[Solved] Ming Chen began a professional practice o | SolutionInn b. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Enter the following transactions on Page 2 of the two-column journal: 29. 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. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. The company paid $1,500 cash for rent of office space for the month. Amount of total revenue recorded in the ledger. Instructions 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A Wages of $379,000 were paid in cash. %3D Paid rent for July, 1,750. 30.Served as a disc jockey for a charity ball for 1,500. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 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. 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: a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. 17. Find answers to questions asked by students like you. Post the journal to a ledger of four-column accounts. Required: 31. 0. 8. The policy covers a one-year period. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. 4. 28. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. h. Purchased land as a future building site, paying cash of $120,000. 1, A:Salary is the expense of a business. g. The company paid an assistant $3,000 cash as wages for the month. During the month, Lexi completed the following transactions related to the business: Nov. 1. Paid rent for period of November 1 to end of month, 4,000. 225. Paid 620 to Upload Music for use of its current music demos in making various music sets. b. i. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Mc. The following information is provided for the first month of operations for Legal Services Inc.: A. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Enter the impact of each transaction on individual items of the accounting equation. 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.: Journals: First week only $4.99! 5. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. 1,500 Instuction Prepare an income staement and statement of stockholders equity for July. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 3. Print 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. 7,500 On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. e. 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. 8.Paid for a newspaper advertisement, 200. In this activity, you will be creating. I am a Ph.D. writer with more than 9 years of working experience in Writing. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2,500 The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. %3D (Optional) Prepare a statement of cash flows for July. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 10,000 Ethics and budgetary slack: I am highly qualified expert, working from 2008-9 in this industry. 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. 8,000 Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. July 21. 30. c. Received cash from fees earned. 2020 - 2024 www.quesba.com | All rights reserved. 3. f. The company purchased additional equipment for $6,000 cash. Received invoice for blueprint service, due in May, 2,500. k. Recorded fees earned on plans delivered, payment to be received in May, 15,650. l. Paid salary of assistant, 2,800. m. Paid cash for miscellaneous expenses, 200. n. Paid 300 on note payable. k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. 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. During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. h. Borrowed $100,000 by issuing a note payable. Withdrew cash for personal use, 3,900. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Determine the increase or decrease in owners equity for January. 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. During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). points Paid for a newspaper advertisement, 200. 31.Withdrew 1,250 cash from PS Music for personal use. 2. A loan of $400,000 is taken out which requires an annual interest 5. f. Paid office salaries, $6,500. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Bal. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Recording of a business transactions in a chronological order. h. Borrowed $100,000 by issuing a note payable. 25.000 Any additional hours beyond SO will be billed to KXMD at 40 per hour. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Determine the net income or net loss for October. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Paid 250 to creditors on account. 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 business was started by selling $100,000 worth of common stock. If you want the answer, Q:Architects completed the following transactions: She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 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. (d) Received cash for services rendered, 900. 23. During June, Ming Chen (the owner) completed these transactions: a. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. No. 4. 3. 3. During May, Kelly Consulting entered into the following transactions: May 3. h. A statement of changes in Equity It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Issued common stock to Marjorie Knaus in, A:Step 1 Instructions 1. 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. Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. CASH 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--. h. Purchased land as a future building site, paying cash of $120,000. The company paid $1,000 cash in dividends to the owner (sole shareholder). Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 25.000 h. Borrowed $100,000 by issuing a note payable. 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? Prepare the necessary journal entries to record these transactions. Accounts 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 10,000 + Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: The following transactions, A:Note: Common It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. She, A:As you have posted multiple questions, the solution to the first question is being provided. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Good morning, teachers, I am honored to be informed to have this interview. If there is. The American Chamber of Commerce in South China. 60,000 i. 31.Received 3,000 for serving as a disc jockey for a party. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Use a chart of accounts to order the ledger accounts. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 25,000 O OO O Received $100 from a customer for services we will provide next week. ok ht inces a. 4. Ming Chen (the owner) completed these transactions. Opened a business bank account with a deposit of 50,000 from personal funds. 1,500 During June, Ming Chen (the owner) completed these transactions. 10,000 He. During June, Ming Chen (the owner) completed these transactions. The following, A:Unadjusted Trial Balance - Recorded services provided on account for the period May 1-15; 9,180. (1,500) + 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. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. c. Received cash from fees earned. ces b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? During June, Ming Chen (the owner) completed these transactions. 31. In addition, $28,000 of computer rental costs were incurred and paid. 28. Instructions 1. Analyze and use these data to complete parts (5) and (6). It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. 1. e. If you still cannot find the error, re-analyze each transaction. 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. 4. 0. 61,000 Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Paid annual premiums on property and casualty insurance, 2,400. One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. 15. Determine the increase or decrease in owners equity for August. Ming Chen began a professional practice on June $1$ and plan | Quizlet Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Stock Answered: Ming Chen began a professional practice | bartleby (j) Withdrew cash for personal use, 100. 2.Received 1,000 cash from customers on account. G. Received the electricity bill. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. She helped me in last minute in a very reasonable price. 4. 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. a. Liabilities (Do not insert the account numbers in the journal at this time.) a. Paid on account to the City Crier, 455, Ck. 25. Receivable 11. Classify each transaction as an operating, an investing, or a financing activity. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. Simple Accounting equation is. 3. 3. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Solved Exercise 1-13 Identifying effects of transactions - Chegg a. Determine the account balances, after all posting is complete. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: 0. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. The company paid $1,500 cash for rent of office space for . eBook Determine the net income for March. 27. 7,500 C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 501. e. Bought insurance for the truck for one year, 400, Ck. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. During June, Ming Chen (the owner) completed these transactions. Inflation is 3.8% per year. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Hire Professional Writer And Get A+ Grades In Your Homework. Determine account balances of the T accounts. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. LIABILITY e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. d. Paid rent on office and equipnwnt for the month, $5,000. Equity ASSETS the. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Ken Jones, an architect, opened an office on April 1, 2019. 2. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. Graw Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). 3. The company paid $10,000 cash to settle the liability created in transaction c. 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: A:The financial statements of the business include the income statement and balance sheet of the firm. C. Provided services in the amount of $1,000. 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. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 30. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Hello. %3D Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Introduction: Equity No principal payments are made, only interest is paid. 7,500 2,500 I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Equipment d. The company completed work for a client and immediately collected the $2,500 cash earned. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Income tax of $10,300 was incurred and paid in 2019. Determine the net income for June. Determine account balances of the T accounts. a. b. Purchased office equipment on account, 15,000. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 61,000 1,500 Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. 5. 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? What amount should Carter report as net cash from investing activities? Received invoice for blueprint service, due in May, 2,500. k. Recorded fees earned on plans delivered, payment to be received in May, 15,650. l. Paid salary of assistant, 2,800. m. Paid cash for miscellaneous expenses, 200. n. Paid installment due on note payable, 300. o. Record the following transactions on Page 6 of the journal: 20. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 15,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. View this solution and millions of others when you join today! During June, Ming Chen (the owner) completed these transactions. Record the adjusting entries on Page 7 of the journal. During the month, she completed the following transactions connected with her professional practice: a. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. 3. 000 Determine the following: a. EQUITY d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i.