the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 1006. Mulberry paid the interest payable of $8,000. 4. 30. During June, Ming Chen (the owner) completed these transactions. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Instrustions Prepare a balance sheet as of July 31, 20Y5. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 3.Paid 250 to creditors on account. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. How much did Junes transactions increase or decrease Chad Wilsons capital? 1PA, Your question is solved by a Subject Matter Expert. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Connie Young, an architect, opened an office on October 1, 2019. Instructions 1. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Ming Chen started a business and had the following transactions in June. 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. b. h. Borrowed $100,000 by issuing a note payable. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. During June. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 1,500 It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. Introduction: e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. The account headings are presented below. During the first month of d. The company completed work for a client and immediately collected the $2,500 cash earned. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Introduce your . e. Paid dividends, $3,000. Income tax of $10,300 was incurred and paid in 2019. Received cash from customers on account, 9,000. b. 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? Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Any additional hours beyond SO will be billed to KXMD at 40 per hour. c. Received cash from fees earned. During June, Ming Chen (the owner) completed these transactions. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. The transactions of Paid rent for July, 1,750. Recorded services provided on account for the period May 16-20, 4,820. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 2. Withdrew cash for personal use, 7,500. Prepare T accounts, using the account titles in (1). d. Paid rent on office and equipnwnt for the month, $5,000. A:The financial statements of the business include the income statement and balance sheet of the firm. We will pay the $110 in thirty days. The following transactions, A:Note: Q:Gabi Gram started The Gram Company, a new business that began operations on May 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. Required 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 Mc. d. The company completed work for a client and immediately collected the $2,500 cash earned. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). a. 31. . A:Net income is calculated after analysing the revenue and expenses of the organisation. 1,500 If an entry is not required for any of these transactions, state this and explain why. 4. 4. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Good morning, teachers, I am honored to be informed to have this interview. _Accounting 1 Assignment Part 1 - Ming Chen began a professional 2,500 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Record the transactions and the balance after each transaction. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. First week only $4.99! Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 1. i. 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. During June, 3. 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. The following information is provided for the first month of operations for Legal Services Inc.: A. Determine the net income or net loss for April. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. 61,000 the firm are, A:Income statement Solved Exercise 1-13 Identifying effects of transactions - Chegg I am a Ph.D. writer with more than 9 years of working experience in Writing. Instuction Prepare an income staement and statement of stockholders equity for July. 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. Introduce yourself. Withdrew cash for personal use, 2,500. 4. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 25.000 A. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 8.000 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: Received 2,000 for serving as a disc jockey for a wedding reception. Use a chart of accounts to order the ledger accounts. 3. 1.500 4. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. The business was started by selling $100,000 worth of common stock. Write Balance in the Item column and place a check mark () in the Posting Reference column. Required *Response times may vary by subject and question complexity. Determine the net income or net loss for April. (d) Received cash for services rendered, 900. 29. Q:Connie Young, an architect, opened an office on October 1, 2019. Advertising expense of $26,000 was incurred and paid. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. Assignments: ACCTG-4A-80575-2021SP Bal. Journals: Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Bal 3. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Common [Solved] Ming Chen began a professional practice o | SolutionInn She helped me in last minute in a very reasonable price. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 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. eBook 0. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 17. f. The company purchased additional equipment for $6,000 cash. The company paid $1,500 cash for rent of office space for the month. J. So lets make no longer delay & start chatting immediately. The company paid $10,000 cash to settle the liability created in transaction c. j. 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Cash Hello. Purchased supplies on account, 735. Paid rent for period of November 1 to end of month, 4,000. 0. Do you need an answer to a question different from the above? J. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. %24 Expenses The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. h. Purchased land as a future building site, paying cash of $120,000. What amount should Carter report as net cash from investing activities? Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. There is no prepaid rent or rent payable at year-end. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. During June, Ming Chen (the owner) completed these transactions. Paid Office Station Co. for part of the debt incurred on April 5, 640. (c) Purchased office equipment. The company paid $1,000 cash in dividends to the owner (sole shareholder). Answered: Ming Chen began a professional practice | bartleby 13. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 31.Withdrew 1,250 cash from PS Music for personal use. EQUITY Prepare an unadjusted trial balance as of July 31, 2019. points 4. i. a. Common Accounts Purchased office equipment on account, 15,000. Issued common stock to Marjorie Knaus in, A:Step 1 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? 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: No. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. 22. 3. What if the client hasn't prepared them in advance? The following, A:Unadjusted Trial Balance - b. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. and company a firm. Unadjusted Trial Balance is the trial balance before making adjustments., Q:he accountant for the firm owned by Randy Guttery prepares financial statements at the end of each. Since there are multiple subparts, we will answer only first three subparts. Accounts containing only a single entry do not need a balance. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental Paid miscellaneous expenses, 540. On March 1 of this year, B. Gervais established Gervais Catering Service. a. During June, Ming Chen (the owner) completed these transactions: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. (g) Paid wages to part-time employee, 500. Enter the impact of each transaction on individual items of the accounting equation. 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. Answered: Ming Chen began a professional practice | bartleby Paid dividends, 2,500. c. Received cash from fees earned. g. The company paid an assistant $3,000 cash as wages for the month. Ming Chen began a professional practice on June $1$ and plan | Quizlet During the month, he completed the following transactions connected with his professional practice: a. Paid 5,000 on note payable. Correct answers: 1 question: A loan of $400,000 is taken out which requires an annual interest payment of 4.4% of the borrowed amount of money (in market dollars). Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The American Chamber of Commerce in South China. I am highly qualified expert, working from 2008-9 in this industry. During June, Ming Chen (the owner) completed these transactions. No. The following transactions were completed during July, the second month of the business's operations: July 1. 27. Paid truck expenses, 435, Ck. %24 a. 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. Received cash for job completed, 11,500. 10,000 Thanks :--). [Solved] Ming Chen began a professional practice o | SolutionInn (h) Received cash for services rendered, 800. %3D 3. j. Six months rent was paid in advance, $4,500. He. If you want the answer, Q:Architects completed the following transactions: No. 2023. Received 3,000 for serving as a disc jockey for a party. The following, A:Unadjusted Trial Balance - Required 1. 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. Paid on account to the City Crier, 455, Ck. 25. a. *Response times may vary by subject and question complexity. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. b. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. e. 505. m. Paid the salary of the assistant, 1,150, Ck. 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--. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. (Do not insert the account numbers in the journal at this time.)
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