a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 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: Served as disc jockey for a party for 2,500. Paid part-time receptionist for two weeks salary, 750. Accounting Equation is calculated using following equation - 0. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business. 15. 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 a. Received 1,000 for serving as a disc jockey for a party. Instructions 1. 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. 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. 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. 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. Recorded services provided on account for the period May 1-15; 9,180. (Continued) Required: 1. First let me introduce myself, my name is XX, 23 years old, and David is my English name. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. a. 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 (Enter decreases to account balances with a 8. 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--. c. Amount of net income for January. 15,000 (1,500) + Determine the net income or net loss for January. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Received 500, with the remainder due on August 9, 2019. 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. 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. (Income Summary is account 34 in the chart of accounts.) I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. c. Both credit card and debit card transaction fees are limited by law. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. During the first month of operations of his, A:Solution: The company paid $10,000 cash to settle the liability created in transaction c. 25.000 a. 1. 61. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Introduce yourself. 7.500 *Response times may vary by subject and question complexity. The customer will pay at a later date. 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: Served as a disc jockey for a charity ball for 1,500. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 28.Paid wages of 1,200 to receptionist and part-time assistant. The company paid $1,500 cash for rent of office space for the month. Saved Cash 60,000 f. Paid office salaries, $6,500. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. 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. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Find answers to questions asked by students like you. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common b. Prepare an unadjusted trial balance as of January 31, 2019. a. 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. b. (h) Received cash for services rendered, 800. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 1.500 During June, Ming Chen (the owner) completed these transactions. The following information is provided for the first month of operations for Legal Services Inc.: A. No. 3. Paid dividends, $3,000. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Paid wages of 1,200 to receptionist and part-time assistant. b. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Bal. Use a chart of accounts to order the ledger accounts. Extend the balances to the appropriate balance columns after each transaction is posted. 8,000 a. 9. 7.500 %24 b. Paid gas, oil, and repairs on automobile for April, 550. Determine the excess of revenues over expenses for November. i. Ming Chen began a professional practice on June 1 and. The account headings are presented below. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. I have all relevant skills and expertise related to your project. 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. The company paid $10,000 cash to settle the liability created in transaction c. j. 10,000 He. S NO Prepare a single-step income statement. Receivable Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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. Ask a new question. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Repairs and maintenance of $9,000 were incurred and paid. 2.1.4P, Your question is solved by a Subject Matter Expert. . b. No. 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. a. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 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. +. 2020 - 2024 www.quesba.com | All rights reserved. Paid annual premiums on property and casualty insurance, 2,400. + b. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. CASH I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Purchased supplies on account, 735. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Required 1. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. 4. i. Journals: b. Q:Comprehensive Problem Set Paid dividends, $3,000. 2. a. 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 1. To the left of each amount entered in the accounts, place the appropriate letter to identify the 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. II a. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 10,000 22. Payable Recording of a business transactions in a chronological order. 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. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. %24 Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Create the following table similar to the one in Exhibit 1.9. The business was started by selling $100,000 worth of common stock. Explanations may be omitted. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. The company paid $10,000 cash to settle the liability created in transaction c. 0. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. B. 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. i. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Next f. Paid office salaries, $6,500. 3. Opened a business bank account with a deposit of 30,000 from personal funds. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Transactions completed during the month follow. Stock 18.Purchased supplies on account, 850. 23. 2. Owner withdrew $1,000 cash from the company for personal use. Accounts Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. Introduce your . 27.Paid electric bill, 915. Paid dividends, $3,000. C. Provided services in the amount of $1,000. The following transactions were completed during July, the second month of the business's operations: July 1. The company paid $1,000 cash in dividends to the owner (sole shareholder). Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. Determine account balances of the T accounts. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? 1,500 Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 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. On June 1 of the current year, Chad Wilson established a business to manage rental property. Insurance expired during May is 275. b. A:a)Indicate the effect of the given transactions. 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. h. Borrowed $100,000 by issuing a note payable. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 0. Accounts Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. February 20, 2023. July 21. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. b. 27. Bal. %D Determine the increase or decrease in owners equity for August. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. + Check my Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 25,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Billed insurance companies for sales commissions earned, 12,500. j. %D Recorded jobs completed on account and sent invoices to customers, 22,300. 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. The company paid $1,500 cash for rent of office space for the month. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. a. Instructions 1. 3. 8.000 Explanations may be omitted. Issued common stock to Marjorie Knaus in, A:Step 1 Paid cash for miscellaneous expenses, 375. j. In July of this year, M. Wallace established a business called Wallace Realty. 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. Paid cash for a newspaper advertisement. 3. 5. Ethics and budgetary slack: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Bal (Optional) Prepare a statement of cash flows for July. 4. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Ask your question! She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- None of the paper was used by year-end. Determine the net income for March. During June, Ming Chen (the owner) completed these transactions. (i) Paid electricity bill, 85. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! ol + 0. 1003. i. b. 31. ezto.mheducation.com 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. Equity Ken Jones, an architect, opened an office on April 1, 2019. With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. 1,500 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). g. Paid interest on the note payable, $500. 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. $30000. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Recorded services provided on account for the remainder of May, 2,650. 18. Instructions 1. 3. First week only $4.99! 2. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 2. No. . g. Paid interest on the note payable, $500. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 0. The following transactions occurred during January of the current year. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. Using the following, A:Impact on Equity - 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. Mulberry purchased computer paper for $13,000 cash in late December. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. No. 3. 10,000 Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Post your journal entries to T-accounts, Add additional T-accounts when needed. Simple Accounting equation is. 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.: Transactions completed during the month follow. b. 4. 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? Received 3,000 for serving as a disc jockey for a party. 3.Paid 250 to creditors on account. g. Paid interest on the note payable, $500. 00. d. The company completed work for a client and immediately collected the $2,500 cash earned. Record the closing entries on Page 8 of the journal. Paid rent for July, 1,750. Received 750, with the remainder due August 4, 2019. Instrustions Prepare a balance sheet as of July 31, 20Y5. + Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. $4 During June, Ming Chen (the owner) completed these transactions: a. 23. 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). Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. 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).