3. 1006. The customer will pay at a later date. 25,000 First week only $4.99! 30.Served as a disc jockey for a charity ball for 1,500. c. Amount of net income for August. 31. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 13. 0. The prepaid rent at the beginning of the year was used in 2019. (Income Summary is account 34 in the chart of accounts.) Received 3,000 for serving as a disc jockey for a party. f. Paid office salaries, $6,500. At the end of May, the following adjustment data were assembled. b. 4. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. In addition, $28,000 of computer rental costs were incurred and paid. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. 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. 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. 15. On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, 40,000. b. Paid dividends, $3,000. 2. Paid gas, oil, and repairs on automobile for April, 550. i. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Received cash for job completed, 11,500. Recording of a business transactions in a chronological order. 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. I will also provide you with TURNITIN PLAGIARISM REPORT. 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. Owner invested $60,000 cash in the company along with equipment. College Accounting (Book Only): A Career Approach. (1,500) + Instructions 1. Received 500, with the remainder due on August 9, 2019. View this solution and millions of others when you join today! Instructions 1. 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. During June, Ming Chen (the owner) completed these transactions. 0. f. Paid office salaries, $6,500. 10. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. a., A:1. A:The financial statements of the business include the income statement and balance sheet of the firm. How much did Junes transactions increase or decrease Chad Wilsons capital? If you still cannot find the error, re-analyze each transaction. During June, 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received 2,000 for serving as a disc jockey for a wedding reception. Issued common stock to Marjorie Knaus in, A:Step 1 Q: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:July 1, Lula Plume created a new self-storage business, Safe Storage Co. 1 of 1 We will pay the $110 in thirty days. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. %24 2. 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). Paid wages of 1,200 to receptionist and part-time assistant. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Ming Chen (the owner) completed these transactions. ASSETS Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. h. Borrowed $100,000 by issuing a note payable. Paid wages of employees, 6,800. Expenses 31. 3. 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. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. During the first month of Instructions 1.  d. Does the activity add value to Latchey’s provision of insurance services? (Note: Ignore the date because these events are aggregations of individual events.) 25.000 d. The company completed work for a client and immediately collected the $2,500 cash earned. %3D 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. Required 1. So lets make no longer delay & start chatting immediately. Determine the net income for June. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 4. property. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Record the adjusting entries on Page 7 of the journal. Paid annual premiums on property and casualty insurance, 2,400. points 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). Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 0. Bal. stock. 15,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 11.Received 1,000 for serving as a disc jockey for a party. Record the following transactions on Page 6 of the journal: 20. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Unadjusted Trial Balance is the trial balance before making adjustments., Q:he accountant for the firm owned by Randy Guttery prepares financial statements at the end of each. (Enter decreases to account balances with a 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. 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. b. The company paid $1,000 cash in dividends to the owner (sole shareholder). Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Enter the impact of each transaction on individual items of the accounting equation. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 8. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. h. Purchased land as a future building site, paying cash of $120,000. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Only debit card transaction fees are limited by law. Prepare an unadjusted trial balance. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 0. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1. 506. During June. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: ACCOUNTS RECEIVABLE 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. (Record as Miscellaneous Expense.) 2. Paid for a newspaper advertisement, 200. Im very much interested to write for attendance systems. C. Instuction Prepare an income staement and statement of stockholders equity for July. 1PA, Your question is solved by a Subject Matter Expert. a. Instructions 1. 25,000 A. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. 2,500 (Solved) - Ming Chen began a professional practice on June 1 and plans Received $100 from a customer for services we will provide next week. Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: h. Purchased land as a future building site, paying cash of $120,000. I have all relevant skills and expertise related to your project. On March 1 of this year, B. Gervais established Gervais Catering Service. 3. Recorded services provided on account for the period May 16-20, 4,820. i. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1002. h. Received and paid the bill for utilities, 340, Ck. I am highly qualified expert, working from 2008-9 in this industry. Paid Office Station Co. for part of the debt incurred on April 5, 640. 12. %D Mulberry paid the interest payable of $8,000. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Withdrew cash for personal use, 2,000. First let me introduce myself, my name is XX, 23 years old, and David is my English name. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Post the journal to a ledger of four-column accounts. Ming Chen began a professional practice on June $1$ and plan | Quizlet 58,500 b. Paid 620 to Upload Music for use of its current music demos in making various music sets. b. The policy covers a one-year period. Enter the impact of each transaction on individual items of the accounting equation. 10,000 1,500 Paid 5,000 on note payable. f. Accounts containing only a single entry do not need a balance. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Received 750, with the remainder due August 4, 2019. Instructions 1. Stock Ming Chen began a professional practice on June 1 and plansget 1 0.33 Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Journal Entries - Journal Entries are the recording of transactions of the organization. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. References Is it a product or a period cost? On June 1 of the current year, Chad Wilson established a business to manage rental property. 4. 25,000 b. The business was started by selling $100,000 worth of common stock. Ming Chen began a professional practice on June 1 and plansget 1 Amount of total expenses recorded in the ledger. View this solution and millions of others when you join today! $4 I am a Ph.D. writer with more than 9 years of working experience in Writing. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Equipment a. 18. Bal. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Accounting Equation - Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. (Do not insert the account numbers in the journal at this time.) Instructions 1. b. 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. Determine account balances of the T accounts. Answered: Ming Chen began a professional practice | bartleby %24 28.Paid wages of 1,200 to receptionist and part-time assistant. Instructions 1. 501. e. Bought insurance for the truck for one year, 400, Ck. Save & Exit In July of this year, M. Wallace established a business called Wallace Realty. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Required: Paid utilities expense, 4,500. 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. Maria completed the following transactions, A:An income statement is one of the financial statements of a company and shows the company's, Q:Indicate the effect of each transaction and the balances after each transaction: 2. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 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. 31.Withdrew 1,250 cash from PS Music for personal use. Start your trial now! Ming Chen (the owner) completed these transactions: 4. 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. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. The company paid $1,500 cash for rent of office space for the. 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. 24 Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Amount of total expenses recorded in the ledger. a. 8.000 Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. Q:Connie Young, an architect, opened an office on October 1, 2019. The transactions of 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. 4. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Paid cash for a newspaper advertisement. b. The company paid $1,000 cash in dividends to the owner (sole shareholder). a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. The account headings are presented below. Determine the net income or net loss for April. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.