Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. c. Amount of net income for August. Journals: Received cash from clients on account, 2,450. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. The company paid $1,500 cash for rent of office space for the month. Classify each transaction as an operating, an investing, or a financing activity. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 14.Paid wages of 1,200 to receptionist and part-time assistant. $4 (h) Received cash for services rendered, 800. Ethics and budgetary slack: Bal. (1,500) + 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. Record the following transactions on Page 6 of the journal: 20. 1PA, Your question is solved by a Subject Matter Expert. Hello. During the month, Lexi completed the following transactions related to the business: Nov. 1. Prepare an unadjusted trial balance as of January 31, 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. A:a)Indicate the effect of the given transactions. 7.500 Paid wages of 1,200 to receptionist and part-time assistant. 7,500 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. i. (Record as Miscellaneous Expense.) 1,500 On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. During June, Ming Chen (the owner) completed these transactions. Help 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. 75,000 b. Post the journal to a ledger of four-column accounts. For those boxes in, A:Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by, Q:on april 1 Jiro Nozomi created a new travel agency, adventure travel. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Basic Accounting Systems: Cash Basis. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The, A:An accounting equation refers to a mathematical representation of the transactions. ol + 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 plansget 1 Paid cash for a newspaper advertisement. Prepare an income statement, a retained earnings statement, and a balance sheet. Paid miscellaneous expenses, 540. a. c. Received cash from fees earned. Instructions 1. %24 Interest of $5,000 was paid on the long-term loan. 1004. j. 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. Received and paid the heating bill, 248, 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: Problem1-63B Income Statement, Retained Earnings Statement. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. The company paid $1,500 cash for rent of office space for the month. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 1002. h. Received and paid the bill for utilities, 340, Ck. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Prepare the necessary journal entries to record these transactions. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During June,  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. (e) Paid phone bill, 65. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j.  d. Does the activity add value to Latchey’s provision of insurance services? Determine the net income or net loss for April. a. Create the following table similar to the one in Exhibit 1.9. If there is. Introduce your . . During June, Ming Chen (the owner) completed these transactions. 29.Paid miscellaneous expenses, 540. Paid dividends, $3,000. 5. 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. Hello. Correct answers: 1 question: A loan of $400,000 is taken out which requires an annual interest payment of 4.4% of the borrowed amount of money (in market dollars). 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. 10,000 stock. Accounts containing only a single entry do not need a balance. 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. 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. (f) Made payment on loan in transaction (c), 500. b. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Ken Jones, an architect, opened an office on April 1, 2016. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. 31. Q:1. Determine the excess of revenues over expenses for November. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Saved 4, 1,500 Instructions 1. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Hal Smith opened Smith's repairs on 01.03. 58,500 Served as disc jockey for a party for 2,500. 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. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Withdrew cash for personal use, 3,900. 1.500 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: c. Both credit card and debit card transaction fees are limited by law. f. The company purchased additional equipment for $6,000 cash. Chapter 1 Exercises i Ask your question! Required 1. Use the ending balances in the T-accounts to prepare a trial balance. 7.500 Instructions 1. 4. 61,000 Determine account balances of the T accounts. b. As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. d. Paid rent on office and equipnwnt for the month, $5,000. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? d. The company completed work for a client and immediately collected the $2,500 cash earned. a. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. 60,000 31. Next Ming Chen began a professional practice on June 1 and plansget 1 Journal Entries - Journal Entries are the recording of transactions of the organization. On March 1 of this year, B. Gervais established Gervais Catering Service. operations,, A:Journal entry means the entry in prime book with chronological order. h. Borrowed $100,000 by issuing a note payable. The account headings are presented below. I am highly qualified expert, working from 2008-9 in this industry. 4. 25,000 Ming Chen began a professional practice on June $1$ and plan | Quizlet and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. What amount should Carter report as net cash from investing activities? Explanations may be omitted. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Required 1. A:Hi student Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. View this solution and millions of others when you join today! c. Amount of net income for January. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. 2,500 Owner invested E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 225. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. No. The company paid $1,500 cash for rent of office space for the month. Hi! 8.Paid for a newspaper advertisement, 200. No. %24 2. i. 8,000 If an entry is not required for any of these transactions, state this and explain why. 2. 10,000 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. Instructions 1. At the end of May, the following adjustment data were assembled. a. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Find answers to questions asked by students like you. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. If the two totals are not equal, check the addition and subtraction. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 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. 3. 31. f. Paid office salaries, $6,500. 3. 28.Paid wages of 1,200 to receptionist and part-time assistant. ezto.mheducation.com 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. Paid the office rent for the current month, 650, Ck. Assignments: ACCTG-4A-80575-2021SP Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Determine the following: a. 8.000 000 Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. %3D Ming Chen began a professional practice on June 1 and plans to prepare Please resubmit the question, Q:Beverly Crusher is a licensed CPA. The company paid $1,000 cash in dividends to the owner (sole shareholder). The following transactions, A:Note: Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Accounts Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 15,000 a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. To ensure my potential must visit my profile to check my ratings and uploaded samples. b. If you still cannot find the error, re-analyze 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. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. During June, Ming Chen (the owner) completed these transactions. A:Requirement 1: Indicate the effect of the given transactions. Prepare an unadjusted trial balance as of July 31, 2019. 24. Payable Thanks :--). Brooke completed the following transactions during the month of August: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 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 Stock Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. (Record as Miscellaneous Expense.) First let me introduce myself, my name is XX, 23 years old, and David is my English name. 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. ACCOUNTS RECEIVABLE What will be the value of interest payment at the end of fourth year in real dollars? completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set Record the transactions and the balance after each transaction. g. The company paid an assistant $3,000 cash as wages for the month. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 2.1.4P, Your question is solved by a Subject Matter Expert. After, A:Net income: How much did Marchs transactions increase or decrease Amy Austins capital? Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty.  c. Is it a variable or a fixed cost? g. The company paid an assistant $3,000 cash as wages for the month. b. Hal Smith opened Smith's Repairs on March 1 of the current year. 2. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. i. b. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 0. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: The company paid $10,000 cash to settle the liability created in transaction c. j. 30. 30. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Determine the amount of Joel Palks capital as of July 1 of the current year. Accounts Paid dividends, $3,000. Received 750, with the remainder due August 4, 2019. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). a. %D a. Paid utilities expense, 4,500. Instructions 1. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 31.Withdrew 1,250 cash from PS Music for personal use. 4.Prepare an unadjusted trial balance as of July 31, 2019. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 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. 2.Received 1,000 cash from customers on account. During June, Ming Chen (the owner) completed these transactions. 0. Received an invoice for truck expenses, to be paid in November, 1,250. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 4. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. No. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Paid for a newspaper advertisement, 200. Solved Ming Chen began a professional practice on June 1 and | Chegg.com  a. 0. 8. II 30. j. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 1003. i. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. The account headings are presented below. Paid cash for miscellaneous expenses, 375. j. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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J. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Paid an attorney 900 for reviewing the July 3 contract with KXMD. During June, Ming Chen (the owner) completed these transactions: a. +. Paid part-time receptionist for two weeks salary, 750. b. (k) Paid wages to part-time employee, 500. 2. property. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Determine the increase or decrease in owners equity for January. She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. f. Paid office salaries, $6,500. b. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. b. Amount of total expenses recorded in the ledger. 25.000 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. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 61,000 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the 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.