Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Repairs and maintenance of $9,000 were incurred and paid. Amount of total revenue recorded in the ledger. Common Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. During June, 58,500 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. 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. Instructions 1. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Stock In addition, $28,000 of computer rental costs were incurred and paid. i. Explanations may be omitted. Instuction Prepare an income staement and statement of stockholders equity for July. (j) Withdrew cash for personal use, 100. 0. 7,500 Withdrew cash for personal use, 2,000. A balance sheet Billed insurance companies for sales commissions earned, 12,500. j. ces A:a)Indicate the effect of the given transactions. No. 3. Amount of total expenses recorded in the ledger. 25,000 8.Paid for a newspaper advertisement, 200. Transactions completed during the month follow. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: C. Provided services in the amount of $1,000. The company paid $1,500 cash for rent of office space for the month. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. The, A:An accounting equation refers to a mathematical representation of the transactions. 10,000 + (h) Received cash for services rendered, 800. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Ming Chen began a professional practice on June 1 and. 58,500 Recording of a business transactions in a chronological order. ACCOUNTS 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. The actual work of dry cleaning is done by another company for a fee. Hi! The American Chamber of Commerce in South China.  e. Is it a budgeted or an actual cost in your report? 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. Prepare an income statement, a retained earnings statement, and a balance sheet. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. 2. During June. 7,500 Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Paid wages of 1,200 to receptionist and part-time assistant. Purchased office equipment on account from Office Mart, 7,500. Mulberry purchased computer paper for $13,000 cash in late December. 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. I can help you with creating a presentation of one slide for The Word of William Hunter. During the first month of minus sign.) property. Explanations may be omitted. 4. Prepare an unadjusted trial balance. Paid annual premiums on property and casualty insurance, 2,400. 22. 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. 2. 5. Paid cash for miscellaneous expenses, 375. j. Received an invoice for truck expenses, to be paid in November, 1,250. ol + %24 2. The company paid $1,000 cash in dividends to the owner (sole shareholder). 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. b. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 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 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Introduction: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. f. 4. 0. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. $4 3. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 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. Write Balance in the Item column and place a check mark () in the Posting Reference column. Save & Exit + a. Dividends 9. d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. 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 50,000 from personal funds. Stock Determine the account balances after all posting is complete. 1. $30000. Purchased supplies on account, 735. 1002. h. Received and paid the bill for utilities, 340, Ck. July 21. The company paid $1,000 cash in dividends to the owner (sole shareholder). What will be the value of interest payment at the end of fourth year in real dollars? What amount should Carter report as net cash from investing activities? b. 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: Owner invested $60,000 cash in the company along with equipment. Prepare an unadjusted trial balance as of January 31, 2019. 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. 3. (Income Summary is account 34 in the chart of accounts.) Received 1,000 cash from customers on account. Instructions 1. Accounts containing only a single entry do not need a balance. II $30000. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Is it a product or a period cost? The account headings are presented below. Received 1,000 for serving as a disc jockey for a party. h. Borrowed $100,000 by issuing a note payable. Paid rent for July, 1,750. 7,500 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Classify each transaction as an operating, an investing, or a financing activity. A statement of changes in Equity Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 31.Received 3,000 for serving as a disc jockey for a party. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Q:Ken Jones, an architect, opened an office on April 1, 2019. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. 000 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. None of the paper was used by year-end. b. 4. Instructions 1. i. Withdrew cash for personal use, 3,900. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). No. At the end of May, the following adjustment data were assembled. 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. a. 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. b. 15,000 Paid truck expenses, 435, Ck. 31. (1,500) + During June, Ming Chen (the owner) completed these transactions. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. The business was started by selling $100,000 worth of common stock. 28.Paid wages of 1,200 to receptionist and part-time assistant. 2. Prepare an unadjusted trial balance as of July 31, 2019.  a. 2. Paid cash for a newspaper advertisement. Served as a disc jockey for a charity ball for 1,500. If there is. 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. h. Borrowed $100,000 by issuing a note payable. Find answers to questions asked by students like you. College Accounting (Book Only): A Career Approach. Determine the net income for March. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Record the transactions and the balance after each transaction. %24 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 10,000 During May, Kelly Consulting entered into the following transactions: May 3. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Bal 27. Budgeting issues at the movies: $15,000 Received $100 from a customer for services we will provide next week. Enter the impact of each transaction on individual items of the accounting equation. We will pay the $110 in thirty days. Mc. 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. eBook Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. A:Journal: Kimberly Manis, an architect, opened an office on January 1, 2016. %3D 16. 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. Amount of total revenue recorded in the ledger. 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. (Record as Miscellaneous Expense.) Determine the net income or net loss for April. Hal Smith opened Smith's Repairs on March 1 of the current year. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. 2,500  c. Is it a variable or a fixed cost? e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 25.000 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 4. Write Balance in the Item column and place a check mark () in the Posting Reference column. 1,500 The company paid $1,500 cash for rent of office space for the month. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 13. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. g. The company paid an assistant $3,000 cash as wages for the month. A building and equipment are currently being rented, pending expansion to new facilities. Instructions 1. So lets make no longer delay & start chatting immediately. Determine the excess of revenues over expenses for November. stock. Purchased supplies for cash, 1,750. (Do not insert the account numbers in the journal at this time.) 3. Bal. Determine the net income for June. 0.33 The following transactions occurred during January of the current year. 00. 1. 7,500 Bal. Owner withdrew $1,000 cash from the company for personal use. 25,000 Record the transactions and the balance after each transaction. On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, 40,000. b. f. The company purchased additional equipment for $6,000 cash. g. Paid interest on the note payable, $500. Equipment a. Transactions completed during the month follow. 2. On March 1 of this year, B. Gervais established Gervais Catering Service. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. ol + During June, Ming Chen (the owner) completed these transactions. 1. 61. d. Purchased office supplies on account, $1,250. Movies are expensive to produce and market. 2,500 During the month, she completed the following transactions connected with her professional practice: a. Determine account balances of the T accounts. 3. 29.Paid miscellaneous expenses, 540. A Wages of $379,000 were paid in cash. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Paid telephone bill for May, 260. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The transaction analysis is done with the help of the accounting equation. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. In July of this year, M. Wallace established a business called Wallace Realty. The following account balances are available: Required: 1. The account headings are presented below. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. During the month, he completed the, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. Paid on account to the City Crier, 455, Ck. The company pald $2,100 cash for rent of office space for . To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Apr. 1000. c. Bought office supplies for cash, 375, Ck. O OO O If an entry is not required for any of these transactions, state this and explain why. d. The company completed work for a client and immediately collected the $2,500 cash earned. 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. Problem1-63B Income Statement, Retained Earnings Statement. h. Borrowed $100,000 by issuing a note payable. Create the following table similar to the one in Exhibit 1.9. For those boxes in, A:Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by, Q:on april 1 Jiro Nozomi created a new travel agency, adventure travel. Introduce yourself. Bal. + Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Ken Jones, an architect, opened an office on April 1, 2019. 75,000 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. b. 501. e. Bought insurance for the truck for one year, 400, Ck. a. Wallace deposited 24,000 in a bank account in the name of the business. Equity She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. b. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Bill Hudson, Capital; Bill Hudson, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. During June, Ming Chen (the owner) completed these transactions: a. If the two totals are not equal, check the addition and subtraction. d. The company completed work for a client and immediately collected the $2,500 cash earned. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts:
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