Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 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. 58,500 0. b. + 31. During June, Ming Chen (the owner) completed these transactions. 4. 31. 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. (Continued) Required: 1. 8,000 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The company paid $1,500 cash for rent of office space for the. 31. 5. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- During June, Ming Chen (the owner) completed these transactions. Received 1,000 for serving as a disc jockey for a party. April. h. Purchased land as a future building site, paying cash of $120,000. Recorded services provided on account for the period May 1-15; 9,180. 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. 75,000 10,000 Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Movies are expensive to produce and market. h. Purchased land as a future building site, paying cash of $120,000. 18. Determine the net income or net loss for January. (1,500) + The following account balances are available: Required: 1. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 3. a. What amount should Carter report as net cash from investing activities? 1,500 . Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Paid for a newspaper advertisement, 200. Instructions 1. Purchased supplies for cash, 1,750. 61,000 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. The company paid $1,000 cash in dividends to the owner (sole shareholder). A. During June, Ming Chen (the owner) completed these transactions: a. 1.500 Explanations may be omitted. a. Gervais deposited 25,000 in a bank account in the name of the business. %3D 29.Paid miscellaneous expenses, 540. (k) Paid wages to part-time employee, 500. 2. To ensure my potential must visit my profile to check my ratings and uploaded samples. Do you need an answer to a question different from the above? Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. (f) Made payment on loan in transaction (c), 500. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. 2. 4. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: During the month, she completed the following transactions connected with her professional practice: a. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 25.000 In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Expenses Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Bal. 2020 - 2024 www.quesba.com | All rights reserved. 31. Next g. The company paid an assistant $\$3,000$ cash as wages for the month. Purchased supplies on account, 850. 3. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. During June, Ming Chen (the owner) completed these transactions. A:a)Indicate the effect of the given transactions. A. Instuction Prepare an income staement and statement of stockholders equity for July. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Record the following transactions on Page 6 of the journal: 20. 29. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Determine the following: a. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. 24 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. a. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 23. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. If the two totals are not equal, check the addition and subtraction. Mulberry purchased computer paper for $13,000 cash in late December. 10,000 4. Owner invested $60,000 cash in the company along with equipment. 15. 3. 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. A statement of changes in Equity Assets No. 7. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 1. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Journalize and post the adjusting entries. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. Print 16. h. Borrowed $100,000 by issuing a note payable. 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--. f. Paid office salaries, $6,500. 10.000 0. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 0.33 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Mc. During June, Ming Chen (the owner) completed these transactions. Bal. 3. e. Is it a budgeted or an actual cost in your report? If you still cannot find the error, re-analyze each transaction. The company paid $10,000 cash to settle the liability created in transaction c. j. 3. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. The following transactions, A:Note: In this activity, you will be creating. 1,500 1. The company paid $1,500 cash for rent of office space for the month. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. b. Record the transactions and the balance after each transaction. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? $30000. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. and company a firm. 4. J. Use the ending balances in the T-accounts to prepare a trial balance. (Record as Miscellaneous Expense.) When the business transactions are recorded in the primary book of account, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Received 750, with the remainder due August 4, 2019. 17. 60,000 25,000 b. The policy covers a one-year period. 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. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Introduction: Start your trial now! Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. eBook Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 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). Determine account balances of the T accounts. (b) Paid office rent, 500. 3. i. Dividends 1004. j. No. What will be the value of interest payment at the end of fourth year in real dollars? a. Simple Accounting equation is. Amount of total revenue recorded in the ledger. b. 25,000 18.Purchased supplies on account, 850. S NO Bal. 10,000 + In July of this year, M. Wallace established a business called Wallace Realty. %D Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. (j) Withdrew cash for personal use, 100. During the first month of Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. Problem1-63B Income Statement, Retained Earnings Statement. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Enter the following transactions on Page 2 of the two-column journal: 29. Instructions 1. h. Borrowed $100,000 by issuing a note payable. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Determine the account balances, after all posting is complete. 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. i. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Journal entry is used to the record the business transactions of an enterprises. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Paid electric bill, 915. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 7.500 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Required: 5. on the Business environment in China. (Do not insert the account numbers in the journal at this time.) How much did Marchs transactions increase or decrease Amy Austins capital? 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. During the month, Lexi completed the following transactions related to the business: Nov. 1. 1,500 Instructions 1. 75,000 Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1.500 $30000. $ No. 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. J. b. Find answers to questions asked by students like you. 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. Instructions 1. 1PA, Your question is solved by a Subject Matter Expert. A building and equipment are currently being rented, pending expansion to new facilities. The following transactions occurred during January of the current year. As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. f. Paid office salaries, $6,500. Prepare T accounts, using the account titles in (1). b. 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. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Ken Jones, an architect, opened an office on April 1, 2016. Determine the account balances after all posting is complete. 3. Enter the impact of each transaction on individual items of the accounting equation. 7.500 A:Requirement 1: Indicate the effect of the given transactions. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 1003. i. %24, Carl Warren, James M. Reeve, Jonathan Duchac. 11.Received 1,000 for serving as a disc jockey for a party. 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? 7,500 stock. Q:Ken Jones, an architect, opened an office on April 1, 2019. July 21. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: the firm are, A:Income statement 10,000 8.000 If there is. %3D b. Withdrew cash for personal use, 2,500. II To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Prepare an income statement, a retained earnings statement, and a balance sheet. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. The business was started by selling $100,000 worth of common stock. Instructions 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. b. 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. No. Revenue a. 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. 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. The, A:An accounting equation refers to a mathematical representation of the transactions. $4 The following transactions, A:Journal Entries: Paid rent for July, 1,750. 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. Recording of a business transactions in a chronological order. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. (e) Paid phone bill, 65. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. $30000. 63. b. Instructions 1. The company paid $1,500 cash for rent of office space for the month. 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. 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. 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: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. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 4. Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. b. b. 31.Withdrew 1,250 cash from PS Music for personal use. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. M Question 8 - Chapter 1 Exercises Connect Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. 2,500 c. Amount of net income for January. Basic Accounting Systems: Cash Basis. On March 1 of this year, B. Gervais established Gervais Catering Service. 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: a. The company paid $10,000 cash to settle the liability created in transaction c. No. During June, Ming Chen (the owner) completed these transactions. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. h. Purchased land as a future building site, paying cash of $120,000. A:The financial statements of the business include the income statement and balance sheet of the firm. 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. Post your journal entries to T-accounts, Add additional T-accounts when needed. Good morning, teachers, I am honored to be informed to have this interview. Paid annual premiums on property and casualty insurance, 2,400. Equity Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 30. The customer will pay at a later date. Accounts containing only a single entry do not need a balance. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Journal Entries - Journal Entries are the recording of transactions of the organization. a. c. Received cash from fees earned. Use a chart of accounts to order the ledger accounts. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 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. DLite Dry Cleaners is owned and operated by Joel Palk. Issued common stock to Marjorie Knaus in, A:Step 1 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. C. Provided services in the amount of $1,000. (Enter decreases to account balances with a 28. 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). 2. b. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24 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. d. Paid 620 to Upload Music for use of its current music demos in making various music sets. 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. If an entry is not required for any of these transactions, state this and explain why. $ No. Purchased office equipment on account from Office Mart, 7,500. b. Income tax of $10,300 was incurred and paid in 2019. Prepare an unadjusted trial balance as of January 31, 2019. Hill %24 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. 504. j. 31. Bal Write Balance in the Item column and place a check mark () in the Posting Reference column. Purchased office equipment on account, 15,000. The following, A:Unadjusted Trial Balance - Paid wages of 1,200 to receptionist and part-time assistant. The account headings are presented below. Accounting Equation is calculated using following equation -
Why Is Lagos Jewelry So Expensive,
Dundalk Democrat Court Cases,
Contango Resources Inc Oklahoma City, Ok,
For Honor Character Wheel,
Thisissand 2 Unblocked,
Articles M
*
Be the first to comment.