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). In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. a. 4. Determine the amount of Joel Palks capital as of July 1 of the current year. College Accounting (Book Only): A Career Approach. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Bal. 2. 14.Paid wages of 1,200 to receptionist and part-time assistant. During June, Ming Chen (the owner) completed these transactions. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Good morning, teachers, I am honored to be informed to have this interview. 3. Equipment 4.Prepare an unadjusted trial balance as of July 31, 2019. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. A. One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:The following transactions were carried out during the month of May by M.SAJJAD (f) Made payment on loan in transaction (c), 500. 1,500 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. None of the paper was used by year-end. property. 2. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. a. Introduce yourself. 0. Purchased office equipment on account from Office Mart, 7,500. 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). On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. (e) Paid phone bill, 65. If the two totals are not equal, check the addition and subtraction. 2. 9. a. The company paid $10,000 cash to settle the liability created in transaction c. Served as a disc jockey for a charity ball for 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 Determine the account balances after all posting is complete. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 25.000 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 4. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. %24 2,500 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. The company paid $1,500 cash for rent of office space for the month. a. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and $30000. Is this a direct or an indirect cost? e. During the month, Jones, A:T accounts: Six months rent was paid in advance, $4,500. 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. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. + 4. The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: How much did Junes transactions increase or decrease Chad Wilsons capital? Explanations may be omitted. a. The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. Classify each transaction as an operating, an investing, or a financing activity. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Received an invoice for truck expenses, to be paid in November, 1,250. 4. . 30. 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. b. ol + Required c. Paid April rent for office and workroom, 3,150. d. Paid cash for supplies, 1,450. e. Purchased office and computer equipment on account, 6,500. f. Paid cash for annual insurance policies on automobile and equipment, 2,400. g. Received cash from a client for plans delivered, 12,000. h. Paid cash to creditors on account, 1,800. i. Is it a product or a period cost? Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Assets 10,000 11. Determine the net income or net loss for April. b. . Hill 25.000 75,000 Equity Mulberry purchased computer paper for $13,000 cash in late December. Each drugstore is operated by a general manager and a controller. 27. If an entry is not required for any of these transactions, state this and explain why. Instructions 1. %D 3. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. d. The company completed work for a client and immediately collected the $2,500 cash earned. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Connie Young, an architect, opened an office on October 1, 2019. f. The company purchased additional equipment for $6,000 cash. b. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. What if the client hasn't prepared them in advance? 0. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. In this activity, you will be creating. Prepare the necessary journal entries to record these transactions. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Apr. Record the closing entries on Page 8 of the journal. c. Both credit card and debit card transaction fees are limited by law. 75,000 Accounts Paid wages of 1,200 to receptionist and part-time assistant. (a) Invested cash in the business, 510,000. 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. The policy covers a one-year period. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare a single-step income statement. A:Hi student 0. b. Saved 61,000 3. Show new balances after each transaction. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? 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. 25,000 d. The company completed work for a client and immediately collected the $2,500 cash earned. 1. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. 10,000 Prepare T accounts, using the account titles in (1). Introduction: Instructions 1. 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. If the two totals are not equal, check the addition and subtraction. The following, A:Unadjusted Trial Balance - Paid rent for period of November 1 to end of month, 4,000. %3D Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. I. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. %24, Carl Warren, James M. Reeve, Jonathan Duchac. 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. b. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 9. h. 24 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 1.500 Determine account balances of the T accounts. The company paid $1,500 cash for rent of office space for the month. a. 0. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. 7,500 4. Journals: Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. 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. 10,000 Enter the impact of each transaction on individual items of the accounting equation. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Received and paid the heating bill, 248, Ck. 10,000 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Record the adjusting entries on Page 7 of the journal. %24 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. a. Prepare an income statement, a retained earnings statement, and a balance sheet. 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. Kimberly Manis, an architect, opened an office on January 1, 2016. 8,000 The company paid $1,500 cash for rent of office space for the month. He completed the following transactions during June: a. $ 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. 505. m. Paid the salary of the assistant, 1,150, Ck. + Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 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: 4. Purchased supplies on account, 735. 1,500 %D During June, Ming Chen (the owner) completed these transactions. the firm are, A:Income statement In addition, $28,000 of computer rental costs were incurred and paid. We will pay the $110 in thirty days. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Paid cash for a newspaper advertisement. 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 The actual work of dry cleaning is done by another company for a fee. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. A:Net income is calculated after analysing the revenue and expenses of the organisation. Paid dividends, $3,000. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. $ %3D 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. 225. Dividends Help 10.000 b. d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. Amount of total expenses recorded in the ledger. b. 3. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Chapter 1 Exercises i Thanks :--). 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. Amount of total revenue recorded in the ledger. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Explanations may be omitted. 25.000 i. (Enter decreases to account balances with a Determine the increase or decrease in owners equity for August. d. The company completed work for a client and immediately collected the $2,500 cash earned. a. b. 25.000 $30000. ol + 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. f. The company purchased additional equipment for $6,000 cash. Revenues (c) Purchased office equipment. a. 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:a. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. A:a)Indicate the effect of the given transactions. Hi! Mc. Received cash from customers on account, 88,000. k. Determined that the cost of supplies on hand was 5,900; therefore, the cost of supplies used during the month was 3,600. l. Withdrew 12,000 cash for personal use. Paid miscellaneous expenses, 540. Payable Bal. Determine the net income for March. Received 3,000 for serving as a disc jockey for a party. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. I have all relevant skills and expertise related to your project. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. When the business transactions are recorded in the primary book of account, Q:Amy Austin established an insurance agency on March 1 of the current year and completed I am highly qualified expert, working from 2008-9 in this industry. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Introduction: + Any additional hours beyond SO will be billed to KXMD at 40 per hour. 2,500 First week only $4.99! a. Instructions 1. 60,000 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. 1003. i. I am highly qualified expert, working from 2008-9 in this industry. f. The company purchased additional equipment for $6,000 cash. 1,500 30. 21. 1.500 The following transactions were completed during July, the second month of the business's operations: July 1. 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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