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Cash (j) Withdrew cash for personal use, 100. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Accounts 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 300 on note payable. Thanks :--). Paid miscellaneous expenses, 1,000. 1,500 April. (Income Summary is account 34 in the chart of accounts.) (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) View this solution and millions of others when you join today! Solved Ming Chen began a professional practice on June 1 and | Chegg.com 25,000 Hi! Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Hill a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. f. The company purchased additional equipment for $6,000 cash. Received 750, with the remainder due August 4, 2019. 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. Equity Received 500, with the remainder due on August 9, 2019. a. Gervais deposited 25,000 in a bank account in the name of the business. 25.  d. Does the activity add value to Latchey’s provision of insurance services? Only debit card transaction fees. 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. 7,500 Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. Revenues a. 31.Withdrew 1,250 cash from PS Music for personal use. 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. + The transactions of Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. The following account balances are available: Required: 1. b.  a. Introduce your . Recording of a business transactions in a chronological order. Check my 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. 0. ASSETS %24 A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Which of the following is true? +. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. 7,500 30. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. 1000. c. Bought office supplies for cash, 375, Ck. 7.500 No. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 24. a. Billed insurance companies for sales commissions earned, 12,500. j. %D 0. Prepare a single-step income statement. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. [Solved] Ming Chen began a professional practice o | SolutionInn b. If you want the answer, Q:Architects completed the following transactions: During June, Ming Chen (the owner) completed these transactions. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Bal. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. Accounts containing only a single entry do not need a balance. Hal Smith opened Smith's Repairs on March 1 of the current year. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The customer will pay at a later date. 501. e. Bought insurance for the truck for one year, 400, Ck. 25,000 Paid cash to creditors on account, 3,000. j. minus sign.) Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. f. Paid office salaries, $6,500. 61. %24 Instructions 1. Received 1,000 for serving as a disc jockey for a party. 00. Owner withdrew $1,000 cash from the company for personal use. 1003. i. 8. eBook 31. Enter the following transactions on Page 2 of the two-column journal: 29. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. a. Kimberly Manis, an architect, opened an office on January 1, 2016. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her During the month, he completed the following transactions connected with his professional practice: a. b. 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. Prepare an unadjusted trial balance. 4. Required 1. h. Purchased land as a future building site, paying cash of $120,000. 3. 4, Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Instructions 1. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Purchased supplies on account, 850. 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). Is it a product or a period cost? Q:Duerr Engineering completed the following transactions in the month of June. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. She, A:The accounting equation states that assets equal to sum of liabilities and equity. If there is. 9. Solved Exercise 1-13 Identifying effects of transactions - Chegg 30. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. D. An office worker was hired. The company paid $1,000 cash in dividends to the owner (sole shareholder). Good morning, teachers, I am honored to be informed to have this interview. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. 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. 0. The company paid $10,000 cash to settle the liability created in transaction c. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. A statement of changes in Equity + Hire Professional Writer And Get A+ Grades In Your Homework. f. 0. Bal. stock. Received 3,000 for serving as a disc jockey for a party. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 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: d. Paid rent on office and equipment for the month, $5,000. Instructions 1. Withdrew cash for personal use, 3,900. 21. (Enter decreases to account balances with a Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Withdrew cash for personal use, 7,500. b. 61,000 25.000 + A balance sheet  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. $ 15,000 %3D h. Purchased land as a future building site, paying cash of $120,000. Prepare an adjusted trial balance. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 60,000 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: c. Both credit card and debit card transaction fees are limited by law. 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. 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. 25,000 No. a. Required: c. Amount of net income for August. 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. b. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. In addition, $28,000 of computer rental costs were incurred and paid. Hello. b. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 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. 2023 White PaPer. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. $30000. Extend the balances to the appropriate balance columns after each transaction is posted. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Opened a business bank account with a deposit of 50,000 from personal funds. She, A:The balance sheet is one of the financial statements of the business which represents the financial, Q:On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of, A:Accounting Equation: b. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. $30000. d. Paid rent on office and equipnwnt for the month, $5,000. It is the first step of recording transactions of a company. The company paid $1,500 cash for rent of office space for the month. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. 18. The following transactions occurred during January of the current year. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. a. b. 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. 2. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). *Response times may vary by subject and question complexity. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Ming Chen began a professional practice on June 1 and plansget 1 4. Received cash from customers on account, 9,000. 1.500 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. the. 15. 2.Received 1,000 cash from customers on account. DLite Dry Cleaners is owned and operated by Joel Palk. Dividends Ken Jones, an architect, opened an office on April 1, 2016. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 13. Bal Apr. Answered: Ming Chen began a professional practice | bartleby During June, Ming Chen (the owner) completed these transactions. 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. Instructions 1. During June, In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. h. Purchased land as a future building site, paying cash of $120,000. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. g. Paid interest on the note payable, $500. Save & Exit 2. Dividends in the amount of $1,500 were distributed. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. a. 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. You can message me to discuss the details. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. and company a firm. h. Borrowed $100,000 by issuing a note payable. Post your journal entries to T-accounts, Add additional T-accounts when needed. What will be the value of interest payment at the end of fourth year in real dollars? (Note: Ignore the date because these events are aggregations of individual events.) 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. Ming Chen (the owner) completed these transactions: During June, Ming Chen (the owner) completed these transactions: a. Expenses Ming chen began a professional practice on june 1 b. $30000. Prepare T accounts, using the account titles in (1). 75,000 During June, Ming Chen (the owner) completed these transactions: a. $30000. Record the adjusting entries on Page 7 of the journal. 3. Bal. Im very much interested to write for attendance systems. (a) Invested cash in the business, 510,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Purchased supplies on account, 735. A Wages of $379,000 were paid in cash. Write Balance in the Item column and place a check mark () in the Posting Reference column. 29. a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 63. During the month, she completed the following transactions connected with her professional practice: a. 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. Ming Chen began a professional practice on June 1 and plans to prepare 505. m. Paid the salary of the assistant, 1,150, Ck. Accounts 61,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Received 2,000 for serving as a disc jockey for a wedding reception. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. f. The company purchased additional equipment for $6,000 cash. Paid the office rent for the current month, 650, Ck. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. First let me introduce myself, my name is XX, 23 years old, and David is my English name. + Paid dividends, $3,000. 58,500 The following information is provided for the first month of operations for Legal Services Inc.: A. (1,500) + No. Introduce yourself. 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.: 3.Paid 250 to creditors on account. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Liabilities No. Prepare an unadjusted trial balance as of January 31, 2019. Opened a business bank account with a deposit of 30,000 from personal funds. Determine the net income or net loss for January. 4. Explanations may be omitted. A:Journal: 6. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 75,000 Recorded services provided on account for the remainder of May, 2,650. Determine the account balances, after all posting is complete. B.  b. During the month, she completed the following transactions connected with her professional practice: a. a. Issued common stock to Marjorie Knaus in, A:Step 1 Record the following transactions on Page 6 of the journal: 20. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Received cash from customers on account, 88,000. k. Determined that the cost of supplies on hand was 5,900; therefore, the cost of supplies used during the month was 3,600. l. Withdrew 12,000 cash for personal use. 29.Paid miscellaneous expenses, 540. 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. 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 If the two totals are not equal, check the addition and subtraction. a. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. The worker will be paid $275 per week. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Q:Comprehensive Problem Set State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. Graw 5. Paid for a newspaper advertisement, 200. Journalize and post the adjusting entries. 5.Purchased office equipment on account from Office Mart, 7,500. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 1PA, Your question is solved by a Subject Matter Expert. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. There is no prepaid rent or rent payable at year-end. 1. Accounts containing only a single entry do not need a balance. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. He. e. 7,500 31. Bal. b. 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. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 8,000 2. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 27. 10,000 Common None of the paper was used by year-end. No. Use the ending balances in the T-accounts to prepare a trial balance. 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. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 0. No. (83) 30. 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. Determine the increase or decrease in owners equity for August. Brooke completed the following transactions during the month of August: a. h. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Help 0. I will also provide you with TURNITIN PLAGIARISM REPORT. Paid wages of 1,200 to receptionist and part-time assistant. 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 the first month of operations of his, A:Solution: Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. A loan of $400,000 is taken out which requires an annual interest (f) Made payment on loan in transaction (c), 500. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Bill Hudson, Capital; Bill Hudson, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. %3D H. Paid the worker hired in D for one weeks work. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. To ensure my potential must visit my profile to check my ratings and uploaded samples. Paid utilities expense, 4,500. Determine the amount of Joel Palks capital as of July 1 of the current year. 6. During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans Determine the account balances after all posting is complete. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. No. Paid wages of 1,200 to receptionist and part-time assistant. b. 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. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. J. 10,000 Paid rent for July, 1,750. 2. (b) Paid office rent, 500. Accounts 2023 Q:Ken Jones, an architect, opened an office on April 1, 2019. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. The, A:An accounting equation refers to a mathematical representation of the transactions. %3D a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. 31. 30. Prepare an unadjusted trial balance as of July 31, 2019. Journal entry is used to the record the business transactions of an enterprises. During the month, Knaus. Revenue d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. %3D The company paid $1,500 cash for rent of office space for the month. Ming Chen began a professional practice on June 1 and plansget 1