(k) Paid wages to part-time employee, 500. Prepare an unadjusted trial balance. 23. 1,500 25,000 Received cash for job completed, 11,500. So lets make no longer delay & start chatting immediately. During the month, he completed the following transactions connected with his professional practice: a. EQUITY A:Journal: O OO O Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. A:The financial statements of the business include the income statement and balance sheet of the firm. A:Revenue means the income earned during a given period. 1PA, Your question is solved by a Subject Matter Expert. Apr. e. 10,000 + Prepare a post-closing trial balance. Received 500, with the remainder due on August 9, 2019. Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. (f) Made payment on loan in transaction (c), 500. During June, Ming Chen (the owner) completed these transactions: a. 10.000 10,000 Prav During June, Ming Chen (the owner) completed these transactions. Hello. Enter the following transactions on Page 2 of the two-column journal: 16. Equipment Dividends Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. 14.Paid wages of 1,200 to receptionist and part-time assistant. 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. 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. (i) Paid electricity bill, 85. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Purchased supplies on account, 850. Find answers to questions asked by students like you. On March 1 of this year, B. Gervais established Gervais Catering Service. 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. b. . Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Determine the net income or net loss for April. minus sign.) I am open-minded, easy to adapt, compatible with my friends, and willing to help others. a., A:1. b. Determine account balances of the T accounts. %24, Carl Warren, James M. Reeve, Jonathan Duchac. a. Wallace deposited 24,000 in a bank account in the name of the business. Required: Introduce your . First week only $4.99! 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. %24 b. f. Paid office salaries, $6,500. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 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. 8.000 4. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Paid 5,000 on note payable. Recording of a business transactions in a chronological order. 25.000 d. Purchased office supplies on account, $1,250. 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. Save & Exit c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 11. According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack: Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. 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. At the end of May, the following adjustment data were assembled. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. 3. 1 of 1 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The following transactions, A:Note: b. 9. Ming Chen (the owner) completed these transactions. 1,500 Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 4. (Do not insert the account numbers in the journal at this time.) Opened a business bank account with a deposit of 35,000 in exchange for common stock. Revenue 27.Paid electric bill, 915. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set The company paid $1,500 cash for rent of office space for the month. Purchased office equipment on account from Office Mart, 7,500. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. b. Common b. 10,000 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 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 3. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. ol + Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. d. The company completed work for a client and immediately collected the $2,500 cash earned. 2. 7.500 Paid truck expenses, 435, Ck. D. An office worker was hired. d. Paid rent on office and equipnwnt for the month, $5,000. g. The company paid an assistant $3,000 cash as wages for the month. During March, the following, A:1. (1,500) + d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. b. What amount should Carter report as net cash from investing activities? EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental Mc. f. The company purchased additional equipment for $6,000 cash. 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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? 0. In July of this year, M. Wallace established a business called Wallace Realty. 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. During June, No principal payments are made, only interest is paid. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 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: Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. 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--. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid cash for miscellaneous expenses, 375. j. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. After, A:Net income: 8.000 (b) Paid office rent, 500. Recorded services provided on account for the period May 1-15; 9,180. 4. 8.000 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. h. Purchased land as a future building site, paying cash of $120,000. The company paid $1,500 cash for rent of office space for the month. 22. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 31. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instructions 1. (a) Invested cash in the business, 510,000. 5.Purchased office equipment on account from Office Mart, 7,500. Equity 15. d. Purchased office and computer equipment on account, 9,000. e. Paid cash for supplies, 2,150. f. Paid cash for annual insurance policies, 4,000. g. Received cash from client for plans delivered, 12,200. h. Paid cash for miscellaneous expenses, 815. i. Prepare a single-step income statement. Paid cash to creditors on account, 3,000. j. 4. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. During the month, he completed the following transactions connected with his professional practice: a. 12. 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. Problem1-63B Income Statement, Retained Earnings Statement. 29. f. Paid office salaries, $6,500. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. 1. a. Greco resort opened for business on june 1. No. Determine the following: a. d. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. stock. 4.Prepare an unadjusted trial balance as of July 31, 2019. 0. 2.1.4P, Your question is solved by a Subject Matter Expert. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 0.33 Use the ending balances in the T-accounts to prepare a trial balance. Paid annual premiums on property and casualty insurance, 2,400. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. j. Cash The worker will be paid $275 per week. A building and equipment are currently being rented, pending expansion to new facilities. i. Greetings! Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. %3D The customer will pay at a later date. Paid rent for July, 1,750. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid gas, oil, and repairs on automobile for April, 550. c. Both credit card and debit card transaction fees are limited by law. 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. b. Determine the net income for March. 30. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. The company paid $1,500 cash for rent of office space for . Determine the account balances after all posting is complete. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Prepare an unadjusted trial balance as of July 31, 2019. Movies are expensive to produce and market. Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 00. f. Paid office salaries, $6,500. %24 Equipment 4. Revenues 1003. i. Journal entry is used to the record the business transactions of an enterprises. the. 10 000 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. a. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. Paid miscellaneous expenses, 540. 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. 7,500 Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 1. 2. 5. Amount of total revenue recorded in the ledger. 4. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. CASH The company paid $1,500 cash for rent of office space for the month. 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. Repairs and maintenance of $9,000 were incurred and paid. 2. 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, 1,500 503. h. Sold catering services on account, 4,307. i. Paid electricity bill for May, 810. 1,500 Amount of total expenses recorded in the ledger. b. Determine the following: a. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Paid cash for a newspaper advertisement. 8.Paid for a newspaper advertisement, 200. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 31. Journals: The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. b. 501. e. Bought insurance for the truck for one year, 400, Ck. Any additional hours beyond SO will be billed to KXMD at 40 per hour. The transactions of Insurance expired during May is 275. b. Instructions 1. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 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. On June 1 of the current year, Chad Wilson established a business to manage rental property. a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. No. In this activity, you will be creating. b. 2,500 operations,, A:Journal entry means the entry in prime book with chronological order. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Opened a business bank account with a deposit of 50,000 from personal funds. Paid rent for July, 1,750. 18.Purchased supplies on account, 850. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions.