ming chen began a professional practice on june 1

1. d. 4. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. g. Paid interest on the note payable, $500. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Withdrew cash for personal use, 2,000. f. The company purchased additional equipment for $6,000 cash. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Chapter 1 Exercises i 13. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 0. Recorded services provided on account for the remainder of May, 2,650. 3. II A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Paid Office Station Co. for part of the debt incurred on April 5, 640. + 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. A:Requirement 1: Indicate the effect of the given transactions. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 3. 58,500 July 21. The company paid $10,000 cash to settle the liability created in transaction c. Post your journal entries to T-accounts, Add additional T-accounts when needed. 8.Paid for a newspaper advertisement, 200. 4. Paid dividends, $3,000. the firm are, A:Income statement Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 4. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. During June, Ming Chen (the owner) completed these transactions: a. Ming Chen (the owner) completed these transactions: Prepare an unadjusted trial balance. 2,500 15. 10.000 Received 500, with the remainder due on August 9, 2019. Liabilities Bal. 2,500 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 25.000 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. Cash Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. g. The company paid an assistant $3,000 cash as wages for the month. h. Borrowed $100,000 by issuing a note payable. a. 2. 2. February 20, 2023. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Bill Hudson, Capital; Bill Hudson, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. Is this a direct or an indirect cost? During the month, he completed the following transactions connected with his professional practice: a. %3D During June, Ming Chen (the owner) completed these transactions. %D 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. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 3. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. a. Dividends in the amount of $1,500 were distributed. 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. 31.Withdrew 1,250 cash from PS Music for personal use. 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? Received 500, with the remainder due on August 9, 2019. 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. a. S NO a. If an entry is not required for any of these transactions, state this and explain why. 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). d. Paid rent on office and equipnwnt for the month, $5,000. 3. No. Cash At the end of May, the following adjustment data were assembled. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 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 . $ 23. 2. a. Assets Write Balance in the Item column and place a check mark () in the Posting Reference column. 1 of 1 Journal entry is used to the record the business transactions of an enterprises. Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. The company paid $10,000 cash to settle the liability created in transaction c. j. 2.Received 1,000 cash from customers on account. If you want the answer, Q:Architects completed the following transactions: (Do not insert the account numbers in the journal at this time.) First let me introduce myself, my name is XX, 23 years old, and David is my English name. f. The company purchased additional equipment for $6,000 cash. J. 11. i. Six months rent was paid in advance, $4,500. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. %3D Bal 3. b. 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. f. Paid office salaries, $6,500. 1,500 2020 - 2024 www.quesba.com | All rights reserved. No. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Receivable On June 1 of the current year, Chad Wilson established a business to manage rental property. The customer will pay at a later date. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 30. 23.Served as disc jockey for a party for 2,500. b. 14.Paid wages of 1,200 to receptionist and part-time assistant. Introduction: The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A. 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. 4. points %24, Carl Warren, James M. Reeve, Jonathan Duchac. Received an invoice for truck expenses, to be paid in November, 1,250. A building and equipment are currently being rented, pending expansion to new facilities. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 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. Recorded services provided on account for the period May 16-20, 4,820. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Determine the account balances after all posting is complete. The company paid $1,500 cash for rent of office space for the month.  b. Paid rent for period of November 1 to end of month, 4,000. It is the first step of recording transactions of a company. I am highly qualified expert, working from 2008-9 in this industry. + Transactions completed during the month follow. Common On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Paid cash to creditors on account, 3,000. j. Paid wages of employees, 6,800. Greetings! (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. First week only $4.99! Paid wages of 1,200 to receptionist and part-time assistant. Required 5. Payable A:The financial statements of the business include the income statement and balance sheet of the firm. Required 1. 58,500 Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Create the following table similar to the one in Exhibit 1.9. She, A:As you have posted multiple questions, the solution to the first question is being provided. If you still cannot find the error, re-analyze each transaction. During June, Ming Chen (the owner) completed these transactions. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. What will be the value of interest payment at the end of fourth year in real dollars? minus sign.) She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Instructions 1. EQUITY Common Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2.  a. 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. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. She helped me in last minute in a very reasonable price. Is it a product or a period cost? b. During the month, she completed the following transactions connected with her professional practice: a. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. 8. What if the client hasn't prepared them in advance? To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Enter the impact of each transaction on individual items of the accounting equation. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 1002. h. Received and paid the bill for utilities, 340, Ck. You can message me to discuss the details. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 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. a. 10,000 + Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and Determine the following: a. I can help you with creating a presentation of one slide for The Word of William Hunter. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. h. Purchased land as a future building site, paying cash of $120,000. 225. Prepare a post-closing trial balance. During the first month of operations of his, A:Solution: %24 Owner withdrew $1,000 cash from the company for personal use. operations,, A:Journal entry means the entry in prime book with chronological order. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. Ethics and budgetary slack: Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 25. Only debit card transaction fees are limited by law. 000 A:Net income is calculated after analysing the revenue and expenses of the organisation. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. a. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Check my I will also provide you with TURNITIN PLAGIARISM REPORT. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 2023. 75,000 505. m. Paid the salary of the assistant, 1,150, Ck. Determine account balances of the T accounts. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. $30000. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. Instructions 1. g. Paid interest on the note payable, $500. Start your trial now! Instructions 1. f. Paid office salaries, $6,500. Record the adjusting entries on Page 7 of the journal. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 4. Amount of total revenue recorded in the ledger. The account headings are presented below. 9. During June, Ming Chen (the owner) completed these transactions.a. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 5. 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. 3. How much did Junes transactions increase or decrease Chad Wilsons capital? C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Purchased supplies for cash, 1,750. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. 2. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. b. b. During June, Ming Chen (the owner) completed these transactions. (Enter decreases to account balances with a 0. So lets make no longer delay & start chatting immediately. During June, Ming Chen (the owner) completed these transactions. Accounts 75,000 b. b. 21. The transactions of b. h. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. None of the paper was used by year-end. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. 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. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Served as a disc jockey for a charity ball for 1,500. A:a)Indicate the effect of the given transactions. During June, Ming Chen (the owner) completed these transactions. 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. During June, Ming Chen (the owner) completed these transactions. How much did Marchs transactions increase or decrease Amy Austins capital? 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. 25,000 Received 1,000 for serving as a disc jockey for a party. Find answers to questions asked by students like you. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Inflation is 3.8% per year. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 8.000 b. Paid dividends, $3,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Hi! Apr. The American Chamber of Commerce in South China. b. Withdrew cash for personal use, 2,500. 2,500 the. Assets Record the closing entries on Page 8 of the journal. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Instructions 1. 00. Thanks :--). Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. Hire Professional Writer And Get A+ Grades In Your Homework. 23. 8.000 Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Hi, Hope you are doing well. Journals: 10,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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Enter the impact of each transaction on individual items of the accounting equation. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). g. The company paid an assistant $3,000 cash as wages for the month. Received $100 from a customer for services we will provide next week. (Continued) Required: 1. 4. Equipment screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? 31. 31. The company paid $10,000 cash to settle the liability created in transaction c. stock. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 58,500 The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 2. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). ACCOUNTS RECEIVABLE Q:Ken Jones, an architect, opened an office on April 1, 2019. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. 9. 2. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 0. + 4. Assignments: ACCTG-4A-80575-2021SP During June, Ming Chen (the owner) completed these transactions. 10,000 a. 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. 2. Accounts containing only a single entry do not need a balance. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. 4. A:The financial statements of the business include the income statement and balance sheet of the firm. 24 i. c. Amount of net income for January.

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