ming chen began a professional practice on june 1

Equity 31. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. No. c. Received cash from fees earned. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. (d) Received cash for services rendered, 900. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During June, Ming Chen (the owner) completed these transactions. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Paid cash for a newspaper advertisement. d. Hi! Find answers to questions asked by students like you. II 25.000 She helped me in last minute in a very reasonable price. Post your journal entries to T-accounts, Add additional T-accounts when needed. 3.Paid 250 to creditors on account. No. 3. A:a)Indicate the effect of the given transactions. 2. 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. Record the transactions and the balance after each transaction. 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. g. The company paid an assistant $3,000 cash as wages for the month.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. (f) Made payment on loan in transaction (c), 500. During June, Ming Chen (the owner) completed these transactions. Mc. b. 6. Hire Professional Writer And Get A+ Grades In Your Homework. Owner invested $59,000 cash in the company along with equipment that had a $13,000 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. Mulberry purchased computer paper for $13,000 cash in late December. g. Paid interest on the note payable, $500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 3. i. Withdrew cash for personal use, 3,900. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). In addition, $28,000 of computer rental costs were incurred and paid. (b) Paid office rent, 500. (Continued) Required: 1. Withdrew cash for personal use, 2,500. How much did Marchs transactions increase or decrease Amy Austins capital? b. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. During the first month of operations of his, A:Solution: 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 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). 30. a. a. Wallace deposited 24,000 in a bank account in the name of the business. During March, the following, A:1. 2. Greco resort opened for business on june 1. Budgeting issues at the movies: Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and b. He completed the following transactions during June: a. Paid cash for miscellaneous expenses, 375. j. A:Hi student Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 225. A:a)Indicate the effect of the given transactions. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Paid on account to the City Crier, 455, Ck. 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. Hello. 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. During June, Ming Chen (the owner) completed these transactions. $30000. During June, Ming Chen (the owner) completed these transactions: a. b. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Prepare an unadjusted trial balance. Enter the following transactions on Page 2 of the two-column journal: 16. Instructions 1. a. h. Purchased land as a future building site, paying cash of $120,000. Paid utilities expense, 4,500. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Served as disc jockey for a party for 2,500. 8.000 Determine the increase or decrease in owners equity for January. Assignments: ACCTG-4A-80575-2021SP 24 Prepare T accounts, using the account titles in (1). Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Issued common stock to Marjorie Knaus in, A:Step 1 Received cash from customers on account, 9,000. Write Balance in the Item column and place a check mark () in the Posting Reference column. $30000. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. During June, Ming Chen (the owner) completed these transactions.a. Equipment 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.: 24. 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. View this solution and millions of others when you join today! D. An office worker was hired. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. %24 On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. b. Accounts 10,000 Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. The customer will pay at a later date. 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. Billed insurance companies for sales commissions earned, 12,500. j. Purchased office equipment on account, 15,000. 5. Paid telephone bill for May, 260. i. 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. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 25.000 Equipment 10.000 1. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 60,000 0. 2023. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. During June, Ming Chen (the owner) completed these transactions: a. II References Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. Journalize and post the adjusting entries. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 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. Graw  d. Does the activity add value to Latchey’s provision of insurance services? Ethics and budgetary slack: During June, Ming Chen (the owner) completed these transactions. I have all relevant skills and expertise related to your project. 2. 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. No. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. ol + Instructions 1. 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. 4.Prepare an unadjusted trial balance as of July 31, 2019. 7.500 %D Determine account balances of the T accounts. + ok ht inces a. 0. h. Purchased land as a future building site, paying cash of $120,000. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. 1004. j. stock. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. a. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 22. Determine the net income or net loss for January. 63. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Withdrew cash for personal use, 7,500. 60,000  c. Is it a variable or a fixed cost? Apr. The following, A:Unadjusted Trial Balance - 1003. i. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Basic Accounting Systems: Cash Basis. b. Using the following, A:Impact on Equity - 25,000 Bal. d. The company completed work for a client and immediately collected the $2,500 cash earned. 1, A:Salary is the expense of a business. + Analyze each transaction, Journalize as appropriate. $15,000 H. Paid the worker hired in D for one weeks work. Purchased supplies on account, 850. *Response times may vary by subject and question complexity. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. How much did Junes transactions increase or decrease Chad Wilsons capital? Paid 620 to Upload Music for use of its current music demos in making various music sets. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Interest of $5,000 was paid on the long-term loan. 8.000 3. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. %3D %24 A building and equipment are currently being rented, pending expansion to new facilities. When the business transactions are recorded in the primary book of account, Q:Amy Austin established an insurance agency on March 1 of the current year and completed The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 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. + c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 10,000 5. a. 28. 2.Received 1,000 cash from customers on account. Owner withdrew $1,000 cash from the company for personal use. 1002. h. Received and paid the bill for utilities, 340, Ck. 0. g. Paid interest on the note payable, $500. Thanks :--). Received 500, with the remainder due on August 9, 2019. Received and paid the heating bill, 248, Ck. 1PA, Your question is solved by a Subject Matter Expert. 0. b. 23. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. On March 1 of this year, B. Gervais established Gervais Catering Service. 0. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: 27. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. 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. 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. The prepaid rent at the beginning of the year was used in 2019. Saved Write Balance in the Item column and place a check mark () in the Posting Reference column. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. During June, Ming Chen (the owner) completed these transactions. Record the following transactions on Page 6 of the journal: 20. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 7.500 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. (Do not insert the account numbers in the journal at this time.) 1,500 Paid for a newspaper advertisement, 200. Determine the excess of revenues over expenses for November. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Paid wages of 1,200 to receptionist and part-time assistant. 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. During the month, Lexi completed the following transactions related to the business: Nov. 1. 1. a. Bal The company paid $10,000 cash to settle the liability created in transaction c. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. The company paid $1,500 cash for rent of office space for the month. To ensure my potential must visit my profile to check my ratings and uploaded samples. A:Revenue means the income earned during a given period. 4. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Enter the following transactions on Page 2 of the two-column journal: 29. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Receivable Home., A:Since you have asked multiple questions under a single question. Paid an attorney 900 for reviewing the July 3 contract with KXMD. 8.000 a. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. 0. Extend the balances to the appropriate balance columns after each transaction is posted. %D 58,500 (i) Paid electricity bill, 85. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. a. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. July 21. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 3. No. I. 4. Which of the following is true? During the month, Knaus. Save & Exit The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. The company paid $1,500 cash for rent of office space for the month. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. A statement of changes in Equity Apr. Prepare an unadjusted trial balance as of July 31, 2019. b. $30000. b. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. Show new balances after each transaction. %24 on the Business environment in China. f. The company purchased additional equipment for $6,000 cash. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 1,500 1. 1.500 b. 8,000 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. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Ken Jones, an architect, opened an office on April 1, 2016. %D 2. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 2023 White PaPer. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. (a) Invested cash in the business, 510,000. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 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. (Do not insert the account numbers in the journal at this time.) To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Use the ending balances in the T-accounts to prepare a trial balance. If you want the answer, Q:Architects completed the following transactions: Paid part-time receptionist for two weeks salary, 750. b. 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. Explanations may be omitted. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Brooke completed the following transactions during the month of August: a. Paid Office Station Co. for part of the debt incurred on April 5, 640. 000 b. Payable b. Hal Smith opened Smith's Repairs on March 1 of the current year. During May, Kelly Consulting entered into the following transactions: May 3. Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, 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. The following transactions were completed during July, the second month of the business's operations: July 1. 0. Paid wages of 1,200 to receptionist and part-time assistant. 9. Cash Ming Chen began a professional practice on June 1 and. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. View this solution and millions of others when you join today! The company paid $1,000 cash in dividends to the owner (sole shareholder). Required 1. 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. (1,500) + Paid miscellaneous expenses, 540. Record the transactions and the balance after each transaction. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. The account headings are presented below. b. h. Borrowed $100,000 by issuing a note payable. 1. Start your trial now! The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Dividends Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Enter the impact of each transaction on individual items of the accounting equation. S NO Ming Chen (the owner) completed these transactions. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product:

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