Start your trial now! 61. Introduce your . A:The financial statements of the business include the income statement and balance sheet of the firm. 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: ok ht inces a. Liabilities Hal Smith opened Smith's repairs on 01.03. a. %3D D. An office worker was hired. Paid rent for period of November 1 to end of month, 4,000. Cash 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. 17. 31. Good morning, teachers, I am honored to be informed to have this interview. b. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 10.000 1,500 a. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Determine the net income or net loss for January. Amount of total revenue recorded in the ledger. The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Journal entry is used to the record the business transactions of an enterprises. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 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. 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. a. Analyze and use these data to complete parts (5) and (6). Paid electricity bill for May, 810. Write Balance in the Item column and place a check mark () in the Posting Reference column. 10,000 f. Paid office salaries, $6,500. Brooke completed the following transactions during the month of August: 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. A. i. Insurance expired during May is 275. b. Owner withdrew $1,000 cash from the company for personal use. 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? Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Paid rent for July, 1,750. Transactions completed during the month follow. 9. Equipment Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company paid $10,000 cash to settle the liability created in transaction c. j. Paid electric bill, 915. i. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 506. 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. e. Paid Office Station Co. for part of the debt incurred on April 5, 640. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. During June, Ming Chen (the owner) completed these transactions. 25,000 21. Prepare the necessary journal entries to record these transactions. 15. 30. f. Paid office salaries, $6,500. . %3D Determine the net income for June. First week only $4.99! c. Amount of net income for August. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. g. Paid interest on the note payable, $500. 23. Paid gas, oil, and repairs on automobile for April, 550. Served as a disc jockey for a charity ball for 1,500. In addition, $28,000 of computer rental costs were incurred and paid. During June, Ming Chen (the owner) completed these transactions: a. A Wages of $379,000 were paid in cash. 3. 2. 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. Received cash from customers on account, 9,000. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Stock Q:Connie Young, an architect, opened an office on October 1, 2019. Liabilities The company paid $1,500 cash for rent of office space for the month. 1002. h. Received and paid the bill for utilities, 340, Ck. 2. c. Received cash from fees earned. 2. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 1,500 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. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. During June, Ming Chen (the owner) completed these transactions. The company paid $1,500 cash for rent of office space for . Save & Exit Prepare an adjusted trial balance. A:The financial statements of the business include the income statement and balance sheet of the firm. 7,500 Connie Young, an architect, opened an office on October 1, 2019. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 25,000 Mc. Introduce yourself. Print On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. d. 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. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. If you want the answer, Q:Architects completed the following transactions: She, A:The accounting equation states that assets equal to sum of liabilities and equity. During the month, he completed the, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 2,500 (g) Paid wages to part-time employee, 500. Prepare an income statement, a retained earnings statement, and a balance sheet. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:a)Indicate the effect of the given transactions. I am highly qualified expert, working from 2008-9 in this industry. 15,000 (Enter decreases to account balances with a Instructions 1. I will also provide you with TURNITIN PLAGIARISM REPORT. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Accounts 8,000 (j) Withdrew cash for personal use, 100. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. b. Owner invested $60,000 cash in the company along with equipment. 61,000 During June, Ming Chen (the owner) completed these transactions: a. II Dividends in the amount of $1,500 were distributed. 7.500 + b. Paid utilities expense, 4,500. No. Bal First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. The worker will be paid $275 per week. 31. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e The following information is provided for the first month of operations for Legal Services Inc.: A. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. 7,500 Only credit card transaction fees are limited by law. Inflation is 3.8% per year. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During June, Ming Chen (the owner) completed these transactions. %D Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Expenses 16. Transactions completed during the month follow. 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. 1006. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? 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. Prepare an unadjusted trial balance as of January 31, 2019. CASH 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. 4. 3. a. 1,500 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 The company paid $1,500 cash for rent of office space for the month. b. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. The customer will pay at a later date. 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). A building and equipment are currently being rented, pending expansion to new facilities. %24 The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Explanations may be omitted. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. No. 23. 31. The following transactions were completed during July, the second month of the business's operations: July 1. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. M Question 8 - Chapter 1 Exercises Connect 1,500 Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 225. %24 d. Purchased office supplies on account, $1,250. 10,000 + 4. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. + Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 10,000 Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 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. Interest of $5,000 was paid on the long-term loan. 7,500 She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- Each drugstore is operated by a general manager and a controller. Recorded services provided on account for the remainder of May, 2,650. Hire Professional Writer And Get A+ Grades In Your Homework. 2. Income tax of $10,300 was incurred and paid in 2019. and company a firm. Paid dividends, 10,500. Paid dividends, $3,000. 31. %24, Carl Warren, James M. Reeve, Jonathan Duchac. b. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 1,500 Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. Post the journal to a ledger of four-column accounts. II Hal Smith opened Smith's Repairs on March 1 of the current year. Determine the excess of revenues over expenses for November. If you still cannot find the error, re-analyze each transaction. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. operations,, A:Journal entry means the entry in prime book with chronological order. Journalize and post the adjusting entries. Budgeting issues at the movies: 3. f. Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. If there is. minus sign.) 58,500 0. Prepare a post-closing trial balance. Determine the following: a. 4. Determine account balances of the T accounts. Accounting Equation is calculated using following equation - Mulberry purchased computer paper for $13,000 cash in late December. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. After, A:Net income: During the month, she completed the following transactions connected with her professional practice: a. 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. %24 f. The company purchased additional equipment for $6,000 cash. Issued common stock to Marjorie Knaus in, A:Step 1 30. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1003. i. f. The company purchased additional equipment for $6,000 cash. Instructions 1. Paid 700 to a local audio electronics store for rental of digital recording equipment. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Determine the increase or decrease in owners equity for August. 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. 1,500 Purchased office equipment on account from Office Mart, 7,500. 10,000 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. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. Ask a new question. (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. 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:a. Purchased supplies on account, 735. During June, h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. h. Borrowed $100,000 by issuing a note payable. 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. Is it a product or a period cost? 28. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Enter the following transactions on Page 2 of the two-column journal: 16. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. During May, Kelly Consulting entered into the following transactions: May 3. 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. 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. The following account balances are available: Required: 1. Recorded services provided on account for the period May 16-20, 4,820. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 6. 2.1.4P, Your question is solved by a Subject Matter Expert. 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. During June, Ming Chen (the owner) completed these transactions. During the month, he completed the following transactions connected with his professional practice: a. Borrowed $100,000 by issuing a note payable. Q:1. Determine the net income or net loss for April. stock. Ethics and budgetary slack: Bal. If the two totals are not equal, check the addition and subtraction. Home., A:Since you have asked multiple questions under a single question. Repairs and maintenance of $9,000 were incurred and paid. Paid the office rent for the current month, 650, Ck. Determine the account balances after all posting is complete. Paid wages of employees, 6,800. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 31. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Received 750, with the remainder due August 4, 2019. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? 0. The following transactions, A:Note: On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. 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. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Do you need an answer to a question different from the above? First let me introduce myself, my name is XX, 23 years old, and David is my English name. d. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. b. b. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 3. During June, Ming Chen (the owner) completed these transactions. 13. a. Assets Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. (i) Paid electricity bill, 85. 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. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Paid cash to creditors on account, 3,000. j. No principal payments are made, only interest is paid. 58,500 1 of 1 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. f. Paid office salaries, $6,500. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. I can help you with creating a presentation of one slide for The Word of William Hunter. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 22. Received 1,000 for serving as a disc jockey for a party. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. 11. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The company paid $1,500 cash for rent of office space for the month. A:Introduction: Receivable On March 1 of this year, B. Gervais established Gervais Catering Service. The company paid $10,000 cash to settle the liability created in transaction c. a. 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. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 25,000 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Next 0. In this activity, you will be creating. the. Withdrew cash for personal use, 2,500. 504. j. Prav Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. No. During June, Ming Chen (the owner) completed these transactions.a. 28. 5. 4. DLite Dry Cleaners is owned and operated by Joel Palk. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i.
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