During the month, she completed the following transactions connected with her professional practice: a. 2,500 9. (Optional) Prepare a statement of cash flows for July. 8. I can help you with creating a presentation of one slide for The Word of William Hunter. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 27. 25,000 b. 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. ACCOUNTS RECEIVABLE Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid 620 to Upload Music for use of its current music demos in making various music sets. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 18. 4. Received 1,000 for serving as a disc jockey for a party. The following transactions were completed during July, the second month of the business's operations: July 1. i. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. A:Hi student Paid electricity bill for May, 810. You can message me to discuss the details. Record the closing entries on Page 8 of the journal. Ask your question! Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 29. Paid annual premiums on property and casualty insurance, 2,400. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. 506. Liabilities A:Net income is calculated after analysing the revenue and expenses of the organisation. %24 Determine the increase or decrease in owners equity for January. Chapter 1 Exercises i 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. 3. Owner invested $60,000 cash in the company along with equipment. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. A:a)Indicate the effect of the given transactions. The worker will be paid $275 per week. 2023. 3. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. $15,000 b. ol + b. No. A. S NO 75,000 Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. 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. Ming Chen began a professional practice on June $1$ and plan | Quizlet i. (Record as Miscellaneous Expense.) Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 27.Paid electric bill, 915. ol + Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 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. 25.000 a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Payable Q:Prepare the statement of retained earnings for the month of July 31. Paid gas, oil, and repairs on automobile for April, 550. Only debit card transaction fees. Prepare the necessary journal entries to record these transactions. a. I will also provide you with TURNITIN PLAGIARISM REPORT. 1004. j. Im very much interested to write for attendance systems. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. The following transactions occurred during January of the current year. 61,000 July 21. 1.500 2. Expenses (f) Made payment on loan in transaction (c), 500. April. b. Show new balances after each transaction. Bal. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ming Chen began a professional practice on June $1$ and plan | Quizlet Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. 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--. 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. 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. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 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. 1. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. the firm are, A:Income statement Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Solved Exercise 1-13 Identifying effects of transactions - Chegg 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). The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. Borrowed $100,000 by issuing a note payable. 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. Insurance expired during May is 275. b. 31.Received 3,000 for serving as a disc jockey for a party. Opened a business bank account with a deposit of 30,000 from personal funds. Maria completed the following transactions, A:An income statement is one of the financial statements of a company and shows the company's, Q:Indicate the effect of each transaction and the balances after each transaction: The account headings are presented below. The American Chamber of Commerce in South China. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. 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. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Hill Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 4. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. A:Journal: Paid cash for a newspaper advertisement. 0. Prepare T accounts, using the account titles in (1). h. Borrowed $100,000 by issuing a note payable. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 8.000 Received 2,000 for serving as a disc jockey for a wedding reception. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Introduction: 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. During June, Ming Chen (the owner) completed these transactions: a. a. If an entry is not required for any of these transactions, state this and explain why. Instructions 1. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Start your trial now! 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. 225. July 21. After, A:Net income: Paid rent for period of November 1 to end of month, 4,000. Journal entry is used to the record the business transactions of an enterprises. 10,000 Prepare a single-step income statement. Journalize and post the adjusting entries. 23. 18.Purchased supplies on account, 850. a. 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. Withdrew cash for personal use, 2,500. 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. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. 1. 2,500 Recorded jobs completed on account and sent invoices to customers, 22,300. 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. Expenses 22. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. The company paid $10,000 cash to settle the liability created in transaction c. 14.Paid wages of 1,200 to receptionist and part-time assistant. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Bal. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Classify each transaction as an operating, an investing, or a financing activity. No. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days).  c. Is it a variable or a fixed cost? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. No. $30000. Received 3,000 for serving as a disc jockey for a party. The company paid $1,500 cash for rent of office space for the month. Ming Chen began a professional practice on June 1 and plans to prepare Determine the net income or net loss for January. 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. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. 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. 30. The account headings are presented below. Ming Chen began a professional practice on June 1 and plans to prepare 30. The, A:An accounting equation refers to a mathematical representation of the transactions. 29. (Do not insert the account numbers in the journal at this time.) 3. During June, Ming Chen (the owner) completed these transactions: a. During the month, Lexi completed the following transactions related to the business: Nov. 1. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and Only debit card transaction fees are limited by law. Bal. operations,, A:Journal entry means the entry in prime book with chronological order. Paid wages of 1,200 to receptionist and part-time assistant. d. The company completed work for a client and immediately collected the $2,500 cash earned. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. f. The company purchased additional equipment for $6,000 cash. The company paid $1,500 cash for rent of office space for the month. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 2. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Interest of $5,000 was paid on the long-term loan. Withdrew cash for personal use, 3,900. Hi! 10,000 + First let me introduce myself, my name is XX, 23 years old, and David is my English name. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. He completed the following transactions during June: a. (b) Paid office rent, 500. Ethics and budgetary slack: Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. A. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. h. Purchased land as a future building site, paying cash of $120,000. 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. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. %3D Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Record the transactions and the balance after each transaction. Recording of a business transactions in a chronological order. The company paid $1,500 cash for rent of office space for the month. g. The company paid an assistant $3,000 cash as wages for the month. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. c. Amount of net income for January. A:Revenue means the income earned during a given period. 4. During June, Ming Chen (the owner) completed these transactions: a. Graw 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). Paid dividends, 2,500. 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 15,000 Dividends Hello. b. 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 7,500 %24 Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Record the adjusting entries on Page 7 of the journal. ASSETS 3. 24 Solved Ming Chen began a professional practice on June 1 and | Chegg.com 28.Paid wages of 1,200 to receptionist and part-time assistant. Paid cash to creditors on account, 3,000. j. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Save & Exit 2,500 e. a. 30. 23.Served as disc jockey for a party for 2,500. Bal. During the first month of 30. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 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. 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. 8.000 f. The company purchased additional equipment for $6,000 cash. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 4. b. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Cash Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. a. h. Purchased land as a future building site, paying cash of $120,000. Enter the following transactions on Page 2 of the two-column journal: 29. Common 0. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). (a) Invested cash in the business, 510,000. (Note: Ignore the date because these events are aggregations of individual events.) 25. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Instructions 1. 8.Paid for a newspaper advertisement, 200. k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. No. Income tax of $10,300 was incurred and paid in 2019. [Solved] Ming Chen began a professional practice o | SolutionInn Determine the following: a. During June, Ming Chen (the owner) completed these transactions. d. She, A:The balance sheet is one of the financial statements of the business which represents the financial, Q:On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of, A:Accounting Equation: 58,500 Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. During June, Ming Chen (the owner) completed these transactions: a. a. 501. e. Bought insurance for the truck for one year, 400, Ck. 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. During June, Ming Chen (the owner) completed these transactions: a. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. %24 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. 10. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account.