Prepare the necessary journal entries to record these transactions. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Bal. b. 1,500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. No. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. (Optional) Prepare a statement of cash flows for July. No. 00. 1,500 During June, Ming Chen (the owner) completed these transactions: a. Ming Chen (the owner) completed these transactions. G. Received the electricity bill. On June 1 of the current year, Chad Wilson established a business to manage rental property. 25. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 3. 3. Accounts Bal Extend the balances to the appropriate balance columns after each transaction is posted. d. b. The actual work of dry cleaning is done by another company for a fee. a. July 21. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 7,500 15,000 b. $4 f. The company purchased additional equipment for $6,000 cash. During June, Ming Chen (the owner) completed these transactions: a. Cash Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. 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: Received 750, with the remainder due August 4, 2019. ezto.mheducation.com Opened a business bank account with a deposit of 35,000 in exchange for common stock. A. b. 31.Withdrew 1,250 cash from PS Music for personal use. Common 75,000 View this solution and millions of others when you join today! Q:Connie Young, an architect, opened an office on October 1, 2019. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 7.500 She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 75,000 b. 15,000 Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. Movies are expensive to produce and market. 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. Issued common stock to Marjorie Knaus in, A:Step 1 Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. Determine the increase or decrease in owners equity for January. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. The following transactions occurred during January of the current year. Solved Ming Chen began a professional practice on June 1 and | Chegg.com During the month, he completed the following transactions connected with his professional practice: a. 3. 10,000 Paid truck expenses, 435, Ck. The company paid $1,000 cash in dividends to the owner (sole shareholder). b. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. Paid rent for July, 1,750. 2. 0. A:The financial statements of the business include the income statement and balance sheet of the firm. 501. e. Bought insurance for the truck for one year, 400, Ck. Paid telephone bill for May, 260. Ming Chen began a professional practice on June 1 and plans 23. 505. m. Paid the salary of the assistant, 1,150, Ck. a. 10,000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 28. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. A:Hi student Using the following, A:Impact on Equity - 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 plansget 1 Required 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. h. Purchased land as a future building site, paying cash of $120,000. Post the journal to a ledger of four-column accounts. Enter the following transactions on Page 2 of the two-column journal: 29. The worker will be paid $275 per week. b. Repairs and maintenance of $9,000 were incurred and paid. d. 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. Ken Jones, an architect, opened an office on April 1, 2019. 27. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. and company a firm. At the end of May, the following adjustment data were assembled. 2. i. 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. Is it a product or a period cost? Received cash from customers on account, 88,000. k. Determined that the cost of supplies on hand was 5,900; therefore, the cost of supplies used during the month was 3,600. l. Withdrew 12,000 cash for personal use. 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: To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 2023 White PaPer. 29.Paid miscellaneous expenses, 540. Paid Office Station Co. for part of the debt incurred on April 5, 640. The company paid $10,000 cash to settle the liability created in transaction c. j. Accounts . The following transactions, A:Note: 16. Received 500, with the remainder due on August 9, 2019. 10. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Received cash from customers on account, 9,000. Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. Enter the following transactions on Page 2 of the two-column journal: 16. Can you think of any reason why the amount determined in (4) might not be the net income for November? 2. 24 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. Accounting Equation is calculated using following equation - Hello. Hal Smith opened Smith's repairs on 01.03. Payable 17. On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. Record the closing entries on Page 8 of the journal. 2,500 EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 3.Paid 250 to creditors on account. Withdrew cash for personal use, 7,500. Opened a business bank account with a deposit of 30,000 from personal funds. Introduce yourself. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 4. 4, %24 Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. During June, Ming Chen (the owner) completed these transactions. Paid dividends, $3,000. 30. I have all relevant skills and expertise related to your project. Amount of total expenses recorded in the ledger. 11.Received 1,000 for serving as a disc jockey for a party. 10,000 + April. Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. 6. c. Received cash from fees earned. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. i. Write Balance in the Item column and place a check mark () in the Posting Reference column. a. The prepaid rent at the beginning of the year was used in 2019. 1002. h. Received and paid the bill for utilities, 340, Ck. Advertising expense of $26,000 was incurred and paid. 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. stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 8.000 Expenses Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 10,000 61,000 25,000 %D Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Mulberry purchased computer paper for $13,000 cash in late December. He completed the following transactions during June: a. 4. g. Paid interest on the note payable, $500. 0.33 The following, A:Unadjusted Trial Balance - Paid cash for miscellaneous expenses, 375. j. C. 2. 0. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. c. Received cash from fees earned. Classify each transaction as an operating, an investing, or a financing activity. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Dividends The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Received 500, with the remainder due on August 9, 2019. Instrustions Prepare a balance sheet as of July 31, 20Y5. 0. There is no prepaid rent or rent payable at year-end. Bal. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. (1,500) + Determine the excess of revenues over expenses for November. If you want the answer, Q:Architects completed the following transactions: a. (g) Paid wages to part-time employee, 500. 27.Paid electric bill, 915. During June, Ming Chen (the owner) completed these transactions. 7.500 Billed insurance companies for sales commissions earned, 12,500. j. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. d. The company completed work for a client and immediately collected the $2,500 cash earned. Prepare an income statement, a retained earnings statement, and a balance sheet. Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. Expenses College Accounting (Book Only): A Career Approach. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Good morning, teachers, I am honored to be informed to have this interview. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. If the two totals are not equal, check the addition and subtraction. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. 1,500 The company paid $1,500 cash for rent of office space for the month. b. Received 1,000 cash from customers on account. Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i. j. 2,500 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. Create the following table similar to the one in Exhibit 1.9. If there is. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Received 750, with the remainder due August 4, 2019. 1. 0. 7,500 Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. During the first month of operations of his, A:Solution: Determine account balances of the T accounts. The account headings are presented below. Ming Chen began a professional practice on June 1 and plansget 1 2020 - 2024 www.quesba.com | All rights reserved. Introduce your . 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.: 31. i. c. Is it a variable or a fixed cost? 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. 31.Received 3,000 for serving as a disc jockey for a party. The following transactions were completed during July, the second month of the business's operations: July 1. 225. (1,500) + Withdrew l,250 cash from PS Music for personal use. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 21. Prepare an unadjusted trial balance as of January 31, 2019. 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. So lets make no longer delay & start chatting immediately. The company paid $1,500 cash for rent of office space for the month. A:Introduction: Determine the account balances after all posting is complete. a. 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. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. J. 13. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). D. An office worker was hired. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 30.Served as a disc jockey for a charity ball for 1,500. 2.1.4P, Your question is solved by a Subject Matter Expert. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. The company paid $10,000 cash to settle the liability created in transaction c. A:Journal: C. Provided services in the amount of $1,000. Paid on account to the City Crier, 455, Ck. d. Paid rent on office and equipnwnt for the month, $5,000. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 60,000 A. Ethics and budgetary slack: d. Purchased office supplies on account, $1,250. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months.
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