e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. During June, Ming Chen (the owner) completed these transactions. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. Receivable f. 10,000 + Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Received 500, with the remainder due on August 9, 2019. $ Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. Do you need an answer to a question different from the above? 5. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Mulberry purchased computer paper for $13,000 cash in late December. 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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. a. Create the following table similar to the one in Exhibit 1.9. Assets During the month, Knaus. What amount should Carter report as net cash from investing activities? 0. 10,000 3. +. (Income Summary is account 34 in the chart of accounts.) Instrustions Prepare a balance sheet as of July 31, 20Y5. 2. Determine account balances of the T accounts. A statement of changes in Equity C. Find answers to questions asked by students like you. (b) Paid office rent, 500. %D h. Purchased land as a future building site, paying cash of $120,000. Required 1. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: If an entry is not required for any of these transactions, state this and explain why. + College Accounting (Book Only): A Career Approach. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. Ming Chen (the owner) completed these transactions. July 21. 8. $30000. 25,000 Owner invested Chapter 1 Exercises i Instructions 1. b. Required 1. Cash b. Prepare T accounts, using the account titles in (1). Prepare an unadjusted trial balance as of January 31, 2019. During the first month of operations of his, A:Solution: What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? If you still cannot find the error, re-analyze each transaction. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 1 of 1 Simple Accounting equation is. Ken Jones, an architect, opened an office on April 1, 2016. During June, 12. Prepare an adjusted trial balance. 1,500 Common 0. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Determine the net income or net loss for April. 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. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) April. f. The company purchased additional equipment for $6,000 cash. LIABILITY Write Balance in the Item column and place a check mark () in the Posting Reference column. 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. 3. (Optional) Prepare a statement of cash flows for July. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Introduce your . 0. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 31. (Do not insert the account numbers in the journal at this time.) 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. 8.000 The company paid $10,000 cash to settle the liability created in transaction c. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. G. Received the electricity bill. February 20, 2023. Instructions 1. The business was started by selling $100,000 worth of common stock. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. At the end of May, the following adjustment data were assembled. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. $4 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 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? 60,000 The actual work of dry cleaning is done by another company for a fee. 3. Hi! the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. + The following transactions occurred during January of the current year. a. 61,000 5. The policy covers a one-year period. Explanations may be omitted. h. Equity 9. March transactions are as follows : Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. i. b. Basic Accounting Systems: Cash Basis. Income tax of $10,300 was incurred and paid in 2019. 25.000 6. d. Paid rent on office and equipnwnt for the month, $5,000. Accounts Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24 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. Transactions completed during the month follow. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Kimberly Manis, an architect, opened an office on January 1, 2016. Paid electric bill, 915. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. In this activity, you will be creating. Dividends Enter the following transactions on Page 2 of the two-column journal: 29. In addition, $28,000 of computer rental costs were incurred and paid. Ethics and budgetary slack: 5. Accounting Equation is calculated using following equation - Received 750, with the remainder due August 4, 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 4. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. 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. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Paid wages of 1,200 to receptionist and part-time assistant. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? During June, Ming Chen (the owner) completed these transactions. Im very much interested to write for attendance systems. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 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. b. 1003. i. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. 10,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 11. f. Paid office salaries, $6,500. Can you think of any reason why the amount determined in (4) might not be the net income for November? Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. During June, (Record as Miscellaneous Expense.) A:Introduction: He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. First week only $4.99! i. 4, 3. Saved The following transactions were completed during July, the second month of the business's operations: July 1. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 2. Opened a business bank account with a deposit of 30,000 from personal funds. Paid dividends, $3,000. Received 500, with the remainder due on August 9, 2019. 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. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - D. An office worker was hired. 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: 1PA, Your question is solved by a Subject Matter Expert. CASH Record the adjusting entries on Page 7 of the journal. 0. Using the following, A:Impact on Equity - 10,000 There is no prepaid rent or rent payable at year-end. Ming Chen (the owner) completed these transactions: 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid cash to creditors on account, 4,500. j. 4. The worker will be paid $275 per week. The company paid $10,000 cash to settle the liability created in transaction c. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Paid dividends, $3,000. I have all relevant skills and expertise related to your project. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Extend the balances to the appropriate balance columns after each transaction is posted. 4. 29. She, A:The accounting equation states that assets equal to sum of liabilities and equity. 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. 25. During June, Ming Chen (the owner) completed these transactions: a. Paid dividends, 2,500. Only credit card transaction fees are limited by law. 1.500 Determine the following: a. a. 10,000 23. 2,500 1. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. 9. 10,000 During the month, she completed the, A:Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts. b. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. Recorded services provided on account for the remainder of May, 2,650. points 4. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: 3. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 8. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Q:Duerr Engineering completed the following transactions in the month of June. 7,500 If you want the answer, Q:Architects completed the following transactions: A:a)Indicate the effect of the given transactions. b. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Inflation is 3.8% per year. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. %24, Carl Warren, James M. Reeve, Jonathan Duchac. 0. b. Hal Smith opened Smith's repairs on 01.03. Prepare the necessary journal entries to record these transactions. Recorded jobs completed on account and sent invoices to customers, 22,300. b. 13. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. A:The financial statements of the business include the income statement and balance sheet of the firm. ok ht inces a. b. 2. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: During the month, she completed the following transactions connected with her professional practice: a. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. 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. 17. Connie Young, an architect, opened an office on October 1, 2019. Prepare a post-closing trial balance. Determine the net income for June. Issued common stock to Marjorie Knaus in, A:Step 1 Movies are expensive to produce and market. 31. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 1,500 References 4. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. g. Paid interest on the note payable, $500. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. b. Establish a ledger for the accounts listed above and enter the beginning balances. the. 31. 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. c. Received cash from fees earned. 28. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. 58,500 Required %3D 14.Paid wages of 1,200 to receptionist and part-time assistant. During May, Kelly Consulting entered into the following transactions: May 3. 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. During June, Ming Chen (the owner) completed these transactions. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Classify each transaction as an operating, an investing, or a financing activity. 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.) During June. 8.000 Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. %24 Paid the office rent for the current month, 650, Ck. 10,000 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. d. Paid rent on office and equipnwnt for the month, $5,000. Received cash from clients on account, 2,450. Purchased office equipment on account, 15,000. (Enter decreases to account balances with a (j) Withdrew cash for personal use, 100. minus sign.) (e) Paid phone bill, 65. Paid cash for a newspaper advertisement. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. If you still cannot find the error, re-analyze each transaction. During June, Ming Chen (the owner) completed these transactions. A:The financial statements of the business include the income statement and balance sheet of the firm. If the two totals are not equal, check the addition and subtraction. 8. O OO O Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. If there is. Equity 4. a. 75,000 Required: Expenses 2. 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. Received and paid the heating bill, 248, Ck. Analyze and use these data to complete parts (5) and (6). The following account balances are available: Required: 1. f. Paid office salaries, $6,500. Is this a direct or an indirect cost? 25.000 1, A:Salary is the expense of a business. No principal payments are made, only interest is paid. Hi, Hope you are doing well. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. %24 Budgeting issues at the movies: Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. d. The company completed work for a client and immediately collected the $2,500 cash earned. Next on the Business environment in China. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Determine account balances of the T accounts. The following information is provided for the first month of operations for Legal Services Inc.: A. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? d. Purchased office supplies on account, $1,250. 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? Receivable The following, A:Unadjusted Trial Balance - The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. So lets make no longer delay & start chatting immediately. No. I am highly qualified expert, working from 2008-9 in this industry. Before this, no other, Q:ournalize entries for transactions (a) through (I) using the following account titles: cash,, Q:ita Lopez started Biz Consulting, a new business, and completed the following transactions during, A:Journal entries refers to recording of business transactions into the books of the business or, Q:On April 1 of the current year, Morgan Jones established a business to manage rental property. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 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. 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. During the month, she completed the following transactions connected with her professional practice: a. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 4. a. ezto.mheducation.com Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Amount of total expenses recorded in the ledger. Amount of total revenue recorded in the ledger. 8,000 (1,500) + 2. 3. 61,000 b. The company paid $1,500 cash for rent of office space for the month. 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.