Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Received 500, with the remainder due on August 9, 2019. During the month, she completed the following transactions connected with her professional practice: a. ol + *Response times may vary by subject and question complexity. 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. I am highly qualified expert, working from 2008-9 in this industry. 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. Interest of $5,000 was paid on the long-term loan. %24 a. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. 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: 21. In addition, $28,000 of computer rental costs were incurred and paid. Bal Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 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. %3D The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. The company paid $1,500 cash for rent of office space for the month. Transactions completed during the month follow. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 75,000 Issued common stock to Marjorie Knaus in, A:Step 1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Recording of a business transactions in a chronological order. ces f. July 21. 3. 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. Equity c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Determine account balances of the T accounts. 75,000 a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. c. Received cash from fees earned. Withdrew cash for personal use, 7,500. 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). During June, Ming Chen (the owner) completed these transactions. 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. Journal entry is used to the record the business transactions of an enterprises. There is no prepaid rent or rent payable at year-end. April. Paid annual premiums on property and casualty insurance, 2,400. stock. Bal. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock.  d. Does the activity add value to Latchey’s provision of insurance services? 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--. Hello. When the business transactions are recorded in the primary book of account, Q:Amy Austin established an insurance agency on March 1 of the current year and completed During June, Ming Chen (the owner) completed these transactions: a. Q:Duerr Engineering completed the following transactions in the month of June. ok ht inces a. Hello. 5. 11. Common Prepare an adjusted trial balance. b. The company paid $10,000 cash to settle the liability created in transaction c. j. 5. %24 Prepare T accounts, using the account titles in (1). 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. 3. J. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. During the month, Knaus. 14.Paid wages of 1,200 to receptionist and part-time assistant. 1003. i. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. I will also provide you with TURNITIN PLAGIARISM REPORT. Paid miscellaneous expenses, 1,000. a. 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). 2. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. f. The company purchased additional equipment for $6,000 cash. Owner invested $60,000 cash in the company along with equipment. b. b. The company paid $1,500 cash for rent of office space for the month. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: During June, Ming Chen (the owner) completed these transactions. 8.000 Journalize and post the adjusting entries. h. Borrowed $100,000 by issuing a note payable. Apr. 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. LIABILITY During June, Ming Chen (the owner) completed these transactions. %24 28. 25,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Bal. 0. %24 Prepare an unadjusted trial balance as of January 31, 2019. 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. 2020 - 2024 www.quesba.com | All rights reserved. Received and paid the heating bill, 248, Ck. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. Do you need an answer to a question different from the above? 0. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Ming Chen (the owner) completed these transactions. College Accounting (Book Only): A Career Approach. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 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. Paid Office Station Co. for part of the debt incurred on April 5, 640. Dividends 4. 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. Transactions completed during the month follow. The transactions of $15,000 None of the paper was used by year-end. 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: (f) Made payment on loan in transaction (c), 500. The following transactions, A:Note: Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Received 1,000 for serving as a disc jockey for a party. Mc. 0. Instructions 1. 3. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 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. He. No. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 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. She helped me in last minute in a very reasonable price. According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack: Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. 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. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Required A. + Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 1.500 Ming Chen (the owner) completed these transactions. 60,000 Q:Prepare the statement of retained earnings for the month of July 31. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. b. 58,500 0. g. Paid interest on the note payable, $500. 61,000 d. The company completed work for a client and immediately collected the $2,500 cash earned. 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. July 21. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Enter the following transactions on Page 2 of the two-column journal: 16. The worker will be paid $275 per week. 11. 3.Paid 250 to creditors on account. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 10. 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. a. 30. Record the closing entries on Page 8 of the journal. Show new balances after each transaction. 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. 31. 7. b. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 24. Im very much interested to write for attendance systems. d. The company completed work for a client and immediately collected the $2,500 cash earned. Prepare an income statement, a retained earnings statement, and a balance sheet. 0. (Do not insert the account numbers in the journal at this time.) $30000. Prepare an unadjusted trial balance as of July 31, 2019. 0. During June, Ming Chen (the owner) completed these transactions. 27. 31. 60,000 M Question 8 - Chapter 1 Exercises Connect Determine the increase or decrease in owners equity for January. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. minus sign.) The company paid $1,500 cash for rent of office space for the. The customer will pay at a later date. b. 10,000 and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. 11.Received 1,000 for serving as a disc jockey for a party. 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. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. A:Net income is calculated after analysing the revenue and expenses of the organisation. Paid part-time receptionist for two weeks salary, 750. 3. H. Paid the worker hired in D for one weeks work. 8,000 Determine the net income or net loss for October. 9. 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. h. Purchased land as a future building site, paying cash of $120,000. $ f. Paid office salaries, $6,500. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Received 1,000 cash from customers on account. Equipment PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 501. e. Bought insurance for the truck for one year, 400, Ck. 16. 0. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 22. Home., A:Since you have asked multiple questions under a single question. Determine the following: a. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) B. What will be the value of interest payment at the end of fourth year in real dollars? 5.Purchased office equipment on account from Office Mart, 7,500. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. During June, Ming Chen (the owner) completed these transactions. Start your trial now! c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). To ensure my potential must visit my profile to check my ratings and uploaded samples. The company paid $10,000 cash to settle the liability created in transaction c. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. (c) Purchased office equipment. 10,000 + I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Q:1. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. (h) Received cash for services rendered, 800. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. 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. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Served as a disc jockey for a charity ball for 1,500. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. %3D Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. February 20, 2023. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. 8.000 4.Prepare an unadjusted trial balance as of July 31, 2019. 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.a. Instructions 1. Repairs and maintenance of $9,000 were incurred and paid. 7,500 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. %24 + 3. Withdrew cash for personal use, 2,500. a. f. The company purchased additional equipment for $6,000 cash. 5. 2. 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 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. Paid 620 to Upload Music for use of its current music demos in making various music sets. 3. 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. Enter the impact of each transaction on individual items of the accounting equation. March transactions are as follows : 12. Only debit card transaction fees. 23. Instructions 1. The prepaid rent at the beginning of the year was used in 2019. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 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: If you still cannot find the error, re-analyze each transaction. 4. 30. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. h. Borrowed $100,000 by issuing a note payable. (Enter decreases to account balances with a Determine the net income or net loss for April. A building and equipment are currently being rented, pending expansion to new facilities. Introduction: The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. A:Hi student f. Paid office salaries, $6,500. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. The following transactions, A:Journal Entries: Ethics and budgetary slack: O OO O 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. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. b. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid gas, oil, and repairs on automobile for April, 550. 23.Served as disc jockey for a party for 2,500. Prepare an unadjusted trial balance. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. (Record as Miscellaneous Expense.) 2,500 a. Wallace deposited 24,000 in a bank account in the name of the business. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 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. Introduce your . 58,500 1.500 PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Check my Post your journal entries to T-accounts, Add additional T-accounts when needed. Use a chart of accounts to order the ledger accounts. e. 7,500 References 1,500 the firm are, A:Income statement Determine account balances of the T accounts. g. The company paid an assistant $3,000 cash as wages for the month. d. minus sign.) a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. 25,000 Journal Entries - Journal Entries are the recording of transactions of the organization. b. 1002. h. Received and paid the bill for utilities, 340, Ck. 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 1. The following, A:Unadjusted Trial Balance - During June, Ming Chen (the owner) completed these transactions: a. Instructions 1. During June, Ming Chen (the owner) completed these transactions. 31. The company pald $2,100 cash for rent of office space for . Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. G. Received the electricity bill. (e) Paid phone bill, 65. 7,500 The American Chamber of Commerce in South China. DLite Dry Cleaners is owned and operated by Joel Palk. Instructions 1. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Amount of total expenses recorded in the ledger. Explanations may be omitted. On March 1 of this year, B. Gervais established Gervais Catering Service. Apr. No. 8.000 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. No. 10,000 A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. Introduction: During June, Ming Chen (the owner) completed these transactions: a. 25.000 29.Paid miscellaneous expenses, 540. Paid cash to creditors on account, 3,000. j. What if the client hasn't prepared them in advance? i. 2. 7.500 Prepare the necessary journal entries to record these transactions. 61,000 Find answers to questions asked by students like you. 10. g. Paid interest on the note payable, $500. Movies are expensive to produce and market. A:a)Indicate the effect of the given transactions. During June, Ming Chen (the owner) completed these transactions: a. %3D Payable 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.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 f. The company purchased additional equipment for $6,000 cash. A balance sheet h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. 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. Received 750, with the remainder due August 4, 2019. 3. 29. (Do not insert the account numbers in the journal at this time.) Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. Paid telephone bill for May, 260. 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 customers on account, 9,000. +. 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. During June, Ming Chen (the owner) completed these transactions. Bal. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Enter the following transactions on Page 2 of the two-column journal: 29. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. 4. 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. f. The company purchased additional equipment for $6,000 cash. Expenses b. Common Establish a ledger for the accounts listed above and enter the beginning balances. Required 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. 4. The company paid $1,000 cash in dividends to the owner (sole shareholder). 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. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Accounts containing only a single entry do not need a balance. The following information is provided for the first month of operations for Legal Services Inc.: A.
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