ming chen began a professional practice on june 1

During June, Ming Chen (the owner) completed these transactions. Determine account balances of the T accounts. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. (f) Made payment on loan in transaction (c), 500. %24 and company a firm. Amount of total expenses recorded in the ledger. Issued common stock to Marjorie Knaus in, A:Step 1 The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - h. Purchased land as a future building site, paying cash of $120,000. Stock In July of this year, M. Wallace established a business called Wallace Realty. During June, Ming Chen (the owner) completed these transactions: a. Ming Chen (the owner) completed these transactions. Hello. A:a)Indicate the effect of the given transactions. 2023 White PaPer. %3D Receivable 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 installment due on note payable, 300. o.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Write Balance in the Item column and place a check mark () in the Posting Reference column. 2. Accounts containing only a single entry do not need a balance. a. 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. 4. 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. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 0. Equipment $30000. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. During March, the following, A:1. Journals: Apr. 225. 10,000 a. Paid 700 to a local audio electronics store for rental of digital recording equipment. Accounts Instructions 1. Accounts containing only a single entry do not need a balance. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 2. Post your journal entries to T-accounts, Add additional T-accounts when needed. b. Expenses 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. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The company pald $2,100 cash for rent of office space for . 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). For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. (a) Invested cash in the business, 510,000. Each drugstore is operated by a general manager and a controller. Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. g. Paid interest on the note payable, $500. The following account balances are available: Required: 1. 9. Received 2,000 for serving as a disc jockey for a wedding reception. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. %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 revenue recorded in the ledger. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. 3.Paid 250 to creditors on account. 2023. d. The company completed work for a client and immediately collected the $2,500 cash earned. 506. During the month, she completed the, A:Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts. 25,000 Budgeting issues at the movies: 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. (Do not insert the account numbers in the journal at this time.) f. The company purchased additional equipment for $6,000 cash. Prav Paid rent for July, 1,750. 3. Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. %3D 3. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. . I have all relevant skills and expertise related to your project. 0. Bal. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1,500 31. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 3. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. (i) Paid electricity bill, 85. 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: In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Greco resort opened for business on june 1. 4. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. II There is no prepaid rent or rent payable at year-end.  e. Is it a budgeted or an actual cost in your report? As, Q:Leora Diamond began a professional practice on June 1 and plans to prepare financial statements at, A:Accounting Equation is foundation of Double entry Accounting System . b. b. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 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. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Dividends During the first month of operations of his, A:Solution: g. The company paid an assistant $\$3,000$ cash as wages for the month. During June, Ming Chen (the owner) completed these transactions. f. Paid office salaries, $6,500. The company paid $1,500 cash for rent of office space for the month. In addition, $28,000 of computer rental costs were incurred and paid. f. Paid office salaries, $6,500. 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. Paid wages of employees, 6,800. How much did Junes transactions increase or decrease Chad Wilsons capital? e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 18.Purchased supplies on account, 850. 4. If you still cannot find the error, re-analyze each transaction. Prepare an unadjusted trial balance as of August 31, 2016. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. ASSETS Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Classify each transaction as an operating, an investing, or a financing activity. 8. A. Revenues 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. 58,500 c. Both credit card and debit card transaction fees are limited by law. Check my Received an invoice for truck expenses, to be paid in November, 1,250. Kimberly Manis, an architect, opened an office on January 1, 2016. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 8. *Response times may vary by subject and question complexity. What amount should Carter report as net cash from investing activities? I am highly qualified expert, working from 2008-9 in this industry. ACCOUNTS RECEIVABLE Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Determine the net income or net loss for April. 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. Home., A:Since you have asked multiple questions under a single question. The following transactions, A:Note: EQUITY C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). b. 3. 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. The transactions of eBook %3D Start your trial now! Paid 250 to creditors on account. the. The company paid $1,500 cash for rent of office space for the month. Paid for a newspaper advertisement, 200. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. a. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. 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: A:Hi student ol + 61,000 No. I am a Ph.D. writer with more than 9 years of working experience in Writing. Paid the office rent for the current month, 650, Ck. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Assignments: ACCTG-4A-80575-2021SP Enter the following transactions on Page 2 of the two-column journal: 16. 0. 3. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. 61,000 (Record as Miscellaneous Expense.) A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. The worker will be paid $275 per week. 22. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. Print Is it a product or a period cost? 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. %3D If there is. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). f. The company purchased additional equipment for $6,000 cash. The actual work of dry cleaning is done by another company for a fee. Ken Jones, an architect, opened an office on April 1, 2019. I am highly qualified expert, working from 2008-9 in this industry. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. The business was started by selling $100,000 worth of common stock. 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. Paid on account to the City Crier, 455, Ck. 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. 2.Received 1,000 cash from customers on account. During June, Ming Chen (the owner) completed these transactions. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. During June, Ming Chen (the owner) completed these transactions. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. A statement of changes in Equity e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Transactions completed during the month follow. 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. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. 3. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The following, A:Unadjusted Trial Balance - Q:Comprehensive Problem Set (Note: Ignore the date because these events are aggregations of individual events.) 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: Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 58,500 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. 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. Greetings! Received 750, with the remainder due August 4, 2019. A building and equipment are currently being rented, pending expansion to new facilities. 0. + d. Instructions 1. Determine account balances of the T accounts. 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. 10,000 She helped me in last minute in a very reasonable price. Repairs and maintenance of $9,000 were incurred and paid. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. 31. A:Revenue means the income earned during a given period. a. 1. (Enter decreases to account balances with a Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 11. ezto.mheducation.com a. H. Paid the worker hired in D for one weeks work. 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. 4. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 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. 8,000 (b) Paid office rent, 500. 2,500 During the first month of If the two totals are not equal, check the addition and subtraction. 4. 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: h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e The following information is provided for the first month of operations for Legal Services Inc.: A. a. Required 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 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 1,500 Can you think of any reason why the amount determined in (4) might not be the net income for November? 9. %24, Carl Warren, James M. Reeve, Jonathan Duchac. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. b. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co.

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