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(j) Withdrew cash for personal use, 100. (k) Paid wages to part-time employee, 500. 4. The company pald $2,100 cash for rent of office space for . 8.000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common A:Requirement 1: Indicate the effect of the given transactions. Paid for a newspaper advertisement, 200. 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. After, A:Net income: During March, the following, A:1. 21. the. If you still cannot find the error, re-analyze each transaction. Determine the net income for March. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. On June 1 of the current year, Chad Wilson established a business to manage rental property. h. Borrowed $100,000 by issuing a note payable. 30. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Expenses 3. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 25.000 Accounts containing only a single entry do not need a balance. During June, Ming Chen (the owner) completed these transactions. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 4, To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 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. h. Recording of a business transactions in a chronological order. 23. 29.Paid miscellaneous expenses, 540. The equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. b. 31. During June, Ming Chen (the owner) completed these transactions. 1000. c. Bought office supplies for cash, 375, Ck. $ b. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. i. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. b. A:Revenue means the income earned during a given period. Simple Accounting equation is. d. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. 16. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. %3D 4. 5. No. 3. No. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 2,500 Determine the amount of Joel Palks capital as of July 1 of the current year. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Paid wages of employees, 6,800. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. The following transactions, A:Journal Entries: How much did Marchs transactions increase or decrease Amy Austins capital? d. The company completed work for a client and immediately collected the $2,500 cash earned.  a. 501. e. Bought insurance for the truck for one year, 400, Ck. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Paid cash for a newspaper advertisement. (Record as Miscellaneous Expense.) Determine account balances of the T accounts. Problem1-63B Income Statement, Retained Earnings Statement. The policy covers a one-year period. *Response times may vary by subject and question complexity. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Paid truck expenses, 435, Ck. Paid cash for miscellaneous expenses, 375. j. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. %3D She, A:As you have posted multiple questions, the solution to the first question is being provided. I will also provide you with TURNITIN PLAGIARISM REPORT. 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. Instructions 1. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Can you think of any reason why the amount determined in (4) might not be the net income for November? A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 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 25,000 1,500 Ken Jones, an architect, opened an office on April 1, 2019. c. Received cash from fees earned. Chapter 1 Exercises i Liabilities Enter the impact of each transaction on individual items of the accounting equation. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. . 10,000 What if the client hasn't prepared them in advance? a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. b. Paid on account to the City Crier, 455, Ck. The company paid $1,500 cash for rent of office space for the month. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. (Do not insert the account numbers in the journal at this time.) 58,500 a. 30. 75,000 Journal entry is used to the record the business transactions of an enterprises. Only debit card transaction fees. Explanations may be omitted. 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. 10,000 + A. 17. Bal. (e) Paid phone bill, 65. b. 8.000 %24, Carl Warren, James M. Reeve, Jonathan Duchac. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Cash Record the transactions and the balance after each transaction. 75,000 Any additional hours beyond 80 will be billed to KXMD at 40 per hour. If you still cannot find the error, re-analyze each transaction. Instructions 1. ezto.mheducation.com + Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. A:Introduction: Bal. 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. Required Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Journalize and post the adjusting entries. 2. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Write Balance in the Item column and place a check mark () in the Posting Reference column. 11. h. Borrowed $100,000 by issuing a note payable. b. (Note: Ignore the date because these events are aggregations of individual events.) 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: During the first month of I am open-minded, easy to adapt, compatible with my friends, and willing to help others. 10,000 31. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Repairs and maintenance of $9,000 were incurred and paid. 3.Paid 250 to creditors on account. Accounts containing only a single entry do not need a balance. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). ol + Required 58,500 Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. If there is. Paid rent for July, 1,750. Bal. 2023 White PaPer. Find answers to questions asked by students like you. 506. Budgeting issues at the movies: Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. The actual work of dry cleaning is done by another company for a fee. 31. First week only $4.99! Hal Smith opened Smith's Repairs on March 1 of the current year. 60,000 b. Determine the account balances after all posting is complete. Bal 4.Prepare an unadjusted trial balance as of July 31, 2019. 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. g. Paid interest on the note payable, $500. (Record as Miscellaneous Expense.) Prepare T accounts, using the account titles in (1). For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. c. Paid April rent for office and workroom, 3,150. d. Paid cash for supplies, 1,450. e. Purchased office and computer equipment on account, 6,500. f. Paid cash for annual insurance policies on automobile and equipment, 2,400. g. Received cash from a client for plans delivered, 12,000. h. Paid cash to creditors on account, 1,800. i. Liabilities CASH (Continued) Required: 1. Paid rent for July, 1,750. Purchased supplies on account, 735. %24 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 60,000 (c) Purchased office equipment. Served as disc jockey for a party for 2,500. Connie Young, an architect, opened an office on October 1, 2019. 2. During June, Ming Chen (the owner) completed these transactions. 4. 3. February 20, 2023. 8. 2.1.4P, Your question is solved by a Subject Matter Expert. O OO O Paid part-time receptionist for two weeks salary, 750. Paid dividends, $3,000. 75,000 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? *Response times may vary by subject and question complexity. Determine the net income or net loss for April. The company paid $1,500 cash for rent of office space for the month. He. Use a chart of accounts to order the ledger accounts. (Income Summary is account 34 in the chart of accounts.) If the two totals are not equal, check the addition and subtraction. 8.Paid for a newspaper advertisement, 200. Instructions 1. Start your trial now! 225. What amount should Carter report as net cash from investing activities? a. Paid electricity bill for May, 810. . 15. 0. 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.: J. c. Amount of net income for January. During June, Ming Chen (the owner) completed these transactions: a. Required 1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. The policy covers a one-year period. 11. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Determine account balances of the T accounts. Advertising expense of $26,000 was incurred and paid. During June, Ming Chen (the owner) completed these transactions: a. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. During June, Ming Chen (the owner) completed these transactions. Introduce your . $30000. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 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. 5. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. View this solution and millions of others when you join today! Received cash from clients on account, 9,520. 0. 2. The company paid $1,500 cash for rent of office space for the month. (d) Received cash for services rendered, 900.  e. Is it a budgeted or an actual cost in your report? 22. 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. c. Amount of net income for August. Determine the net income or net loss for October. The company paid $1,500 cash for rent of office space for the month. 27.Paid electric bill, 915.  c. Is it a variable or a fixed cost? 1006. 1. stock. Required: f. During June, Ming Chen (the owner) completed these transactions. g. The company paid an assistant $3,000 cash as wages for the month. Determine the net income for June. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. A statement of changes in Equity To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Hire Professional Writer And Get A+ Grades In Your Homework. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. Bal. 2020 - 2024 www.quesba.com | All rights reserved. 8,000 b. 10,000 Six months rent was paid in advance, $4,500. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e Determine the increase or decrease in owners equity for January. Prepare an income statement, a retained earnings statement, and a balance sheet. Prepare a post-closing trial balance. f. Paid office salaries, $6,500. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 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. No. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. First week only $4.99! + 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. %24 I can help you with creating a presentation of one slide for The Word of William Hunter. 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 Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 4. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: i. b. b. 31.Received 3,000 for serving as a disc jockey for a party. LIABILITY Paid 700 to a local audio electronics store for rental of digital recording equipment. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. $30000. Determine the net income or net loss for April. 4. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. 14.Paid wages of 1,200 to receptionist and part-time assistant. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Hi! Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and Bal. Paid electric bill, 915. The company paid $1,500 cash for rent of office space for . 1.500 He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 504. j. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 61,000 Instuction Prepare an income staement and statement of stockholders equity for July. b. S NO Received cash for job completed, 11,500. 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. During June, Ming Chen (the owner) completed these transactions: a. a. 28.Paid wages of 1,200 to receptionist and part-time assistant. 0. minus sign.) 10,000 In addition, $28,000 of computer rental costs were incurred and paid. Determine the net income or net loss for January. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. 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. 0. b. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 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:a. Assets minus sign.) %24 a. 00. What will be the value of interest payment at the end of fourth year in real dollars? In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. During June, Ming Chen (the owner) completed these transactions: a. Help The following transactions, A:Note: 6. Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i. Received 2,000 for serving as a disc jockey for a wedding reception. 7.500 J. Purchased office equipment on account, 15,000. There is no prepaid rent or rent payable at year-end. 15,000 Required 1. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. $30000. Stock Accounts Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Transactions completed during the month follow. No. Instructions 1. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 25.000 8.000 31. 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. Basic Accounting Systems: Cash Basis. Accounts If the two totals are not equal, check the addition and subtraction. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. July 21. %24 Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: During June, Ming Chen (the owner) completed these transactions. (f) Made payment on loan in transaction (c), 500. Determine the increase or decrease in owners equity for August. The following, A:Unadjusted Trial Balance - Issued common stock to Marjorie Knaus in, A:Step 1 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. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Paid wages of 1,200 to receptionist and part-time assistant. Paid cash to creditors on account, 4,500. j. Create the following table similar to the one in Exhibit 1.9. 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. stock. A:The financial statements of the business include the income statement and balance sheet of the firm. Received 1,000 cash from customers on account. f. The company purchased additional equipment for $6,000 cash. If you want the answer, Q:Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1., A:Financial statements: These refer to the formal or official records of the activities of the, A:As per accounting equation Assets = Liabilities, where liabilities comprises of liability and, Q:Architects completed the following transactions: Payable So lets make no longer delay & start chatting immediately. Paid 620 to Upload Music for use of its current music demos in making various music sets. 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. D. An office worker was hired. Paid 5,000 on note payable. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Paid dividends, 10,500. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Instrustions Prepare a balance sheet as of July 31, 20Y5. b. Good morning, teachers, I am honored to be informed to have this interview. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 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. Inflation is 3.8% per year. Ask your question! 1,500 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 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. b. d. The company completed work for a client and immediately collected the $2,500 cash earned. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Enter the following transactions on Page 2 of the two-column journal: 29. 1,500 I have all relevant skills and expertise related to your project. Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. 5. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Withdrew cash for personal use, 2,500. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Ethics and budgetary slack: 4. 1,500 1. 61. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Amount of total expenses recorded in the ledger. 25.000 DLite Dry Cleaners is owned and operated by Joel Palk. 505. m. Paid the salary of the assistant, 1,150, Ck. Show new balances after each transaction. 18. 4. The following information is provided for the first month of operations for Legal Services Inc.: A. $ 15,000 d. The company completed work for a client and immediately collected the $2,500 cash earned. $15,000 25,000 0. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 0. 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. +. 7,500 Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. During the month, she completed the following transactions connected with her professional practice: a. d. The company completed work for a client and immediately collected the $2,500 cash earned. 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: Stock Paid rent for period of November 1 to end of month, 4,000. 3. Withdrew l,250 cash from PS Music for personal use. 31. a. ol + The account headings are presented below. Q:Duerr Engineering completed the following transactions in the month of June. Apr. 13. Q:Connie Young, an architect, opened an office on October 1, 2019. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire.