Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. Ask your question! The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. $30000.  a. Can you think of any reason why the amount determined in (4) might not be the net income for November? eBook Greetings! 0. 1. f. The company purchased additional equipment for $6,000 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 3. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1. 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. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. The company paid $1,500 cash for rent of office space for the month. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 2023. 505. m. Paid the salary of the assistant, 1,150, Ck. Instuction Prepare an income staement and statement of stockholders equity for July. g. Paid interest on the note payable, $500. February 20, 2023. 8,000 Ming Chen began a professional practice on June $1$ and plan | Quizlet 7.500 d. The company completed work for a client and immediately collected the $2,500 cash earned. Received 3,000 for serving as a disc jockey for a party. Paid truck expenses, 435, Ck. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 1006. 2. Ken Jones, an architect, opened an office on April 1, 2019. Paid electricity bill for May, 810. (Do not insert the account numbers in the journal at this time.) d. The company completed work for a client and immediately collected the $2,500 cash earned. During the month, Jones, A:T accounts: Create the following table similar to the one in Exhibit 1.9. A:Net income is calculated after analysing the revenue and expenses of the organisation. f. Paid office salaries, $6,500. %3D Answered: Ming Chen began a professional practice | bartleby screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Advertising expense of $26,000 was incurred and paid. c. Received cash from fees earned. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 1003. i. 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: 1004. j. 2020 - 2024 www.quesba.com | All rights reserved. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The transactions of Received cash for job completed, 11,500. Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. Determine the net income or net loss for April. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Home., A:Since you have asked multiple questions under a single question. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. S NO It is the first step of recording transactions of a company. 61,000 + If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. f. Paid office salaries, $6,500. b. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Transactions completed during the month follow. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set A statement of cash flows, Q:On September 1, 20X6, Michael Moe incorporated Moe's Mowing, Inc., a company that provides mowing, A:Since you have posted a question with multiple sub-parts, we will solve the first three subparts for, Q:Bob Jacobs opened an advertising agency. Prepare the necessary journal entries to record these transactions. Instructions 1. ok ht inces a. Received an invoice for truck expenses, to be paid in November, 1,250. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? 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. 30. No. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Instructions 1. 25,000 Equipment Instructions 1. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 0. Ming Chen began a professional practice on June $1$ and plan | Quizlet b. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! b. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. 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. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. 7. 0. 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. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 0. Hire Professional Writer And Get A+ Grades In Your Homework. Determine the account balances, after all posting is complete. CASH Required Common The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. During June, Ming Chen (the owner) completed these transactions. 5. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 15,000 2.1.4P, Your question is solved by a Subject Matter Expert. The company pald $2,100 cash for rent of office space for . During the first month of operations of his, A:Solution: The company paid $1,000 cash in dividends to the owner (sole shareholder). Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. %24 Bal. Paid dividends, $3,000. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Paid 620 to Upload Music for use of its current music demos in making various music sets. During June, Ming Chen (the owner) completed these transactions. The company paid $1,000 cash in dividends to the owner (sole shareholder). Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. 0.33 Assignments: ACCTG-4A-80575-2021SP Enter the following transactions on Page 2 of the two-column journal: 29. A:The financial statements of the business include the income statement and balance sheet of the firm. Paid miscellaneous expenses, 1,000. Ming Chen began a professional practice on June 1 and plansget 1 i. b. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 0. 7.500 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. Repairs and maintenance of $9,000 were incurred and paid. stock. Served as a disc jockey for a charity ball for 1,500. Amount of total revenue recorded in the ledger. 2. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. (Solved) - Ming Chen began a professional practice on June 1 and plans 4. Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. I am a Ph.D. writer with more than 9 years of working experience in Writing. 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). 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. 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. %24 Determine the following: a. 2. 31. Amount of total expenses recorded in the ledger. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid part-time receptionist for two weeks salary, 750. a. b. Is this a direct or an indirect cost? The customer will pay at a later date. Using the following, A:Impact on Equity - The following transactions, A:Journal Entries: %24, Carl Warren, James M. Reeve, Jonathan Duchac. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Introduction: 1. 61,000 On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Accounting Equation - 3. 11. Interest of $5,000 was paid on the long-term loan. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. During June, Ming Chen (the owner) completed these transactions. a. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Prepare an unadjusted trial balance. 4. 25,000 Six months rent was paid in advance, $4,500. We will pay the $110 in thirty days. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. f. The company purchased additional equipment for $6,000 cash. In this activity, you will be creating. Do you need an answer to a question different from the above? The assets and liabilities of the business on July 1, 2019, are as follows: Cash, 45,000; Accounts Receivable, 93,000; Supplies, 7,000; Land, 75,000; Accounts Payable, 40,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in the business with a deposit of 35,000 in the business bank account. 75,000 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. b. During June, Ming Chen (the owner) completed these transactions: a. 10. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Ask a new question. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Paid an attorney 900 for reviewing the July 3 contract with KXMD. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. d. f. Prepare a single-step income statement. Recorded services provided on account for the period May 16-20, 4,820. %3D 1,500 The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. A:The financial statements of the business include the income statement and balance sheet of the firm. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 1,500 Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Record the adjusting entries on Page 7 of the journal. $30000. 21. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. 0. Paid cash to creditors on account, 3,000. j. During the first month of 31. 7,500  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. 3. 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. f. The company purchased additional equipment for $6,000 cash. (b) Paid office rent, 500. 1,500 Paid annual premiums on property and casualty insurance, 2,400. If you still cannot find the error, re-analyze each transaction. How much did Junes transactions increase or decrease Chad Wilsons capital? During June. 25.000 3. During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. J. Hal Smith opened Smith's Repairs on March 1 of the current year. 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. i. No. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? 1,500 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. on the Business environment in China. j. No. Enter the following transactions on Page 2 of the two-column journal: 16. b. 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. 29. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 1,500 Revenues The policy covers a one-year period. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016.  e. Is it a budgeted or an actual cost in your report? Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. h. Borrowed $100,000 by issuing a note payable. d. Paid rent on office and equipnwnt for the month, $5,000. The prepaid rent at the beginning of the year was used in 2019. No principal payments are made, only interest is paid. Bal Paid cash for a newspaper advertisement. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Recorded services provided on account for the period May 1-15; 9,180. b. 4. 3. 3. b. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 8.000 A:Requirement 1: Indicate the effect of the given transactions. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 25,000 a. Gervais deposited 25,000 in a bank account in the name of the business. The following information is provided for the first month of operations for Legal Services Inc.: A. Paid rent for July, 1,750. 2023 White PaPer. 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. 22. No. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. g. Paid interest on the note payable, $500.