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A:As the question has more than 3 sub-parts, the first 3 subparts are answered. The company paid $10,000 cash to settle the liability created in transaction c. j. Expenses 0.33 No. 4. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Record the adjusting entries on Page 7 of the journal. c. Amount of net income for August. %3D 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. No. 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. Hello. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. The company paid $1,000 cash in dividends to the owner (sole shareholder). Assets The, A:An accounting equation refers to a mathematical representation of the transactions. Equipment Explanations may be omitted. c. Both credit card and debit card transaction fees are limited by law. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. She helped me in last minute in a very reasonable price. During the month, she completed the following transactions connected with her professional practice: a. Connie Young, an architect, opened an office on October 1, 2019. 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. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). j. 30.Served as a disc jockey for a charity ball for 1,500. We will pay the $110 in thirty days. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 23. 15,000 Prepare and post the closing entries. Paid dividends, 2,500. 0. No. 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; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Prepare an adjusted trial balance. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 27. 61,000 11.Received 1,000 for serving as a disc jockey for a party. 3. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Determine the account balances, after all posting is complete. G. Received the electricity bill. a. 75,000 Post the journal to a ledger of four-column accounts. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. $30000. i. During June, Ming Chen (the owner) completed these transactions: a. 10 000 5. ol + Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company paid $1,500 cash for rent of office space for . e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - %3D Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 8.Paid for a newspaper advertisement, 200. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. d. The company completed work for a client and immediately collected the $2,500 cash earned. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 3. 18. 7.500 If the two totals are not equal, check the addition and subtraction. Purchased office equipment on account from Office Mart, 7,500. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. b. 2023 White PaPer. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.  d. Does the activity add value to Latchey’s provision of insurance services? Paid an attorney 900 for reviewing the July 3 contract with KXMD. 3. Bal. Paid annual premiums on property and casualty insurance, 2,400. No. 1.500 Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. d. Paid rent on office and equipnwnt for the month, $5,000. 0. Explanations may be omitted. e. No. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. 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. Paid Office Station Co. for part of the debt incurred on April 5, 640. Payable Journal entry is used to the record the business transactions of an enterprises. The actual work of dry cleaning is done by another company for a fee. a. 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). Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Required: Record the transactions and the balance after each transaction. 9. 30. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. b. b. 75,000 b. Received 750, with the remainder due August 4, 2019. 0. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. . Paid dividends, $3,000. Paid cash to creditors on account, 3,000. j. 2. 1,500 Cash 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 business was started by selling $100,000 worth of common stock. College Accounting (Book Only): A Career Approach. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. Paid electric bill, 915. 3. The company pald $2,100 cash for rent of office space for . Determine the following: a. Analyze each transaction, Journalize as appropriate. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Transactions completed during the month follow. g. Paid interest on the note payable, $500. Establish a ledger for the accounts listed above and enter the beginning balances. a. 4. Bal The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. During June, Ming Chen (the owner) completed these transactions: a. 5.  a. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. a. 31. Determine account balances of the T accounts. On March 1 of this year, B. Gervais established Gervais Catering Service. 58,500 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 . 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. First let me introduce myself, my name is XX, 23 years old, and David is my English name. Find answers to questions asked by students like you. You can message me to discuss the details. Prepare an unadjusted trial balance. First week only $4.99! Only debit card transaction fees. d. Paid rent on office and equipnwnt for the month, $5,000. 4. Kimberly Manis, an architect, opened an office on January 1, 2016. 5. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 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. property. 6. Transactions completed during the month follow. 58,500 No. Accounts Assignments: ACCTG-4A-80575-2021SP Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. (j) Withdrew cash for personal use, 100. 30. During June, Ming Chen (the owner) completed these transactions. 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The company purchased additional equipment for $6,000 cash. During June, The company paid $1,500 cash for rent of office space for the month. There is no prepaid rent or rent payable at year-end. Introduce yourself.  e. Is it a budgeted or an actual cost in your report? Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. b.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Write Balance in the Item column and place a check mark () in the Posting Reference column. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Determine the net income for June. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Amount of total revenue recorded in the ledger. 25,000 a. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. (e) Paid phone bill, 65. April. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Extend the balances to the appropriate balance columns after each transaction is posted. Thanks :--). f. Paid office salaries, $6,500. Paid rent for July, 1,750. 4. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Opened a business bank account with a deposit of 30,000 from personal funds. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Cash It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. i. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 4. b. 30. Problem1-63B Income Statement, Retained Earnings Statement. 61. Only debit card transaction fees are limited by law. Paid wages of 1,200 to receptionist and part-time assistant. If you want the answer, Q:Architects completed the following transactions: b. h. Bal. 58,500 (Enter decreases to account balances with a 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 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. 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. Bal. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. No. 10,000 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. Using the following, A:Impact on Equity - 14.Paid wages of 1,200 to receptionist and part-time assistant. No. Record the following transactions on Page 6 of the journal: 20. 4. 1003. i. 2. %24 g. The company paid an assistant $3,000 cash as wages for the month. During June, Ming Chen (the owner) completed these transactions. c. Received cash from fees earned. (Do not insert the account numbers in the journal at this time.) Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 1. 7,500 Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. A:Net income is calculated after analysing the revenue and expenses of the organisation. 501. e. Bought insurance for the truck for one year, 400, Ck. Inflation is 3.8% per year. 1004. j. 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. 7,500 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 25,000 30. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 60,000 The worker will be paid $275 per week. Bal. 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. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 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. . 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 business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Received 1,000 for serving as a disc jockey for a party. 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. I can help you with creating a presentation of one slide for The Word of William Hunter. 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. i. During June, Ming Chen (the owner) completed these transactions: a. b. 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. %3D Required 1. No. The prepaid rent at the beginning of the year was used in 2019. b. 4.Prepare an unadjusted trial balance as of July 31, 2019. *Response times may vary by subject and question complexity. Mulberry paid the interest payable of $8,000. Since there are multiple subparts, we will answer only first three subparts. Ming Chen (the owner) completed these transactions: minus sign.) 15. Any additional hours beyond SO will be billed to KXMD at 40 per hour. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Journalize and post the adjusting entries. Which of the following is true? To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 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? Determine the net income or net loss for April. 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. A:Introduction: If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and a. Received $100 from a customer for services we will provide next week. d. The company paid $1,500 cash for rent of office space for the month. 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. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. a. 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. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Q:1. Issued common stock to Marjorie Knaus in, A:Step 1 Paid 5,000 on note payable. Hello. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 2,500 By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 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. During June, Ming Chen (the owner) completed these transactions. 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. H. Paid the worker hired in D for one weeks work. 1,500 (Optional) Prepare a statement of cash flows for July. a. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 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. Accounts Instuction Prepare an income staement and statement of stockholders equity for July. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. References Introduce your . ces Determine the net income or net loss for October. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Repairs and maintenance of $9,000 were incurred and paid. The following transactions, A:Note: Withdrew cash for personal use, 7,500. %24 4. No. 2.1.4P, Your question is solved by a Subject Matter Expert. b. 1,500 Required: Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. b. 2,500 Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. First week only $4.99! b. Q:During the first month of operations, the following transactions occurred for Blossom Inc.:  b. 1. S NO On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 7,500 d. Received cash from clients on account, 2,450. Apr. 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. What will be the value of interest payment at the end of fourth year in real dollars? Is it a product or a period cost? 10. I have all relevant skills and expertise related to your project. The following transactions were completed during July, the second month of the business's operations: July 1. b. Introduction: 75,000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Ask a new question. During March, the following, A:1. 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: 31. Bal March transactions are as follows : 18.Purchased supplies on account, 850. Accounting Equation - (Continued) Required: 1. Q:Prepare the statement of retained earnings for the month of July 31. A Wages of $379,000 were paid in cash. the. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Analyze and use these data to complete parts (5) and (6). a. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? 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. 25.000 a. Wallace deposited 24,000 in a bank account in the name of the business. Dividends It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Required Next In this activity, you will be creating. Stock I am highly qualified expert, working from 2008-9 in this industry. (g) Paid wages to part-time employee, 500. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Hi, Hope you are doing well. b. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). During June, Ming Chen (the owner) completed these transactions. h. Purchased land as a future building site, paying cash of $120,000. Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. c. Received cash from fees earned. 15,000 Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Hire Professional Writer And Get A+ Grades In Your Homework. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. (h) Received cash for services rendered, 800. d. The company completed work for a client and immediately collected the $2,500 cash earned. 4. Introduction: A:Hi student Determine the amount of Joel Palks capital as of July 1 of the current year. $ On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. b. Q:Comprehensive Problem Set h. Borrowed $100,000 by issuing a note payable. 61,000 b. The company paid $10,000 cash to settle the liability created in transaction c. Stock Paid truck expenses, 435, Ck. Insurance expired during May is 275. b. Enter the impact of each transaction on individual items of the accounting equation. A:a)Indicate the effect of the given transactions. Received cash from customers on account, 9,000. 29. During June, Ming Chen (the owner) completed these transactions: a. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. The policy covers a one-year period. Billed insurance companies for sales commissions earned, 12,500. j. Create the following table similar to the one in Exhibit 1.9. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Prepare an income statement, a retained earnings statement, and a balance sheet. 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, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. 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). Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. (Record as Miscellaneous Expense.) The company paid $1,000 cash in dividends to the owner (sole shareholder). 25.000 During the month, Knaus. 3. + f. The company purchased additional equipment for $6,000 cash. 9. Paid wages of employees, 6,800. d. Paid rent on office and equipment for the month, $5,000. 8,000 10.000 4. 61,000 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 620 to Upload Music for use of its current music demos in making various music sets. The following transactions, A:Journal Entries: I have all relevant skills and expertise related to your project. Recorded jobs completed on account and sent invoices to customers, 22,300. Withdrew cash for personal use, 2,000. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. b. 16. Enter the following transactions on Page 2 of the two-column journal: 16. 1.500 f. Paid office salaries, $6,500. Liabilities Paid 700 to a local audio electronics store for rental of digital recording equipment.