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. No. a. Apr. f. Paid office salaries, $6,500. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. c. Both credit card and debit card transaction fees are limited by law. 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 5. 61,000 Dividends Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. In addition, $28,000 of computer rental costs were incurred and paid. Classify each transaction as an operating, an investing, or a financing activity. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. 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. Establish a ledger for the accounts listed above and enter the beginning balances. Borrowed $100,000 by issuing a note payable. 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. Chapter 1 Exercises i h. Purchased land as a future building site, paying cash of $120,000. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. The, A:An accounting equation refers to a mathematical representation of the transactions. a. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 3. Start your trial now! During June, Ming Chen (the owner) completed these transactions. (Enter decreases to account balances with a b. Analyze each transaction, Journalize as appropriate. f. The company purchased additional equipment for $6,000 cash. 5. b. i. Next f. The company purchased additional equipment for $6,000 cash. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Only debit card transaction fees are limited by law. Assets A:The financial statements of the business include the income statement and balance sheet of the firm. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 6. Journals: No. 2020 - 2024 www.quesba.com | All rights reserved. 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. 10 000 4. ol + The company paid $1,500 cash for rent of office space for . 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. Receivable Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Withdrew cash for personal use, 3,900. J. How much did Marchs transactions increase or decrease Amy Austins capital? 0. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. 58,500 3. Journalize and post the adjusting entries. She, A:As you have posted multiple questions, the solution to the first question is being provided. 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. Write Balance in the Item column and place a check mark () in the Posting Reference column. 28. stock. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Any additional hours beyond SO will be billed to KXMD at 40 per hour. 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 in exchange for its common stock. During the month, she completed the following transactions connected with her professional practice: a. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. During June, Ming Chen (the owner) completed these transactions: a. In July of this year, M. Wallace established a business called Wallace Realty. 13. 4. a. Gervais deposited 25,000 in a bank account in the name of the business. Withdrew l,250 cash from PS Music for personal use. 16. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Served as disc jockey for a party for 2,500. Liabilities 10,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. During June, Ming Chen (the owner) completed these transactions. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Received 750, with the remainder due August 4, 2019. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Bal. 7,500 Determine the account balances after all posting is complete. Enter the following transactions on Page 2 of the two-column journal: 29. I am highly qualified expert, working from 2008-9 in this industry. During the first month of 10,000 Accounts containing only a single entry do not need a balance. 4. 58,500 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. 29.Paid miscellaneous expenses, 540. College Accounting (Book Only): A Career Approach. Paid 700 to a local audio electronics store for rental of digital recording equipment. 2. Purchased supplies on account, 850. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Paid dividends, 2,500. 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. Determine the net income or net loss for October. Assignments: ACCTG-4A-80575-2021SP h. After, A:Net income: Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. c. Is it a variable or a fixed cost? The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. July 21. No principal payments are made, only interest is paid. Bal. The following, A:Unadjusted Trial Balance - 3. Purchased office equipment on account from Office Mart, 7,500. Record the adjusting entries on Page 7 of the journal. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Prav a. 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. 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. No. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. a. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 10. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) During June, b. Paid rent for period of November 1 to end of month, 4,000. h. Borrowed $100,000 by issuing a note payable. Owner withdrew $1,000 cash from the company for personal use. 21. Paid gas, oil, and repairs on automobile for April, 550. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: b. (b) Paid office rent, 500. 24. Prepare an unadjusted trial balance as of August 31, 2016. During June, Ming Chen (the owner) completed these transactions. Q:Connie Young, an architect, opened an office on October 1, 2019. Received cash for job completed, 11,500. 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. 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. a. No. During June, Ming Chen (the owner) completed these transactions. $ 15,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. C. Provided services in the amount of $1,000. 10,000 Liabilities Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. 4. b. In this activity, you will be creating. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 25. f. 2. Show new balances after each transaction. There is no prepaid rent or rent payable at year-end. During the month, Knaus. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- M Question 8 - Chapter 1 Exercises Connect 1,500 She, A:The accounting equation states that assets equal to sum of liabilities and equity. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. 1. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. g. The company paid an assistant $3,000 cash as wages for the month. f. The company purchased additional equipment for $6,000 cash. Payable 31. The worker will be paid $275 per week. 3. Introduction: Determine account balances of the T accounts. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Check my Paid January rent for office and workroom, 1,950. c. Purchased used automobile for 28,500, paying 5,700 cash and giving a note payable for the remainder. Bal. $4 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Recorded services provided on account for the period May 16-20, 4,820. Use a chart of accounts to order the ledger accounts. 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. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. +. 3. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. (Do not insert the account numbers in the journal at this time.) a. Received $100 from a customer for services we will provide next week. Post the journal to a ledger of four-column accounts. 1003. i. + Instructions 1. During June, Ming Chen (the owner) completed these transactions. Q:Comprehensive Problem Set Received cash from customers on account, 9,000. II 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. g. Paid interest on the note payable, $500. 0. Do you need an answer to a question different from the above? we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Prepare and post the closing entries. (f) Made payment on loan in transaction (c), 500. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 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. property. 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. 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. The company paid $1,500 cash for rent of office space for the month. Paid dividends, 10,500. 31.Received 3,000 for serving as a disc jockey for a party. 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. 12. %24 Withdrew cash for personal use, 2,500. 30. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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.
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