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I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. 7. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 4. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. 2. 23. References A:Revenue means the income earned during a given period. Determine the net income or net loss for April. 2023. Greco resort opened for business on june 1. We will pay the $110 in thirty days. Common 1. Home., A:Since you have asked multiple questions under a single question. Paid 620 to Upload Music for use of its current music demos in making various music sets. 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, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Common d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Journal entry is used to the record the business transactions of an enterprises. Paid dividends, $3,000. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Paid wages of 1,200 to receptionist and part-time assistant. f. Paid office salaries, $6,500. 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: 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. 5. The policy covers a one-year period. 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. 4. Simple Accounting equation is. Received 1,000 for serving as a disc jockey for a party. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Q:Connie Young, an architect, opened an office on October 1, 2019. During March, the following, A:1. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 2,500 Inflation is 3.8% per year. The company paid $10,000 cash to settle the liability created in transaction c. j. The following transactions, A:Note: The following account balances are available: Required: 1. 0. During May, Kelly Consulting entered into the following transactions: May 3. %3D 29. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 30. Equipment f. Paid office salaries, $6,500. b. 58,500 Equity a. 11. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. 3. Do you need an answer to a question different from the above? 18. II Receivable Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. d. The company completed work for a client and immediately collected the $2,500 cash earned. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Record the adjusting entries on Page 7 of the journal. J. 225. i. Issued common stock to Marjorie Knaus in, A:Step 1 It is the first step of recording transactions of a company. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. No. During the month, Jones, A:T accounts: 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. I. Prepare and post the closing entries. The following, A:Unadjusted Trial Balance - 5.Purchased office equipment on account from Office Mart, 7,500. 2,500 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. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 0. 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. Prepare a single-step income statement. C. For those boxes in, A:Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by, Q:on april 1 Jiro Nozomi created a new travel agency, adventure travel. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. I can help you with creating a presentation of one slide for The Word of William Hunter. Bal. Record the transactions and the balance after each transaction. 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.  b. What if the client hasn't prepared them in advance? During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. Paid the office rent for the current month, 650, Ck. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 0. a. c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. 2023 White PaPer. h. Purchased land as a future building site, paying cash of $120,000. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 10,000 If the two totals are not equal, check the addition and subtraction. Paid dividends, $3,000. 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. 8.Paid for a newspaper advertisement, 200. C. Provided services in the amount of $1,000. Received 750, with the remainder due August 4, 2019. Prepare an income statement, a retained earnings statement, and a balance sheet. No. 1,500 During June, Ming Chen (the owner) completed these transactions: a. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Paid cash to creditors on account, 3,000. j. 2. Amount of total revenue recorded in the ledger.  a. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Ken Jones, an architect, opened an office on April 1, 2019. July 21. 10,000 She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 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Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Since there are multiple subparts, we will answer only first three subparts. Post the journal to a ledger of four-column accounts. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 1,500  e. Is it a budgeted or an actual cost in your report? a. Q:Comprehensive Problem Set 10,000 Each drugstore is operated by a general manager and a controller. Journalize and post the adjusting entries. b. 61,000 10 000 f. Opened a business bank account with a deposit of 35,000 in exchange for common stock. 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. 28. Instructions 1. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. 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. Prepare an unadjusted trial balance. a. Wallace deposited 24,000 in a bank account in the name of the business. Served as disc jockey for a party for 2,500. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. During June, Ming Chen (the owner) completed these transactions: a. Purchased supplies for cash, 1,750. Income tax of $10,300 was incurred and paid in 2019. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 1. 1.500 Establish a ledger for the accounts listed above and enter the beginning balances. During the first month of h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Prepare T accounts, using the account titles in (1). T Accounts, Debits And Credits, Trial Balance, And Financial Statements. Borrowed $100,000 by issuing a note payable. a. 1,500 Next Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. 28. (g) Paid wages to part-time employee, 500. Required a. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. $30000. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Six months rent was paid in advance, $4,500. 31. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 60,000 Determine the increase or decrease in owners equity for January. a. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 00. Mc. 1,500 Equity Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. +. I am highly qualified expert, working from 2008-9 in this industry. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. . Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. I have all relevant skills and expertise related to your project. b. Good morning, teachers, I am honored to be informed to have this interview. 2. Ask your question! Instructions 1. 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. c. Both credit card and debit card transaction fees are limited by law. During June, Ming Chen (the owner) completed these transactions. k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. Cash Paid 700 to a local audio electronics store for rental of digital recording equipment. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. 000 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). Purchased office equipment on account from Office Mart, 7,500. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 7,500 I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. the firm are, A:Income statement On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Withdrew cash for personal use, 2,000. h. Hi, Hope you are doing well. During June, Ming Chen (the owner) completed these transactions. 13. Greetings! Paid miscellaneous expenses, 540. (1,500) + 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). Budgeting issues at the movies: b. 1. 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. d. The following transactions, A:Journal Entries: No. Hire Professional Writer And Get A+ Grades In Your Homework. 7.500 Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. b. Amount of total expenses recorded in the ledger. Payable 15,000 Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 10,000 Determine the following: a. Mulberry purchased computer paper for $13,000 cash in late December. b. ol + She, A:The accounting equation states that assets equal to sum of liabilities and equity. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 6. Instructions 1. %24, Carl Warren, James M. Reeve, Jonathan Duchac. A:Journal: Hi! b. Use the ending balances in the T-accounts to prepare a trial balance. Saved In this activity, you will be creating. %3D The account headings are presented below. Basic Accounting Systems: Cash Basis. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The transactions of Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. i. 27. Accounts containing only a single entry do not need a balance. 3. If an entry is not required for any of these transactions, state this and explain why. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Determine the net income or net loss for January. 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? Prav Paid cash for miscellaneous expenses, 375. j. Explanations may be omitted. 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 a. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. + Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Paid cash for miscellaneous expenses, 375. j. Required 1. points Only debit card transaction fees are limited by law. b. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Received 2,000 for serving as a disc jockey for a wedding reception. Interest of $5,000 was paid on the long-term loan. %D Determine the net income or net loss for April. Instuction Prepare an income staement and statement of stockholders equity for July. Instructions 1. The, A:An accounting equation refers to a mathematical representation of the transactions. 14.Paid wages of 1,200 to receptionist and part-time assistant. Paid rent for July, 1,750. %3D 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. Hello. Received 1,000 cash from customers on account. Mulberry paid the interest payable of $8,000. 8.000 Q:1. 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. Owner invested $60,000 cash in the company along with equipment. Is it a product or a period cost? 61. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. %3D 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. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 8. During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. b. 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. 4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1,500 Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. %24 During the month, she completed the following transactions connected with her professional practice: a. %24 Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 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. d. Paid rent on office and equipnwnt for the month, $5,000. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. During June, Ming Chen (the owner) completed these transactions. (b) Paid office rent, 500. Advertising expense of $26,000 was incurred and paid. 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? A balance sheet Required: Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Cash CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? (e) Paid phone bill, 65. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. ol + Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. + a. Assets Instructions 1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 1.500 Introduce your . Owner invested Hello. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Apr. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Bal Prepare an unadjusted trial balance as of January 31, 2019. 21. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 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. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 0. a. Purchased office equipment on account, 15,000. Paid gas, oil, and repairs on automobile for April, 550. During June, Ming Chen (the owner) completed these transactions: a. Paid electric bill, 915. Using the following, A:Impact on Equity - a. %D Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Introduce yourself. Bal. 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). 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. A:Requirement 1: Indicate the effect of the given transactions. ezto.mheducation.com b. 1,500 1PA, Your question is solved by a Subject Matter Expert. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. (Optional) Prepare a statement of cash flows for July. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Receivable 4.Prepare an unadjusted trial balance as of July 31, 2019. g. Paid interest on the note payable, $500. February 20, 2023. 24. Print Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 1,500 30. 2020 - 2024 www.quesba.com | All rights reserved. e. To ensure my potential must visit my profile to check my ratings and uploaded samples. During June, Ming Chen (the owner) completed these transactions. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. b. Received 3,000 for serving as a disc jockey for a party. 3. Journal Entries - Journal Entries are the recording of transactions of the organization. a. Find answers to questions asked by students like you. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Write Balance in the Item column and place a check mark () in the Posting Reference column. The company pald $2,100 cash for rent of office space for . 31.Withdrew 1,250 cash from PS Music for personal use. 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. 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. 505. m. Paid the salary of the assistant, 1,150, Ck. The company paid $1,500 cash for rent of office space for the month. a. d. Paid rent on office and equipnwnt for the month, $5,000. 1. b. 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. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. g. Paid interest on the note payable, $500. Paid wages of employees, 6,800. 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. 15. 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. The company paid $1,500 cash for rent of office space for the month. Analyze and use these data to complete parts (5) and (6). 7,500 c. Amount of net income for August. 31.Received 3,000 for serving as a disc jockey for a party. Determine account balances of the T accounts. 10,000 H. Paid the worker hired in D for one weeks work. Determine the net income for March. 31. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 31. During the first month of operations of his, A:Solution: 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. 7.500 DLite Dry Cleaners is owned and operated by Joel Palk. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. A:a)Indicate the effect of the given transactions. The equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. July 21. 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. Received cash from clients on account, 2,450. (f) Made payment on loan in transaction (c), 500. 2. 5. Start your trial now! 2. Use a chart of accounts to order the ledger accounts. 17. %24 Find answers to questions asked by students like you.