63. c. Received cash from fees earned. A. 0.  c. Is it a variable or a fixed cost? 10. b. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Which of the following is true? 2. 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. . 14.Paid wages of 1,200 to receptionist and part-time assistant. 3. Stock During June, Ming Chen (the owner) completed these transactions. f. Paid office salaries, $6,500. 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: f. The company purchased additional equipment for $6,000 cash. 8,000 Received invoice for blueprint service, due in May, 2,500. k. Recorded fees earned on plans delivered, payment to be received in May, 15,650. l. Paid salary of assistant, 2,800. m. Paid cash for miscellaneous expenses, 200. n. Paid 300 on note payable. During June, Ming Chen (the owner) completed these transactions. 8. Received cash from customers on account, 9,000. Served as a disc jockey for a charity ball for 1,500. Explanations may be omitted. 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. Amount of total revenue recorded in the ledger. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. The company paid $1,500 cash for rent of office space for the. 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. 5. Bal. 2,500 4. Q:Duerr Engineering completed the following transactions in the month of June. The company paid $10,000 cash to settle the liability created in transaction c. 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. 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. Assets 4. During the month, she completed the following transactions connected with her professional practice: a. J. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. a. Gervais deposited 25,000 in a bank account in the name of the business. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. 506. (1,500) + 0. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. g. The company paid an assistant $\$3,000$ cash as wages for the month. Saved Withdrew cash for personal use, 2,000. 3. and company a firm. 3. 505. m. Paid the salary of the assistant, 1,150, Ck. Budgeting issues at the movies: During the month, he completed the following transactions connected with his professional practice: a. The account headings are presented below. No. Journal Entries - Journal Entries are the recording of transactions of the organization. Paid cash to creditors on account, 4,500. j. 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. 13. 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. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. ol + 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--. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Only credit card transaction fees are limited by law. + Apr. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Paid annual premiums on property and casualty insurance, 2,400. 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). 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. Instructions 1. g. The company paid an assistant $3,000 cash as wages for the month. 25,000 25.000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. d. (g) Paid wages to part-time employee, 500. 0. View this solution and millions of others when you join today! CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? g. Paid interest on the note payable, $500. The general manager is responsible for the day-to-day operati.. Budgeting for a Single Product: In this activity, you will be creating budgets for a single product for each of the months in an upcoming quarter. 10. During June, Ming Chen (the owner) completed these transactions. Purchased supplies for cash, 1,750. If the two totals are not equal, check the addition and subtraction. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Instructions 1. Recorded services provided on account for the remainder of May, 2,650. 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. 3. d. The company completed work for a client and immediately collected the $2,500 cash earned. 4. Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, 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. a. 0. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. f. The company purchased additional equipment for $6,000 cash. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Show new balances after each transaction. 1, A:Salary is the expense of a business. Thanks :--). Determine the account balances after all posting is complete. Record the transactions and the balance after each transaction. 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 plans to prepare financial statements at the end of each month. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 10,000 Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. 61,000 %3D The prepaid rent at the beginning of the year was used in 2019. 0. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 8.000 4. Recording of a business transactions in a chronological order. Required h. Purchased land as a future building site, paying cash of $120,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. ezto.mheducation.com Problem1-63B Income Statement, Retained Earnings Statement. 1,500 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. G. Received the electricity bill.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 4. Purchased supplies on account, 735. Prepare the necessary journal entries to record these transactions. No. Paid cash for a newspaper advertisement. 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 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 28.Paid wages of 1,200 to receptionist and part-time assistant. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 15,000 (i) Paid electricity bill, 85. 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. Hill During June, Ming Chen (the owner) completed these transactions. 31. Instructions 1. Only debit card transaction fees. Paid dividends, $3,000. 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. During the month, Jones, A:T accounts: 4. 61. Liabilities Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. 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. 2. b. 8. a. 25.000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 7,500 Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. b. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: (Record as Miscellaneous Expense.) Income tax of $10,300 was incurred and paid in 2019. The company paid $1,500 cash for rent of office space for the month. 5. Amount of total expenses recorded in the ledger. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. %24 %3D b. Instructions 1. d. Paid rent on office and equipnwnt for the month, $5,000. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. (Do not insert the account numbers in the journal at this time.) b. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Amount of total revenue recorded in the ledger. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 2,500 Paid electric bill, 915. 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. II Accounting Equation - July 21. 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. Instuction Prepare an income staement and statement of stockholders equity for July. Hal Smith opened Smith's Repairs on March 1 of the current year. j. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 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. b. During June, Ming Chen (the owner) completed these transactions. 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: If you still cannot find the error, re-analyze each transaction. 2. 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). $30000. 10,000 7,500 b. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. Accounts containing only a single entry do not need a balance. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. f. The company purchased additional equipment for $6,000 cash. Amount of total expenses recorded in the ledger. Determine account balances of the T accounts. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. I can help you with creating a presentation of one slide for The Word of William Hunter. Post your journal entries to T-accounts, Add additional T-accounts when needed. Q:Prepare the statement of retained earnings for the month of July 31. The company paid $1,500 cash for rent of office space for the month. 1,500 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. During June, Ming Chen (the owner) completed these transactions. 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. 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. a. 31. c. Received cash from fees earned. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The company paid $1,500 cash for rent of office space for the month. 1,500 With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. July 21. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 3. 7,500 Hello. d. The company completed work for a client and immediately collected the $2,500 cash earned. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 29. The following account balances are available: Required: 1. H. Paid the worker hired in D for one weeks work. $30000. 1.500 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 answers to questions asked by students like you. No. 4. b. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). f. Paid office salaries, $6,500. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. A Wages of $379,000 were paid in cash. b. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Required: (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 1,500 Accounts A:Revenue means the income earned during a given period. 2. 9. . The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. College Accounting (Book Only): A Career Approach. Bal 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 Determine the net income or net loss for April.