61,000 505. m. Paid the salary of the assistant, 1,150, Ck. 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: 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. She helped me in last minute in a very reasonable price. A:Revenue means the income earned during a given period. Post your journal entries to T-accounts, Add additional T-accounts when needed. During June, Ming Chen (the owner) completed these transactions. Determine the following: a. The policy covers a one-year period. M Question 8 - Chapter 1 Exercises Connect 5. b. Paid part-time receptionist for two weeks salary, 750. a. a. 0. I. 22. 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 entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. If you still cannot find the error, re-analyze each transaction. 504. j. (Do not insert the account numbers in the journal at this time.) 25,000 In this activity, you will be creating. b. Purchased office equipment on account, 15,000. %24 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. h. Borrowed $100,000 by issuing a note payable. No. 30.Served as a disc jockey for a charity ball for 1,500. Greetings! I will also provide you with TURNITIN PLAGIARISM REPORT. Paid 620 to Upload Music for use of its current music demos in making various music sets. 10 000 a. Accounting Equation is calculated using following equation - Record the adjusting entries on Page 7 of the journal. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. During June, Ming Chen (the owner) completed these transactions. During the first month of The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. ces Received $100 from a customer for services we will provide next week. A:a)Indicate the effect of the given transactions. f. Accounts containing only a single entry do not need a 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. b. Bal. As, Q:Leora Diamond began a professional practice on June 1 and plans to prepare financial statements at, A:Accounting Equation is foundation of Double entry Accounting System . 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. During June, Ming Chen (the owner) completed these transactions. 8,000 a. 23. Liabilities During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). b. Amount of total revenue recorded in the ledger. ol + During June, Ming Chen (the owner) completed these transactions. 13. $15,000 The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. d. The company completed work for a client and immediately collected the $2,500 cash earned. 13. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 7.500 10,000 Print The company paid $1,500 cash for rent of office space for the month. + g. The company paid an assistant $3,000 cash as wages for the month. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. The account headings are presented below. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 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. The following transactions, A:Note: During June, Ming Chen (the owner) completed these transactions: a. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. %24 The transactions of Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. References Paid dividends, $3,000. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Cash Explanations may be omitted. 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. i. View this solution and millions of others when you join today! Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 3. Introduction: 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. J. f. The company purchased additional equipment for $6,000 cash. 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. Home., A:Since you have asked multiple questions under a single question. c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. 7.500 8,000 First let me introduce myself, my name is XX, 23 years old, and David is my English name. Since there are multiple subparts, we will answer only first three subparts. 10. 75,000 b. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. The company pald $2,100 cash for rent of office space for . 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. 10,000 Enter the following transactions on Page 2 of the two-column journal: 16. Instructions 1. c. Received cash from fees earned. B. Classify each transaction as an operating, an investing, or a financing activity. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instructions 1. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. Paid truck expenses, 435, Ck. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. Accounts i. 3. Hal Smith opened Smith's repairs on 01.03. Paid cash for a newspaper advertisement. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. h. Borrowed $100,000 by issuing a note payable. 1.500 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. Borrowed $100,000 by issuing a note payable. During June, Ming Chen (the owner) completed these transactions: a. Six months rent was paid in advance, $4,500. 503. h. Sold catering services on account, 4,307. i. 2. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common During June, Ming Chen (the owner) completed these transactions. During May, Kelly Consulting entered into the following transactions: May 3. No. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. If the two totals are not equal, check the addition and subtraction. Instrustions Prepare a balance sheet as of July 31, 20Y5. Received 2,000 for serving as a disc jockey for a wedding reception. 25,000 501. e. Bought insurance for the truck for one year, 400, Ck. %24 8.Paid for a newspaper advertisement, 200. f. Paid office salaries, $6,500. c. Amount of net income for January. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 31. Bal I am a Ph.D. writer with more than 9 years of working experience in Writing. Check my Paid rent for July, 1,750. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. During the first month of operations of his, A:Solution: 31. Paid cash to creditors on account, 4,500. j. + Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 2.1.4P, Your question is solved by a Subject Matter Expert. She, A:The accounting equation states that assets equal to sum of liabilities and equity. 10,000 During June, Ming Chen (the owner) completed these transactions: a. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. During June, Ming Chen (the owner) completed these transactions. After, A:Net income: 5. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 1000. c. Bought office supplies for cash, 375, Ck. Help b. b. (b) Paid office rent, 500. 4. 3. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) During June, Ming Chen (the owner) completed these transactions. 2,500 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. Apr. The following transactions were completed during July, the second month of the business's operations: July 1. No principal payments are made, only interest is paid. College Accounting (Book Only): A Career Approach. 2. 1004. j. 31. 1,500 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Thanks :--). Prepare T accounts, using the account titles in (1). . %D a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. None of the paper was used by year-end. a. 0.33 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). Instuction Prepare an income staement and statement of stockholders equity for July. Receivable July 21. g. The company paid an assistant $3,000 cash as wages for the month. Liabilities At the end of May, the following adjustment data were assembled. 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. The following, A:Unadjusted Trial Balance - e. 29. No. O OO O A balance sheet C. Find answers to questions asked by students like you. Kindly repost the question to get, A:Trial balance: It is the statement prepared at the end of the year to close all the accounts. 27. 0. Required: Bal. points We will pay the $110 in thirty days. Instructions 1. Ken Jones, an architect, opened an office on April 1, 2016. g. Paid interest on the note payable, $500. Q:Prepare the statement of retained earnings for the month of July 31. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. During the month, Jones, A:T accounts: A:Journal: 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 plans to prepare financial statements at the end of each month. (f) Made payment on loan in transaction (c), 500. minus sign.) 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 month, he completed the following transactions connected with his professional practice: a. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid cash to creditors on account, 3,000. j. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 2. f. The company purchased additional equipment for $6,000 cash. Instructions 1. The company paid $1,500 cash for rent of office space for the month. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Paid cash for miscellaneous expenses, 375. j. (c) Purchased office equipment. b. 31. a. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Equipment What will be the value of interest payment at the end of fourth year in real dollars? Ming Chen (the owner) completed these transactions. (Enter decreases to account balances with a Is this a direct or an indirect cost? He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. No. a. Received 750, with the remainder due August 4, 2019. Payable Use the ending balances in the T-accounts to prepare a trial balance. h. Purchased land as a future building site, paying cash of $120,000. d. Paid rent on office and equipnwnt for the month, $5,000. %24 Prepare an unadjusted trial balance. 29. 5.Purchased office equipment on account from Office Mart, 7,500. What if the client hasn't prepared them in advance? Prepare an unadjusted trial balance as of July 31, 2019. 24. Analyze each transaction, Journalize as appropriate. d. 0. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. b. Required 1. The company paid $10,000 cash to settle the liability created in transaction c. j. Paid the office rent for the current month, 650, Ck. 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. Introduction: 1,500 State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Equity Common %3D Journalize and post the adjusting entries. g. Paid interest on the note payable, $500. 25,000 Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 1. i. 4, In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 7,500 Q:Duerr Engineering completed the following transactions in the month of June. 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. 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.: $30000. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 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. h. Borrowed $100,000 by issuing a note payable. Ming Chen began a professional practice on June 1 and. 30. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Paid dividends, 2,500. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. There is no prepaid rent or rent payable at year-end. 00. Ask your question! The prepaid rent at the beginning of the year was used in 2019. Instructions 1. a. Enter the impact of each transaction on individual items of the accounting equation. 30. 31.Withdrew 1,250 cash from PS Music for personal use. Is it a product or a period cost? Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 11. EQUITY The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 2. 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. Determine the excess of revenues over expenses for November. 10,000 31. 58,500 CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Ask a new question. 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--. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Owner withdrew $1,000 cash from the company for personal use. Paid 5,000 on note payable. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. 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. 30. a. Connie Young, an architect, opened an office on October 1, 2019. 10,000 and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. 16. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. I have all relevant skills and expertise related to your project. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 58,500 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. Required Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 61,000 Received an invoice for truck expenses, to be paid in November, 1,250. II If you want the answer, Q:Architects completed the following transactions: Prepare an unadjusted trial balance as of August 31, 2016. 1. Received cash from clients on account, 2,450. 5. b. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 5. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. 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. Determine the net income or net loss for April. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. b. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 27.Paid electric bill, 915. 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. Q:Connie Young, an architect, opened an office on October 1, 2019. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Bal. Received 1,000 cash from customers on account. She, A:As you have posted multiple questions, the solution to the first question is being provided. the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Paid dividends, 10,500. Determine account balances of the T accounts. %24 18. (1,500) + What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself?  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Bal. ok ht inces a. 1PA, Your question is solved by a Subject Matter Expert. b. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. First week only $4.99! 2. property. 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. Recorded services provided on account for the remainder of May, 2,650. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Assignments: ACCTG-4A-80575-2021SP 0. During June, Ming Chen (the owner) completed these transactions. i. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. a. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Introduce yourself. Advertising expense of $26,000 was incurred and paid. 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. Find step-by-step Accounting solutions and your answer to the following textbook question: Ming Chen began a professional practice on June $1$ and plans to prepare financial statements at the end of each month.