f. The company purchased additional equipment for $6,000 cash. 1003. i. Print 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. No. 10. 506. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. 4. 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. 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. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. 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. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. During May, Kelly Consulting entered into the following transactions: May 3. Paid wages of employees, 6,800. If you still cannot find the error, re-analyze each transaction. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. %24 Received cash for job completed, 11,500. During June, 7. Revenues S NO Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Q:Duerr Engineering completed the following transactions in the month of June. Is this a direct or an indirect cost? Hello. Use a chart of accounts to order the ledger accounts. %3D 13. (Do not insert the account numbers in the journal at this time.) Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. The company paid $1,500 cash for rent of office space for . 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. How much did Junes transactions increase or decrease Chad Wilsons capital? Paid the office rent for the current month, 650, Ck. %D 504. j. 61,000 During June, Ming Chen (the owner) completed these transactions. What will be the value of interest payment at the end of fourth year in real dollars? 501. e. Bought insurance for the truck for one year, 400, Ck. Post your journal entries to T-accounts, Add additional T-accounts when needed. Issued common stock to Marjorie Knaus in, A:Step 1 View this solution and millions of others when you join today! $30000. Solved Exercise 1-13 Identifying effects of transactions - Chegg 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. In addition, $28,000 of computer rental costs were incurred and paid. The company pald $2,100 cash for rent of office space for . On June 1 of the current year, Chad Wilson established a business to manage rental property. 4. Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 18.Purchased supplies on account, 850. The following, A:Unadjusted Trial Balance - h. Borrowed $100,000 by issuing a note payable. She, A:As you have posted multiple questions, the solution to the first question is being provided. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. The transactions of February 20, 2023. Expenses A:The financial statements of the business include the income statement and balance sheet of the firm. Accounting Equation - Purchased supplies for cash, 1,750. Establish a ledger for the accounts listed above and enter the beginning balances. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. EQUITY d. Saved Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Paid dividends, 10,500. The account headings are presented below. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental + A building and equipment are currently being rented, pending expansion to new facilities. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Only debit card transaction fees. b. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Prepare an unadjusted trial balance as of August 31, 2016. Simple Accounting equation is. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. d. The company completed work for a client and immediately collected the $2,500 cash earned. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 5. 2. Ming Chen began a professional practice on June 1 and. $4 The following transactions, A:Journal Entries: Bal Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 2. 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. April. 0. During June, Ming Chen (the owner) completed these transactions. Received and paid the heating bill, 248, Ck. She helped me in last minute in a very reasonable price. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. During June, Ming Chen (the owner) completed these transactions. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. h. Purchased land as a future building site, paying cash of $120,000. 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. 25,000 Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. b. 2. The following transactions, A:Note: Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. h. Purchased land as a future building site, paying cash of $120,000. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. Ming Chen began a professional practice on June 1 and plans - BRAINLY Paid on account to the City Crier, 455, Ck. Do you need an answer to a question different from the above? b. Accounting Equation is calculated using following equation - (f) Made payment on loan in transaction (c), 500. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Determine the net income or net loss for October. e. 2.Received 1,000 cash from customers on account. Paid miscellaneous expenses, 1,000. No principal payments are made, only interest is paid. 25.000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. c. Both credit card and debit card transaction fees are limited by law. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 10,000 3. 00. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Paid gas, oil, and repairs on automobile for April, 550. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. The company paid $10,000 cash to settle the liability created in transaction c. Bal. 25.000 61. 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. i. 24 ASSETS 0. b. 2. 63. Determine the increase or decrease in owners equity for August. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. References 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. (Continued) Required: 1. No. Bal. . The policy covers a one-year period. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. There is no prepaid rent or rent payable at year-end. During June, Ming Chen (the owner) completed these transactions. The assets and liabilities of the business on July 1, 2019, are as follows: Cash, 45,000; Accounts Receivable, 93,000; Supplies, 7,000; Land, 75,000; Accounts Payable, 40,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in the business with a deposit of 35,000 in the business bank account. 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 month, Knaus. Answered: Ming Chen began a professional practice | bartleby 22. Required 1. d. The company completed work for a client and immediately collected the $2,500 cash earned. We will pay the $110 in thirty days. B. Instructions 1. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 1006. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 30. 61,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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 b. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. f. The company purchased additional equipment for $6,000 cash. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. %24 Assets 4.Prepare an unadjusted trial balance as of July 31, 2019. 2.  b. $ a. Paid utilities expense, 4,500. A:Requirement 1: Indicate the effect of the given transactions. 23. According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack: Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. Paid 5,000 on note payable. Connie Young, an architect, opened an office on October 1, 2019. Recorded services provided on account for the period May 16-20, 4,820. C. Analyze each transaction, Journalize as appropriate. 7,500 stock. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. 30. 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. How much did Marchs transactions increase or decrease Amy Austins capital? (b) Paid office rent, 500. eBook Received 1,000 cash from customers on account. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. View this solution and millions of others when you join today! 2,500 During the month, he completed the following transactions connected with his professional practice: a. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Owner invested $60,000 cash in the company along with equipment. *Response times may vary by subject and question complexity. Paid 700 to a local audio electronics store for rental of digital recording equipment. 8.000 The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. 0. 0. She, A:The accounting equation states that assets equal to sum of liabilities and equity. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Greetings! c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Instructions 1. Ming chen began a professional practice on june 1 16. a. f. The company purchased additional equipment for $6,000 cash. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? A statement of changes in Equity e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. 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. 0. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 8.000 To ensure my potential must visit my profile to check my ratings and uploaded samples. Accounts 30. If an entry is not required for any of these transactions, state this and explain why. Next 10. 31. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. July 21. b. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Answered: Ming Chen began a professional practice | bartleby (d) Received cash for services rendered, 900. 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, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. The company paid $1,000 cash in dividends to the owner (sole shareholder). 4. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Prepare an unadjusted trial balance. Only debit card transaction fees are limited by law. Paid dividends, $3,000. 58,500 %24 Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. During June, Extend the balances to the appropriate balance columns after each transaction is posted. Bal. 5. 12. Six months rent was paid in advance, $4,500. 4. Prepare an income statement, a retained earnings statement, and a balance sheet. The company paid $10,000 cash to settle the liability created in transaction c. Journal entry is used to the record the business transactions of an enterprises. 31. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. The following information is provided for the first month of operations for Legal Services Inc.: A. i. No. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Problem1-63B Income Statement, Retained Earnings Statement. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 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: i. Ming Chen began a professional practice on June $1$ and plan | Quizlet 0. 4. 25,000 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? The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. 1. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. 4. Prepare the necessary journal entries to record these transactions. operations,, A:Journal entry means the entry in prime book with chronological order. f. Paid office salaries, $6,500. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Transactions completed during the month follow. f. Which of the following is true? Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Instructions 1. During June, Ming Chen (the owner) completed these transactions. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. 2023 White PaPer. Determine the net income for June. The company paid $1,500 cash for rent of office space for the month. Prepare an adjusted trial balance. Received cash from clients on account, 2,450. $15,000 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Journalize and post the adjusting entries. Cash The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Explanations may be omitted. No. Answered: Ming Chen began a professional practice | bartleby Paid 250 to creditors on account. 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. Determine the net income or net loss for January. Instrustions Prepare a balance sheet as of July 31, 20Y5.

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