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: 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. 2. 3. Cash (Do not insert the account numbers in the journal at this time.) 7,500 d. The company completed work for a client and immediately collected the $2,500 cash earned. Determine the net income or net loss for January. She, A:The accounting equation states that assets equal to sum of liabilities and equity. 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. 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. 10,000 %24 During June, Ming Chen (the owner) completed these transactions. Determine the net income or net loss for October. 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. A:Hi student Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Bal. Recording of a business transactions in a chronological order. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. $30000. 3. Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Received and paid the heating bill, 248, Ck. Q:Comprehensive Problem Set c. Received cash from fees earned. The customer will pay at a later date. Prepare T accounts, using the account titles in (1). Each drugstore is operated by a general manager and a controller. 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. Paid dividends, $3,000. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Received 1,000 cash from customers on account. + 3. Determine the account balances after all posting is complete. Borrowed $100,000 by issuing a note payable. Q:Prepare the statement of retained earnings for the month of July 31. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. %24 To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. h. Borrowed $100,000 by issuing a note payable. d. Purchased office and computer equipment on account, 9,000. e. Paid cash for supplies, 2,150. f. Paid cash for annual insurance policies, 4,000. g. Received cash from client for plans delivered, 12,200. h. Paid cash for miscellaneous expenses, 815. i. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (Enter decreases to account balances with a 25.000 There is no prepaid rent or rent payable at year-end. 2. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. After, A:Net income: Recorded services provided on account for the period May 16-20, 4,820. 25,000 Determine the increase or decrease in owners equity for August. Equity During June, Ming Chen (the owner) completed these transactions: a. d. The company completed work for a client and immediately collected the $2,500 cash earned. During June, Ming Chen (the owner) completed these transactions. View this solution and millions of others when you join today! 3. 5. %24 Paid dividends, $3,000. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 4. Ken Jones, an architect, opened an office on April 1, 2019. f. The company purchased additional equipment for $6,000 cash. In addition, $28,000 of computer rental costs were incurred and paid. 6. Ming chen began a professional practice on june 1 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). b. 17. Received 500, with the remainder due on August 9, 2019. 1, A:Salary is the expense of a business. Paid miscellaneous expenses, 540. Owner withdrew $1,000 cash from the company for personal use. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Purchased office equipment on account, 15,000. Withdrew cash for personal use, 3,900. Served as a disc jockey for a charity ball for 1,500. 30. On March 1 of this year, B. Gervais established Gervais Catering Service. During June, Ming Chen (the owner) completed these transactions. 1006. First let me introduce myself, my name is XX, 23 years old, and David is my English name. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). A:Introduction: 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. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 61,000 Withdrew cash for personal use, 2,000. Ming Chen began a professional practice on June 1 and plansget 1 4. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. 23.Served as disc jockey for a party for 2,500. b. No principal payments are made, only interest is paid. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. %D %D 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. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Ask your question! b. b. 1,500 f. Paid office salaries, $6,500. Paid on account to the City Crier, 455, Ck. Greetings! a. Wallace deposited 24,000 in a bank account in the name of the business. 31.Withdrew 1,250 cash from PS Music for personal use. Required 1. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Paid dividends, $3,000. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Only debit card transaction fees. 28.Paid wages of 1,200 to receptionist and part-time assistant. d. Paid rent on office and equipment for the month, $5,000. 503. h. Sold catering services on account, 4,307. i. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Liabilities Paid cash to creditors on account, 3,000. j. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 4. April. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. the. (h) Received cash for services rendered, 800. Enter the following transactions on Page 2 of the two-column journal: 16. We will pay the $110 in thirty days. 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. %24 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. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 8.000 The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. So lets make no longer delay & start chatting immediately. 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. Q:Ken Jones, an architect, opened an office on April 1, 2019. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. February 20, 2023. Which of the following is true? %D Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 61,000 Ming Chen began a professional practice on June 1 and plans to prepare b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. 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--. Greco resort opened for business on june 1. Payable (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 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. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. + b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid dividends, 2,500. g. The company paid an assistant $3,000 cash as wages for the month. $ 15,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 63. Find answers to questions asked by students like you. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. 1.500 If you still cannot find the error, re-analyze each transaction. Determine the net income for March. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 25,000 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. b. H. Paid the worker hired in D for one weeks work. f. The company purchased additional equipment for $6,000 cash. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. h. Purchased land as a future building site, paying cash of $120,000. No. g. The company paid an assistant $\$3,000$ cash as wages for the month. G. Received the electricity bill. 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. Answered: Ming Chen began a professional practice | bartleby During June, Ming Chen (the owner) completed these transactions. Extend the balances to the appropriate balance columns after each transaction is posted. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. Record the adjusting entries on Page 7 of the journal. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Determine the amount of Joel Palks capital as of July 1 of the current year. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Enter the following transactions on Page 2 of the two-column journal: 29. The equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. Liabilities 18.Purchased supplies on account, 850. + 5. Accounts Recorded services provided on account for the period May 1-15; 9,180. 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, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. 16. 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. I am highly qualified expert, working from 2008-9 in this industry. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! g. The company paid an assistant $3,000 cash as wages for the month. the firm are, A:Income statement Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Paid cash for a newspaper advertisement. Common b. 1,500 (a) Invested cash in the business, 510,000. During June. 2. It is the first step of recording transactions of a company. k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. Determine the following: a. A. 15,000 7.500 The company paid $1,500 cash for rent of office space for the month. 61,000 The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. (k) Paid wages to part-time employee, 500. 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. In this activity, you will be creating. During the first month of operations of his, A:Solution: Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Q:Duerr Engineering completed the following transactions in the month of June. (Note: Ignore the date because these events are aggregations of individual events.) Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Prepare T accounts, using the account titles in (1). minus sign.) The company paid $1,500 cash for rent of office space for the. 8.Paid for a newspaper advertisement, 200. 31. During the month, he completed the following transactions connected with his professional practice: a. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 10,000 ASSETS Purchased office equipment on account from Office Mart, 7,500. Ken Jones, an architect, opened an office on April 1, 2016. 1.500 Amount of total expenses recorded in the ledger. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). $ The transactions of 8,000 h. Purchased land as a future building site, paying cash of $120,000. operations,, A:Journal entry means the entry in prime book with chronological order. Write Balance in the Item column and place a check mark () in the Posting Reference column. 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.
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