Accounting Equation - g. The company paid an assistant $3,000 cash as wages for the month. A:Requirement 1: Indicate the effect of the given transactions. f. The company purchased additional equipment for $6,000 cash. Instructions 1. Paid wages of 1,200 to receptionist and part-time assistant. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. The customer will pay at a later date. a. 3. A loan of $400,000 is taken out which requires an annual interest (Note: Ignore the date because these events are aggregations of individual events.) 75,000 During June, Ming Chen (the owner) completed these transactions. College Accounting (Book Only): A Career Approach. 30. a. 61,000 During June, Ming Chen (the owner) completed these transactions. Equipment 1006. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Receivable b. During the first month of operations of his, A:Solution: Analyze each transaction, Journalize as appropriate. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Paid rent for July, 1,750. 11. ol + Withdrew cash for personal use, 3,900. 75,000 No. Prav Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. During June, Ming Chen (the owner) completed these transactions. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. [Solved] Ming Chen began a professional practice o | SolutionInn The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 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. 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. Mulberry purchased computer paper for $13,000 cash in late December. 1,500 %24 During the month, Knaus. 30.Served as a disc jockey for a charity ball for 1,500. Do you need an answer to a question different from the above? She, A:As you have posted multiple questions, the solution to the first question is being provided. 10,000 + Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. A:Revenue means the income earned during a given period. 8,000 Solved Exercise 1-13 Identifying effects of transactions - Chegg 61,000 In July of this year, M. Wallace established a business called Wallace Realty. Served as disc jockey for a party for 2,500. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Check my 28.Paid wages of 1,200 to receptionist and part-time assistant. 7,500 2023 c. Received cash from fees earned. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 30. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare an unadjusted trial balance as of January 31, 2019. Only debit card transaction fees are limited by law. Establish a ledger for the accounts listed above and enter the beginning balances. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. 27. 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. C. Provided services in the amount of $1,000. Receivable During the month, he completed the following transactions connected with his professional practice: a. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Recorded jobs completed on account and sent invoices to customers, 22,300. A:a)Indicate the effect of the given transactions. During the month, she completed the following transactions connected with her professional practice: a. b. During June, Ming Chen (the owner) completed these transactions. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. The company paid $1,500 cash for rent of office space for the month. 23.Served as disc jockey for a party for 2,500. i. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. 31. 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. (j) Withdrew cash for personal use, 100. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). If you want the answer, Q:Architects completed the following transactions: 25.000 Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. c. Received cash from fees earned. 1. 1. Print 31. 5. The company paid $1,500 cash for rent of office space for the month. Cash 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 Determine the net income for June. 5. 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.  c. Is it a variable or a fixed cost? First let me introduce myself, my name is XX, 23 years old, and David is my English name. The company paid $10,000 cash to settle the liability created in transaction c. j. April. 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. $30000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. (83) I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). f. The company purchased additional equipment for $6,000 cash. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Solved Ming Chen began a professional practice on June 1 and | Chegg.com During June, Ming Chen (the owner) completed these transactions. 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--. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 31. b. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Hal Smith opened Smith's repairs on 01.03. Received cash for job completed, 11,500. 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. Movies are expensive to produce and market. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 0. During June, Ming Chen (the owner) completed these transactions. 6. Home., A:Since you have asked multiple questions under a single question. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 58,500 Hello. 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. *Response times may vary by subject and question complexity. How much did Marchs transactions increase or decrease Amy Austins capital? Q:Ken Jones, an architect, opened an office on April 1, 2019. Start your trial now! 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. d. 1. A:Hi student Hal Smith opened Smith's Repairs on March 1 of the current year. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. 23. d. The company completed work for a client and immediately collected the $2,500 cash earned. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: Paid wages of employees, 6,800. 4. 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. I. 0. (Record as Miscellaneous Expense.) Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 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. Apr. 8.000 During June. First week only $4.99! The prepaid rent at the beginning of the year was used in 2019. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. $ d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Determine the following: a. 1.500 12. Is this a direct or an indirect cost? The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Paid gas, oil, and repairs on automobile for April, 550. Purchased supplies on account, 735. No. . 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. Q:Duerr Engineering completed the following transactions in the month of June. (Optional) Prepare a statement of cash flows for July. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 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. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000.  e. Is it a budgeted or an actual cost in your report? 24 Answered: Ming Chen began a professional practice | bartleby 2. A:Net income is calculated after analysing the revenue and expenses of the organisation. Inflation is 3.8% per year. ezto.mheducation.com g. The company paid an assistant $3,000 cash as wages for the month. 22. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 4. 13. 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. (Enter decreases to account balances with a Answered: Ming Chen began a professional practice | bartleby Can you think of any reason why the amount determined in (4) might not be the net income for November? View this solution and millions of others when you join today! Bal. 17. b. $ 15,000 Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. 8. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Instructions 1. 4. 2023 White PaPer. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 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. No. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Purchased office equipment on account, 15,000. Received $100 from a customer for services we will provide next week. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Hi! 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). Assets d. Paid rent on office and equipnwnt for the month, $5,000. The account headings are presented below. 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. Determine the net income or net loss for October. July 21. f. The company purchased additional equipment for $6,000 cash. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Paid 620 to Upload Music for use of its current music demos in making various music sets. 9. Save & Exit CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? 506. A:The financial statements of the business include the income statement and balance sheet of the firm. 1,500 Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company paid $1,000 cash in dividends to the owner (sole shareholder). 8,000 Paid dividends, $3,000. Ming Chen (the owner) completed these transactions. 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. a. During June, Ming Chen (the owner) completed these transactions. Determine the account balances, after all posting is complete. 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. During the month, he completed the following transactions connected with his professional practice: a. 2. a. 10,000 Enter the impact of each transaction on individual items of the accounting equation. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 4. f. Paid office salaries, $6,500. 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. the. The company paid $1,000 cash in dividends to the owner (sole shareholder). j. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Paid telephone bill for May, 260. Introduce your . b. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Introduction: 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a.
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