a. (h) Received cash for services rendered, 800. h. Purchased land as a future building site, paying cash of $120,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Saved She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 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. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? 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. b. Revenue Paid electric bill, 915. Ken Jones, an architect, opened an office on April 1, 2019. Paid wages of employees, 6,800. f. Paid office salaries, $6,500. Graw Chapter 1 Exercises i 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. Can you think of any reason why the amount determined in (4) might not be the net income for November? 4. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 12. 2. What will be the value of interest payment at the end of fourth year in real dollars? 10,000 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. Cash During June, Ming Chen (the owner) completed these transactions. 7.500 If you still cannot find the error, re-analyze each transaction. 4. Accounts 2. Withdrew cash for personal use, 7,500. Since there are multiple subparts, we will answer only first three subparts. 31. b. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Brooke completed the following transactions during the month of August: a. The company paid $10,000 cash to settle the liability created in transaction c. j. c. Received cash from fees earned. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 30. The company paid $10,000 cash to settle the liability created in transaction c. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. *Response times may vary by subject and question complexity. Payable (Income Summary is account 34 in the chart of accounts.) 8,000 During June, Ming Chen (the owner) completed these transactions. f. Paid office salaries, $6,500. The prepaid rent at the beginning of the year was used in 2019. %24 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. A building and equipment are currently being rented, pending expansion to new facilities. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. Kimberly Manis, an architect, opened an office on January 1, 2016. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. He completed the following transactions during June: a. (Record as Miscellaneous Expense.) 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. + Advertising expense of $26,000 was incurred and paid. (1,500) + Liabilities M Question 8 - Chapter 1 Exercises Connect Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 0. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Dividends in the amount of $1,500 were distributed. Received 1,000 cash from customers on account. 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. Accounting Equation - Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Maria completed the following transactions, A:An income statement is one of the financial statements of a company and shows the company's, Q:Indicate the effect of each transaction and the balances after each transaction: . e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. The following transactions were completed during July, the second month of the business's operations: July 1. 1003. i. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Cash Save & Exit On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Hi, Hope you are doing well. How much did Junes transactions increase or decrease Chad Wilsons capital? 2. Accounts The account headings are presented below. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. 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. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Withdrew cash for personal use, 3,900. Journalize and post the adjusting entries. f. The company purchased additional equipment for $6,000 cash. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. During June, Ming Chen (the owner) completed these transactions. (j) Withdrew cash for personal use, 100. 31. During the month, she completed the following transactions connected with her professional practice: a. 10. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. The company paid $10,000 cash to settle the liability created in transaction c. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. Explanations may be omitted. 3. Common 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. Ask a new question. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. What amount should Carter report as net cash from investing activities? 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. a. Wallace deposited 24,000 in a bank account in the name of the business. %24 The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. 25.000 Bal. Q:Ken Jones, an architect, opened an office on April 1, 2019. I. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). What if the client hasn't prepared them in advance? 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. %D Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. b. h. Purchased land as a future building site, paying cash of $120,000. Paid 620 to Upload Music for use of its current music demos in making various music sets. The business was started by selling $100,000 worth of common stock. 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. Required Bal Write Balance in the Item column and place a check mark () in the Posting Reference column. 7,500 0. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. j. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. i. 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. (f) Made payment on loan in transaction (c), 500. 25.000 3. Determine the net income or net loss for January. On March 1 of this year, B. Gervais established Gervais Catering Service. 25.000 Prav B. (Note: Ignore the date because these events are aggregations of individual events.) She, A:The accounting equation states that assets equal to sum of liabilities and equity. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. Paid wages of 1,200 to receptionist and part-time assistant. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Owner withdrew $1,000 cash from the company for personal use. 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.  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: 1 of 1 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Determine the net income or net loss for October. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. During June, Ming Chen (the owner) completed these transactions. Find answers to questions asked by students like you. During June, Ming Chen (the owner) completed these transactions: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common a. %3D and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. f. The company purchased additional equipment for $6,000 cash.  d. Does the activity add value to Latchey’s provision of insurance services? (Record as Miscellaneous Expense.) No. 225. Paid gas, oil, and repairs on automobile for April, 550. Owner invested %24 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:a. 11. Bal. 8,000 Hire Professional Writer And Get A+ Grades In Your Homework. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Accounting Equation is calculated using following equation - Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Print d. Paid rent on office and equipnwnt for the month, $5,000. 0. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Paid cash to creditors on account, 3,000. j. 27. She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. b. d. Show new balances after each transaction. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) on the Business environment in China. 3.Paid 250 to creditors on account. 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. She, A:As you have posted multiple questions, the solution to the first question is being provided. Greetings! the firm are, A:Income statement Introduce yourself. View this solution and millions of others when you join today! Received 500, with the remainder due on August 9, 2019. II Withdrew l,250 cash from PS Music for personal use. 1. b. a. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. 0. $4 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. No. b. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 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. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. 27. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 75,000 Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Paid annual premiums on property and casualty insurance, 2,400. Accounts Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 31. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental A. 7.500 Determine account balances of the T accounts. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Accounts containing only a single entry do not need a balance. Payable No. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. d. Paid rent on office and equipnwnt for the month, $5,000. Revenues 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. (e) Paid phone bill, 65. During June, Ming Chen (the owner) completed these transactions. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. (Do not insert the account numbers in the journal at this time.) (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. At the end of May, the following adjustment data were assembled. March transactions are as follows : c. Received cash from fees earned. Im very much interested to write for attendance systems. During the first month of On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. 23. D. An office worker was hired. 1004. j. Served as disc jockey for a party for 2,500. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- + Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Is this a direct or an indirect cost? $30000. CASH I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. A:Requirement 1: Indicate the effect of the given transactions. 29. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Classify each transaction as an operating, an investing, or a financing activity. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 15,000 Connie Young, an architect, opened an office on October 1, 2019. During June. He. f. The company purchased additional equipment for $6,000 cash. 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? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 10. 1,500 3. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Before this, no other, Q:ournalize entries for transactions (a) through (I) using the following account titles: cash,, Q:ita Lopez started Biz Consulting, a new business, and completed the following transactions during, A:Journal entries refers to recording of business transactions into the books of the business or, Q:On April 1 of the current year, Morgan Jones established a business to manage rental property. 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. Instructions 1. 29. J. 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. Transactions completed during the month follow. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. b. The following account balances are available: Required: 1. b. Prepare an unadjusted trial balance. Accounts containing only a single entry do not need a balance. 5. No. No. Start your trial now! 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. A statement of changes in Equity h. Purchased land as a future building site, paying cash of $120,000. 25,000 g. The company paid an assistant $3,000 cash as wages for the month. 63. Any additional hours beyond SO will be billed to KXMD at 40 per hour. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. g. The company paid an assistant $3,000 cash as wages for the month. 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. Paid cash for miscellaneous expenses, 375. j. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Record the adjusting entries on Page 7 of the journal. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. If the two totals are not equal, check the addition and subtraction. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. b. Start your trial now! Paid utilities expense, 4,500. So lets make no longer delay & start chatting immediately. 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
Most Expensive Bully Bloodline, Suggested Activities For Reading Month Celebration, Js Law Eway Login, Lego Marvel Superheroes 2 Maze Puzzle, Lsu Football Staff Directory, Articles M