Insurance expired during May is 275. b. b. A:Requirement 1: Indicate the effect of the given transactions. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. (a) Invested cash in the business, 510,000. ezto.mheducation.com b. f. The company purchased additional equipment for $6,000 cash.  b.  d. Does the activity add value to Latchey’s provision of insurance services? The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. 8.000 Paid telephone bill for May, 260. (1,500) + PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. the firm are, A:Income statement Revenue 4. A. Received 1,000 cash from customers on account. 5. e. Received cash from clients on account, 2,450. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Post the journal to a ledger of four-column accounts. During June, Ming Chen (the owner) completed these transactions: a. 1.500 a., A:1. $4 Prepare an unadjusted trial balance as of July 31, 2019. a. Withdrew cash for personal use, 3,900. The company paid $1,500 cash for rent of office space for the month. Issued common stock to Marjorie Knaus in, A:Step 1 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Paid on account to the City Crier, 455, Ck. So lets make no longer delay & start chatting immediately. The entire assets of an organization are equal to the sum of its liabilities, Q:Kristin Holden started her own consulting business in July, 20--. Received 500, with the remainder due on August 9, 2019. Bal. 13. Paid miscellaneous expenses, 1,000. The following, A:Unadjusted Trial Balance - g. The company paid an assistant $3,000 cash as wages for the month. During the month, he completed the following transactions connected with his professional practice: a. 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. b. Receivable $ 15,000 Ken Jones, an architect, opened an office on April 1, 2019. a. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. 1,500 Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. c. Received cash from fees earned. Purchased office equipment on account, 15,000. 2023 Required: 2. d. The company completed work for a client and immediately collected the $2,500 cash earned. 4. No. Received 500, with the remainder due on August 9, 2019. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. The prepaid rent at the beginning of the year was used in 2019. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed The transactions of Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. g. The company paid an assistant $3,000 cash as wages for the month. 3. 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. The business was started by selling $100,000 worth of common stock. She helped me in last minute in a very reasonable price. Determine the net income or net loss for October. Record the following transactions on Page 6 of the journal: 20. S NO Saved The company paid $10,000 cash to settle the liability created in transaction c. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. a. 61,000 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. b. Prepare T accounts, using the account titles in (1). Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 2. G. Received the electricity bill. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Do not insert the account numbers in the journal at this time.) Ming Chen began a professional practice on June 1 and. %3D Connie Young, an architect, opened an office on October 1, 2019. Prepare an adjusted trial balance. 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. 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. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 1,500 Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. b. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Classify each transaction as an operating, an investing, or a financing activity. 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. Help Answered: Ming Chen began a professional practice | bartleby f. The company purchased additional equipment for $6,000 cash. Paid cash to creditors on account, 4,500. j. A balance sheet Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Create the following table similar to the one in Exhibit 1.9. b. 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. 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: 2,500 0. Paid miscellaneous expenses, 540. 75,000 Received cash for job completed, 11,500. 58,500 d. Paid rent on office and equipnwnt for the month, $5,000. (Enter decreases to account balances with a a. 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. 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 C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, 40,000. b. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 25.000 58,500 Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Record the transactions and the balance after each transaction. Amount of total revenue recorded in the ledger. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. The account headings are presented below. 8,000 Common 1. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. 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. 2023 White PaPer. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. 5. He completed the following transactions during June: a. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 506. b. EQUITY Can you think of any reason why the amount determined in (4) might not be the net income for November? Paid cash for miscellaneous expenses, 375. j. Paid dividends, 2,500. 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. M Question 8 - Chapter 1 Exercises Connect the. 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. Recorded services provided on account for the remainder of May, 2,650. Interest of $5,000 was paid on the long-term loan. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 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. + View this solution and millions of others when you join today! Instructions 1. d. The company completed work for a client and immediately collected the $2,500 cash earned. c. Received cash from fees earned. 63. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Repairs and maintenance of $9,000 were incurred and paid. Paid part-time receptionist for two weeks salary, 750. Paid 620 to Upload Music for use of its current music demos in making various music sets. 31. 31. f. Paid office salaries, $6,500. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. 1,500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instructions 1. During June, Ming Chen (the owner) completed these transactions: a. i. On June 1 of the current year, Chad Wilson established a business to manage rental property. Billed insurance companies for sales commissions earned, 12,500. j. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Paid utilities expense, 4,500. 2,500 During June, Ming Chen (the owner) completed these transactions. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 1000. c. Bought office supplies for cash, 375, Ck. d. Solved Ming Chen began a professional practice on June 1 and | Chegg.com 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 5. No. i. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. I have all relevant skills and expertise related to your project. 10 000 h. Borrowed $100,000 by issuing a note payable. The policy covers a one-year period. July 21. 2. (Solved) - Ming Chen began a professional practice on June 1 and plans d. The company completed work for a client and immediately collected the $2,500 cash earned. minus sign.) 25.000 College Accounting (Book Only): A Career Approach. Stock 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. 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. 31. February 20, 2023. 4. 15,000 Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Record the transactions and the balance after each transaction. During the month, she completed the following transactions connected with her professional practice: a. 58,500 The following transactions, A:Journal Entries: No. April. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. $30000. The actual work of dry cleaning is done by another company for a fee. c. Amount of net income for August. He. 1,500 The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. %3D 27. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 25,000 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. 1006. The company paid $1,500 cash for rent of office space for the month. (Note: Ignore the date because these events are aggregations of individual events.) Received cash from clients on account, 9,520. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Withdrew l,250 cash from PS Music for personal use. a. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. (k) Paid wages to part-time employee, 500. Hill Accounts 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. 2,500 Is it a product or a period cost? ASSETS 0.33 Ming Chen began a professional practice on June $1$ and plan | Quizlet 18. (i) Paid electricity bill, 85. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Thanks :--). a. 27.Paid electric bill, 915. Write Balance in the Item column and place a check mark () in the Posting Reference column. Opened a business bank account with a deposit of 50,000 from personal funds. i. J. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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 1,000 for serving as a disc jockey for a party. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. (b) Paid office rent, 500. 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. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. %24 Ming Chen (the owner) completed these transactions: a. Bal e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Solved Ming Chen began a professional practice on June 1 and | Chegg.com we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. . e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. July 21. b. 0. Q:Ken Jones, an architect, opened an office on April 1, 2019. 31.Received 3,000 for serving as a disc jockey for a party. During the month, she completed the following transactions connected with her professional practice: a. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Graw Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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 During June, Ming Chen (the owner) completed these transactions. 3. g. The company paid an assistant $3,000 cash as wages for the month. [Solved] Ming Chen began a professional practice o | SolutionInn 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. Ethics and budgetary slack: If you want the answer, Q:Architects completed the following transactions: After, A:Net income: 9. 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. Paid rent for period of November 1 to end of month, 4,000. 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 company pald $2,100 cash for rent of office space for . Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. First week only $4.99! *Response times may vary by subject and question complexity. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e A statement of changes in Equity O OO O %24 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: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. %24 Liabilities 3.Paid 250 to creditors on account. Instructions 1. Q:Prepare the statement of retained earnings for the month of July 31. 4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Good morning, teachers, I am honored to be informed to have this interview. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ming Chen (the owner) completed these transactions. 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. The company paid $1,000 cash in dividends to the owner (sole shareholder). Owner invested $60,000 cash in the company along with equipment. a. 7,500 1. 29. 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. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Withdrew cash for personal use, 7,500. During the first month of operations of his, A:Solution: Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Determine the excess of revenues over expenses for November. 0. 8.000 Borrowed $100,000 by issuing a note payable. Instructions 1. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. h. Purchased land as a future building site, paying cash of $120,000. Purchased office equipment on account from Office Mart, 7,500. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. b. The company paid $1,500 cash for rent of office space for the month. b. Income tax of $10,300 was incurred and paid in 2019. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Paid annual premiums on property and casualty insurance, 2,400. b. c. Received cash from fees earned. a. 25,000 What will be the value of interest payment at the end of fourth year in real dollars? Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 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. b. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Ask your question! 3. Prepare an unadjusted trial balance as of August 31, 2016. 30. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. a. 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: f. The company purchased additional equipment for $6,000 cash. Prepare a post-closing trial balance. 11. Paid 5,000 on 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. +. 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. + SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Paid Office Station Co. for part of the debt incurred on April 5, 640.