ming chen began a professional practice on june 1ming chen began a professional practice on june 1

d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. Opened a business bank account with a deposit of 30,000 from personal funds. 10. 30. Determine the amount of Joel Palks capital as of July 1 of the current year. July 21. The following transactions occurred during January of the current year. During June, Ming Chen (the owner) completed these transactions.a. a. 0. 10,000 + 3. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. The following account balances are available: Required: 1. Served as disc jockey for a party for 2,500. 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 . 0. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 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. (Income Summary is account 34 in the chart of accounts.) Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2.1.4P, Your question is solved by a Subject Matter Expert. During June, Ming Chen (the owner) completed these transactions. 61,000 Prepare a single-step income statement. 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. The company paid $10,000 cash to settle the liability created in transaction c. j. 1. Served as a disc jockey for a charity ball for 1,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. Withdrew cash for personal use, 2,000. Record the closing entries on Page 8 of the journal. Bal. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Using the following, A:Impact on Equity - (b) Paid office rent, 500. a. Insurance expired during May is 275. b. During June, Ming Chen (the owner) completed these transactions. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Amount of total expenses recorded in the ledger. Accounts e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 8.000 14.Paid wages of 1,200 to receptionist and part-time assistant. 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. . 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. Which of the following is true? h. Borrowed $100,000 by issuing a note payable. During the first month of operations of his, A:Solution: Bal. 8.000 10,000 Issued common stock to Marjorie Knaus in, A:Step 1 Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. July 21. 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: 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. (a) Invested cash in the business, 510,000. D. An office worker was hired. 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. a. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. 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. Revenue $30000. b. b. 15,000 Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Q:1. The, A:An accounting equation refers to a mathematical representation of the transactions. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. ces 2. 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. Only debit card transaction fees are limited by law. 18. Record the transactions and the balance 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. Received 3,000 for serving as a disc jockey for a party. Paid for a newspaper advertisement, 200. Determine the account balances after all posting is complete. + 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 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. 225. 1,500 Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. points Instructions 1. During the month, Knaus. Saved 7.500 Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Instrustions Prepare a balance sheet as of July 31, 20Y5. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 1,500 10,000 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Determine account balances of the T accounts. Hello. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Ming Chen began a professional practice on June 1 and plansget 1 b. 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. Required: To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. No. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Ming Chen (the owner) completed these transactions. d. The company completed work for a client and immediately collected the $2,500 cash earned. b. Create the following table similar to the one in Exhibit 1.9. Paid an attorney 900 for reviewing the July 3 contract with KXMD. References With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. Prepare an income statement, a retained earnings statement, and a balance sheet. %3D $15,000 No. Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. Answered: Ming Chen began a professional practice | bartleby 75,000 Ask your question! 7,500 10. b. g. The company paid an assistant $3,000 cash as wages for the month. We will pay the $110 in thirty days. 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. During June. Problem1-63B Income Statement, Retained Earnings Statement. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. g. Paid interest on the note payable, $500. 0. During June, Ming Chen (the owner) completed these transactions. 61,000 During June, Ming Chen (the owner) completed these transactions. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. Accounting Equation - 31.Received 3,000 for serving as a disc jockey for a party. ok ht inces a. 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 Introduce your . Write Balance in the Item column and place a check mark () in the Posting Reference column. 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. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. 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. d. Paid rent on office and equipnwnt for the month, $5,000. 75,000 (Do not insert the account numbers in the journal at this time.) 3. Received 1,000 for serving as a disc jockey for a party. She helped me in last minute in a very reasonable price. ol + 8,000 Ming Chen began a professional practice on June 1 and. The company paid $1,500 cash for rent of office space for the month. b. Only credit card transaction fees are limited by law. 3. I am highly qualified expert, working from 2008-9 in this industry. (d) Received cash for services rendered, 900. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. 29.Paid miscellaneous expenses, 540. Cash 30. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Owner invested Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Six months rent was paid in advance, $4,500. f. Paid office salaries, $6,500. 8. 1 of 1 504. j. Ming Chen began a professional practice on June 1 and plans to Q:Prepare the statement of retained earnings for the month of July 31. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Thanks :--). Paid rent for period of November 1 to end of month, 4,000. Instructions 1. d. [Solved] Ming Chen began a professional practice o | SolutionInn f. The company purchased additional equipment for $6,000 cash. Instructions 1. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. During June, Ming Chen (the owner) completed these transactions. J. 2. (i) Paid electricity bill, 85. Since there are multiple subparts, we will answer only first three subparts. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. Paid rent for July, 1,750. b. 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. 1,500 and company a firm. (Do not insert the account numbers in the journal at this time.) Equipment 15,000 Common He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Opened a business bank account with a deposit of 35,000 in exchange for common stock. 27.Paid electric bill, 915. View this solution and millions of others when you join today! The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. (Record as Miscellaneous Expense.) e. 58,500 Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. g. Paid interest on the note payable, $500. 28. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Received cash from customers on account, 9,000. 5. _Accounting 1 Assignment Part 1 - Ming Chen began a professional No. (Continued) Required: 1. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 4. 63. 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. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 31. d. Dividends in the amount of $1,500 were distributed. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 7. Withdrew cash for personal use, 2,500. The business was started by selling $100,000 worth of common stock. 4. 12. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Hi! 1, A:Salary is the expense of a business. The following, A:Unadjusted Trial Balance - Dividends Mc. College Accounting (Book Only): A Career Approach. 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. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Paid gas, oil, and repairs on automobile for April, 550. 10,000 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. The actual work of dry cleaning is done by another company for a fee. h. Borrowed $100,000 by issuing a note payable. 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. Purchased office equipment on account, 15,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare T accounts, using the account titles in (1). j. Required 1. During the month, he completed the following transactions connected with his professional practice: a. Prepare a post-closing trial balance. %24 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. minus sign.) Prepare T accounts, using the account titles in (1). Opened a business bank account with a deposit of 50,000 from personal funds. 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. 4. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Assignments: ACCTG-4A-80575-2021SP Paid gas, oil, and repairs on automobile for April, 550. Net income is the excess amount of revenue after deducting all the expenses of a, Q:On August 1, 2019, Rafael Masey established Planet Realty, which completed the following, A:Since we only answer up to 3 sub-parts, well answer the first 3. Paid part-time receptionist for two weeks salary, 750. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 10,000 4. 58,500 8,000 Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 2,500 Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Paid dividends, $3,000. 27. Can you think of any reason why the amount determined in (4) might not be the net income for November? 501. e. Bought insurance for the truck for one year, 400, Ck. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 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). Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. a. 0. Required A statement of changes in Equity 18.Purchased supplies on account, 850. %3D c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Cash Issued common stock to Marjorie Knaus in, A:Step 1 Ethics and budgetary slack: Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. %24 The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. 1. 6. Brooke completed the following transactions during the month of August: a. Repairs and maintenance of $9,000 were incurred and paid. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. b. During June, Ming Chen (the owner) completed these transactions. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. A:Requirement 1: Indicate the effect of the given transactions. 61,000 Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 60,000 No. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i. CASH 25,000 Received 750, with the remainder due August 4, 2019. i. . a. g. The company paid an assistant $3,000 cash as wages for the month. 1006. Paid the office rent for the current month, 650, Ck. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 25.000 Required: To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. 60,000 5. In addition, $28,000 of computer rental costs were incurred and paid. b. Paid on account to the City Crier, 455, Ck. Paid cash to creditors on account, 4,500. j. The company paid $1,500 cash for rent of office space for the month. 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. Instructions 1. Ming Chen began a professional practice on June 1 and plans to prepare Determine the excess of revenues over expenses for November. Connie Young, an architect, opened an office on October 1, 2019. 13. 3. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Bal. a. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Explanations may be omitted. After, A:Net income: + No. Post your journal entries to T-accounts, Add additional T-accounts when needed. +. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. During June, Ming Chen (the owner) completed these transactions. If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and d. a. Wallace deposited 24,000 in a bank account in the name of the business. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 5. (Optional) Prepare a statement of cash flows for July. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. During June, Ming Chen (the owner) completed these transactions. 0. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 10.000 Analyze and use these data to complete parts (5) and (6). The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Paid dividends, 10,500. The company paid $10,000 cash to settle the liability created in transaction c. Owner invested $62,000 cash in the company along with equipment that had a $23,000 market value in exchange for its common stock b. Paid dividends, 2,500. The company pald $2,100 cash for rent of office space for . $4 a. 2,500 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. g. Paid interest on the note payable, $500. (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, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid 620 to Upload Music for use of its current music demos in making various music sets. b. How much did Junes transactions increase or decrease Chad Wilsons capital?
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