Equity Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 10. 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. Amount of total revenue recorded in the ledger. Expenses He. 25,000 Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 6. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. ol + Equipment 0. 3. 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. She helped me in last minute in a very reasonable price. Dividends in the amount of $1,500 were distributed. Recorded services provided on account for the period May 16-20, 4,820. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. A loan of $400,000 is taken out which requires an annual interest Interest of $5,000 was paid on the long-term loan. 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. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Hal Smith opened Smith's Repairs on March 1 of the current year. What amount should Carter report as net cash from investing activities? 18. 25.000 4. (Solved) - Ming Chen began a professional practice on June 1 and plans Receivable 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. %3D %24 d. Paid rent on office and equipnwnt for the month, $5,000. (Optional) Prepare a statement of cash flows for July. 29. Billed insurance companies for sales commissions earned, 12,500. j. During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 Received 1,000 cash from customers on account. 10. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Hal Smith opened Smith's repairs on 01.03. Paid 620 to Upload Music for use of its current music demos in making various music sets. The company paid $1,500 cash for rent of office space for the month. Paid telephone bill for May, 260. b. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 4. Determine the amount of Joel Palks capital as of July 1 of the current year. Apr. Paid rent for July, 1,750. Withdrew cash for personal use, 2,000. 5. Determine the net income for June. Paid dividends, 2,500. 1,500 the. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. Check my Prepare an income statement, a retained earnings statement, and a balance sheet. Find answers to questions asked by students like you. The, A:An accounting equation refers to a mathematical representation of the transactions. f. The company purchased additional equipment for $6,000 cash. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Opened a business bank account with a deposit of 50,000 from personal funds. 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. Amount of total expenses recorded in the ledger. During the first month of operations of his, A:Solution: During June, Ming Chen (the owner) completed these transactions. 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. Dividends The following transactions occurred during January of the current year. Journalize and post the adjusting entries. Determine the net income or net loss for April. *Response times may vary by subject and question complexity. During June, 31. Dividends The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. LIABILITY 4. %3D The company paid $10,000 cash to settle the liability created in transaction c. 10,000 + Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common g. Paid interest on the note payable, $500. Answered: Ming Chen began a professional practice | bartleby 1.500 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. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Thanks :--). 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. Paid dividends, $3,000. During June. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Cash 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. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? 10,000 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. Record the following transactions on Page 6 of the journal: 20. During June, Ming Chen (the owner) completed these transactions. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 31. a. 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. Each drugstore is operated by a general manager and a controller. Only debit card transaction fees are limited by law. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 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. 8,000 Connie Young, an architect, opened an office on October 1, 2019. 3.Paid 250 to creditors on account. (Do not insert the account numbers in the journal at this time.) 23.Served as disc jockey for a party for 2,500. 25.000 The company paid $1,000 cash in dividends to the owner (sole shareholder). C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). ces 8.000 During June, Ming Chen (the owner) completed these transactions: a. Mulberry paid the interest payable of $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. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. 58,500 CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Determine the account balances after all posting is complete. Instructions 1. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. (1,500) + 7,500 Insurance expired during May is 275. b. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Movies are expensive to produce and market. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 3. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 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. 61,000 View this solution and millions of others when you join today! The company paid $1,500 cash for rent of office space for the month. %24 Paid dividends, $3,000. Q:Duerr Engineering completed the following transactions in the month of June. 29. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 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. i. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. 23. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received 750, with the remainder due August 4, 2019. During June, Ming Chen (the owner) completed these transactions. 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. 28. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. eBook During June, Ming Chen (the owner) completed these transactions: a. I am a Ph.D. writer with more than 9 years of working experience in Writing. No. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 10,000 To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. stock. b. No. 25,000 5. 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). 9. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:The following transactions were carried out during the month of May by M.SAJJAD There is no prepaid rent or rent payable at year-end. During March, the following, A:1. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. D. An office worker was hired. During June, Ming Chen (the owner) completed these transactions. The transactions of e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 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. 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 1,500 Solved Ming Chen began a professional practice on June 1 and | Chegg.com PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 31.Withdrew 1,250 cash from PS Music for personal use. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 1 of 1 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. 61. During June, Ming Chen (the owner) completed these transactions: a. 15,000 4.Prepare an unadjusted trial balance as of July 31, 2019. Paid dividends, 10,500. H. Paid the worker hired in D for one weeks work. a. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. a. 2. 0. Hill Ming Chen (the owner) completed these transactions. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. During the first month of operations of his, A:Solution: 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 g. Paid interest on the note payable, $500. 3. Instructions 1. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Determine the excess of revenues over expenses for November. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 61,000 It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Next Recording of a business transactions in a chronological order. %D 30.Served as a disc jockey for a charity ball for 1,500. Stock Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. None of the paper was used by year-end. Paid wages of 1,200 to receptionist and part-time assistant. Ming Chen began a professional practice on June 1 and plans to prepare 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. Find answers to questions asked by students like you. If an entry is not required for any of these transactions, state this and explain why. (Enter decreases to account balances with a Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. 15. 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. Prav The following transactions, A:Journal Entries: Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Explanations may be omitted. A Wages of $379,000 were paid in cash. b. 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 e. 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. 3. 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. b. %3D d. The company completed work for a client and immediately collected the $2,500 cash earned. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Q:Prepare the statement of retained earnings for the month of July 31. If the two totals are not equal, check the addition and subtraction. 25,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Income tax of $10,300 was incurred and paid in 2019. A:Revenue means the income earned during a given period. 4. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 1,500 h. Purchased land as a future building site, paying cash of $120,000. I have all relevant skills and expertise related to your project. b. Introduce yourself. 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: 28.Paid wages of 1,200 to receptionist and part-time assistant. the. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 7.500 Paid electric bill, 915. Explanations may be omitted. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Assets Bal. Ask a new question. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Ming chen began a professional practice on june 1 M Question 8 - Chapter 1 Exercises Connect 63. Enter the following transactions on Page 2 of the two-column journal: 29. No. c. Amount of net income for January. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid 700 to a local audio electronics store for rental of digital recording equipment. 29.Paid miscellaneous expenses, 540. 2.1.4P, Your question is solved by a Subject Matter Expert. (a) Invested cash in the business, 510,000. (Record as Miscellaneous Expense.) 4. Inflation is 3.8% per year. No. 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:
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