Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Determine the increase or decrease in owners equity for January. b. 8,000 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. During June, Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Paid rent for period of November 1 to end of month, 4,000. Thank you for the question, As per the honor code, we are allowed to answer three, Q:Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. b. Mc. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. h. Purchased land as a future building site, paying cash of $120,000.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Instrustions Prepare a balance sheet as of July 31, 20Y5. 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. ok ht inces a. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Explanations may be omitted. Paid gas, oil, and repairs on automobile for April, 550. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. After, A:Net income: 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. (Enter decreases to account balances with a Paid gas, oil, and repairs on automobile for April, 550. 2.1.4P, Your question is solved by a Subject Matter Expert. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Accounting Equation - 23.Served as disc jockey for a party for 2,500. b. The company paid $1,000 cash in dividends to the owner (sole shareholder). b. 27. Prepare and post the closing entries. 3. Saved 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. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. ezto.mheducation.com %24 b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. . %D A statement of cash flows, Q:On September 1, 20X6, Michael Moe incorporated Moe's Mowing, Inc., a company that provides mowing, A:Since you have posted a question with multiple sub-parts, we will solve the first three subparts for, Q:Bob Jacobs opened an advertising agency. 4. on the Business environment in China. + Paid dividends, $3,000. 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. Determine the net income or net loss for January. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. %3D EQUITY d. The company completed work for a client and immediately collected the $2,500 cash earned. a. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 000 During June, Ming Chen (the owner) completed these transactions: a. 8.Paid for a newspaper advertisement, 200. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. April. 2. Ken Jones, an architect, opened an office on April 1, 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare T accounts, using the account titles in (1). What amount should Carter report as net cash from investing activities? f. Paid office salaries, $6,500. Received 500, with the remainder due on August 9, 2019. Q:Prepare the statement of retained earnings for the month of July 31. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Equity e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. c. Received cash from fees earned. 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: Determine the following: a. 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. %3D Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed M Question 8 - Chapter 1 Exercises Connect Assets Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. How much did Marchs transactions increase or decrease Amy Austins capital? Received cash for job completed, 11,500. Check my Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 22. Purchased supplies for cash, 1,750. LIABILITY 31.Received 3,000 for serving as a disc jockey for a party. We will pay the $110 in thirty days. Can you think of any reason why the amount determined in (4) might not be the net income for November? During the first month of operations of his, A:Solution: The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. (b) Paid office rent, 500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 11.Received 1,000 for serving as a disc jockey for a party. 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. He completed the following transactions during June: a. Ken Jones, an architect, opened an office on April 1, 2016. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each 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 August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. c. Paid April rent for office and workroom, 3,150. d. Paid cash for supplies, 1,450. e. Purchased office and computer equipment on account, 6,500. f. Paid cash for annual insurance policies on automobile and equipment, 2,400. g. Received cash from a client for plans delivered, 12,000. h. Paid cash to creditors on account, 1,800. i. G. Received the electricity bill. 11. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 61,000 Using the following, A:Impact on Equity - March transactions are as follows : CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Hal Smith opened Smith's repairs on 01.03. 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. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 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. Paid cash for miscellaneous expenses, 375. j. 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. Budgeting issues at the movies: As, Q:Leora Diamond began a professional practice on June 1 and plans to prepare financial statements at, A:Accounting Equation is foundation of Double entry Accounting System . 1,500 Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Find answers to questions asked by students like you. Expenses Inflation is 3.8% per year. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. $30000. Insurance expired during May is 275. b. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. + 8. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Accounts 225. 1003. i. A. 61,000 a., A:1. 4. h. Purchased land as a future building site, paying cash of $120,000. Ming Chen (the owner) completed these transactions: If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 15. J. %3D (Optional) Prepare a statement of cash flows for July. DLite Dry Cleaners is owned and operated by Joel Palk. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. How much did Junes transactions increase or decrease Chad Wilsons capital? 0. 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 It is the first step of recording transactions of a company. Hi! b. 29. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. If you still cannot find the error, re-analyze each transaction. f. Paid office salaries, $6,500. Withdrew cash for personal use, 2,500. Ask your question! h. Borrowed $100,000 by issuing a note payable. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. $30000. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Journalize and post the adjusting entries. 0. Paid cash for a newspaper advertisement. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 1. 2. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 7.500 c. Received cash from fees earned. a. Paid the office rent for the current month, 650, Ck. 8. Determine the following: a. 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. h. Borrowed $100,000 by issuing a note payable. Paid dividends, 2,500. 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. S NO Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Record the adjusting entries on Page 7 of the journal. 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? 10. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 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 II 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. 10,000 + c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). He. 3. To ensure my potential must visit my profile to check my ratings and uploaded samples. 27. Journals: +. 75,000 Introduce yourself. The account headings are presented below. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. d. Paid rent on office and equipment for the month, $5,000. 24 No. Start your trial now! No.  b. During March, the following, A:1. 2023 White PaPer. 3. Received an invoice for truck expenses, to be paid in November, 1,250. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. February 20, 2023. Movies are expensive to produce and market. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. 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. A Wages of $379,000 were paid in cash. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. i. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Record the transactions and the balance after each transaction. Prepare the necessary journal entries to record these transactions. 0. Only debit card transaction fees. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - During the first month of operations of her business (a, A:An income statement is a part of financial statement which contain the details of all incomes and, Q:On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. 2. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Introduce your . Receivable The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. a. (g) Paid wages to part-time employee, 500. Instuction Prepare an income staement and statement of stockholders equity for July. Bal During June, Ming Chen (the owner) completed these transactions. $ Determine the net income or net loss for April. Extend the balances to the appropriate balance columns after each transaction is posted. 61,000 A:Net income is calculated after analysing the revenue and expenses of the organisation. 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.: a. + 4, d. The company completed work for a client and immediately collected the $2,500 cash earned. a. Gervais deposited 25,000 in a bank account in the name of the business. 4. d. Purchased office supplies on account, $1,250. 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. 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 company paid $10,000 cash to settle the liability created in transaction c. j. property. Assets 2. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. I have all relevant skills and expertise related to your project. During June, Ming Chen (the owner) completed these transactions. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. d. If the two totals are not equal, check the addition and subtraction. In addition, $28,000 of computer rental costs were incurred and paid. 15. Received cash from clients on account, 2,450. f. The company purchased additional equipment for $6,000 cash. View this solution and millions of others when you join today! (c) Purchased office equipment. No. a. On March 1 of this year, B. Gervais established Gervais Catering Service. Instructions 1. A:Hi student 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. $ 15,000 Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. 8,000 Hire Professional Writer And Get A+ Grades In Your Homework. 1 of 1 Instructions 1. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. During the month, he completed the following transactions connected with his professional practice: a. 13. During June, Ming Chen (the owner) completed these transactions. points Q:1. Issued common stock to Marjorie Knaus in, A:Step 1 f. Paid office salaries, $6,500. *Response times may vary by subject and question complexity. First week only $4.99! A:The financial statements of the business include the income statement and balance sheet of the firm. a. h. (1,500) + During the month, Jones, A:T accounts: Since there are multiple subparts, we will answer only first three subparts. Apr. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 31. No. 21. She, A:The balance sheet is one of the financial statements of the business which represents the financial, Q:On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of, A:Accounting Equation: 29. 0. 4. 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. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Instructions 1. e. Determine account balances of the T accounts. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. 24. Is it a product or a period cost? minus sign.) J. Required: 7,500 In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Repairs and maintenance of $9,000 were incurred and paid. a. 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. Bal. Received 3,000 for serving as a disc jockey for a party. Borrowed $100,000 by issuing a note payable. Withdrew cash for personal use, 7,500. Paid rent for July, 1,750. g. The company paid an assistant $3,000 cash as wages for the month. 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. Common The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 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. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? 12. $4 a. On June 1 of the current year, Chad Wilson established a business to manage rental property. Paid 620 to Upload Music for use of its current music demos in making various music sets. 4. 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. i. Paid dividends, 10,500. Hi, Hope you are doing well. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Instructions 1. Ming Chen began a professional practice on June 1 and. Received 1,000 for serving as a disc jockey for a party. 1002. h. Received and paid the bill for utilities, 340, Ck. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common July 21. D. An office worker was hired. Determine the net income for March. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Determine the amount of Joel Palks capital as of July 1 of the current year. a. Bal. 6. 10.000 Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Ask a new question. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. 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. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. 5. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Paid cash to creditors on account, 3,000. j. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Record the following transactions on Page 6 of the journal: 20.  a. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. + Instructions 1. b. Introduction: 31.Withdrew 1,250 cash from PS Music for personal use. Accounting Equation is calculated using following equation - Determine the net income or net loss for October. f. The company purchased additional equipment for $6,000 cash.