ming chen began a professional practice on june 1

Required b. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. b. 25,000 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 10.000 Apr. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Determine account balances of the T accounts. No. Received 2,000 for serving as a disc jockey for a wedding reception. Journal Entries - Journal Entries are the recording of transactions of the organization. %D (Record as Miscellaneous Expense.) 0. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Greco resort opened for business on june 1. Brooke completed the following transactions during the month of August: a. 4. ezto.mheducation.com Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. (a) Invested cash in the business, 510,000. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. (f) Made payment on loan in transaction (c), 500. C. Provided services in the amount of $1,000. h. Borrowed $100,000 by issuing a note payable. So lets make no longer delay & start chatting immediately. Paid dividends, $3,000. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Record the closing entries on Page 8 of the journal. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Revenues Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Paid electric bill, 915. 4. %24 Paid dividends, 2,500. 10,000 b. a. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. a. $30000. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. 9. b. 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. In this activity, you will be creating. A:Requirement 1: Indicate the effect of the given transactions. 1. 61,000 minus sign.) Next Enter the following transactions on Page 2 of the two-column journal: 16. Extend the balances to the appropriate balance columns after each transaction is posted. Prepare and post the closing entries. April. 506. The following transactions, A:Note: Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. 17. Enter the following transactions on Page 2 of the two-column journal: 29. c. Received cash from fees earned. (Income Summary is account 34 in the chart of accounts.) Received 750, with the remainder due August 4, 2019. Paid dividends, 10,500. Advertising expense of $26,000 was incurred and paid. 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. 5.Purchased office equipment on account from Office Mart, 7,500. She, A:As you have posted multiple questions, the solution to the first question is being provided. Paid utilities expense, 4,500. 7.500 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: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. b. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. b. 1 of 1 What will be the value of interest payment at the end of fourth year in real dollars? 61. f. The company purchased additional equipment for $6,000 cash. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. operations,, A:Journal entry means the entry in prime book with chronological order. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Journal entry is used to the record the business transactions of an enterprises. 3. Explanations may be omitted. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. During June, Ming Chen (the owner) completed these transactions: a. 4. 22. Bal Recorded jobs completed on account and sent invoices to customers, 22,300. 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. 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. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Instructions 1. Paid an attorney 900 for reviewing the July 3 contract with KXMD. A:Revenue means the income earned during a given period. Common DLite Dry Cleaners is owned and operated by Joel Palk. Required: Purchased supplies on account, 735. c. Amount of net income for January. Receivable Received cash from clients on account, 2,450. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. A:Journal: 1.500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. J. 0. Q:Ken Jones, an architect, opened an office on April 1, 2019. 1002. h. Received and paid the bill for utilities, 340, Ck. CASH Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Bal. 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: 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. 7,500 8,000 c. Received cash from fees earned. 8,000 58,500 Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 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. Find answers to questions asked by students like you. 0. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. a. During June, Ming Chen (the owner) completed these transactions. Prepare a single-step income statement. I have all relevant skills and expertise related to your project. The following account balances are available: Required: 1. %24 Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 10,000 Opened a business bank account with a deposit of 35,000 in exchange for common stock. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Ask your question! Paid wages of employees, 6,800. a. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Cash The American Chamber of Commerce in South China. ol + 10,000 1,500 The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 25. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. 7,500 Prepare the necessary journal entries to record these transactions. 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. Paid cash for a newspaper advertisement. on the Business environment in China. a. The following, A:Unadjusted Trial Balance - 24. (b) Paid office rent, 500. Connie Young, an architect, opened an office on October 1, 2019. $4 15. No. The account headings are presented below. Explanations may be omitted. If there is. g. Paid interest on the note payable, $500. + I am highly qualified expert, working from 2008-9 in this industry. Introduction: Introduction: 2,500 First week only $4.99! During June, Ming Chen (the owner) completed these transactions.a. Prepare an unadjusted trial balance as of July 31, 2019. ol + 31. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 8. Instructions 1. Borrowed $100,000 by issuing a note payable. How much did Marchs transactions increase or decrease Amy Austins capital? Prepare an unadjusted trial balance as of January 31, 2019. Determine the increase or decrease in owners equity for January. Interest of $5,000 was paid on the long-term loan. Prepare an income statement, a retained earnings statement, and a balance sheet. 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. Introduce yourself. 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). Received and paid the heating bill, 248, Ck. View this solution and millions of others when you join today! Opened a business bank account with a deposit of 50,000 from personal funds. 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. During June, Ming Chen (the owner) completed these transactions. Paid wages of 1,200 to receptionist and part-time assistant. In addition, $28,000 of computer rental costs were incurred and paid. On March 1 of this year, B. Gervais established Gervais Catering Service. 23. Liabilities I am a Ph.D. writer with more than 9 years of working experience in Writing. 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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. 6. 5. 5. 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: During the month, she completed the following transactions connected with her professional practice: a. M Question 8 - Chapter 1 Exercises Connect Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Amount of total revenue recorded in the ledger. O OO O The policy covers a one-year period. Journals: Repairs and maintenance of $9,000 were incurred and paid. No. 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. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 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. During June, Ming Chen (the owner) completed these transactions. %3D a. 61,000 i. 18.Purchased supplies on account, 850. July 21. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. property. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. (d) Received cash for services rendered, 900. . 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? g. Paid interest on the note payable, $500. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. 10,000 During June, Ming Chen (the owner) completed these transactions. No. 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. Ming Chen began a professional practice on June 1 and. b. During June. View this solution and millions of others when you join today! 4. 8.000 Received 1,000 cash from customers on account. 4. Q:1. Is this a direct or an indirect cost? Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Apr. Withdrew cash for personal use, 3,900. Enter the impact of each transaction on individual items of the accounting equation. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. Determine the net income for June. 2.1.4P, Your question is solved by a Subject Matter Expert. 12. $ 31. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 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. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Cash During June, Ming Chen (the owner) completed these transactions. + He. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Saved Equity July 21. No. During the month, he completed the following transactions connected with his professional practice: a. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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: Accounts Bal. 30. ces Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company pald $2,100 cash for rent of office space for . Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Paid rent for period of November 1 to end of month, 4,000. She helped me in last minute in a very reasonable price. Accounting Equation - T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 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. If you still cannot find the error, re-analyze each transaction. Stock March transactions are as follows : Dividends 30. Paid 620 to Upload Music for use of its current music demos in making various music sets. During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 0. 25,000 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. (Continued) Required: 1. Served as disc jockey for a party for 2,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:The financial statements of the business include the income statement and balance sheet of the firm. Ming Chen (the owner) completed these transactions. 8.Paid for a newspaper advertisement, 200. Do you need an answer to a question different from the above? 2. Purchased office equipment on account, 15,000. 10,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 1,500 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Equipment Paid miscellaneous expenses, 540. Received 500, with the remainder due on August 9, 2019. b. 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. (1,500) + No. 2. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Owner invested Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. 21. (Optional) Prepare a statement of cash flows for July. d. If the two totals are not equal, check the addition and subtraction. 7,500 25.000 (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. 1PA, Your question is solved by a Subject Matter Expert. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Required 1. 1. Paid the office rent for the current month, 650, Ck. 25.000 Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 5. %24 a. Graw In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 2. Check my 1.500 %24, Carl Warren, James M. Reeve, Jonathan Duchac. 61,000 11. 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. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 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. b. a. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. During June, Determine the account balances after all posting is complete. 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. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 504. j. Determine account balances of the T accounts. 1000. c. Bought office supplies for cash, 375, Ck. 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. 3. 28. After, A:Net income: Before this, no other, Q:ournalize entries for transactions (a) through (I) using the following account titles: cash,, Q:ita Lopez started Biz Consulting, a new business, and completed the following transactions during, A:Journal entries refers to recording of business transactions into the books of the business or, Q:On April 1 of the current year, Morgan Jones established a business to manage rental property. 1. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Instructions 1. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 505. m. Paid the salary of the assistant, 1,150, Ck. 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 cash for miscellaneous expenses, 375. j. A:The financial statements of the business include the income statement and balance sheet of the firm. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. + %D h. Purchased land as a future building site, paying cash of $120,000. In July of this year, M. Wallace established a business called Wallace Realty. Help I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. (j) Withdrew cash for personal use, 100. 7,500 $ %D Liabilities 4. 30. The equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. . The prepaid rent at the beginning of the year was used in 2019. 11. ACCOUNTS RECEIVABLE Determine the following: a. 501. e. Bought insurance for the truck for one year, 400, Ck. Post your journal entries to T-accounts, Add additional T-accounts when needed. Withdrew cash for personal use, 7,500. 63. 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. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. Purchased supplies on account, 850. Paid cash to creditors on account, 3,000. j. d. The company completed work for a client and immediately collected the $2,500 cash earned. f. The company purchased additional equipment for $6,000 cash. b. Mulberry paid the interest payable of $8,000. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Dividends During the first month of operations of his, A:Solution: Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. a. Q:Prepare the statement of retained earnings for the month of July 31. (1,500) + During the month, she completed the following transactions connected with her professional practice: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 8.000 $30000. The company paid $1,000 cash in dividends to the owner (sole shareholder). Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 1003. i. h. Borrowed $100,000 by issuing a note payable. Transactions completed during the month follow. Create the following table similar to the one in Exhibit 1.9. 3. ASSETS 2.Received 1,000 cash from customers on account. 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. 1,500 Kimberly Manis, an architect, opened an office on January 1, 2016. h. 2. 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. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 30. Paid dividends, $3,000. Required b. Instructions 1. 11.Received 1,000 for serving as a disc jockey for a party. Paid wages of 1,200 to receptionist and part-time assistant. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. g. Paid interest on the note payable, $500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instructions 1. During June, Ming Chen (the owner) completed these transactions. 2. (h) Received cash for services rendered, 800. g. The company paid an assistant $\$3,000$ cash as wages for the month. %24 Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock.

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