Prepare T accounts, using the account titles in (1). Hire Professional Writer And Get A+ Grades In Your Homework. 29. Bal. %D 3. Required Received 500, with the remainder due on August 9, 2019. Do you need an answer to a question different from the above? %24, Carl Warren, James M. Reeve, Jonathan Duchac. D. An office worker was hired. The following transactions, A:Note: 6. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Paid gas, oil, and repairs on automobile for April, 550. When the business transactions are recorded in the primary book of account, Q:Amy Austin established an insurance agency on March 1 of the current year and completed + If you still cannot find the error, re-analyze each transaction. 8.000 *Response times may vary by subject and question complexity. 3. 25. Paid an attorney 900 for reviewing the July 3 contract with KXMD. 5. 10,000 %3D Paid cash for a newspaper advertisement. stock. 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. g. Paid interest on the note payable, $500. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Prepare an unadjusted trial balance as of July 31, 2019. 2. Record the transactions and the balance after each transaction. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 7,500 Paid for a newspaper advertisement, 200. (1,500) + 31. 14.Paid wages of 1,200 to receptionist and part-time assistant. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 2,500 Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. During June, Ming Chen (the owner) completed these transactions: a. 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: To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. EQUITY Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 9. 3. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Connie Young, an architect, opened an office on October 1, 2019. c. Both credit card and debit card transaction fees are limited by law. View this solution and millions of others when you join today! 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 a. During the month, she completed the following transactions connected with her professional practice: a. Bal. $15,000 What amount should Carter report as net cash from investing activities? The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - A:Requirement 1: Indicate the effect of the given transactions. f. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid cash for miscellaneous expenses, 375. j. h. Purchased land as a future building site, paying cash of $120,000. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) The following, A:Unadjusted Trial Balance - b. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). g. The company paid an assistant $3,000 cash as wages for the month. II March transactions are as follows : Served as disc jockey for a party for 2,500. During March, the following, A:1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. Hill 1006. Apr. 8.Paid for a newspaper advertisement, 200. Received an invoice for truck expenses, to be paid in November, 1,250. a. 25.000 Determine account balances of the T accounts. C. Provided services in the amount of $1,000. During the month, she completed the, A:Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. If you want the answer, Q:Architects completed the following transactions: Analyze and use these data to complete parts (5) and (6). Mc. 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. She helped me in last minute in a very reasonable price. Instructions 1. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. First week only $4.99! 1,500 Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. (h) Received cash for services rendered, 800. Inflation is 3.8% per year. Received 750, with the remainder due August 4, 2019. Prepare a single-step income statement. b. Instructions 1. The transactions of Create the following table similar to the one in Exhibit 1.9. 11. Ken Jones, an architect, opened an office on April 1, 2019. During June, The company paid $1,000 cash in dividends to the owner (sole shareholder). 10,000 + I have all relevant skills and expertise related to your project. The following transactions were completed during July, the second month of the business's operations: July 1. b. Received cash for job completed, 11,500. Accounts containing only a single entry do not need a balance. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Payable Determine the net income or net loss for April. So lets make no longer delay & start chatting immediately. Ming Chen began a professional practice on June 1 and. d. Paid rent on office and equipment for the month, $5,000.  b. 4. Purchased office equipment on account from Office Mart, 7,500. . Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Saved What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? During June, Ming Chen (the owner) completed these transactions. The company paid $10,000 cash to settle the liability created in transaction c. j. Prepare a post-closing trial balance. 2. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 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. 21. Dividends It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her 61,000 Purchased supplies for cash, 1,750. Bal. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. h. Borrowed $100,000 by issuing a note payable. 75,000 i. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Find answers to questions asked by students like you. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. The company paid $1,500 cash for rent of office space for . g. Paid interest on the note payable, $500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 25.000 Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. . Write Balance in the Item column and place a check mark () in the Posting Reference column. Introduction:  a. Home., A:Since you have asked multiple questions under a single question. 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. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Revenues During May, Kelly Consulting entered into the following transactions: May 3. Ethics and budgetary slack: Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 1. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. 3. 30. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. No. 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. 3. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Enter the following transactions on Page 2 of the two-column journal: 29. Paid dividends, $3,000. d. The company completed work for a client and immediately collected the $2,500 cash earned. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. a. d. Paid rent on office and equipnwnt for the month, $5,000. References Basic Accounting Systems: Cash Basis. Any additional hours beyond SO will be billed to KXMD at 40 per hour. During June, Ming Chen (the owner) completed these transactions. The company paid $1,500 cash for rent of office space for the month. 10.000 During June, Ming Chen (the owner) completed these transactions. 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: 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. $30000. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 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. No. Recorded services provided on account for the period May 16-20, 4,820. No. Journal entry is used to the record the business transactions of an enterprises. minus sign.) b. %24 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. (1,500) + First week only $4.99! Check my Use the ending balances in the T-accounts to prepare a trial balance. 10,000 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. 3.Paid 250 to creditors on account. d. Paid rent on office and equipnwnt for the month, $5,000. 1. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. If there is. 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. 2. 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. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. 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. Received 750, with the remainder due August 4, 2019. During June, Ming Chen (the owner) completed these transactions. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental Instructions 1. 0. Liabilities Paid wages of employees, 6,800. h. Purchased land as a future building site, paying cash of $120,000. Assignments: ACCTG-4A-80575-2021SP a. i. b. 1.500 Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. The customer will pay at a later date. 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. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. If you still cannot find the error, re-analyze each transaction. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? 6. %24 Ask a new question. 3. d. The company completed work for a client and immediately collected the $2,500 cash earned. a. a. a. 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. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. The account headings are presented below. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 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 Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. 504. j. + Prepare and post the closing entries. Withdrew cash for personal use, 2,000. A:Journal: Bal Determine the amount of Joel Palks capital as of July 1 of the current year. 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. Required 1. Explanations may be omitted. 0. No. 0. Received 3,000 for serving as a disc jockey for a party. $ 15,000 Paid dividends, 2,500. %3D Prepare an unadjusted trial balance as of January 31, 2019. b. b. Receivable b. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Use a chart of accounts to order the ledger accounts. Introduction: At the end of May, the following adjustment data were assembled. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Paid wages of 1,200 to receptionist and part-time assistant. The following, A:Unadjusted Trial Balance - %24 1004. j. 24. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Purchased supplies on account, 850. Accounts minus sign.) 29. b. d. The company completed work for a client and immediately collected the $2,500 cash earned. No. During June, Ming Chen (the owner) completed these transactions.a. Paid gas, oil, and repairs on automobile for April, 550. 5. %24 2. I will also provide you with TURNITIN PLAGIARISM REPORT. a. 1,500 on the Business environment in China. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. The company paid $10,000 cash to settle the liability created in transaction c. (j) Withdrew cash for personal use, 100. Determine the net income or net loss for October. During the month, he completed the following transactions connected with his professional practice: a. 4.Prepare an unadjusted trial balance as of July 31, 2019. Introduce your . (c) Purchased office equipment. During June, Ming Chen (the owner) completed these transactions: a. A:a)Indicate the effect of the given transactions. Received 1,000 cash from customers on account. b. How much did Junes transactions increase or decrease Chad Wilsons capital? Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Paid 620 to Upload Music for use of its current music demos in making various music sets. A. Determine the following: a. Thanks :--). Prepare T accounts, using the account titles in (1). a. Gervais deposited 25,000 in a bank account in the name of the business. 27. Paid cash to creditors on account, 4,500. j. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 1. 3. 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: 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. a., A:1. 31. Graw a. Wallace deposited 24,000 in a bank account in the name of the business. 000 %24 Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 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. The company paid $1,500 cash for rent of office space for the. b. 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. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. 22. Instructions 1. Paid cash for miscellaneous expenses, 375. j. Extend the balances to the appropriate balance columns after each transaction is posted. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Determine the net income for June. 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:

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