C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Receivable If you want the answer, Q:Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1., A:Financial statements: These refer to the formal or official records of the activities of the, A:As per accounting equation Assets = Liabilities, where liabilities comprises of liability and, Q:Architects completed the following transactions: 2. No. Ask your question! I have all relevant skills and expertise related to your project. Dividends Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. 60,000 the firm are, A:Income statement Insurance expired during May is 275. b. Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? a. 2. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 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: Assets Received 500, with the remainder due on August 9, 2019. (Enter decreases to account balances with a Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Chapter 1 Exercises i Assignments: ACCTG-4A-80575-2021SP 1. a. 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. (a) Invested cash in the business, 510,000. II Ming Chen began a professional practice on June $1$ and plan | Quizlet During the month, she completed the following transactions connected with her professional practice: a. ok ht inces a. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. 3. 2. 506. 30. 8.000 2.Received 1,000 cash from customers on account. Record the closing entries on Page 8 of the journal. Ming Chen began a professional practice on June 1 and plansget 1 The company paid $1,500 cash for rent of office space for the month. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Prepare an unadjusted trial balance as of August 31, 2016. Journal Entries - Journal Entries are the recording of transactions of the organization. EQUITY Ming Chen (the owner) completed these transactions: 3. Journal entry is used to the record the business transactions of an enterprises. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Expenses 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. 27. $4 Instructions 1. 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). 7,500 5. A:The financial statements of the business include the income statement and balance sheet of the firm. Kimberly Manis, an architect, opened an office on January 1, 2016. Q:Prepare the statement of retained earnings for the month of July 31. 2. 23.Served as disc jockey for a party for 2,500. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. a. %24 Prepare an unadjusted trial balance as of January 31, 2019. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. 0. Paid truck expenses, 435, Ck. 10,000 2023 Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Received 3,000 for serving as a disc jockey for a party. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. minus sign.) Ming Chen began a professional practice on June 1 and plans to Determine account balances of the T accounts. g. The company paid an assistant $3,000 cash as wages for the month. The entire assets of an organization are equal to the sum of its liabilities, Q:Kristin Holden started her own consulting business in July, 20--. a. Write Balance in the Item column and place a check mark () in the Posting Reference column. The following transactions occurred during January of the current year. b. A:The financial statements of the business include the income statement and balance sheet of the firm. 16. During the first month of If you want the answer, Q:Architects completed the following transactions: A. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 23. $ 15,000 E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Recorded jobs completed on account and sent invoices to customers, 22,300. Issued common stock to Marjorie Knaus in, A:Step 1 Hello. During June, How much did Marchs transactions increase or decrease Amy Austins capital? b. The, A:An accounting equation refers to a mathematical representation of the transactions. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Enter the impact of each transaction on individual items of the accounting equation. d. The company completed work for a client and immediately collected the $2,500 cash earned. 4.Prepare an unadjusted trial balance as of July 31, 2019. %24 b. She, A:The accounting equation states that assets equal to sum of liabilities and equity. $15,000 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. d. Paid rent on office and equipnwnt for the month, $5,000. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. The following, A:Unadjusted Trial Balance - Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. 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. Hi, Hope you are doing well. Accounts containing only a single entry do not need a balance. %3D CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? b. Paid wages of 1,200 to receptionist and part-time assistant. During the month, he completed the following transactions connected with his professional practice: a. 15. g. Paid interest on the note payable, $500.  e. Is it a budgeted or an actual cost in your report? 1,500 Write Balance in the Item column and place a check mark () in the Posting Reference column. 0. Record the transactions and the balance after each transaction. b. 7,500 Ming Chen began a professional practice on June 1 and plans Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. d. The company completed work for a client and immediately collected the $2,500 cash earned. Payable f. The company purchased additional equipment for $6,000 cash. 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. Journals: 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. h. Purchased land as a future building site, paying cash of $120,000. 5. Stock Paid dividends, $3,000. After, A:Net income: b. Analyze and use these data to complete parts (5) and (6). 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: 29. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Determine account balances of the T accounts. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Instructions 1. D. An office worker was hired. Paid dividends, $3,000. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 27.Paid electric bill, 915. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 10.000 Answered: Ming Chen began a professional practice | bartleby  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Received 750, with the remainder due August 4, 2019. 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 . c. Amount of net income for August. Bal. 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. 30. Save & Exit If an entry is not required for any of these transactions, state this and explain why. What will be the value of interest payment at the end of fourth year in real dollars? 1,500 10,000 No. Introduce yourself. _Accounting 1 Assignment Part 1 - Ming Chen began a professional 2. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Connie Young, an architect, opened an office on October 1, 2019. a. Prepare T accounts, using the account titles in (1). Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 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. b. July 21. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. I will also provide you with TURNITIN PLAGIARISM REPORT. (83) The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Recording of a business transactions in a chronological order. 10,000 Paid cash for miscellaneous expenses, 375. j. a. Gervais deposited 25,000 in a bank account in the name of the business. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 31. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Opened a business bank account with a deposit of 35,000 in exchange for common stock. + During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 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 Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. 1,500 c. Received cash from fees earned. 28. Payable i. 501. e. Bought insurance for the truck for one year, 400, Ck. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Received 1,000 for serving as a disc jockey for a party. I have all relevant skills and expertise related to your project. 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. eBook Ming Chen began a professional practice on June 1 and plans to prepare %3D b. points 0. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. minus sign.) Apr. Withdrew cash for personal use, 7,500. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Instructions 1. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 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. Show new balances after each transaction. I. Paid electricity bill for May, 810. Do you need an answer to a question different from the above? Accounting Equation is calculated using following equation - (Continued) Required: 1. ezto.mheducation.com During the month, he completed the following transactions connected with his professional practice: a. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. The following transactions, A:Note: 3. 10,000 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. In addition, $28,000 of computer rental costs were incurred and paid. 11. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Check my Withdrew cash for personal use, 3,900. A statement of changes in Equity the. property. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. 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. + Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Instuction Prepare an income staement and statement of stockholders equity for July. Print Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. ol + Required 1. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. Use the ending balances in the T-accounts to prepare a trial balance. Answered: Ming Chen began a professional practice | bartleby 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. Ethics and budgetary slack: During June, Ming Chen (the owner) completed these transactions. Instructions 1. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 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). In July of this year, M. Wallace established a business called Wallace Realty. 504. j. b. 15,000 Mulberry purchased computer paper for $13,000 cash in late December. %24 Bal. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. During June, Ming Chen (the owner) completed these transactions: a. 9. 9. %3D During June, Ming Chen (the owner) completed these transactions. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). No. d. Paid rent on office and equipment for the month, $5,000. 13. During June, Ming Chen (the owner) completed these transactions. + a. 7,500 (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Next completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set 4. Problem1-63B Income Statement, Retained Earnings Statement. 2020 - 2024 www.quesba.com | All rights reserved. Solved Exercise 1-13 Identifying effects of transactions - Chegg 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. Hi! 3. 1 of 1 Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. $ %3D Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. ASSETS The business was started by selling $100,000 worth of common stock. Explanations may be omitted. Accounting Equation - 61,000 Movies are expensive to produce and market. *Response times may vary by subject and question complexity. j. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Post your journal entries to T-accounts, Add additional T-accounts when needed. If you still cannot find the error, re-analyze each transaction. March transactions are as follows : A:Prepare a trial balance for Randy Guttery, Landscape Consultant. LIABILITY 30. Q:Ken Jones, an architect, opened an office on April 1, 2019. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Paid annual premiums on property and casualty insurance, 2,400. 1003. i. What amount should Carter report as net cash from investing activities? A building and equipment are currently being rented, pending expansion to new facilities. d. The company completed work for a client and immediately collected the $2,500 cash earned. b. (h) Received cash for services rendered, 800. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Paid miscellaneous expenses, 1,000. Cash 75,000 Interest of $5,000 was paid on the long-term loan. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. $30000. Accounts During June, Ming Chen (the owner) completed these transactions. Explanations may be omitted. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (g) Paid wages to part-time employee, 500. 1,500 During June, Ming Chen (the owner) completed these transactions. d. stock. A:a)Indicate the effect of the given transactions. During June, Ming Chen (the owner) completed these transactions. J. Classify each transaction as an operating, an investing, or a financing activity. %24 The account headings are presented below. During June, Paid rent for period of November 1 to end of month, 4,000. Paid 700 to a local audio electronics store for rental of digital recording equipment. If there is. Determine the following: a. 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. d. 25.000 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. 0. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. The company paid $1,000 cash in dividends to the owner (sole shareholder). C. Provided services in the amount of $1,000. Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i. Analyze each transaction, Journalize as appropriate. Cash During the month, she completed the following transactions connected with her professional practice: a. (Income Summary is account 34 in the chart of accounts.) Determine the increase or decrease in owners equity for August. 1. d. During the month, Jones, A:T accounts: g. The company paid an assistant $\$3,000$ cash as wages for the month. i. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. [Solved] Ming Chen began a professional practice o | SolutionInn 3. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. Explanations may be omitted. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. (f) Made payment on loan in transaction (c), 500. 4. 60,000 Owner invested Amount of total revenue recorded in the ledger. 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. 58,500 No. g. Paid interest on the note payable, $500. Paid cash to creditors on account, 3,000. j. If you still cannot find the error, re-analyze each transaction. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. The company paid $1,500 cash for rent of office space for the month. On March 1 of this year, B. Gervais established Gervais Catering Service. The company paid $1,500 cash for rent of office space for the month. a. b. 0. g. The company paid an assistant $3,000 cash as wages for the month. CASH 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. 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. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Bal. Greco resort opened for business on june 1.

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