b. 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. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Paid gas, oil, and repairs on automobile for April, 550. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 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. 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 A:Introduction: Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. I will also provide you with TURNITIN PLAGIARISM REPORT. $30000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 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. %24 Cash Amount of total expenses recorded in the ledger. 2. Use a chart of accounts to order the ledger accounts. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 4. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 10. 1006. 4. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. I. 31. h. Purchased land as a future building site, paying cash of $120,000. Introduce yourself. July 21. Enter the following transactions on Page 2 of the two-column journal: 16. a. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 2.1.4P, Your question is solved by a Subject Matter Expert. Prepare an adjusted trial balance. During the month, Knaus. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Paid rent for July, 1,750. The company paid $1,500 cash for rent of office space for the month. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. (d) Received cash for services rendered, 900. Greetings! 8.000 29. During the first month of operations of his, A:Solution: Each drugstore is operated by a general manager and a controller. 1,500 In addition, $28,000 of computer rental costs were incurred and paid. Cash 2. 0. Record the adjusting entries on Page 7 of the journal. i. Prepare the necessary journal entries to record these transactions. 506. Find answers to questions asked by students like you. Instructions 1. Since there are multiple subparts, we will answer only first three subparts. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. b. b. Prepare a single-step income statement. Use the ending balances in the T-accounts to prepare a trial balance. The following transactions, A:Note: Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Greco resort opened for business on june 1. 25,000 Check my d. Does the activity add value to Latchey’s provision of insurance services? C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Explanations may be omitted. 30. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 9. A:a)Indicate the effect of the given transactions. 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. If an entry is not required for any of these transactions, state this and explain why. The company paid $10,000 cash to settle the liability created in transaction c. j. b. 18. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. $4 The worker will be paid $275 per week. 61. Opened a business bank account with a deposit of 50,000 from personal funds. Paid electric bill, 915. Instructions 1. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? (Record as Miscellaneous Expense.) Ming Chen (the owner) completed these transactions. h. A:a)Indicate the effect of the given transactions. The account headings are presented below. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. 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. Revenue 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. b. 3. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Determine the net income for March. Ethics and budgetary slack: 7.500 0. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. C. Provided services in the amount of $1,000. Bal. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 4. 28. A:Revenue means the income earned during a given period. Only debit card transaction fees. G. Received the electricity bill. 28. The company paid $1,000 cash in dividends to the owner (sole shareholder). i. 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. 30. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. 75,000 Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. 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 in exchange for its common stock. Paid utilities expense, 4,500. A:Journal: She, A:As you have posted multiple questions, the solution to the first question is being provided. Bal. c. Received cash from fees earned. 60,000 Prav If the two totals are not equal, check the addition and subtraction. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Paid dividends, 2,500. Recorded services provided on account for the period May 16-20, 4,820. i. 504. j. Determine the following: a. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. During March, the following, A:1. Bal. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. The following transactions were completed during July, the second month of the business's operations: July 1. a. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. 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 + Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Required: and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. a., A:1. b. Expenses a. Gervais deposited 25,000 in a bank account in the name of the business. 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She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. During June, Ming Chen (the owner) completed these transactions. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 75,000 0. 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. 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. Hill During June, Ming Chen (the owner) completed these transactions: a. The company paid $1,500 cash for rent of office space for the month. Bal. 1,500 Stock 1.500 b. a. a. 58,500 25. Paid truck expenses, 435, Ck. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Enter the impact of each transaction on individual items of the accounting equation. 7,500 Accounting Equation is calculated using following equation - Analyze each transaction, Journalize as appropriate. b. 31. During June, Ming Chen (the owner) completed these transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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. It is the first step of recording transactions of a company. 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. 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. 7,500 In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. What will be the value of interest payment at the end of fourth year in real dollars? 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. 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. Good morning, teachers, I am honored to be informed to have this interview. During June, Ming Chen (the owner) completed these transactions. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Find answers to questions asked by students like you. 4. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Journal entry is used to the record the business transactions of an enterprises. Liabilities Received 2,000 for serving as a disc jockey for a wedding reception. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. 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 . 503. h. Sold catering services on account, 4,307. i. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 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. 4. c. Amount of net income for January. The business was started by selling $100,000 worth of common stock. Paid miscellaneous expenses, 1,000. What amount should Carter report as net cash from investing activities? d. The company completed work for a client and immediately collected the $2,500 cash earned. A balance sheet 2. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Paid annual premiums on property and casualty insurance, 2,400. No. 31. g. The company paid an assistant $3,000 cash as wages for the month. Payable I have all relevant skills and expertise related to your project. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 4. c. Amount of net income for August. Explanations may be omitted. 75,000 During the month, Jones, A:T accounts: 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. 7. Withdrew cash for personal use, 2,000. 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. 3. i. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. March transactions are as follows : The following, A:Unadjusted Trial Balance - During the first month of Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:The following transactions were carried out during the month of May by M.SAJJAD The following transactions, A:Journal Entries: %D No. 30.Served as a disc jockey for a charity ball for 1,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1,500 7,500 . Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Stock The following account balances are available: Required: 1. (c) Purchased office equipment. During the month, he completed the following transactions connected with his professional practice: a. LIABILITY minus sign.) The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 8. %24 The company paid $1,500 cash for rent of office space for the month. The company paid $1,500 cash for rent of office space for the. %24 Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed and company a firm. Introduce your . Received an invoice for truck expenses, to be paid in November, 1,250. %24, Carl Warren, James M. Reeve, Jonathan Duchac. References 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. 8.000 00. a. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and Dividends in the amount of $1,500 were distributed. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 4. 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.: 0. d. Purchased office supplies on account, $1,250. Ken Jones, an architect, opened an office on April 1, 2016. First week only $4.99! 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. Introduction: The transactions of Start your trial now! a. If you still cannot find the error, re-analyze each transaction. Determine the increase or decrease in owners equity for January. Mulberry purchased computer paper for $13,000 cash in late December. To ensure my potential must visit my profile to check my ratings and uploaded samples. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: Recorded services provided on account for the remainder of May, 2,650. c. Received cash from fees earned. Bal Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Prepare and post the closing entries. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Served as a disc jockey for a charity ball for 1,500. Withdrew cash for personal use, 3,900. 31. 15. Instructions 1. 0. Expenses 3. The following information is provided for the first month of operations for Legal Services Inc.: A. The company pald $2,100 cash for rent of office space for . 3. The following, A:Unadjusted Trial Balance - Instructions 1. Determine the net income or net loss for January. + Purchased supplies on account, 850. Using the following, A:Impact on Equity - 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. Is this a direct or an indirect cost? Chapter 1 Exercises i Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 4. $30000. 25,000 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. During June, Ming Chen (the owner) completed these transactions. I am highly qualified expert, working from 2008-9 in this industry. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. During the month, he completed the, 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. 8.000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Which of the following is true? 31.Withdrew 1,250 cash from PS Music for personal use. 10,000 July 21. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. The policy covers a one-year period. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. 12. Accounting Equation - a. b. Accounts 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. $ 28.Paid wages of 1,200 to receptionist and part-time assistant. 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. %24 a. Wallace deposited 24,000 in a bank account in the name of the business. a. Receivable 10 000 Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. Received cash for job completed, 11,500. Help h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. During June, Ming Chen (the owner) completed these transactions.a. b. g. Paid interest on the note payable, $500. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. ces Instructions 1. Received 500, with the remainder due on August 9, 2019. b. Paid dividends, $3,000. (f) Made payment on loan in transaction (c), 500. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. b. During June, Ming Chen (the owner) completed these transactions. b. S NO Instructions 1. Paid miscellaneous expenses, 540. 31. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. + 1,500 11.Received 1,000 for serving as a disc jockey for a party. During June, Ming Chen (the owner) completed these transactions. Assignments: ACCTG-4A-80575-2021SP Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. (Do not insert the account numbers in the journal at this time.) Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Write Balance in the Item column and place a check mark () in the Posting Reference column. Record the closing entries on Page 8 of the journal. DLite Dry Cleaners is owned and operated by Joel Palk. None of the paper was used by year-end. ol + Assets No. 9. Recorded jobs completed on account and sent invoices to customers, 22,300. ASSETS 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. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Determine the excess of revenues over expenses for November. After, A:Net income: If the two totals are not equal, check the addition and subtraction. Prepare T accounts, using the account titles in (1). Q:On April 1, Anita Strods created a new travel agency, Strods Travel. . 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July.
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