8,000 g. Paid interest on the note payable, $500. 3. 2. The company paid $1,500 cash for rent of office space for . a. 5. 58,500 Q:On April 1, Anita Strods created a new travel agency, Strods Travel. *Response times may vary by subject and question complexity. 30. 24 503. h. Sold catering services on account, 4,307. i. View this solution and millions of others when you join today! a. a., A:1. 2. Paid cash for miscellaneous expenses, 375. j. 27. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. No. 1. 25,000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Inflation is 3.8% per year. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Paid on account to the City Crier, 455, Ck. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. 0. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. a. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. Purchased office equipment on account, 15,000. b. Greco resort opened for business on june 1. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. f. The company purchased additional equipment for $6,000 cash. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Paid electricity bill for May, 810. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 10,000 Withdrew cash for personal use, 2,500. 14.Paid wages of 1,200 to receptionist and part-time assistant. 2020 - 2024 www.quesba.com | All rights reserved. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. Expenses Recorded services provided on account for the period May 1-15; 9,180. 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. d. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Journal Entries - Journal Entries are the recording of transactions of the organization. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Ming Chen (the owner) completed these transactions: Prepare an unadjusted trial balance as of July 31, 2019. 61. Paid cash to creditors on account, 4,500. j. 11. Opened a business bank account with a deposit of 50,000 from personal funds. What will be the value of interest payment at the end of fourth year in real dollars? 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 Brooke completed the following transactions during the month of August: a. Paid dividends, $3,000. During June, Ming Chen (the owner) completed these transactions. 25,000 1,500 the. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e (Do not insert the account numbers in the journal at this time.) Do you need an answer to a question different from the above? D. An office worker was hired. a. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Stock C. Provided services in the amount of $1,000. f. Paid office salaries, $6,500. 2. View this solution and millions of others when you join today! e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 2. and company a firm. b. %24 d. Paid 700 to a local audio electronics store for rental of digital recording equipment. 0. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 7,500 Paid rent for July, 1,750. d. The company completed work for a client and immediately collected the $2,500 cash earned. 31. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. $30000. ezto.mheducation.com 6. Accounts containing only a single entry do not need a balance. Bal. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Hello. 3. During June, Ming Chen (the owner) completed these transactions. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. The company paid $1,500 cash for rent of office space for the month. (i) Paid electricity bill, 85. No principal payments are made, only interest is paid. Determine account balances of the T accounts. 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). 9. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: 31.Received 3,000 for serving as a disc jockey for a party. Received an invoice for truck expenses, to be paid in November, 1,250. 2023. 7.500 Received cash from customers on account, 9,000. Hello. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. During the month, he completed the, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. The business was started by selling $100,000 worth of common stock. %24 (Note: Ignore the date because these events are aggregations of individual events.) Movies are expensive to produce and market. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: It is the first step of recording transactions of a company. 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. 29.Paid miscellaneous expenses, 540. i. 501. e. Bought insurance for the truck for one year, 400, Ck. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Determine the following: a. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 25.000 What if the client hasn't prepared them in advance? II Paid 620 to Upload Music for use of its current music demos in making various music sets. f. Paid office salaries, $6,500. the firm are, A:Income statement i. 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: 2,500 During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 15,000 8.Paid for a newspaper advertisement, 200. The actual work of dry cleaning is done by another company for a fee. Extend the balances to the appropriate balance columns after each transaction is posted. 4. What amount should Carter report as net cash from investing activities? 9. 30. Instructions 1. 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. If the two totals are not equal, check the addition and subtraction. Introduction: Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Paid dividends, 2,500. f. Paid office salaries, $6,500. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Analyze each transaction, Journalize as appropriate. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Determine the net income for June. g. The company paid an assistant $3,000 cash as wages for the month. Advertising expense of $26,000 was incurred and paid. 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. 2. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Introduction: During June, Ming Chen (the owner) completed these transactions. 5. +. Saved 28.Paid wages of 1,200 to receptionist and part-time assistant. 0. Instructions 1. 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. 4. %24 Simple Accounting equation is. 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. Determine account balances of the T accounts.  d. Does the activity add value to Latchey’s provision of insurance services? 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. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Paid part-time receptionist for two weeks salary, 750. Revenue Paid an attorney 900 for reviewing the July 3 contract with KXMD. Establish a ledger for the accounts listed above and enter the beginning balances. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). A Wages of $379,000 were paid in cash. Prepare T accounts, using the account titles in (1). Start your trial now! (a) Invested cash in the business, 510,000. 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. 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Accounts 1 of 1 3. Instuction Prepare an income staement and statement of stockholders equity for July. 10,000 31. b. 0. 1,500  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. 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: 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 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. There is no prepaid rent or rent payable at year-end. a. Assets During June, Ming Chen (the owner) completed these transactions. 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. The company pald $2,100 cash for rent of office space for . Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. Paid dividends, $3,000. S NO Determine the following: a. First let me introduce myself, my name is XX, 23 years old, and David is my English name. No. Determine the net income for March. 8.000 10,000 b. A building and equipment are currently being rented, pending expansion to new facilities. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Dividends in the amount of $1,500 were distributed. In addition, $28,000 of computer rental costs were incurred and paid. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Payable 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. No. Record the transactions and the balance after each transaction. 4.Prepare an unadjusted trial balance as of July 31, 2019. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 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. 3. i. Amount of total expenses recorded in the ledger. Thanks :--). Received 500, with the remainder due on August 9, 2019. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Instructions 1. points Received 750, with the remainder due August 4, 2019. I am highly qualified expert, working from 2008-9 in this industry. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Served as disc jockey for a party for 2,500. 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. Prepare T accounts, using the account titles in (1). So lets make no longer delay & start chatting immediately. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. I am highly qualified expert, working from 2008-9 in this industry. Apr. (Record as Miscellaneous Expense.) 61,000 During the first month of operations of his, A:Solution: Prepare an adjusted trial balance. 1,500 b. g. The company paid an assistant $3,000 cash as wages for the month. 4. 2. 13. 25,000 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. The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 31. Ming Chen (the owner) completed these transactions. Owner invested 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. 3. 31. Purchased supplies for cash, 1,750. . Post the journal to a ledger of four-column accounts. 60,000 Required 1. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Determine the increase or decrease in owners equity for August. Paid dividends, $3,000. Home., A:Since you have asked multiple questions under a single question. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. In July of this year, M. Wallace established a business called Wallace Realty. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. d. Paid rent on office and equipnwnt for the month, $5,000. d. Paid rent on office and equipnwnt for the month, $5,000. 1, A:Salary is the expense of a business. 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. 16. 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. 4. 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. The company paid $1,500 cash for rent of office space for the. Receivable 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: b. No. Paid electric bill, 915. (Do not insert the account numbers in the journal at this time.) The American Chamber of Commerce in South China. %D Determine the excess of revenues over expenses for November. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 0. . Paid miscellaneous expenses, 540. Required f. The company purchased additional equipment for $6,000 cash. 4. 3. During June, Ming Chen (the owner) completed these transactions: a. 0. Greetings! After, A:Net income: During June, Ming Chen (the owner) completed these transactions. Classify each transaction as an operating, an investing, or a financing activity. 3.Paid 250 to creditors on account. 10. Kimberly Manis, an architect, opened an office on January 1, 2016. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. During June, Ming Chen (the owner) completed these transactions. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid telephone bill for May, 260. 4, 10,000 a. b. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 30. The company paid $10,000 cash to settle the liability created in transaction c. j. 29. Explanations may be omitted. b. 0. $ Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. c. Received cash from fees earned. Enter the impact of each transaction on individual items of the accounting equation. (Continued) Required: 1. 3. 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. 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.b. Cash Paid 5,000 on note payable. April. Instructions 1. Only debit card transaction fees are limited by law. minus sign.) Issued common stock to Marjorie Knaus in, A:Step 1 Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. + J. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 61,000 Use the ending balances in the T-accounts to prepare a trial balance. 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. b. Determine the net income or net loss for October. Bal He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 8. operations,, A:Journal entry means the entry in prime book with chronological order. Bal. 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The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid 250 to creditors on account. Check my Ethics and budgetary slack: Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Enter the following transactions on Page 2 of the two-column journal: 29. July 21. I. I have all relevant skills and expertise related to your project. 1,500 10,000 Any additional hours beyond 80 will be billed to KXMD at 40 per hour. c. Received cash from fees earned. 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. Graw A:a)Indicate the effect of the given transactions. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. We will pay the $110 in thirty days. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. 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. 1. A:The financial statements of the business include the income statement and balance sheet of the firm. 5. 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. Bal. 7.500 0. 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. 30. ok ht inces a. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Amount of total revenue recorded in the ledger. A statement of changes in Equity If you still cannot find the error, re-analyze each transaction. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. 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). 25. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 10. the. The policy covers a one-year period. First week only $4.99! Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. No. Introduce yourself. H. Paid the worker hired in D for one weeks work. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Print 0. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 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. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. 11.Received 1,000 for serving as a disc jockey for a party. Introduce your . 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. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. %3D Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1.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 following transactions, A:Journal Entries: Purchased office equipment on account from Office Mart, 7,500. 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. B. The company paid $1,500 cash for rent of office space for the month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Amount of total revenue recorded in the ledger. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 75,000 Instructions 1. Paid miscellaneous expenses, 1,000. 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.