31. 4. Determine the net income or net loss for October. (f) Made payment on loan in transaction (c), 500. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Ming Chen started a business and had the following transactions in June. b. %3D Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 1,500 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). (c) Purchased office equipment. March transactions are as follows : 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: Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. Liabilities 225. (1,500) + View this solution and millions of others when you join today! 4. D. An office worker was hired. Liabilities 31. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Cash Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. Create the following table similar to the one in Exhibit 1.9. d. The company completed work for a client and immediately collected the $2,500 cash earned. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. 30.Served as a disc jockey for a charity ball for 1,500. _Accounting 1 Assignment Part 1 - Ming Chen began a professional Common By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Connie Young, an architect, opened an office on October 1, 2019. During June, Ming Chen (the owner) completed these transactions. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. Paid rent for July, 1,750. 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. %24 Bal 2. 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. During June, Ming Chen (the owner) completed these transactions: a. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Amount of total expenses recorded in the ledger. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. The company pald $2,100 cash for rent of office space for . 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. 15,000 b. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. During June, Ming Chen (the owner) completed these transactions. Opened a business bank account with a deposit of 50,000 from personal funds. 3. 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. Determine the excess of revenues over expenses for November. During the month, he completed the following transactions connected with his professional practice: a. Paid wages of employees, 6,800. Determine account balances of the T accounts. 30. 501. e. Bought insurance for the truck for one year, 400, Ck. Withdrew cash for personal use, 7,500. A statement of cash flows, Q:On September 1, 20X6, Michael Moe incorporated Moe's Mowing, Inc., a company that provides mowing, A:Since you have posted a question with multiple sub-parts, we will solve the first three subparts for, Q:Bob Jacobs opened an advertising agency. The policy covers a one-year period. The account headings are presented below. Ming Chen began a professional practice on June $1$ and plan | Quizlet A:Net income is calculated after analysing the revenue and expenses of the organisation. 25,000 Revenue 4. Borrowed $100,000 by issuing a note payable. During June, 0. h. Borrowed $100,000 by issuing a note payable. Paid 5,000 on note payable. 4. a. The company paid $1,500 cash for rent of office space for the month. Determine account balances of the T accounts. 8.000 If the two totals are not equal, check the addition and subtraction. Home., A:Since you have asked multiple questions under a single question. 2023. a. Payable 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. 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Enter the impact of each transaction on individual items of the accounting equation. Withdrew l,250 cash from PS Music for personal use. 31. 31.Received 3,000 for serving as a disc jockey for a party. f. The company purchased additional equipment for $6,000 cash. During June, Ming Chen (the owner) completed these transactions: a. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Determine the net income or net loss for April. 63. Paid for a newspaper advertisement, 200. During June, Ming Chen (the owner) completed these transactions. a. $30000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The following transactions occurred during January of the current year. The following transactions, A:Note: h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. If the two totals are not equal, check the addition and subtraction. Hello. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 2. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. 8.000 Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Answered: Ming Chen began a professional practice | bartleby b. 1. Determine the net income or net loss for April. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instuction Prepare an income staement and statement of stockholders equity for July. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. %3D Record the closing entries on Page 8 of the journal. Billed insurance companies for sales commissions earned, 12,500. j. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. h. Purchased land as a future building site, paying cash of $120,000. 4. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 3. Payable The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Start your trial now! 10,000 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. 4, Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. During June, Ming Chen (the owner) completed these transactions. 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? Required 1. Advertising expense of $26,000 was incurred and paid. 18.Purchased supplies on account, 850. Withdrew cash for personal use, 2,000. Find answers to questions asked by students like you. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 1003. i. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Paid January rent for office and workroom, 1,950. c. Purchased used automobile for 28,500, paying 5,700 cash and giving a note payable for the remainder. Simple Accounting equation is. Write Balance in the Item column and place a check mark () in the Posting Reference column. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. 5. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. A:a)Indicate the effect of the given transactions. g. Paid interest on the note payable, $500. Purchased supplies for cash, 1,750. 10,000 Hal Smith opened Smith's Repairs on March 1 of the current year. c. Amount of net income for January. Paid dividends, $3,000. 61. (a) Invested cash in the business, 510,000. $ Paid an attorney 900 for reviewing the July 3 contract with KXMD. Determine the account balances after all posting is complete. 14.Paid wages of 1,200 to receptionist and part-time assistant. (Enter decreases to account balances with a 30. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Received cash from customers on account, 9,000. f. Hill Journal entry is used to the record the business transactions of an enterprises. The business was started by selling $100,000 worth of common stock. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. g. The company paid an assistant $3,000 cash as wages for the month. 00. + Received 750, with the remainder due August 4, 2019. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Explanations may be omitted. 75,000 61,000 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. 8. Is this a direct or an indirect cost? During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. 0. Thanks :--). 31.Withdrew 1,250 cash from PS Music for personal use. 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. 10,000 + Bal. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. 61,000 ol + Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 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. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. The following transactions, A:Journal Entries: d. b. 0. 25.000 Enter the impact of each transaction on individual items of the accounting equation. 3. [Solved] Ming Chen began a professional practice o | SolutionInn $ Mc. Apr. The company paid $1,500 cash for rent of office space for the month. Required What will be the value of interest payment at the end of fourth year in real dollars? Greetings! the firm are, A:Income statement 504. j. 0. 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 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Do you need an answer to a question different from the above? You can message me to discuss the details. c. Received cash from fees earned. 1. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 4. . Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. July 21. 8.000 7. Paid gas, oil, and repairs on automobile for April, 550. During the month, she completed the following transactions connected with her professional practice: a. *Response times may vary by subject and question complexity. 1.500 EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. 58,500 screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? No. Paid wages of 1,200 to receptionist and part-time assistant. Issued common stock to Marjorie Knaus in, A:Step 1 property. 10. i. ASSETS e. 2023 I am highly qualified expert, working from 2008-9 in this industry. Ming Chen began a professional practice on June 1 and plansget 1 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. d. Does the activity add value to Latchey’s provision of insurance services? Ming Chen began a professional practice on June 1 and. a. Paid miscellaneous expenses, 540. Bal. No. 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. Determine the amount of Joel Palks capital as of July 1 of the current year. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. Dividends in the amount of $1,500 were distributed. i. Movies are expensive to produce and market. Ask your question! 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. Paid utilities expense, 4,500. 1004. j. Using the following, A:Impact on Equity - Ming Chen began a professional practice on June 1 and plans to prepare The company paid $10,000 cash to settle the liability created in transaction c. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 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. c. Both credit card and debit card transaction fees are limited by law. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 1,500 Received $100 from a customer for services we will provide next week. Ming Chen began a professional practice on June 1 and plansget 1 Accounts 3. b. No. %24 a. There is no prepaid rent or rent payable at year-end. J. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. The company paid $10,000 cash to settle the liability created in transaction c. Paid annual premiums on property and casualty insurance, 2,400. No. No. 4. 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 The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. 4. Ming chen began a professional practice on june 1 Instructions 1. b. (Do not insert the account numbers in the journal at this time.) 1. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? A:Introduction: On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. stock. Determine the increase or decrease in owners equity for January. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Basic Accounting Systems: Cash Basis. 5.Purchased office equipment on account from Office Mart, 7,500. $4 In addition, $28,000 of computer rental costs were incurred and paid. 3.
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