on account, $1,250. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 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. 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: b. (Record as Miscellaneous Expense.) Recorded services provided on account for the period May 1-15; 9,180. (Do not insert the account numbers in the journal at this time.) Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. 31. 0. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. *Response times may vary by subject and question complexity. What if the client hasn't prepared them in advance? 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. %3D 5. c. Both credit card and debit card transaction fees are limited by law. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. She, A:As you have posted multiple questions, the solution to the first question is being provided. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid dividends, 2,500. 2. 58,500 I am highly qualified expert, working from 2008-9 in this industry. 22. 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. $ 15,000 Thanks :--). d. The company completed work for a client and immediately collected the $2,500 cash earned. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. minus sign.) I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. g. The company paid an assistant $3,000 cash as wages for the month. f. Paid office salaries, $6,500. 2023 White PaPer. 2.1.4P, Your question is solved by a Subject Matter Expert. The actual work of dry cleaning is done by another company for a fee. Ming Chen began a professional practice on June $1$ and plan | Quizlet Each drugstore is operated by a general manager and a controller. 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. 0. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. C. Provided services in the amount of $1,000. b. a. Received an invoice for truck expenses, to be paid in November, 1,250. After, A:Net income: %24 %24, Carl Warren, James M. Reeve, Jonathan Duchac. 18. Transactions completed during the month follow. 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. A balance sheet 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. Paid on account to the City Crier, 455, Ck. f. The company purchased additional equipment for $6,000 cash. 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. At the end of May, the following adjustment data were assembled. Using the following, A:Impact on Equity - Paid dividends, $3,000. Accounting Equation - Record the transactions and the balance after each transaction. 1,500 0. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 2. f. The company purchased additional equipment for $6,000 cash. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. During June, Ming Chen (the owner) completed these transactions. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Paid an attorney 900 for reviewing the July 3 contract with KXMD. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. No. 0. f. Paid office salaries, $6,500. b. h. Purchased land as a future building site, paying cash of $120,000. 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). If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. The account headings are presented below. 25.000 Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. the firm are, A:Income statement Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Amount of total expenses recorded in the ledger. Determine the increase or decrease in owners equity for January. b. Solved Ming Chen began a professional practice on June 1 and | Chegg.com 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. Prepare an unadjusted trial balance as of January 31, 2019. The company paid $1,500 cash for rent of office space for the month. 12. Purchased supplies for cash, 1,750. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Determine the net income or net loss for October. References (f) Made payment on loan in transaction (c), 500. a. %D 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. Bal A:a)Indicate the effect of the given transactions. First week only $4.99! f. Paid office salaries, $6,500. Ming Chen began a professional practice on June 1 and plans to 3. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. i. Instructions 1. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Ming Chen began a professional practice on June 1 and plans to prepare 61,000 Ming Chen began a professional practice on June 1 and plans to prepare 15. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. b. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement -
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