The prepaid rent at the beginning of the year was used in 2019. Liabilities Explanations may be omitted. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Record the following transactions on Page 6 of the journal: 20. 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. %24 Instructions 1. 29. Transactions completed during the month follow. 10,000 + Recorded jobs completed on account and sent invoices to customers, 22,300. Record the transactions and the balance after each transaction. g. Paid interest on the note payable, $500. 506. Connie Young, an architect, opened an office on October 1, 2019. Q:Connie Young, an architect, opened an office on October 1, 2019. Paid part-time receptionist for two weeks salary, 750. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. He completed the following transactions during June: a. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Q:1. Enter the following transactions on Page 2 of the two-column journal: 29. A Wages of $379,000 were paid in cash. Post the journal to a ledger of four-column accounts. Payable ces Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Paid 5,000 on note payable. Equipment 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. 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. Paid 620 to Upload Music for use of its current music demos in making various music sets. f. The company purchased additional equipment for $6,000 cash. Paid an attorney 900 for reviewing the July 3 contract with KXMD. 0. Issued common stock to Marjorie Knaus in, A:Step 1 Purchased office equipment on account, 15,000. ezto.mheducation.com 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. 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. Bal. Instructions 1. Journalize and post the adjusting entries. No. a. Hill Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Recorded services provided on account for the period May 1-15; 9,180. Withdrew cash for personal use, 7,500. 4. 6. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 9. 1.500 Determine the net income for June. 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. 2. (d) Received cash for services rendered, 900. Required 1. July 21. 3. 1,500 23.Served as disc jockey for a party for 2,500. Answered: Ming Chen began a professional practice | bartleby During the month, he completed the following transactions connected with his professional practice: a. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 8. %24 Only credit card transaction fees are limited by law. Instrustions Prepare a balance sheet as of July 31, 20Y5. (b) Paid office rent, 500. %24, Carl Warren, James M. Reeve, Jonathan Duchac. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. 4. 12. b. 10,000 Prepare an unadjusted trial balance as of January 31, 2019. Determine account balances of the T accounts. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. The company paid $1,000 cash in dividends to the owner (sole shareholder). 4. Paid on account to the City Crier, 455, Ck. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 504. j. 2. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Paid gas, oil, and repairs on automobile for April, 550. 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. d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. J. The following transactions were completed during July, the second month of the business's operations: July 1. Accounts containing only a single entry do not need a balance. July 21. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. 14.Paid wages of 1,200 to receptionist and part-time assistant. d. Paid rent on office and equipnwnt for the month, $5,000. 31. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Paid cash for miscellaneous expenses, 375. j. If the two totals are not equal, check the addition and subtraction. 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. No. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Optional) Prepare a statement of cash flows for July. Establish a ledger for the accounts listed above and enter the beginning balances. minus sign.) Create the following table similar to the one in Exhibit 1.9. h. Purchased land as a future building site, paying cash of $120,000. 31.Received 3,000 for serving as a disc jockey for a party. The company paid $1,500 cash for rent of office space for . 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. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. + property. d. Paid rent on office and equipnwnt for the month, $5,000. b. 0. Received $100 from a customer for services we will provide next week. %3D Any additional hours beyond 80 will be billed to KXMD at 40 per hour. ok ht inces a. Determine the account balances after all posting is complete. A:a)Indicate the effect of the given transactions. She, A:As you have posted multiple questions, the solution to the first question is being provided. The following account balances are available: Required: 1. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Instructions 1. 10.000 To ensure my potential must visit my profile to check my ratings and uploaded samples. 1,500 Amount of total revenue recorded in the ledger. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. None of the paper was used by year-end. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 31. Simple Accounting equation is. %24 58,500 Receivable 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. 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. Q:Comprehensive Problem Set Determine account balances of the T accounts. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Answered: Ming Chen began a professional practice | bartleby 0. Paid telephone bill for May, 260. 4.Prepare an unadjusted trial balance as of July 31, 2019. A:Journal: (h) Received cash for services rendered, 800. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. A:Net income is calculated after analysing the revenue and expenses of the organisation. f. 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. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. f. The company purchased additional equipment for $6,000 cash. C. 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. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. 7,500 b. Which of the following is true? Using the following, A:Impact on Equity - College Accounting (Book Only): A Career Approach. Problem1-63B Income Statement, Retained Earnings Statement. Stock 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. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. h. Purchased land as a future building site, paying cash of $120,000. 3. 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. Explanations may be omitted. 3. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. ol + 31.Withdrew 1,250 cash from PS Music for personal use. Received 500, with the remainder due on August 9, 2019. 1004. j. Home., A:Since you have asked multiple questions under a single question. Paid dividends, $3,000. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 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). (Record as Miscellaneous Expense.) Hal Smith opened Smith's repairs on 01.03. 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. 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--. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 75,000 During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Received 2,000 for serving as a disc jockey for a wedding reception. Solved Ming Chen began a professional practice on June 1 and | Chegg.com ol + h. Borrowed $100,000 by issuing a note payable. Classify each transaction as an operating, an investing, or a financing activity. No. Payable Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 24 During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Extend the balances to the appropriate balance columns after each transaction is posted. Paid miscellaneous expenses, 1,000. 4. 11. $ Bal 5. A. I am highly qualified expert, working from 2008-9 in this industry. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. 61,000 %24 Bal. Determine the net income or net loss for October. %24 8.000 1PA, Your question is solved by a Subject Matter Expert. No. (Record as Miscellaneous Expense.) C. Provided services in the amount of $1,000. Prav A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 7,500 2. b. Paid rent for period of November 1 to end of month, 4,000. . 18.Purchased supplies on account, 850. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 29. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 28.Paid wages of 1,200 to receptionist and part-time assistant. 10. Hal Smith opened Smith's Repairs on March 1 of the current year. 1. What will be the value of interest payment at the end of fourth year in real dollars? Thanks :--). . Withdrew l,250 cash from PS Music for personal use. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. If the two totals are not equal, check the addition and subtraction. 1. 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. Only debit card transaction fees. a. ACCOUNTS RECEIVABLE 24. 3. 225. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. 23. During June, Ming Chen (the owner) completed these transactions. h. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 17. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Saved 3. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina?  e. Is it a budgeted or an actual cost in your report? 1000. c. Bought office supplies for cash, 375, Ck. G. Received the electricity bill. Paid Office Station Co. for part of the debt incurred on April 5, 640. S NO 0. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 2,500 . b. b. the firm are, A:Income statement 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. 30. Mulberry paid the interest payable of $8,000. The company paid $1,500 cash for rent of office space for the month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. b. Transactions completed during the month follow. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 1002. h. Received and paid the bill for utilities, 340, Ck. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company pald $2,100 cash for rent of office space for . c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. f. Paid office salaries, $6,500. 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. Received cash from clients on account, 2,450. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 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. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. O OO O $30000. d. Purchased office supplies on account, $1,250. c. Both credit card and debit card transaction fees are limited by law. Help $30000. Paid the office rent for the current month, 650, Ck. During June, Ming Chen (the owner) completed these transactions: a. Hello. Save & Exit 0. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Advertising expense of $26,000 was incurred and paid. During June, Journal Entries - Journal Entries are the recording of transactions of the organization. D. An office worker was hired. Dividends 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. 3. %3D I am highly qualified expert, working from 2008-9 in this industry. During June, Ming Chen (the owner) completed these transactions. 2. Explanations may be omitted. Received and paid the heating bill, 248, Ck. 8. Determine the following: a. 25.000 Paid cash to creditors on account, 3,000. j. Revenue 3.Paid 250 to creditors on account. Ming chen began a professional practice on june 1 30. 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, 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. 0.33 Bal. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. Accounting Equation is calculated using following equation - 0. Opened a business bank account with a deposit of 30,000 from personal funds. Ken Jones, an architect, opened an office on April 1, 2019. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 1,500 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: 1, A:Salary is the expense of a business. 505. m. Paid the salary of the assistant, 1,150, Ck. Start your trial now! f. Paid office salaries, $6,500. d. Paid rent on office and equipment for the month, $5,000. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. +. He. 4. $15,000 2. Enter the impact of each transaction on individual items of the accounting equation. On March 1 of this year, B. Gervais established Gervais Catering Service.