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4. 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. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. a. 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. Assets Paid cash to creditors on account, 3,000. j. First week only $4.99! Write Balance in the Item column and place a check mark () in the Posting Reference column. 505. m. Paid the salary of the assistant, 1,150, Ck. Owner invested 25,000 c. Amount of net income for January. 5. Paid 5,000 on note payable. 3. f. The company purchased additional equipment for $6,000 cash. + 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. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Find step-by-step Accounting solutions and your answer to the following textbook question: Ming Chen began a professional practice on June $1$ and plans to prepare financial statements at the end of each month.  b. %3D Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. 25,000 Paid cash for a newspaper advertisement. Determine account balances of the T accounts. b. 25,000 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. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Paid electric bill, 915. Recorded services provided on account for the period May 16-20, 4,820. During June, Ming Chen (the owner) completed these transactions. Paid the office rent for the current month, 650, Ck. 10,000 Bal. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Ming Chen began a professional practice on June 1 and plans to prepare Accounts 0. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. 2023 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 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). Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Withdrew cash for personal use, 3,900. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Instructions 1. There is no prepaid rent or rent payable at year-end. 21. Received an invoice for truck expenses, to be paid in November, 1,250. We will pay the $110 in thirty days. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. If there is. 3. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Ming Chen began a professional practice on June 1 and plansget 1 %D No. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Equity b. 1. Accounts containing only a single entry do not need a balance. 8.000 Only credit card transaction fees are limited by law. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. 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. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 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 References 1,500 If the two totals are not equal, check the addition and subtraction. 1,500 Is this a direct or an indirect cost? g. The company paid an assistant $\$3,000$ cash as wages for the month. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Prepare an unadjusted trial balance as of August 31, 2016. + minus sign.) a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. d. Paid rent on office and equipnwnt for the month, $5,000. J. Journal Entries - Journal Entries are the recording of transactions of the organization. Paid 620 to Upload Music for use of its current music demos in making various music sets. b. 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? 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 29.Paid miscellaneous expenses, 540. 506. Paid dividends, $3,000. Check my PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 58,500 Equipment 1. 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Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. 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 300 on note payable. Received 3,000 for serving as a disc jockey for a party. 1,500 b. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 7.500 Hello. During June, Ming Chen (the owner) completed these transactions. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. 16. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. c. Received cash from fees earned. 22. Liabilities 3. Withdrew cash for personal use, 7,500. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). h. Borrowed $100,000 by issuing a note payable. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. The company paid $1,500 cash for rent of office space for the month. c. Received cash from fees earned. Start your trial now! $30000. 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. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Prepare an unadjusted trial balance as of July 31, 2019. j. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. (Record as Miscellaneous Expense.) 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. The following information is provided for the first month of operations for Legal Services Inc.: A. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common *Response times may vary by subject and question complexity. A:The financial statements of the business include the income statement and balance sheet of the firm. a. Paid an attorney 900 for reviewing the July 3 contract with KXMD. Repairs and maintenance of $9,000 were incurred and paid. No. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 8.000 Received $100 from a customer for services we will provide next week. e. Introduce yourself. 23. 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. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The transactions of Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Instuction Prepare an income staement and statement of stockholders equity for July. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. 24. Enter the impact of each transaction on individual items of the accounting equation. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. %24 During June, Ming Chen (the owner) completed these transactions. Simple Accounting equation is. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 30. Analyze each transaction, Journalize as appropriate. Paid cash for miscellaneous expenses, 375. j. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 75,000 2020 - 2024 www.quesba.com | All rights reserved. 15. A Wages of $379,000 were paid in cash. %3D 501. e. Bought insurance for the truck for one year, 400, Ck. The company paid $10,000 cash to settle the liability created in transaction c. Answered: Ming Chen began a professional practice | bartleby 7,500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The worker will be paid $275 per week. property. Explanations may be omitted. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 3. Prav Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Stock You can message me to discuss the details. Bal. Enter the impact of each transaction on individual items of the accounting equation. 2,500 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Net income is the excess amount of revenue after deducting all the expenses of a, Q:On August 1, 2019, Rafael Masey established Planet Realty, which completed the following, A:Since we only answer up to 3 sub-parts, well answer the first 3. 75,000 Received 2,000 for serving as a disc jockey for a wedding reception. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. He completed the following transactions during June: a. Determine the account balances after all posting is complete. Paid dividends, 10,500. The company paid $1,000 cash in dividends to the owner (sole shareholder). At the end of May, the following adjustment data were assembled. During June, Ming Chen (the owner) completed these transactions. . Q:Prepare the statement of retained earnings for the month of July 31. f. Paid office salaries, $6,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Determine the following: a. During the month, she completed the following transactions connected with her professional practice: a. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. The following transactions, A:Journal Entries: During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: 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. The company paid $1,500 cash for rent of office space for the. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 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: screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? stock. Q:Connie Young, an architect, opened an office on October 1, 2019. Owner invested $60,000 cash in the company along with equipment. 3. Ming chen began a professional practice on june 1 A:Requirement 1: Indicate the effect of the given transactions. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). d. No. 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: Prepare T accounts, using the account titles in (1). Mc. 4. 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. Enter the following transactions on Page 2 of the two-column journal: 29. d. Paid rent on office and equipnwnt for the month, $5,000. 31. He. View this solution and millions of others when you join today! D. An office worker was hired. $ 4.Prepare an unadjusted trial balance as of July 31, 2019. The following account balances are available: Required: 1. Next Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. 1. 25.000 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. Cash The following transactions were completed during July, the second month of the business's operations: July 1.