ming chen began a professional practice on june 1
The following transactions, A:Journal Entries: Record the following transactions on Page 6 of the journal: 20. Journals: a. (h) Received cash for services rendered, 800. 3. Hire Professional Writer And Get A+ Grades In Your Homework. During June, Connie Young, an architect, opened an office on October 1, 2019. 0. During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? d. The company completed work for a client and immediately collected the $2,500 cash earned. 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. Journal Entries - Journal Entries are the recording of transactions of the organization. Paid rent for period of November 1 to end of month, 4,000. 2. 1. a. Instructions 1. Q:Comprehensive Problem Set Prepare the necessary journal entries to record these transactions. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. $30000. Determine the net income for March. 3. Prepare an adjusted trial balance. Greco resort opened for business on june 1. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. + Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. During June, Ming Chen (the owner) completed these transactions. 1,500 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. Bal. c. Received cash from fees earned. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. II Any additional hours beyond SO will be billed to KXMD at 40 per hour. Establish a ledger for the accounts listed above and enter the beginning balances. 17. 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: 75,000 Find answers to questions asked by students like you. 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. 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During the month, she completed the following transactions connected with her professional practice: a. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. What if the client hasn't prepared them in advance? Received 1,000 for serving as a disc jockey for a party. 1 of 1 Recording of a business transactions in a chronological order. Hi! He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Assets Enter the following transactions on Page 2 of the two-column journal: 16. 4. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. %3D Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Print 1,500 The company paid $1,000 cash in dividends to the owner (sole shareholder). Determine the following: a. Payable Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 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: During June, Ming Chen (the owner) completed these transactions. 4. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Owner withdrew $1,000 cash from the company for personal use. 4. 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: e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 0. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Issued common stock to Marjorie Knaus in, A:Step 1 Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. 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. h. b. 2023. 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. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. (Do not insert the account numbers in the journal at this time.) Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 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. a. Expenses Paid 700 to a local audio electronics store for rental of digital recording equipment. 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. Paid dividends, $3,000. 3. ol + By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Paid miscellaneous expenses, 1,000. Served as a disc jockey for a charity ball for 1,500. Liabilities No. The company paid $1,000 cash in dividends to the owner (sole shareholder). 10,000 Q:Prepare the statement of retained earnings for the month of July 31. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. d. The company completed work for a client and immediately collected the $2,500 cash earned. 2,500 Purchased supplies on account, 850. Bal. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 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 Paid dividends, $3,000. O OO O 2. 00. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. 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. Purchased office equipment on account, 15,000. 4. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 2.1.4P, Your question is solved by a Subject Matter Expert. J. 15,000 0. The company paid $10,000 cash to settle the liability created in transaction c. j. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 8,000 Paid 5,000 on note payable. 15. 27.Paid electric bill, 915. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. Accounts containing only a single entry do not need a balance. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Only credit card transaction fees are limited by law. Start your trial now! 10,000 b. Introduction: LIABILITY Amount of total expenses recorded in the ledger. Explanations may be omitted. i. Analyze and use these data to complete parts (5) and (6). 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. Paid 250 to creditors on account. 4. Which of the following is true? Paid cash to creditors on account, 4,500. j. To ensure my potential must visit my profile to check my ratings and uploaded samples. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. Prepare a post-closing trial balance. 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 in exchange for its common h. Purchased land as a future building site, paying cash of $120,000. Paid part-time receptionist for two weeks salary, 750. Opened a business bank account with a deposit of 50,000 from personal funds. Paid rent for July, 1,750. Post the journal to a ledger of four-column accounts. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. 25,000 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. e. The company pald $2,100 cash for rent of office space for . b. %24 5.Purchased office equipment on account from Office Mart, 7,500. So lets make no longer delay & start chatting immediately. Instuction Prepare an income staement and statement of stockholders equity for July. a. II I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. During the month, she completed the, A:Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts. Received 750, with the remainder due August 4, 2019. 15. Assignments: ACCTG-4A-80575-2021SP Paid an attorney 900 for reviewing the July 3 contract with KXMD. (1,500) + 4. During the first month of operations of his, A:Solution: Only debit card transaction fees are limited by law. (g) Paid wages to part-time employee, 500. First week only $4.99! M Question 8 - Chapter 1 Exercises Connect Good morning, teachers, I am honored to be informed to have this interview. d. The company completed work for a client and immediately collected the $2,500 cash earned. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). What amount should Carter report as net cash from investing activities? Billed insurance companies for sales commissions earned, 12,500. j. 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. Paid on account to the City Crier, 455, Ck. Mulberry purchased computer paper for $13,000 cash in late December. 25,000 I have all relevant skills and expertise related to your project. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 23.Served as disc jockey for a party for 2,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. ces A Wages of $379,000 were paid in cash. ok ht inces a. Accounts Saved In July of this year, M. Wallace established a business called Wallace Realty. Paid Office Station Co. for part of the debt incurred on April 5, 640. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. c. Amount of net income for August. h. Borrowed $100,000 by issuing a note payable. Use a chart of accounts to order the ledger accounts. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 30. points The, A:An accounting equation refers to a mathematical representation of the transactions. CASH 1. Required: b. f. The company purchased additional equipment for $6,000 cash. 30. 30. + During May, Kelly Consulting entered into the following transactions: May 3. Im very much interested to write for attendance systems. Ask your question! 0. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. During June, Ming Chen (the owner) completed these transactions. 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. Bal. d. Purchased office supplies on account, $1,250. . Bal. 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 Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 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. In addition, $28,000 of computer rental costs were incurred and paid. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 4. 8.Paid for a newspaper advertisement, 200. 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. July 21. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 58,500 Before this, no other, Q:ournalize entries for transactions (a) through (I) using the following account titles: cash,, Q:ita Lopez started Biz Consulting, a new business, and completed the following transactions during, A:Journal entries refers to recording of business transactions into the books of the business or, Q:On April 1 of the current year, Morgan Jones established a business to manage rental property. Paid rent for July, 1,750. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. During June, Ming Chen (the owner) completed these transactions. How much did Marchs transactions increase or decrease Amy Austins capital? 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. H. Paid the worker hired in D for one weeks work. 225. 28. . 23. How much did Junes transactions increase or decrease Chad Wilsons capital? 4. Inflation is 3.8% per year. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (Continued) Required: 1. %24 Use the ending balances in the T-accounts to prepare a trial balance. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Withdrew cash for personal use, 2,500. Accounting Equation is calculated using following equation - Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.During June, Ming Chen (the owner) completed these transactions:a. g. The company paid an assistant $3,000 cash as wages for the month. 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.: She, A:As you have posted multiple questions, the solution to the first question is being provided. Instructions 1. Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. 61,000 63. the firm are, A:Income statement Paid cash to creditors on account, 3,000. j. 61,000 The following, A:Unadjusted Trial Balance - G. Received the electricity bill. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. 1004. j. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 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. During June, Ming Chen (the owner) completed these transactions. 7.500 The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Paid cash for a newspaper advertisement. b. 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--. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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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. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. During June, Ming Chen (the owner) completed these transactions. 5. During June, Ming Chen (the owner) completed these transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Instructions 1. April. First let me introduce myself, my name is XX, 23 years old, and David is my English name. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 2. Assets the. 8. a. Gervais deposited 25,000 in a bank account in the name of the business. Start your trial now! Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. e. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. minus sign.) Received 500, with the remainder due on August 9, 2019. During June, Ming Chen (the owner) completed these transactions. Q:Connie Young, an architect, opened an office on October 1, 2019. 3.Paid 250 to creditors on account. Required the. (f) Made payment on loan in transaction (c), 500. Is it a product or a period cost? 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 3. 4. b. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 10,000 c. Received cash from fees earned. (Optional) Prepare a statement of cash flows for July. 4. What will be the value of interest payment at the end of fourth year in real dollars? 8. Determine the net income or net loss for April. 58,500 References A:Journal: 0. 7,500 25,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. c. Is it a variable or a fixed cost? + (a) Invested cash in the business, 510,000. Movies are expensive to produce and market. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). The company paid $1,500 cash for rent of office space for the month. 9. 0. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 7. During June, Ming Chen (the owner) completed these transactions. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! The following, A:Unadjusted Trial Balance - The American Chamber of Commerce in South China. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 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? During June, Ming Chen (the owner) completed these transactions. . Prepare an unadjusted trial balance as of August 31, 2016. Determine the increase or decrease in owners equity for January. (b) Paid office rent, 500. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. During June, Ming Chen (the owner) completed these transactions. 28. 31. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. March transactions are as follows : Paid wages of employees, 6,800. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Prepare T accounts, using the account titles in (1). 10,000 Q:Ken Jones, an architect, opened an office on April 1, 2019. A building and equipment are currently being rented, pending expansion to new facilities. On March 1 of this year, B. Gervais established Gervais Catering Service. Payable Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 25.000 Each drugstore is operated by a general manager and a controller. 15,000 Bal. A. No. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. I will also provide you with TURNITIN PLAGIARISM REPORT. b. Apr. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. 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. Received 750, with the remainder due August 4, 2019. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 31. During the month, Lexi completed the following transactions related to the business: Nov. 1. 75,000 Create the following table similar to the one in Exhibit 1.9. f. The company purchased additional equipment for $6,000 cash. Recorded services provided on account for the period May 16-20, 4,820. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days).
