Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 8.000 T Accounts, Debits And Credits, Trial Balance, And Financial Statements. If the two totals are not equal, check the addition and subtraction. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental h. Borrowed $100,000 by issuing a note payable. (b) Paid office rent, 500. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Find answers to questions asked by students like you. Received 3,000 for serving as a disc jockey for a party. 58,500 Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. 10,000 Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Payable No. 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 '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.: 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. 61,000 She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 17. In this activity, you will be creating. 0. b. (Do not insert the account numbers in the journal at this time.) c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. Extend the balances to the appropriate balance columns after each transaction is posted. 1,500 00. 5. c. Received cash from fees earned. 4. Served as a disc jockey for a charity ball for 1,500. (a) Invested cash in the business, 510,000. Received cash from clients on account, 2,450. A Wages of $379,000 were paid in cash. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. (i) Paid electricity bill, 85. H. Paid the worker hired in D for one weeks work. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Paid 620 to Upload Music for use of its current music demos in making various music sets. Only debit card transaction fees. 25,000 A:The financial statements of the business include the income statement and balance sheet of the firm. Ken Jones, an architect, opened an office on April 1, 2016. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. 21. D. An office worker was hired. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Hello. $4 During June, Ming Chen (the owner) completed these transactions: a. b. 27. During June, Ming Chen (the owner) completed these transactions. d. Paid rent on office and equipment for the month, $5,000. 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. I am highly qualified expert, working from 2008-9 in this industry. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Paid part-time receptionist for two weeks salary, 750. 2. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. Determine the following: a. Show new balances after each transaction. Determine the net income or net loss for April. Only credit card transaction fees are limited by law. Cash Determine the amount of Joel Palks capital as of July 1 of the current year. the. a. d. Paid rent on office and equipnwnt for the month, $5,000. A. A:The financial statements of the business include the income statement and balance sheet of the firm. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 8.000 501. e. Bought insurance for the truck for one year, 400, Ck. b. During May, Kelly Consulting entered into the following transactions: May 3. Issued common stock to Marjorie Knaus in, A:Step 1 b. Instructions 1. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Prepare a post-closing trial balance.  a. $30000. Owner invested $62,000 cash in the company along with equipment that had a $23,000 market value in exchange for its common stock b. (Do not insert the account numbers in the journal at this time.) The company paid $1,500 cash for rent of office space for the month. 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. 58,500 No principal payments are made, only interest is paid. Paid electricity bill for May, 810. Paid miscellaneous expenses, 540. Paid annual premiums on property and casualty insurance, 2,400. 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 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: Enter the following transactions on Page 2 of the two-column journal: 29. Record the closing entries on Page 8 of the journal. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During the month, she completed the following transactions connected with her professional practice: a. Amount of total revenue recorded in the ledger. Opened a business bank account with a deposit of 30,000 from personal funds. 6. b. 23. Hill a., A:1. 2,500  d. Does the activity add value to Latchey’s provision of insurance services? minus sign.) i. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. 31. (e) Paid phone bill, 65. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Received 1,000 cash from customers on account. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Determine the net income or net loss for January. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. 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. During June, Ming Chen (the owner) completed these transactions.a. 11. If you want the answer, Q:Architects completed the following transactions: a. M Question 8 - Chapter 1 Exercises Connect g. Paid interest on the note payable, $500. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Repairs and maintenance of $9,000 were incurred and paid. Received 750, with the remainder due August 4, 2019. On June 1 of the current year, Chad Wilson established a business to manage rental property. Analyze and use these data to complete parts (5) and (6). Received 1,000 for serving as a disc jockey for a party. Find answers to questions asked by students like you. 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. (Record as Miscellaneous Expense.) 4. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 0. f. The company purchased additional equipment for $6,000 cash. 3. a. Journals: 28. If you still cannot find the error, re-analyze each transaction. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 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 a. Gervais deposited 25,000 in a bank account in the name of the business. Instructions 1. 13. Served as disc jockey for a party for 2,500. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Paid rent for July, 1,750. No. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. During June, Ming Chen (the owner) completed these transactions. CASH A:Hi student Required: 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). Instructions 1. 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. 4. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. g. The company paid an assistant $3,000 cash as wages for the month. b. %3D Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Ask a new question. April. (c) Purchased office equipment. So lets make no longer delay & start chatting immediately. 3.Paid 250 to creditors on account. Withdrew l,250 cash from PS Music for personal use. At the end of May, the following adjustment data were assembled. Bal. a. The company paid $1,500 cash for rent of office space for the month. Prepare a single-step income statement. d. Paid rent on office and equipnwnt for the month, $5,000. The company paid $1,500 cash for rent of office space for the month. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Prav Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Inflation is 3.8% per year. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. g. The company paid an assistant $3,000 cash as wages for the month. Instructions 1. Introduction: 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. 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). Liabilities Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 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 Determine the excess of revenues over expenses for November. During the first month of operations of her business (a, A:An income statement is a part of financial statement which contain the details of all incomes and, Q:July 1, Lula Plume created a new self-storage business, Safe Storage Co. Paid on account to the City Crier, 455, Ck. LIABILITY You can message me to discuss the details. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b.  c. Is it a variable or a fixed cost? Prepare an unadjusted trial balance as of July 31, 2019. During the month, he completed the following transactions connected with his professional practice: a. (Enter decreases to account balances with a 60,000 11.Received 1,000 for serving as a disc jockey for a party. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. J. Accounts Insurance expired during May is 275. b. Required 4. 4.Prepare an unadjusted trial balance as of July 31, 2019. Received $100 from a customer for services we will provide next week. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. b. 16. Journal Entries - Journal Entries are the recording of transactions of the organization. Ming Chen (the owner) completed these transactions. No. Bal. 60,000 Instructions 1. Classify each transaction as an operating, an investing, or a financing activity. 000 Required: 1. + 0. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. If you still cannot find the error, re-analyze each transaction. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. b. EQUITY 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. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 9. 2. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. a. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Owner withdrew $1,000 cash from the company for personal use. 0. 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. Q:1. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. d. Purchased office supplies on account, $1,250. During the month, Knaus. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 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. Expenses SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 4. Paid dividends, $3,000. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 0. f. f. The company purchased additional equipment for $6,000 cash. ol + How much did Junes transactions increase or decrease Chad Wilsons capital? 29.Paid miscellaneous expenses, 540. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Determine account balances of the T accounts. 8,000 Q:On April 1, Anita Strods created a new travel agency, Strods Travel. 1006. Paid 5,000 on note payable. (1,500) + Instructions 1. points During June, Ming Chen (the owner) completed these transactions. 7,500 Purchased office equipment on account from Office Mart, 7,500. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 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. Determine the net income or net loss for April. Assets 8,000 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. No. The worker will be paid $275 per week. 25,000 Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Determine account balances of the T accounts. II 1. g. The company paid an assistant $\$3,000$ cash as wages for the month. Owner invested $60,000 cash in the company along with equipment. 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. As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. Recorded services provided on account for the remainder of May, 2,650. During the first month of operations of his, A:Solution: None of the paper was used by year-end. Connie Young, an architect, opened an office on October 1, 2019. The following transactions occurred during January of the current year. Help g. Paid interest on the note payable, $500. Equity 2,500 10. March transactions are as follows : Determine the following: a. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions. Determine the increase or decrease in owners equity for January. *Response times may vary by subject and question complexity. 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 Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Accounts containing only a single entry do not need a balance. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid dividends, $3,000. During June. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. 4. Bal. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Is this a direct or an indirect cost? 7,500 Paid for a newspaper advertisement, 200. %3D 0. 3. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Start your trial now! II 2. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Post the journal to a ledger of four-column accounts. A:Net income is calculated after analysing the revenue and expenses of the organisation. a. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Paid cash for miscellaneous expenses, 375. j. 3. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. j. Q:Ken Jones, an architect, opened an office on April 1, 2019. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. Record the transactions and the balance after each transaction. No. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Apr. What will be the value of interest payment at the end of fourth year in real dollars? Prepare an adjusted trial balance. Accounts Payable h. Purchased land as a future building site, paying cash of $120,000. The company paid $10,000 cash to settle the liability created in transaction c. j. a. It is the first step of recording transactions of a company. Do you need an answer to a question different from the above? Purchased office equipment on account, 15,000. 5. Paid cash for miscellaneous expenses, 375. j. Since there are multiple subparts, we will answer only first three subparts. . Record the following transactions on Page 6 of the journal: 20. Received and paid the heating bill, 248, Ck. During June, Ming Chen (the owner) completed these transactions. 1,500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1003. i. %24 On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. During June, Ming Chen (the owner) completed these transactions. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. 27.Paid electric bill, 915. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Required I have all relevant skills and expertise related to your project. 2. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 31. Common 0. 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.