ming chen began a professional practice on june 1

During the month, she completed the following transactions connected with her professional practice: a. Prepare an unadjusted trial balance. Purchased office equipment on account, 15,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Common (d) Received cash for services rendered, 900. 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. 3. Withdrew cash for personal use, 2,000. Kimberly Manis, an architect, opened an office on January 1, 2016. Instructions 1. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? II Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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) + Instructions 1. 3. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Explanations may be omitted. Issued common stock to Marjorie Knaus in, A:Step 1 A:a)Indicate the effect of the given transactions. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. 10 000 Borrowed $100,000 by issuing a note payable. 8,000 j. A:Hi student 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. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. The prepaid rent at the beginning of the year was used in 2019. 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. %24 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. Any additional hours beyond SO will be billed to KXMD at 40 per hour. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. The company paid $1,500 cash for rent of office space for the month. 7.500 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 3. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. %D Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. During June, Ming Chen (the owner) completed these transactions. 7.500 0. A. 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. No. 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, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Hi! Determine account balances of the T accounts. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 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. Extend the balances to the appropriate balance columns after each transaction is posted. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. 25,000 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. 8.000 Determine the excess of revenues over expenses for November. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. 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. Create the following table similar to the one in Exhibit 1.9. ol + Determine the account balances, after all posting is complete. 10,000 Received 3,000 for serving as a disc jockey for a party. 25.000 Find answers to questions asked by students like you. Received 1,000 for serving as a disc jockey for a party. Payable Classify each transaction as an operating, an investing, or a financing activity. (Continued) Required: 1. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. The following, A:Unadjusted Trial Balance - Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. %3D Required 1. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. During June, Ming Chen (the owner) completed these transactions. 18.Purchased supplies on account, 850. Liabilities 1. minus sign.) Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Paid gas, oil, and repairs on automobile for April, 550. 3. b. Paid gas, oil, and repairs on automobile for April, 550. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Paid rent for July, 1,750. No. Since there are multiple subparts, we will answer only first three subparts. 17. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. a. . Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Received cash from customers on account, 9,000. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 503. h. Sold catering services on account, 4,307. i. 11. g. The company paid an assistant $3,000 cash as wages for the month. Instructions 1. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 1,500 Prepare the necessary journal entries to record these transactions. 7.500 Received 500, with the remainder due on August 9, 2019. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 75,000 + C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). b. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. You can message me to discuss the details. b. 2020 - 2024 www.quesba.com | All rights reserved. 1. Ming Chen (the owner) completed these transactions: 31. A:Revenue means the income earned during a given period. 8.Paid for a newspaper advertisement, 200. Prepare T accounts, using the account titles in (1). Accounts Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Only debit card transaction fees. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Ethics and budgetary slack: we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Explanations may be omitted. 1 of 1 Equity State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Journal entry is used to the record the business transactions of an enterprises. 6. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Liabilities 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. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 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. C. Provided services in the amount of $1,000. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Paid cash to creditors on account, 3,000. j. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 4. Dividends in the amount of $1,500 were distributed. Q:Prepare the statement of retained earnings for the month of July 31. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 12. $4 1PA, Your question is solved by a Subject Matter Expert. 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 actual work of dry cleaning is done by another company for a fee. a. Received 750, with the remainder due August 4, 2019. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 4. 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. 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? 31. No. Withdrew cash for personal use, 2,500. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner withdrew $1,000 cash from the company for personal use. Prepare and post the closing entries. II Ask a new question. 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. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 5. the. b. Record the adjusting entries on Page 7 of the journal. 505. m. Paid the salary of the assistant, 1,150, Ck. 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. 00. Received 750, with the remainder due August 4, 2019. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 2,500 506. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 22. c. Both credit card and debit card transaction fees are limited by law. 3. 1. 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. Opened a business bank account with a deposit of 50,000 from personal funds. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 4, %3D Receivable 0. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. No. 10,000 61,000 15. Find answers to questions asked by students like you. During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. (Enter decreases to account balances with a Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 0. 2. I am a Ph.D. writer with more than 9 years of working experience in Writing. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Show new balances after each transaction. Determine the net income for March. The company paid $1,500 cash for rent of office space for the month. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Paid electricity bill for May, 810. Hello. 8.000 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Withdrew cash for personal use, 7,500. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Assets Paid for a newspaper advertisement, 200. 25,000 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Paid 620 to Upload Music for use of its current music demos in making various music sets. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2.Received 1,000 cash from customers on account. Introduction: First week only $4.99! Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Paid an attorney 900 for reviewing the July 3 contract with KXMD. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. We will pay the $110 in thirty days. O OO O Determine the following: a. 1.500 C. 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. 3. 31. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. During the month, he completed the following transactions connected with his professional practice: a. 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. 30.Served as a disc jockey for a charity ball for 1,500. c. Amount of net income for January. g. Paid interest on the note payable, $500. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 4. 2. Paid rent for period of November 1 to end of month, 4,000. 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. 1004. j. d. Paid rent on office and equipnwnt for the month, $5,000.

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