ming chen began a professional practice on june 1

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. A:The financial statements of the business include the income statement and balance sheet of the firm. The company paid $1,500 cash for rent of office space for . *Response times may vary by subject and question complexity. Dividends S NO f. The company purchased additional equipment for $6,000 cash. 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 company paid $1,500 cash for rent of office space for the month. a. Paid Office Station Co. for part of the debt incurred on April 5, 640. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Prepare an unadjusted trial balance as of August 31, 2016. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Required 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. 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. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. Paid electric bill, 915. 2. g. Paid interest on the note payable, $500. Check my Explanations may be omitted. 4. %D b. 25. Paid rent for period of November 1 to end of month, 4,000. 00. 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. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Home., A:Since you have asked multiple questions under a single question. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Amount of total revenue recorded in the ledger. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid gas, oil, and repairs on automobile for April, 550. Received 1,000 cash from customers on account. J. 4. If you still cannot find the error, re-analyze each transaction. d. Paid rent on office and equipment for the month, $5,000. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. II g. The company paid an assistant $3,000 cash as wages for the month. 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. Common Prepare an income statement, a retained earnings statement, and a balance sheet. 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. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 7,500 Insurance expired during May is 275. b. Paid wages of employees, 6,800. To ensure my potential must visit my profile to check my ratings and uploaded samples. 1 of 1 Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. %24 15,000 To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. July 21. During June, Ming Chen (the owner) completed these transactions. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. 10.000 Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Paid wages of 1,200 to receptionist and part-time assistant. Equity Received cash for job completed, 11,500. 2020 - 2024 www.quesba.com | All rights reserved. He. 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. In July of this year, M. Wallace established a business called Wallace Realty. ces The actual work of dry cleaning is done by another company for a fee. View this solution and millions of others when you join today! 8. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. ok ht inces a. a. Can you think of any reason why the amount determined in (4) might not be the net income for November? . 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. Purchased supplies on account, 735. 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 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. 4. Establish a ledger for the accounts listed above and enter the beginning balances. %D If you still cannot find the error, re-analyze each transaction. 1. 4. Accounts After, A:Net income: 25.000 Paid truck expenses, 435, Ck. %3D Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. If you want the answer, Q:Architects completed the following transactions: 2,500 Prepare T accounts, using the account titles in (1). 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Ming Chen (the owner) completed these transactions. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. The following, A:Unadjusted Trial Balance - Use the ending balances in the T-accounts to prepare a trial balance. 1,500 In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Received an invoice for truck expenses, to be paid in November, 1,250. Owner withdrew $1,000 cash from the company for personal use. I am a Ph.D. writer with more than 9 years of working experience in Writing. c. Both credit card and debit card transaction fees are limited by law. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. 2.Received 1,000 cash from customers on account. 75,000 During the first month of operations of his, A:Solution: Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Prepare T accounts, using the account titles in (1). Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Mulberry paid the interest payable of $8,000. College Accounting (Book Only): A Career Approach. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. the firm are, A:Income statement How much did Marchs transactions increase or decrease Amy Austins capital? Next If the two totals are not equal, check the addition and subtraction. The following information is provided for the first month of operations for Legal Services Inc.: A. 000 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. 22. 30. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 1003. i. Paid 250 to creditors on account. February 20, 2023. 28. During June, Ming Chen (the owner) completed these transactions. Recorded services provided on account for the remainder of May, 2,650. Interest of $5,000 was paid on the long-term loan. 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. During June, Ming Chen (the owner) completed these transactions. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). c. Received cash from fees earned. 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. and company a firm. Paid dividends, 2,500. Bal. Paid 5,000 on note payable. I will also provide you with TURNITIN PLAGIARISM REPORT. the. g. The company paid an assistant $3,000 cash as wages for the month. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. i. 30. d. 1.500 23. . Accounts b. Prepare an unadjusted trial balance. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Required: Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. 15,000 Received and paid the heating bill, 248, Ck. Issued common stock to Marjorie Knaus in, A:Step 1 a. Prepare and post the closing entries. %24 Amount of total expenses recorded in the ledger. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 0. H. Paid the worker hired in D for one weeks work. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Q:Duerr Engineering completed the following transactions in the month of June. %3D 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 . Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. She helped me in last minute in a very reasonable price. Instructions 1. Ask a new question. 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. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - Write Balance in the Item column and place a check mark () in the Posting Reference column. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Basic Accounting Systems: Cash Basis. C. Provided services in the amount of $1,000. 28.Paid wages of 1,200 to receptionist and part-time assistant. 31. 505. m. Paid the salary of the assistant, 1,150, Ck. The policy covers a one-year period. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Determine the increase or decrease in owners equity for August. 10. a. No. 58,500 b. e. 10,000 + c. Received cash from fees earned. During June, Ming Chen (the owner) completed these transactions. Liabilities d. Paid rent on office and equipnwnt for the month, $5,000. 30. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 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. Enter the impact of each transaction on individual items of the accounting equation. 1. Assets Thanks :--). E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. I am highly qualified expert, working from 2008-9 in this industry. (1,500) + ol + Purchased supplies for cash, 1,750. (e) Paid phone bill, 65. Paid telephone bill for May, 260. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Bal. A:a)Indicate the effect of the given transactions. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. During June, Ming Chen (the owner) completed these transactions: a. Amount of total revenue recorded in the ledger. 27. 1PA, Your question is solved by a Subject Matter Expert. 31. Good morning, teachers, I am honored to be informed to have this interview. During June, Ming Chen (the owner) completed these transactions: a. 8,000 Paid 700 to a local audio electronics store for rental of digital recording equipment. Paid rent for July, 1,750. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 0. (d) Received cash for services rendered, 900. Apr. 5. 10,000 Received cash from customers on account, 9,000. 10,000 3. March transactions are as follows : Payable 0. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Show new balances after each transaction. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. 25,000 f. Paid office salaries, $6,500. Determine the excess of revenues over expenses for November. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. No. (Enter decreases to account balances with a She, A:As you have posted multiple questions, the solution to the first question is being provided. 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 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. 2. f. The company purchased additional equipment for $6,000 cash. Purchased office equipment on account from Office Mart, 7,500. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. d. The company completed work for a client and immediately collected the $2,500 cash earned. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 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. 2.1.4P, Your question is solved by a Subject Matter Expert. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Received 1,000 for serving as a disc jockey for a party. During March, the following, A:1. g. Paid interest on the note payable, $500. d. The company completed work for a client and immediately collected the $2,500 cash earned. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. 3. 2. During June, Ming Chen (the owner) completed these transactions: a. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 15. During the month, he completed the following transactions connected with his professional practice: a. Determine the amount of Joel Palks capital as of July 1 of the current year. A:Introduction: Six months rent was paid in advance, $4,500. (a) Invested cash in the business, 510,000. 23. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Bal Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Im very much interested to write for attendance systems. Received 500, with the remainder due on August 9, 2019. The company paid $1,500 cash for rent of office space for the month. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. stock. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. (Record as Miscellaneous Expense.) d. Purchased office supplies on account, $1,250. Borrowed $100,000 by issuing a note payable. 8. c. Received cash from fees earned. f. The company purchased additional equipment for $6,000 cash. 1002. h. Received and paid the bill for utilities, 340, Ck. Prepare a single-step income statement. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. The account headings are presented below. Record the adjusting entries on Page 7 of the journal.

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