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 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. 15,000 [Solved] Ming Chen began a professional practice o | SolutionInn Paid wages of 1,200 to receptionist and part-time assistant. If you still cannot find the error, re-analyze each transaction. Ken Jones, an architect, opened an office on April 1, 2019. Required 1. Issued common stock to Marjorie Knaus in, A:Step 1 Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. During the month, she completed the following transactions connected with her professional practice: a. No. 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. Instuction Prepare an income staement and statement of stockholders equity for July. 4. %24 If you still cannot find the error, re-analyze each transaction. b. 4. 29. During the first month of operations of his, A:Solution: During June, Ming Chen (the owner) completed these transactions: a. 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. Dividends Find answers to questions asked by students like you. Ming Chen began a professional practice on June 1 and plans to e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. b. Analyze each transaction, Journalize as appropriate. 1, A:Salary is the expense of a business. No. What will be the value of interest payment at the end of fourth year in real dollars? Classify each transaction as an operating, an investing, or a financing activity. Q:Duerr Engineering completed the following transactions in the month of June. 1006. 4. The following transactions occurred during January of the current year. Required 4. Determine the net income or net loss for April. Served as a disc jockey for a charity ball for 1,500. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. a. Ming Chen began a professional practice on June 1 and. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. Kimberly Manis, an architect, opened an office on January 1, 2016. +. 1,500 0. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Thanks :--). 31. 75,000 EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. 2. Introduction: 1000. c. Bought office supplies for cash, 375, Ck. Hill 504. j. Graw 6. The company pald $2,100 cash for rent of office space for . 7,500 The company paid $10,000 cash to settle the liability created in transaction c. j. The transactions of 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 company paid $1,500 cash for rent of office space for the month. Paid telephone bill for May, 260. Prepare an unadjusted trial balance as of August 31, 2016. 3. Purchased supplies on account, 735. Paid truck expenses, 435, Ck. Create the following table similar to the one in Exhibit 1.9. 10. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 501. e. Bought insurance for the truck for one year, 400, Ck. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 2023 Saved Instructions 1. h. Borrowed $100,000 by issuing a note payable. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 2. (Do not insert the account numbers in the journal at this time.) Determine the net income or net loss for January. + 25,000 Amount of total expenses recorded in the ledger. Expenses Paid miscellaneous expenses, 1,000. f. S NO 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. The following, A:Unadjusted Trial Balance - b. July 21. Hello. Liabilities 5. minus sign.) A building and equipment are currently being rented, pending expansion to new facilities. 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: Use the ending balances in the T-accounts to prepare a trial balance. During June, Ming Chen (the owner) completed these transactions. b. 22. Borrowed $100,000 by issuing a note payable. g. The company paid an assistant $3,000 cash as wages for the month. 506. 8.000 A:Hi student 5. Q:Prepare the statement of retained earnings for the month of July 31. If there is. 8.Paid for a newspaper advertisement, 200. Accounts Ming Chen began a professional practice on June $1$ and plan | Quizlet 4.Prepare an unadjusted trial balance as of July 31, 2019. a. Prepare an unadjusted trial balance as of July 31, 2019. Q:Ken Jones, an architect, opened an office on April 1, 2019. During the first month of operations of his, A:Solution: . 7.500 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. b. 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). i. 8,000 Enter the following transactions on Page 2 of the two-column journal: 29. 17. 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. Ming Chen began a professional practice on June 1 and plans to prepare Paid rent for July, 1,750. During June, Ming Chen (the owner) completed these transactions. 8. 13. 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. 0. 5. 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. 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. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. During June, Ming Chen (the owner) completed these transactions. 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. Income tax of $10,300 was incurred and paid in 2019. 30. 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. 2. Received 1,000 for serving as a disc jockey for a party. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. a. 16. 1.500 %3D (83) Paid on account to the City Crier, 455, Ck. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. He completed the following transactions during June: a. During the first month of operations of her business (a, A:An income statement is a part of financial statement which contain the details of all incomes and, Q:July 1, Lula Plume created a new self-storage business, Safe Storage Co. a. 31. How much did Junes transactions increase or decrease Chad Wilsons capital? Paid miscellaneous expenses, 540. c. Received cash from fees earned. She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. Start your trial now! 3. 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. 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. 5. a. What amount should Carter report as net cash from investing activities? 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. February 20, 2023. Recording of a business transactions in a chronological order. During June, (Record as Miscellaneous Expense.) h. Borrowed $100,000 by issuing a note payable. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %3D 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common (Enter decreases to account balances with a The company paid $1,500 cash for rent of office space for the month. No. Ming Chen began a professional practice on June 1 and plans to prepare To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. %24 (f) Made payment on loan in transaction (c), 500. 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. She helped me in last minute in a very reasonable price. 7,500 To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. I have all relevant skills and expertise related to your project. 9. b. 2023. Owner withdrew $1,000 cash from the company for personal use. (k) Paid wages to part-time employee, 500.  e. Is it a budgeted or an actual cost in your report? Transactions completed during the month follow. Instructions 1. 4. 23. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. 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. b. (i) Paid electricity bill, 85. 10,000 Received cash from clients on account, 9,520. The following transactions, A:Journal Entries: 61,000 2. Paid part-time receptionist for two weeks salary, 750. Only credit card transaction fees are limited by law. If you want the answer, Q:Architects completed the following transactions: Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. 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. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. 3. 3. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Record the transactions and the balance after each transaction. How much did Marchs transactions increase or decrease Amy Austins capital? Brooke completed the following transactions during the month of August: a. If the two totals are not equal, check the addition and subtraction. Paid 620 to Upload Music for use of its current music demos in making various music sets. Bal. Determine the following: a. g. Paid interest on the note payable, $500. 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. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. a. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Which of the following is true? Can you think of any reason why the amount determined in (4) might not be the net income for November? Payable $15,000 Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 3. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Withdrew cash for personal use, 2,000. Dividends in the amount of $1,500 were distributed. Journal entry is used to the record the business transactions of an enterprises. D. An office worker was hired. a. the. 11.Received 1,000 for serving as a disc jockey for a party. The customer will pay at a later date. Accounts containing only a single entry do not need a balance. Simple Accounting equation is. Instructions 1. 15. Equipment Paid electric bill, 915. Ming Chen began a professional practice on June 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. The business was started by selling $100,000 worth of common stock. Received 500, with the remainder due on August 9, 2019. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. 505. m. Paid the salary of the assistant, 1,150, Ck. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. The following account balances are available: Required: 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. i. Served as disc jockey for a party for 2,500. 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: State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. d. Paid rent on office and equipnwnt for the month, $5,000. The company paid $1,500 cash for rent of office space for the month. 12. Solved Ming Chen began a professional practice on June 1 and | Chegg.com The company paid $1,000 cash in dividends to the owner (sole shareholder). 5. 60,000 A. DLite Dry Cleaners is owned and operated by Joel Palk. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. 75,000 0. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 1.500 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. Q:Connie Young, an architect, opened an office on October 1, 2019. 29.Paid miscellaneous expenses, 540. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Paid cash to creditors on account, 3,000. j. Paid rent for period of November 1 to end of month, 4,000. Ken Jones, an architect, opened an office on April 1, 2016. Paid 700 to a local audio electronics store for rental of digital recording equipment. . During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Movies are expensive to produce and market. Im very much interested to write for attendance systems. *Response times may vary by subject and question complexity. Bal. h. Purchased land as a future building site, paying cash of $120,000. To ensure my potential must visit my profile to check my ratings and uploaded samples. 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 Record the following transactions on Page 6 of the journal: 20. During June, Ming Chen (the owner) completed these transactions: a. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. f. Paid office salaries, $6,500. 10. 1. 2020 - 2024 www.quesba.com | All rights reserved. Received 500, with the remainder due on August 9, 2019. 7,500 on the Business environment in China. CASH b. Received $100 from a customer for services we will provide next week. During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 28. %D 30. b. 18.Purchased supplies on account, 850. g. Paid interest on the note payable, $500. 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? Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. 4. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. During June, Ming Chen (the owner) completed these transactions. a. Prepare a single-step income statement. Ask your question! Paid gas, oil, and repairs on automobile for April, 550. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. No. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Recorded jobs completed on account and sent invoices to customers, 22,300. 0. 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 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 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. 2. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Enter the following transactions on Page 2 of the two-column journal: 16. 27. Explanations may be omitted. a. H. Paid the worker hired in D for one weeks work. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 1,500 31.Withdrew 1,250 cash from PS Music for personal use. 2023 White PaPer.  c. Is it a variable or a fixed cost? stock. During June, Ming Chen (the owner) completed these transactions. As, Q:Leora Diamond began a professional practice on June 1 and plans to prepare financial statements at, A:Accounting Equation is foundation of Double entry Accounting System . The company paid $1,000 cash in dividends to the owner (sole shareholder). 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.