2. Common 12. 2023. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 3. 25.000 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. Issued common stock to Marjorie Knaus in, A:Step 1 Prav C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). No principal payments are made, only interest is paid. a. The policy covers a one-year period. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. A. Bal. a. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 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. Hi! If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and 7.500 17. a. g. Paid interest on the note payable, $500. 28. g. Paid interest on the note payable, $500. 7,500 Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. During June, Ming Chen (the owner) completed these transactions. a. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 10 000 The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Home., A:Since you have asked multiple questions under a single question. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Recorded services provided on account for the period May 1-15; 9,180. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- Thanks :--). Accounts Ask your question! I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. A:Requirement 1: Indicate the effect of the given transactions. Which of the following is true? 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid dividends, 2,500. 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. the. Ming chen began a professional practice on june 1 Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 3. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Received 3,000 for serving as a disc jockey for a party. 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. 58,500 1000. c. Bought office supplies for cash, 375, Ck. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. A:Introduction: 5. (f) Made payment on loan in transaction (c), 500. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. 4. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. ok ht inces a. + Instructions 1. A:Revenue means the income earned during a given period. $15,000 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Journals: First let me introduce myself, my name is XX, 23 years old, and David is my English name. i. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Ming Chen began a professional practice on June $1$ and plan | Quizlet A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. $4 It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 8,000 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. 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 for Kimberly Manis, Architect, as of January 31, 2016. J. 30. Next I will also provide you with TURNITIN PLAGIARISM REPORT. a. Gervais deposited 25,000 in a bank account in the name of the business. (Optional) Prepare a statement of cash flows for July. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? c. Received cash from fees earned. Analyze and use these data to complete parts (5) and (6). M Question 8 - Chapter 1 Exercises Connect Bal. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 31.Withdrew 1,250 cash from PS Music for personal use. 8. a. Paid cash for miscellaneous expenses, 375. j. 4. a. ACCOUNTS RECEIVABLE The account headings are presented below. 10,000 5. g. The company paid an assistant $3,000 cash as wages for the month. During June, Ming Chen (the owner) completed these transactions. 3. No. 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. on the Business environment in China. 0. Problem1-63B Income Statement, Retained Earnings Statement. 23. The company paid $1,500 cash for rent of office space for the month. Instructions 1. b. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. %3D 29.Paid miscellaneous expenses, 540. July 21. 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. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. 1006. 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: Ming Chen began a professional practice on June 1 and plans 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 During June, Ming Chen (the owner) completed these transactions. f. Paid office salaries, $6,500. f. The company purchased additional equipment for $6,000 cash. 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. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 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Q:Comprehensive Problem Set Prepare an adjusted trial balance. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 25.000 00. 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. No. 8.000 If an entry is not required for any of these transactions, state this and explain why. During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 Help Check my d. Purchased office supplies on account, $1,250. During June, Ming Chen (the owner) completed these transactions: a. 2. 1.500 Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. %24 Q:Ken Jones, an architect, opened an office on April 1, 2019. 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. Paid rent for July, 1,750. 8,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (Income Summary is account 34 in the chart of accounts.) Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. She, A:The accounting equation states that assets equal to sum of liabilities and equity. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. minus sign.) Required: During June, ol + Saved H. Paid the worker hired in D for one weeks work. Classify each transaction as an operating, an investing, or a financing activity. II 4. a. %24 Accounts During the month, Lexi completed the following transactions related to the business: Nov. 1. 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. points  d. Does the activity add value to Latchey’s provision of insurance services? 75,000 Explanations may be omitted. Received and paid the heating bill, 248, Ck. +. Opened a business bank account with a deposit of 30,000 from personal funds. Payable eBook 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. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 10,000 Owner invested $60,000 cash in the company along with equipment. What will be the value of interest payment at the end of fourth year in real dollars? 10,000 Since there are multiple subparts, we will answer only first three subparts. Received cash for job completed, 11,500. Paid telephone bill for May, 260. Amount of total expenses recorded in the ledger. In this activity, you will be creating. ASSETS 30. $30000. Paid part-time receptionist for two weeks salary, 750. Prepare a single-step income statement. Cash Instructions 1. + Ming Chen (the owner) completed these transactions. Received cash from clients on account, 2,450. A:Journal: b. Received 500, with the remainder due on August 9, 2019. A:a)Indicate the effect of the given transactions. Income tax of $10,300 was incurred and paid in 2019. Journal entry is used to the record the business transactions of an enterprises. 31. 4. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? 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. Bal C. Provided services in the amount of $1,000. 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.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Prepare an unadjusted trial balance as of July 31, 2019. A:a)Indicate the effect of the given transactions. 75,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 2. During the first month of operations of his, A:Solution: 18. Using the following, A:Impact on Equity - Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Bal. Received $100 from a customer for services we will provide next week. Paid truck expenses, 435, Ck. Introduce yourself. h. Borrowed $100,000 by issuing a note payable. The account headings are presented below. During the month, he completed the following transactions connected with his professional practice: a. (h) Received cash for services rendered, 800. How much did Junes transactions increase or decrease Chad Wilsons capital? Prepare a post-closing trial balance. EQUITY Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. 2023 Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 15. b. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 2. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. During June, Ming Chen (the owner) completed these transactions. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 2. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Instructions 1. i. Prepare the necessary journal entries to record these transactions. Paid dividends, $3,000. + 1, A:Salary is the expense of a business. 2. 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. 8.000 Ming Chen (the owner) completed these transactions. Journalize and post the adjusting entries. 3. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 8. Prepare an unadjusted trial balance as of August 31, 2016. j. 5. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Ask a new question. 25.000 Hal Smith opened Smith's Repairs on March 1 of the current year. b. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. b. a. During June. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 10. c. Both credit card and debit card transaction fees are limited by law. b. 27. Instructions 1. Purchased supplies on account, 850. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 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). Instructions 1. (c) Purchased office equipment. Prepare and post the closing entries. II 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.: and company a firm. $30000. 58,500 Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. No. 4. Introduction: During the month, she completed the following transactions connected with her professional practice: a. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. To ensure my potential must visit my profile to check my ratings and uploaded samples. 7,500 Bal. Repairs and maintenance of $9,000 were incurred and paid. Advertising expense of $26,000 was incurred and paid. The company paid $1,000 cash in dividends to the owner (sole shareholder). 2. During June, Ming Chen (the owner) completed these transactions. 1.500 During June, Ming Chen (the owner) completed these transactions. 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). (Enter decreases to account balances with a h. Purchased land as a future building site, paying cash of $120,000. Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: Enter the impact of each transaction on individual items of the accounting equation. 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. Common 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. The company paid $10,000 cash to settle the liability created in transaction c. Use a chart of accounts to order the ledger accounts. 2020 - 2024 www.quesba.com | All rights reserved. During June, Ming Chen (the owner) completed these transactions: a. During the month, Knaus. A loan of $400,000 is taken out which requires an annual interest 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. (i) Paid electricity bill, 85. 16. 14.Paid wages of 1,200 to receptionist and part-time assistant. Record the closing entries on Page 8 of the journal. 5. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. The company paid $10,000 cash to settle the liability created in transaction c. j. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid wages of 1,200 to receptionist and part-time assistant. Recorded services provided on account for the remainder of May, 2,650. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. 7.500 61,000 Paid electricity bill for May, 810. 25.000 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 on June 1 and plans Received an invoice for truck expenses, to be paid in November, 1,250. a., A:1. 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. b. 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: Record the following transactions on Page 6 of the journal: 20. No. 61,000 $ 15,000 The company paid $1,500 cash for rent of office space for the month. Only debit card transaction fees are limited by law. Prepare an unadjusted trial balance. 2. e. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. The American Chamber of Commerce in South China. 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. 25,000 The transactions of No. 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. April. 31. A:Hi student Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. c. Amount of net income for January. 505. m. Paid the salary of the assistant, 1,150, Ck. %24 31. During June, Ming Chen (the owner) completed these transactions. The following transactions, A:Journal Entries: Determine account balances of the T accounts. 501. e. Bought insurance for the truck for one year, 400, Ck. Dividends J. 4. 28.Paid wages of 1,200 to receptionist and part-time assistant. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. I have all relevant skills and expertise related to your project. Paid dividends, 10,500. 1. a. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Receivable 2.Received 1,000 cash from customers on account. 75,000 Withdrew cash for personal use, 2,000. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. 30. f. Paid office salaries, $6,500. Print Graw Correct answers: 1 question: A loan of $400,000 is taken out which requires an annual interest payment of 4.4% of the borrowed amount of money (in market dollars). 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. Prepare T accounts, using the account titles in (1). (Enter decreases to account balances with a Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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--. i. Required 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. At the end of May, the following adjustment data were assembled.