On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Prepare an unadjusted trial balance as of August 31, 2016. Withdrew cash for personal use, 2,500. + c. Both credit card and debit card transaction fees are limited by law. %3D %24 Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Withdrew cash for personal use, 3,900. Received 500, with the remainder due on August 9, 2019. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. No. 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. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 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 Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Paid rent for July, 1,750. During the first month of operations of his, A:Solution: Received 750, with the remainder due August 4, 2019. During June, Ming Chen (the owner) completed these transactions. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 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 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Recorded services provided on account for the period May 1-15; 9,180. If you want the answer, Q:Architects completed the following transactions: Required 1. a. The following transactions, A:Journal Entries: T Accounts, Debits And Credits, Trial Balance, And Financial Statements. A:Revenue means the income earned during a given period. 0. In this activity, you will be creating. 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. 75,000 C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Liabilities Required Accounts Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. During June, Ming Chen (the owner) completed these transactions: a. [Solved] Ming Chen began a professional practice o | SolutionInn LIABILITY She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! During March, the following, A:1. d. View this solution and millions of others when you join today! d. Purchased office supplies on account, $1,250. Advertising expense of $26,000 was incurred and paid. (1,500) + 2,500 Record the transactions and the balance after each transaction. 10,000 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: a. 7,500 Hello. The company paid $1,500 cash for rent of office space for the month. Kimberly Manis, an architect, opened an office on January 1, 2016. 0.33 b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common The company paid $1,500 cash for rent of office space for the month. 25. Ming Chen began a professional practice on June 1 and plansget 1 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. Bal. The company paid $1,500 cash for rent of office space for the month. During June, Do you need an answer to a question different from the above? 23.Served as disc jockey for a party for 2,500. Determine account balances of the T accounts. Mulberry paid the interest payable of $8,000. g. The company paid an assistant $\$3,000$ cash as wages for the month. Withdrew cash for personal use, 2,000. Prepare a single-step income statement. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Create the following table similar to the one in Exhibit 1.9. 1003. i. Ethics and budgetary slack: To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 0. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. 2,500 Withdrew l,250 cash from PS Music for personal use. 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. 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. 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. 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. %24 Determine the net income or net loss for October. You can message me to discuss the details. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 9. 0. 10. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. July 21. 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. Instructions 1. 31.Withdrew 1,250 cash from PS Music for personal use. Payable E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 27.Paid electric bill, 915. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (Continued) Required: 1. Record the adjusting entries on Page 7 of the journal. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. 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. Prepare an unadjusted trial balance as of July 31, 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. c. Amount of net income for August. 24 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. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Instructions 1. On March 1 of this year, B. Gervais established Gervais Catering Service. Im very much interested to write for attendance systems. During June, Ming Chen (the owner) completed these transactions. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Dividends in the amount of $1,500 were distributed. In addition, $28,000 of computer rental costs were incurred and paid. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. The company paid $10,000 cash to settle the liability created in transaction c. j. h. 1,500 Enter the following transactions on Page 2 of the two-column journal: 16. Prepare an unadjusted trial balance. 61. 31. 9. 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. Received 1,000 for serving as a disc jockey for a party. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1,500 8. Common (g) Paid wages to part-time employee, 500. 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. 10,000 (Enter decreases to account balances with a Prepare T accounts, using the account titles in (1). 4. Record the transactions and the balance after each transaction. If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and (h) Received cash for services rendered, 800. 2. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. 2020 - 2024 www.quesba.com | All rights reserved. No. He. 5. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Instructions 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Ming Chen began a professional practice on June 1 and plans Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. 4. 23. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. During June, Ming Chen (the owner) completed these transactions. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 2.1.4P, Your question is solved by a Subject Matter Expert. During June, Ming Chen (the owner) completed these transactions. 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. Ming Chen began a professional practice on June 1 and plans - BRAINLY Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Show new balances after each transaction. (b) Paid office rent, 500. a. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Determine the amount of Joel Palks capital as of July 1 of the current year. %24 Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. 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. 0. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Receivable Good morning, teachers, I am honored to be informed to have this interview. 503. h. Sold catering services on account, 4,307. i. Paid gas, oil, and repairs on automobile for April, 550. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 1. Answered: Ming Chen began a professional practice | bartleby 3. During June, Ming Chen (the owner) completed these transactions. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Paid dividends, 10,500. Mc.  b. Required (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Receivable During the month, Lexi completed the following transactions related to the business: Nov. 1. Cash a. 0. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. %24 Common g. The company paid an assistant $3,000 cash as wages for the month. The transactions of 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. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. If the two totals are not equal, check the addition and subtraction. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. f. The company purchased additional equipment for $6,000 cash. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. C. A statement of changes in Equity Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. During June, Ming Chen (the owner) completed these transactions. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. Write Balance in the Item column and place a check mark () in the Posting Reference column. 17. A. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Introduce your . Required: 7,500 4. 13. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - b. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 1. ezto.mheducation.com During June, Ming Chen (the owner) completed these transactions: a. Bal. Which of the following is true? Accounts Purchased supplies on account, 735. 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. The company paid $1,500 cash for rent of office space for . Opened a business bank account with a deposit of 35,000 in exchange for common stock. Solved Exercise 1-13 Identifying effects of transactions - Chegg Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed $ 9. 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. Determine the account balances, after all posting is complete. The American Chamber of Commerce in South China. (Note: Ignore the date because these events are aggregations of individual events.) eBook No. (Do not insert the account numbers in the journal at this time.) 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. 7.500 3. Owner invested 31. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 1, A:Salary is the expense of a business. Analyze and use these data to complete parts (5) and (6). Q:Ken Jones, an architect, opened an office on April 1, 2019. minus sign.) 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.: g. The company paid an assistant $3,000 cash as wages for the month. 1. 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. The company paid $10,000 cash to settle the liability created in transaction c. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 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. 12. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. The company paid $10,000 cash to settle the liability created in transaction c. 0. Ask a new question. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. d. Required 1. A loan of $400,000 is taken out which requires an annual interest b. Instructions 1. 10,000 Instructions 1. 4. 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. 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. Insurance expired during May is 275. b. f. J. Income tax of $10,300 was incurred and paid in 2019. 8.000 I am highly qualified expert, working from 2008-9 in this industry. 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 $1,500 cash for rent of office space for the month. During the month, he completed the following transactions connected with his professional practice: a. (83) He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. No principal payments are made, only interest is paid. + 2,500 . 31.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Equity 60,000 60,000 Ming Chen began a professional practice on June 1 and plans to prepare 1,500 Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. There is no prepaid rent or rent payable at year-end. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. The following information is provided for the first month of operations for Legal Services Inc.: A. property. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 4. %D Record the closing entries on Page 8 of the journal. J. First week only $4.99! What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? The following, A:Unadjusted Trial Balance - 8. Start your trial now! 2. 2023. 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. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Paid on account to the City Crier, 455, Ck. During June, Ming Chen (the owner) completed these transactions. 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. Enter the impact of each transaction on individual items of the accounting equation. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. 29.Paid miscellaneous expenses, 540. Paid cash for a newspaper advertisement. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Chapter 1 Exercises i (k) Paid wages to part-time employee, 500. To ensure my potential must visit my profile to check my ratings and uploaded samples. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. 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. Use the ending balances in the T-accounts to prepare a trial balance. 2.Received 1,000 cash from customers on account. No. 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? The company paid $1,500 cash for rent of office space for the month. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 3. None of the paper was used by year-end. Six months rent was paid in advance, $4,500. 18.Purchased supplies on account, 850. and company a firm. 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. Ming Chen (the owner) completed these transactions: Apr. G. Received the electricity bill. 1,500 5. 8.Paid for a newspaper advertisement, 200. Required: 5. 10,000 _Accounting 1 Assignment Part 1 - Ming Chen began a professional 7.500 Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. The following transactions, A:Note: 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 506. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. 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. 8. 75,000 Paid wages of employees, 6,800. During the month, Knaus.  c. Is it a variable or a fixed cost? On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 1,500 Paid 620 to Upload Music for use of its current music demos in making various music sets. Determine the account balances after all posting is complete.