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Q:Connie Young, an architect, opened an office on October 1, 2019. 8. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. 25,000 Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 4. Amount of total revenue recorded in the ledger. Common h. Purchased land as a future building site, paying cash of $120,000. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Record the closing entries on Page 8 of the journal. 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. Bal. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 2. Record the following transactions on Page 6 of the journal: 20. 7.500 Insurance expired during May is 275. b. 3. 3. b. 1,500 10,000 (d) Received cash for services rendered, 900. points Use a chart of accounts to order the ledger accounts. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. a. There is no prepaid rent or rent payable at year-end. Explanations may be omitted. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 1,500 Hi, Hope you are doing well. What if the client hasn't prepared them in advance? 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 Determine the increase or decrease in owners equity for January. $30000. %24 Owner withdrew $1,000 cash from the company for personal use. 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. b. f. The company purchased additional equipment for $6,000 cash. Received 1,000 cash from customers on account. The policy covers a one-year period. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: The company paid $10,000 cash to settle the liability created in transaction c. j. The following transactions, A:Note: Only credit card transaction fees are limited by law. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. View this solution and millions of others when you join today! During June, Ming Chen (the owner) completed these transactions. 3. 1, A:Salary is the expense of a business. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 503. h. Sold catering services on account, 4,307. i. Served as disc jockey for a party for 2,500. Cash f. Paid office salaries, $6,500. During the month, he completed the following transactions connected with his professional practice: a. During June, Ming Chen (the owner) completed these transactions. 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. The following information is provided for the first month of operations for Legal Services Inc.: A. operations,, A:Journal entry means the entry in prime book with chronological order. 25,000 Use the ending balances in the T-accounts to prepare a trial balance. Required 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. CASH J. Is this a direct or an indirect cost? Bal. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! +  e. Is it a budgeted or an actual cost in your report? A loan of $400,000 is taken out which requires an annual interest Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Record the transactions and the balance after each transaction. 0. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. If you still cannot find the error, re-analyze each transaction. 4. Received 3,000 for serving as a disc jockey for a party. 2. If an entry is not required for any of these transactions, state this and explain why. Paid dividends, 2,500. Only debit card transaction fees. [Solved] Ming Chen began a professional practice o | SolutionInn Paid 5,000 on note payable. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company paid $1,500 cash for rent of office space for the month. No. Paid 620 to Upload Music for use of its current music demos in making various music sets. 4. 504. j. 000 g. Paid interest on the note payable, $500. Check my Purchased supplies on account, 850. I am highly qualified expert, working from 2008-9 in this industry. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). No. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. b. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 31. Kindly repost the question to get, A:Trial balance: It is the statement prepared at the end of the year to close all the accounts. Ming Chen began a professional practice on June 1 and plans to prepare Common Thanks :--). 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 During the first month of Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Expenses 30.Served as a disc jockey for a charity ball for 1,500. Solved Exercise 1-13 Identifying effects of transactions - Chegg Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. (83) b. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. The transactions of The assets and liabilities of the business on July 1, 2019, are as follows: Cash, 45,000; Accounts Receivable, 93,000; Supplies, 7,000; Land, 75,000; Accounts Payable, 40,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in the business with a deposit of 35,000 in the business bank account. Answered: Ming Chen began a professional practice | bartleby No. 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. 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). Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 2. Instructions 1. 6. Establish a ledger for the accounts listed above and enter the beginning balances. Accounting Equation is calculated using following equation - %24 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Withdrew cash for personal use, 7,500. I am highly qualified expert, working from 2008-9 in this industry. Hal Smith opened Smith's Repairs on March 1 of the current year. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. minus sign.) Greetings! 2. b. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 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, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. f. The company purchased additional equipment for $6,000 cash. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. On June 1 of the current year, Chad Wilson established a business to manage rental property. 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. 2. Bal + 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. 27. The following, A:Unadjusted Trial Balance - Prepare an income statement, a retained earnings statement, and a balance sheet. Recorded services provided on account for the period May 1-15; 9,180. The, A:An accounting equation refers to a mathematical representation of the transactions. EQUITY During March, the following, A:1. c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. 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. I have all relevant skills and expertise related to your project. ACCOUNTS RECEIVABLE 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. a. and company a firm. 18.Purchased supplies on account, 850. (Record as Miscellaneous Expense.) Q:Prepare the statement of retained earnings for the month of July 31. A:a)Indicate the effect of the given transactions. Required: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Opened a business bank account with a deposit of 30,000 from personal funds. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 0. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. 5. a. During June, Ming Chen (the owner) completed these transactions: a. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. 61,000 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. Recorded services provided on account for the period May 16-20, 4,820. stock. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. During June, Ming Chen (the owner) completed these transactions. Determine the net income or net loss for April. %24 Withdrew cash for personal use, 2,000. 2. 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. On March 1 of this year, B. Gervais established Gervais Catering Service. During June, Ming Chen (the owner) completed these transactions. Journal Entries - Journal Entries are the recording of transactions of the organization. 5. During June, Ming Chen (the owner) completed these transactions. 3. ces c. Both credit card and debit card transaction fees are limited by law. Purchased office equipment on account, 15,000. 0. 1PA, Your question is solved by a Subject Matter Expert. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Any additional hours beyond SO will be billed to KXMD at 40 per hour. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Analyze and use these data to complete parts (5) and (6). 16. Withdrew cash for personal use, 3,900. $ 15,000 10,000 0. 31. July 21. 2. Answered: Ming Chen began a professional practice | bartleby Paid annual premiums on property and casualty insurance, 2,400. 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. b. 5.Purchased office equipment on account from Office Mart, 7,500. 25.000 27. 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. %3D f. Paid office salaries, $6,500. A:The financial statements of the business include the income statement and balance sheet of the firm. 13. The company paid $1,500 cash for rent of office space for . She, A:As you have posted multiple questions, the solution to the first question is being provided. b. + $ Interest of $5,000 was paid on the long-term loan. Bal. Connie Young, an architect, opened an office on October 1, 2019. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Payable 0. Transactions completed during the month follow. i. +. 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. Save & Exit 63. 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. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Ming Chen (the owner) completed these transactions. 28. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. I can help you with creating a presentation of one slide for The Word of William Hunter. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) a. Wallace deposited 24,000 in a bank account in the name of the business. Paid electric bill, 915. 21. Journal entry is used to the record the business transactions of an enterprises. 1. 23. Paid gas, oil, and repairs on automobile for April, 550. Ming chen began a professional practice on june 1 Payable During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? No. d. Paid dividends, 10,500. Im very much interested to write for attendance systems. a. 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. 10.000 2020 - 2024 www.quesba.com | All rights reserved. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. 7,500 Paid on account to the City Crier, 455, Ck. Paid 620 to Upload Music for use of its current music demos in making various music sets. Dividends in the amount of $1,500 were distributed. 9. Paid dividends, $3,000. The following transactions occurred during January of the current year. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Paid wages of 1,200 to receptionist and part-time assistant. 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. Ming Chen began a professional practice on June 1 and plans - BRAINLY Show new balances after each transaction. 1.500 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 . 10,000 15,000 Simple Accounting equation is. %D %24 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. h. Purchased land as a future building site, paying cash of $120,000. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 8,000 The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 25,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. So lets make no longer delay & start chatting immediately. Introduction: Determine the following: a. Explanations may be omitted. d. Paid rent on office and equipnwnt for the month, $5,000. 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:July 1, Lula Plume created a new self-storage business, Safe Storage Co. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Dividends (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 11.Received 1,000 for serving as a disc jockey for a party. 6. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 7,500 Solved Ming Chen began a professional practice on June 1 and | Chegg.com During the first month of operations of his, A:Solution: Instructions 1. The worker will be paid $275 per week. h. Record the transactions and the balance after each transaction. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 58,500 31. Instructions 1. During June, Ming Chen (the owner) completed these transactions. 4. d. The company completed work for a client and immediately collected the $2,500 cash earned. 8.000 Receivable LIABILITY If you still cannot find the error, re-analyze each transaction. 0. 2,500 3. 8,000 10,000 + b. the firm are, A:Income statement 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. 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). O OO O Paid wages of 1,200 to receptionist and part-time assistant. b. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. Accounts containing only a single entry do not need a balance. 225. 8,000 Prepare a single-step income statement. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. a. Accounts Borrowed $100,000 by issuing a note payable. d. a., A:1. No. During the month, she completed the following transactions connected with her professional practice: a. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Introduction: During June, Ming Chen (the owner) completed these transactions.a. (Do not insert the account numbers in the journal at this time.) Start your trial now! Next (k) Paid wages to part-time employee, 500. 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. Problem1-63B Income Statement, Retained Earnings Statement. 1.500 Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Amount of total expenses recorded in the ledger. During the month, Lexi completed the following transactions related to the business: Nov. 1. Determine the amount of Joel Palks capital as of July 1 of the current year. . Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Advertising expense of $26,000 was incurred and paid. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. College Accounting (Book Only): A Career Approach. f. II 61,000 I. Extend the balances to the appropriate balance columns after each transaction is posted. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Can you think of any reason why the amount determined in (4) might not be the net income for November? Paid for a newspaper advertisement, 200. Do you need an answer to a question different from the above? Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. 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. b. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. 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. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Transactions completed during the month follow. She, A:The accounting equation states that assets equal to sum of liabilities and equity. I will also provide you with TURNITIN PLAGIARISM REPORT. March transactions are as follows : During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Ming Chen started a business and had the following transactions in June. 3. 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. 12. 18. Paid cash for miscellaneous expenses, 375. j. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. b. No. i. 11. During June, Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. 1 of 1 75,000 Classify each transaction as an operating, an investing, or a financing activity. No. Owner invested $60,000 cash in the company along with equipment. a. 1. Mulberry purchased computer paper for $13,000 cash in late December. Required 1. The business was started by selling $100,000 worth of common stock. 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). 8.000 During June, Ming Chen (the owner) completed these transactions. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. $4 1003. i. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. First week only $4.99! Instructions 1. Determine account balances of the T accounts. A:a)Indicate the effect of the given transactions. The customer will pay at a later date. Liabilities