Determine the account balances after all posting is complete. (k) Paid wages to part-time employee, 500. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. The following transactions occurred during January of the current year. 10.000 Equipment Determine the increase or decrease in owners equity for January. During June, Ming Chen (the owner) completed these transactions. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. During the month, she completed the following transactions connected with her professional practice: a. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Assignments: ACCTG-4A-80575-2021SP By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. and company a firm. 30. The following transactions, A:Note: Since there are multiple subparts, we will answer only first three subparts. Mulberry paid the interest payable of $8,000. h. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Accounting Equation is calculated using following equation - Classify each transaction as an operating, an investing, or a financing activity. 2. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. g. The company paid an assistant $3,000 cash as wages for the month. Create the following table similar to the one in Exhibit 1.9. 2. (a) Invested cash in the business, 510,000. A:a)Indicate the effect of the given transactions. Equipment Paid on account to the City Crier, 455, Ck. So lets make no longer delay & start chatting immediately. Thanks :--). Save & Exit What if the client hasn't prepared them in advance? Which of the following is true? 30.Served as a disc jockey for a charity ball for 1,500. 8,000 Accounts containing a single entry only (such as Prepaid Insurance) 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. 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). The company paid $1,500 cash for rent of office space for the month. a. The company paid $1,500 cash for rent of office space for the. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 23. Introduction: d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. During the month, she completed the following transactions connected with her professional practice: a. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. a. 31. Prepare a single-step income statement. During the first month of Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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 Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. I have all relevant skills and expertise related to your project. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Determine account balances of the T accounts. 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. 75,000 +. 1004. j. %24 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 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. g. Paid interest on the note payable, $500. Each drugstore is operated by a general manager and a controller. Liabilities Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company paid $10,000 cash to settle the liability created in transaction c. j. C. Provided services in the amount of $1,000. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. 31. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Enter the impact of each transaction on individual items of the accounting equation. 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. 15. Explanations may be omitted. Withdrew cash for personal use, 7,500. Purchased office equipment on account from Office Mart, 7,500. Hello. The company paid $10,000 cash to settle the liability created in transaction c. LIABILITY 61,000 A statement of changes in Equity Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Instrustions Prepare a balance sheet as of July 31, 20Y5. 25,000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Write Balance in the Item column and place a check mark () in the Posting Reference column. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. e. the. Paid rent for period of November 1 to end of month, 4,000. 0. O OO O 24 Purchased supplies for cash, 1,750. Dividends in the amount of $1,500 were distributed. 4. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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.: Received 500, with the remainder due on August 9, 2019. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. No. A:Net income is calculated after analysing the revenue and expenses of the organisation. No principal payments are made, only interest is paid. d. Paid rent on office and equipment for the month, $5,000. %24 minus sign.) 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. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Is this a direct or an indirect cost? 2. A:Introduction: During June, Ming Chen (the owner) completed these transactions. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 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? Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. I am highly qualified expert, working from 2008-9 in this industry. Dividends During June, Ming Chen (the owner) completed these transactions: a. 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. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 11. Income tax of $10,300 was incurred and paid in 2019. a. 2. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: J. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Determine the net income or net loss for April. Received cash from clients on account, 9,520. Determine the following: a. f. The company purchased additional equipment for $6,000 cash. %24 Hal Smith opened Smith's repairs on 01.03. The company paid $10,000 cash to settle the liability created in transaction c. 7,500 S NO No. i. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Instructions 1. 0. If you still cannot find the error, re-analyze each transaction. a. Wallace deposited 24,000 in a bank account in the name of the business. 10,000 3. 2. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Paid gas, oil, and repairs on automobile for April, 550. 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. The following, A:Unadjusted Trial Balance - Bal 63. Withdrew cash for personal use, 2,000. 4. She helped me in last minute in a very reasonable price. Determine the net income or net loss for January. (Note: Ignore the date because these events are aggregations of individual events.) e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. No. 3. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. At the end of May, the following adjustment data were assembled. d. Simple Accounting equation is. 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. Determine the net income or net loss for April. 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. The company paid $1,500 cash for rent of office space for the month. The company paid $1,500 cash for rent of office space for . Paid rent for July, 1,750. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 8.000 Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? No. Connie Young, an architect, opened an office on October 1, 2019. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Ask your question! Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common a. Q:1. No. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Paid 250 to creditors on account. 3. 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. Prepare an unadjusted trial balance as of July 31, 2019. 25.000 b.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. 10. h. Purchased land as a future building site, paying cash of $120,000. Paid dividends, $3,000. Borrowed $100,000 by issuing a note payable. 1,500 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. 75,000 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Received 750, with the remainder due August 4, 2019. $30000. Only credit card transaction fees are limited by law. c. Both credit card and debit card transaction fees are limited by law. Recorded services provided on account for the remainder of May, 2,650. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? First week only $4.99! b. + 4. $4 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 installment due on note payable, 300. o. 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. 7. The account headings are presented below. (f) Made payment on loan in transaction (c), 500. Transactions completed during the month follow. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Print A:As the question has more than 3 sub-parts, the first 3 subparts are answered. During June, Ming Chen (the owner) completed these transactions. ok ht inces a. d. Purchased office supplies on account, $1,250. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 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. During the month, he completed the following transactions connected with his professional practice: a. 000 4. Recorded services provided on account for the period May 1-15; 9,180. The company paid $1,500 cash for rent of office space for the month. During June, Ming Chen (the owner) completed these transactions. 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. No. Paid dividends, 2,500. Instructions 1. 31. ezto.mheducation.com + a. 3. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. 0.33 Instructions 1. Determine the increase or decrease in owners equity for August. You can message me to discuss the details. Equity c. Received cash from fees earned. Paid miscellaneous expenses, 540. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Greco resort opened for business on june 1. Payable 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. 7,500 Assets Bal. Hal Smith opened Smith's Repairs on March 1 of the current year. Prepare an income statement, a retained earnings statement, and a balance sheet. 8.Paid for a newspaper advertisement, 200. 31. a. Revenues 1. Paid an attorney 900 for reviewing the July 3 contract with KXMD. 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. (g) Paid wages to part-time employee, 500. (Record as Miscellaneous Expense.) No. Required: Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. Enter the following transactions on Page 2 of the two-column journal: 29. 61,000 a. Mulberry purchased computer paper for $13,000 cash in late December. July 21. 28.Paid wages of 1,200 to receptionist and part-time assistant. 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. Received 1,000 for serving as a disc jockey for a party. Instructions 1. b. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. No. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common (1,500) + Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. points Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. . Can you think of any reason why the amount determined in (4) might not be the net income for November? 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. A statement of cash flows, Q:On September 1, 20X6, Michael Moe incorporated Moe's Mowing, Inc., a company that provides mowing, A:Since you have posted a question with multiple sub-parts, we will solve the first three subparts for, Q:Bob Jacobs opened an advertising agency. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Served as disc jockey for a party for 2,500. Prepare an adjusted trial balance. Expenses Issued common stock to Marjorie Knaus in, A:Step 1 0. 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). 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. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Record the closing entries on Page 8 of the journal. To ensure my potential must visit my profile to check my ratings and uploaded samples. 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. g. Paid interest on the note payable, $500. Instructions 1. On March 1 of this year, B. Gervais established Gervais Catering Service. 28. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 29.Paid miscellaneous expenses, 540. 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. Paid annual premiums on property and casualty insurance, 2,400. 1,500 Prepare T accounts, using the account titles in (1). References Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 10,000 g. The company paid an assistant $3,000 cash as wages for the month. During June, Ming Chen (the owner) completed these transactions.a. In this activity, you will be creating. Paid dividends, 10,500. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. Revenue Received cash for job completed, 11,500. He completed the following transactions during June: a. 1,500 Apr. 10,000 Advertising expense of $26,000 was incurred and paid. Paid wages of 1,200 to receptionist and part-time assistant. 61,000 25.000 Prepare an unadjusted trial balance. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Hill 23. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 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. Required: 1002. h. Received and paid the bill for utilities, 340, Ck. d. The company completed work for a client and immediately collected the $2,500 cash earned. b. 29. 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. M Question 8 - Chapter 1 Exercises Connect $15,000 (1,500) + a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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:
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