Paid wages of employees, 6,800. b. 27. 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. Accounting Equation - 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. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 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. 6. 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. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Check my On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. The customer will pay at a later date. d. 15. If the two totals are not equal, check the addition and subtraction. 11. Recorded services provided on account for the remainder of May, 2,650. During the first month of operations of his, A:Solution: In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Common 2,500 Determine the excess of revenues over expenses for November. 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 Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. No. a. 30. Bal. + 8. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 29. A:Journal: The account headings are presented below. Bal. 11. 23.Served as disc jockey for a party for 2,500. During the first month of operations of his, A:Solution: Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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. So lets make no longer delay & start chatting immediately. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. operations,, A:Journal entry means the entry in prime book with chronological order. In this activity, you will be creating. First week only $4.99! 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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. The entire assets of an organization are equal to the sum of its liabilities, Q:Kristin Holden started her own consulting business in July, 20--. Save & Exit Paid wages of 1,200 to receptionist and part-time assistant. Accounting Equation is calculated using following equation - (j) Withdrew cash for personal use, 100. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 6. a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 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 in exchange for its common + During June, Ming Chen (the owner) completed these transactions. Basic Accounting Systems: Cash Basis. Simple Accounting equation is. No. 3. 1003. i. Enter the impact of each transaction on individual items of the accounting equation. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (i) Paid electricity bill, 85. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 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. property. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. In addition, $28,000 of computer rental costs were incurred and paid. f. Paid office salaries, $6,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Owner withdrew $1,000 cash from the company for personal use. Received 500, with the remainder due on August 9, 2019. a. The company paid $1,500 cash for rent of office space for . Ming Chen (the owner) completed these transactions. Purchased supplies on account, 735. 8. 4. b. 4. Paid annual premiums on property and casualty insurance, 2,400. 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 that had a $15,000 market value in exchange for its common stock. %24 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 (Income Summary is account 34 in the chart of accounts.) 25,000 1,500 4. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. c. Received cash from fees earned. During June, Ming Chen (the owner) completed these transactions. Q:Duerr Engineering completed the following transactions in the month of June. C. b. Assets Paid dividends, $3,000. 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: 15,000 During June, Ming Chen (the owner) completed these transactions. On March 1 of this year, B. Gervais established Gervais Catering Service. (1,500) + The transactions of Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. How much did Junes transactions increase or decrease Chad Wilsons capital? 8,000 Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. h. Borrowed $100,000 by issuing a note payable. +. What amount should Carter report as net cash from investing activities? 31. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 18. Payable Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. %24 Receivable Hal Smith opened Smith's Repairs on March 1 of the current year. Purchased office equipment on account from Office Mart, 7,500. 58,500 7.500 %24 7,500 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. d. The company completed work for a client and immediately collected the $2,500 cash earned. How much did Marchs transactions increase or decrease Amy Austins capital? 4. Paid Office Station Co. for part of the debt incurred on April 5, 640. b. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. b. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Instructions 1. 2023 White PaPer. b. 0. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. (Do not insert the account numbers in the journal at this time.) e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 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: 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. 31. Equity 7,500 c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. 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. (Note: Ignore the date because these events are aggregations of individual events.) h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. 3. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. During June, Ming Chen (the owner) completed these transactions. 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. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. The policy covers a one-year period. 28. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. b. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed During the month, he completed the following transactions connected with his professional practice: a. i. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 9. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 2. 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. During June, Ming Chen (the owner) completed these transactions: a. During June, Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Paid wages of 1,200 to receptionist and part-time assistant. 9. During June, b. 75,000 Q:Comprehensive Problem Set Find answers to questions asked by students like you. a. Accounts containing only a single entry do not need a balance. LIABILITY a. d. The company completed work for a client and immediately collected the $2,500 cash earned. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Brooke completed the following transactions during the month of August: a. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 501. e. Bought insurance for the truck for one year, 400, Ck. b. b. (Do not insert the account numbers in the journal at this time.) The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! I am highly qualified expert, working from 2008-9 in this industry. 4. 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.
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