1,500 b. 10,000 Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 27.Paid electric bill, 915. 10.000 28. Determine the account balances, after all posting is complete. 58,500 %3D Only debit card transaction fees are limited by law. g. The company paid an assistant $\$3,000$ cash as wages for the month. a. Bal. 3. 2.1.4P, Your question is solved by a Subject Matter Expert. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 3.Paid 250 to creditors on account. Start your trial now! Received 750, with the remainder due August 4, 2019. Paid dividends, $3,000. (j) Withdrew cash for personal use, 100. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Greco resort opened for business on june 1. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Recorded services provided on account for the remainder of May, 2,650. 4. c. Is it a variable or a fixed cost? During the month, she completed the following transactions connected with her professional practice: a. Paid wages of employees, 6,800. 11.Received 1,000 for serving as a disc jockey for a party. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. g. Paid interest on the note payable, $500. 18. %3D 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:Introduction: Basic Accounting Systems: Cash Basis. None of the paper was used by year-end. + Ming Chen began a professional practice on June 1 and plansget 1 A:The financial statements of the business include the income statement and balance sheet of the firm. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. b. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. 25,000 Determine the amount of Joel Palks capital as of July 1 of the current year. Paid dividends, 2,500. h. Purchased land as a future building site, paying cash of $120,000. %D Determine the net income for June. 4. b. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. %24 Problem1-63B Income Statement, Retained Earnings Statement. Save & Exit Served as a disc jockey for a charity ball for 1,500. operations,, A:Journal entry means the entry in prime book with chronological order. a. Gervais deposited 25,000 in a bank account in the name of the business. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. b. a. Paid dividends, $3,000. the. Recorded services provided on account for the period May 1-15; 9,180. No. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. (k) Paid wages to part-time employee, 500. Accounts Received and paid the heating bill, 248, Ck. First let me introduce myself, my name is XX, 23 years old, and David is my English name. 11. 25. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. 60,000 Ming Chen began a professional practice on June 1 and plans to prepare 3. Prepare an adjusted trial balance. The company paid $1,500 cash for rent of office space for the month. Ming Chen (the owner) completed these transactions. d. Paid rent on office and equipnwnt for the month, $5,000. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Accounts %24 a. Paid gas, oil, and repairs on automobile for April, 550. g. The company paid an assistant $3,000 cash as wages for the month. 2023. Do you need an answer to a question different from the above? The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 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. Chapter 1 Exercises i 0. 21. Create the following table similar to the one in Exhibit 1.9. 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. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 7.500 b. A:Net income is calculated after analysing the revenue and expenses of the organisation. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. LIABILITY 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Hi, Hope you are doing well. During June, Ming Chen (the owner) completed these transactions. 2023 White PaPer. Owner withdrew $1,000 cash from the company for personal use. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. How much did Junes transactions increase or decrease Chad Wilsons capital? 25,000 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. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. During June, Ming Chen (the owner) completed these transactions. 0. 2,500 a. Accounting Equation - 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. Withdrew cash for personal use, 2,000. %24 10 000 4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. 9. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the net income or net loss for April. 7,500 No principal payments are made, only interest is paid. It is the first step of recording transactions of a company. + Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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 b. The company paid $1,500 cash for rent of office space for the month. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 31. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. (Record as Miscellaneous Expense.) +. 504. j. Accounts containing only a single entry do not need a balance. During June, Ming Chen (the owner) completed these transactions: a. b. eBook The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 10,000 + 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: (g) Paid wages to part-time employee, 500. . 2. Help Enter the impact of each transaction on individual items of the accounting equation. I am a Ph.D. writer with more than 9 years of working experience in Writing. How much did Marchs transactions increase or decrease Amy Austins capital? Record the transactions and the balance after each transaction. Purchased office equipment on account from Office Mart, 7,500. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. (Enter decreases to account balances with a The company paid $1,500 cash for rent of office space for the. During June, Ming Chen (the owner) completed these transactions. 1.500 f. The company purchased additional equipment for $6,000 cash. Since there are multiple subparts, we will answer only first three subparts. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Use the ending balances in the T-accounts to prepare a trial balance. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. What will be the value of interest payment at the end of fourth year in real dollars? A Wages of $379,000 were paid in cash. Interest of $5,000 was paid on the long-term loan. The company paid $10,000 cash to settle the liability created in transaction c. 0. 5. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. First week only $4.99! _Accounting 1 Assignment Part 1 - Ming Chen began a professional There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. 8.000 Q:Duerr Engineering completed the following transactions in the month of June. 1, A:Salary is the expense of a business. Apr. Simple Accounting equation is. 4. If you want the answer, Q:Architects completed the following transactions: CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? 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 balance sheet Stock b. %24 During the month, he completed the following transactions connected with his professional practice: a. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 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. Im very much interested to write for attendance systems. Paid electric bill, 915. 10,000 Ming Chen began a professional practice on June $1$ and plan | Quizlet %3D During June. 2. Ming Chen began a professional practice on June $1$ and plan | Quizlet 4. b. She, A:The accounting equation states that assets equal to sum of liabilities and equity. 31. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Prepare T accounts, using the account titles in (1). c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Determine the following: a. 61,000 (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) %3D Accounts Received cash for job completed, 11,500. She helped me in last minute in a very reasonable price. Equity During June, Ming Chen (the owner) completed these transactions. d. 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. Bal. Dividends b. I am highly qualified expert, working from 2008-9 in this industry. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. 9. 58,500 Write Balance in the Item column and place a check mark () in the Posting Reference column. b. Determine the net income for March. h. Purchased land as a future building site, paying cash of $120,000. The company pald $2,100 cash for rent of office space for . Received 500, with the remainder due on August 9, 2019. 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. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. The company paid $1,000 cash in dividends to the owner (sole shareholder). Owner invested $60,000 cash in the company along with equipment. During the month, she completed the following transactions connected with her professional practice: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. He completed the following transactions during June: a. %24 I have all relevant skills and expertise related to your project. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1,500 Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 25,000 %24 J. During May, Kelly Consulting entered into the following transactions: May 3. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Establish a ledger for the accounts listed above and enter the beginning balances. 13. Ming Chen began a professional practice on June 1 and plans to prepare View this solution and millions of others when you join today! Paid Office Station Co. for part of the debt incurred on April 5, 640. 10,000 10,000 Journal Entries - Journal Entries are the recording of transactions of the organization. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. %24 Ask a new question. c. Received cash from fees earned. + Assignments: ACCTG-4A-80575-2021SP February 20, 2023. 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. %D To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Movies are expensive to produce and market. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. If the two totals are not equal, check the addition and subtraction. Required 1. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack: Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). (Continued) Required: 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Hal Smith opened Smith's Repairs on March 1 of the current year. Received 500, with the remainder due on August 9, 2019. We will pay the $110 in thirty days. 7.500 a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. 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 April 1, Jiro Nozomi created a new travel agency, Adventure Travel. 2. 63. 3. (h) Received cash for services rendered, 800. Paid 620 to Upload Music for use of its current music demos in making various music sets. Paid cash to creditors on account, 4,500. j. Q:Comprehensive Problem Set Using the following, A:Impact on Equity - i. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. *Response times may vary by subject and question complexity. Enter the following transactions on Page 2 of the two-column journal: 29. 14.Paid wages of 1,200 to receptionist and part-time assistant. Paid rent for period of November 1 to end of month, 4,000. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Paid an attorney 900 for reviewing the July 3 contract with KXMD. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.
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