(Enter decreases to account balances with a A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 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. Interest of $5,000 was paid on the long-term loan. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. What amount should Carter report as net cash from investing activities? Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). d. The company completed work for a client and immediately collected the $2,500 cash earned. 2. 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. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. j. 27. 1 of 1 Cash The company paid $1,500 cash for rent of office space for the month. 1PA, Your question is solved by a Subject Matter Expert. 27.Paid electric bill, 915. 1.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. 10. 75,000 The company paid $10,000 cash to settle the liability created in transaction c. j. 3. Liabilities 3.Paid 250 to creditors on account. %24 f. Paid office salaries, $6,500. d. Paid rent on office and equipment for the month, $5,000. 1. 7.500 Owner invested $60,000 cash in the company along with equipment. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. 2. During June, Ming Chen (the owner) completed these transactions. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. $30000. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid dividends, $3,000. Served as disc jockey for a party for 2,500. 1. During the month, Knaus. Bal CASH M Question 8 - Chapter 1 Exercises Connect we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Determine the net income or net loss for January. The company paid $10,000 cash to settle the liability created in transaction c. %24 0. %24 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. 2. The company paid $1,500 cash for rent of office space for the month. Is it a product or a period cost? 0. the. Purchased supplies on account, 850. (Income Summary is account 34 in the chart of accounts.) Required: i. b. 60,000 Any additional hours beyond SO will be billed to KXMD at 40 per hour. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Is this a direct or an indirect cost? No. a. a. Introduction: (Note: Ignore the date because these events are aggregations of individual events.) Net income is the excess amount of revenue after deducting all the expenses of a, Q:On August 1, 2019, Rafael Masey established Planet Realty, which completed the following, A:Since we only answer up to 3 sub-parts, well answer the first 3. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. + DLite Dry Cleaners is owned and operated by Joel Palk. 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. During June, Ming Chen (the owner) completed these transactions: a. a., A:1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Receivable A:The financial statements of the business include the income statement and balance sheet of the firm. points March transactions are as follows : Determine the following: a. Movies are expensive to produce and market. (Record as Miscellaneous Expense.) 4. The following transactions, A:Note: The company paid $1,500 cash for rent of office space for the month. Receivable Paid annual premiums on property and casualty insurance, 2,400. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 8.Paid for a newspaper advertisement, 200. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. (g) Paid wages to part-time employee, 500. Paid rent for July, 1,750. 1,500 The business was started by selling $100,000 worth of common stock. 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. %24 Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. He. Equipment a. Amount of total expenses recorded in the ledger. 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 It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. 1,500 8. %24 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 25,000 Determine the account balances, after all posting is complete. 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. a. 61,000 b. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). + b. Instructions 1. 1. Journal entry is used to the record the business transactions of an enterprises. Check my 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. 31.  d. Does the activity add value to Latchey’s provision of insurance services? Assets 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. ol + Enter the impact of each transaction on individual items of the accounting equation. 8,000 She, A:As you have posted multiple questions, the solution to the first question is being provided. c. Amount of net income for January. There is no prepaid rent or rent payable at year-end. The company paid $10,000 cash to settle the liability created in transaction c. 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. (Do not insert the account numbers in the journal at this time.) Amount of total expenses recorded in the ledger. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. 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). Can you think of any reason why the amount determined in (4) might not be the net income for November? 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: It is the first step of recording transactions of a company. Only credit card transaction fees are limited by law. During the month, he completed the following transactions connected with his professional practice: a. The, A:An accounting equation refers to a mathematical representation of the transactions. 10. The transactions of Paid the office rent for the current month, 650, Ck. 10,000 Paid rent for period of November 1 to end of month, 4,000. A:Hi student State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 61,000 Simple Accounting equation is. 2,500 b. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Withdrew cash for personal use, 7,500. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. Hill f. The company purchased additional equipment for $6,000 cash. a. 5. Apr. Paid wages of 1,200 to receptionist and part-time assistant. If you want the answer, Q:Architects completed the following transactions: I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. 3. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 61,000 Paid dividends, $3,000. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. A:a)Indicate the effect of the given transactions. 12. Served as a disc jockey for a charity ball for 1,500. We will pay the $110 in thirty days. stock. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- During June, Ming Chen (the owner) completed these transactions. b. b. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 25,000 Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. 7,500 000 During June, Ming Chen (the owner) completed these transactions. 14.Paid wages of 1,200 to receptionist and part-time assistant. 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. 30. Record the following transactions on Page 6 of the journal: 20. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? the firm are, A:Income statement 5. 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 S NO Withdrew cash for personal use, 2,000. 23. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Paid 250 to creditors on account. No. %3D Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. February 20, 2023. Extend the balances to the appropriate balance columns after each transaction is posted. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Bal. 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 . 3. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Enter the following transactions on Page 2 of the two-column journal: 29. A:Revenue means the income earned during a given period. i. b. Only debit card transaction fees. 2023. April. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. %24 31. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Introduce your . Apr. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 1,500 d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. 3. 4. 10,000 1000. c. Bought office supplies for cash, 375, Ck. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Prepare the necessary journal entries to record these transactions. 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Purchased office equipment on account, 15,000. f. The company purchased additional equipment for $6,000 cash. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Accounting Equation - a. Paid wages of employees, 6,800. A building and equipment are currently being rented, pending expansion to new facilities. 8.000 July 21. Q:Connie Young, an architect, opened an office on October 1, 2019. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Post your journal entries to T-accounts, Add additional T-accounts when needed. Accounts containing only a single entry do not need a balance. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Owner invested Cash Instructions 1. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Establish a ledger for the accounts listed above and enter the beginning balances. 1,500 Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. So lets make no longer delay & start chatting immediately. 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. The customer will pay at a later date. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. a. 4. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Required 1. During June, Ming Chen (the owner) completed these transactions. Equipment c. Received cash from fees earned. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. on the Business environment in China. Prepare an unadjusted trial balance as of July 31, 2019. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. Determine the excess of revenues over expenses for November. A:a)Indicate the effect of the given transactions. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. +. 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. a. 61,000 Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Assignments: ACCTG-4A-80575-2021SP 4. What will be the value of interest payment at the end of fourth year in real dollars? No. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Assets 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. 25.000 During June, During June. 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. I have all relevant skills and expertise related to your project. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Instructions 1. 31. Good morning, teachers, I am honored to be informed to have this interview. LIABILITY 4. 7. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Record the closing entries on Page 8 of the journal. Recorded jobs completed on account and sent invoices to customers, 22,300. The company paid $1,500 cash for rent of office space for . 10,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 1002. h. Received and paid the bill for utilities, 340, Ck. Paid rent for July, 1,750. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 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? 2. First week only $4.99! 4. 58,500 No. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 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. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Instructions 1. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July.

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