Received and paid the heating bill, 248, Ck. Instructions 1. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project.
Ming Chen began a professional practice on June $1$ and plan | Quizlet The following transactions were completed during July, the second month of the business's operations: July 1. Q:1. Prepare an income statement, a retained earnings statement, and a balance sheet. 61,000 Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. b. (Record as Miscellaneous Expense.) 2. Billed insurance companies for sales commissions earned, 12,500. j. 1,500 April. Check my 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. Required 1. Prepare the necessary journal entries to record these transactions. The company paid $1,500 cash for rent of office space for the month.
Withdrew cash for personal use, 3,900. Using the following, A:Impact on Equity - Required %D Paid miscellaneous expenses, 1,000.
Answered: Ming Chen began a professional practice | bartleby Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 7.500 Common 24 The company paid $1,500 cash for rent of office space for the month. 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. (Enter decreases to account balances with a Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Introduce your . Good morning, teachers, I am honored to be informed to have this interview. 4. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 4.Prepare an unadjusted trial balance as of July 31, 2019. Paid gas, oil, and repairs on automobile for April, 550. Recorded services provided on account for the period May 16-20, 4,820. 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. Mulberry paid the interest payable of $8,000. 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 for a newspaper advertisement, 200. Is this a direct or an indirect cost? Determine the net income for March. Determine account balances of the T accounts. 60,000 Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. g. Paid interest on the note payable, $500. Prepare a single-step income statement. e. Is it a budgeted or an actual cost in your report? Received 750, with the remainder due August 4, 2019. One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Paid utilities expense, 4,500. Q:Connie Young, an architect, opened an office on October 1, 2019. Any additional hours beyond SO will be billed to KXMD at 40 per hour. Paid dividends, 10,500. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Purchased office equipment on account from Office Mart, 7,500. + 25,000 Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. The following transactions, A:Note: Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Hello. Ming Chen (the owner) completed these transactions. Paid the office rent for the current month, 650, Ck. a. b. 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 225. I am highly qualified expert, working from 2008-9 in this industry. 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. Record the adjusting entries on Page 7 of the journal. In this activity, you will be creating. a. Paid part-time receptionist for two weeks salary, 750. Instructions 1. Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. 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; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. 4. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. A:Requirement 1: Indicate the effect of the given transactions. 10,000 Amount of total expenses recorded in the ledger. a. We will pay the $110 in thirty days. I have all relevant skills and expertise related to your project. A:The financial statements of the business include the income statement and balance sheet of the firm. 30. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 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. If an entry is not required for any of these transactions, state this and explain why. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. (Continued) Required: 1. Interest of $5,000 was paid on the long-term loan. 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. i. f. Paid office salaries, $6,500. Received 1,000 for serving as a disc jockey for a party. 3. No. 0. Apr. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. (h) Received cash for services rendered, 800. 58,500 I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Withdrew cash for personal use, 7,500. 5. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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: c. Both credit card and debit card transaction fees are limited by law. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 24. 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. Only debit card transaction fees are limited by law. Issued common stock to Marjorie Knaus in, A:Step 1 4. 8. 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. I have all relevant skills and expertise related to your project. Simple Accounting equation is. 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. 501. e. Bought insurance for the truck for one year, 400, Ck. 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. 5.Purchased office equipment on account from Office Mart, 7,500. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Received an invoice for truck expenses, to be paid in November, 1,250. Only debit card transaction fees. $4 c. Is it a variable or a fixed cost? c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 1,500 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Paid cash for miscellaneous expenses, 375. j. Bal. %24 Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 15,000 Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. Instructions 1. + 1, A:Salary is the expense of a business. %24 b. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking 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. Receivable Find answers to questions asked by students like you. Greco resort opened for business on june 1. 63. Graw During June, Ming Chen (the owner) completed these transactions. 1,500 The prepaid rent at the beginning of the year was used in 2019. c. Received cash from fees earned. %24
Ming Chen began a professional practice on June $1$ and plan | Quizlet 2. First week only $4.99! 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. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. During June, Ming Chen (the owner) completed these transactions. Accounts containing only a single entry do not need a balance. Hello. Use the ending balances in the T-accounts to prepare a trial balance. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. 16. a. Wallace deposited 24,000 in a bank account in the name of the business. The actual work of dry cleaning is done by another company for a fee. d. The company completed work for a client and immediately collected the $2,500 cash earned. A:a)Indicate the effect of the given transactions. During June, So lets make no longer delay & start chatting immediately. eBook To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. (f) Made payment on loan in transaction (c), 500. During June, Ming Chen (the owner) completed these transactions. Introduction: (c) Purchased office equipment. Stock First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. No. 7. d. Paid rent on office and equipnwnt for the month, $5,000. During June, Ming Chen (the owner) completed these transactions. Owner invested $60,000 cash in the company along with equipment. DLite Dry Cleaners is owned and operated by Joel Palk. Paid wages of 1,200 to receptionist and part-time assistant. b. The account headings are presented below. 8,000 0. He. LIABILITY Paid cash to creditors on account, 4,500. j. d. The company completed work for a client and immediately collected the $2,500 cash earned. minus sign.) b. During June, Ming Chen (the owner) completed these transactions. First week only $4.99! What amount should Carter report as net cash from investing activities? A:Introduction: (1,500) + 30. C. Determine the excess of revenues over expenses for November. Q:Duerr Engineering completed the following transactions in the month of June. Ming Chen began a professional practice on June 1 and. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e b. View this solution and millions of others when you join today! Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. The company paid $10,000 cash to settle the liability created in transaction c. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. 2020 - 2024 www.quesba.com | All rights reserved. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. f. The company purchased additional equipment for $6,000 cash. Record the transactions and the balance after each transaction. Common 2. c. Received cash from fees earned. 15,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Only credit card transaction fees are limited by law. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a.
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