The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 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. Q:Ken Jones, an architect, opened an office on April 1, 2019. The entire assets of an organization are equal to the sum of its liabilities, Q:Kristin Holden started her own consulting business in July, 20--. 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. What if the client hasn't prepared them in advance? 61. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 31.Withdrew 1,250 cash from PS Music for personal use. 23.Served as disc jockey for a party for 2,500. + %D h. Purchased land as a future building site, paying cash of $120,000. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 7,500 The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. View this solution and millions of others when you join today! To ensure my potential must visit my profile to check my ratings and uploaded samples. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 1. Establish a ledger for the accounts listed above and enter the beginning balances. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. i. Only debit card transaction fees are limited by law. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. on the Business environment in China. 1002. h. Received and paid the bill for utilities, 340, Ck. Determine the account balances, after all posting is complete. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 17. 8.000 Received 1,000 cash from customers on account. (Continued) Required: 1. Bal. Record the closing entries on Page 8 of the journal. a. G. Received the electricity bill. Recorded jobs completed on account and sent invoices to customers, 22,300. 1,500 c. Received cash from fees earned. 25.000 At the end of May, the following adjustment data were assembled. How much did Marchs transactions increase or decrease Amy Austins capital? Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. The company paid $1,500 cash for rent of office space for the month. 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. 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. b. + Help 16. (Income Summary is account 34 in the chart of accounts.) There is no prepaid rent or rent payable at year-end. Required: Paid telephone bill for May, 260. D. An office worker was hired. The policy covers a one-year period. The following, A:Unadjusted Trial Balance - During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. 8.000 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. 6. stock. 13. 3. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. April. Bal. Create the following table similar to the one in Exhibit 1.9. 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: Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. (e) Paid phone bill, 65. g. Paid interest on the note payable, $500. Ethics and budgetary slack: Payable I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. d. The company completed work for a client and immediately collected the $2,500 cash earned. b. Chapter 1 Exercises i Stock Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 2. Journals: Opened a business bank account with a deposit of 30,000 from personal funds. Check my 30. 2,500 2,500 g. The company paid an assistant $\$3,000$ cash as wages for the month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 61,000  b. %3D 31.Received 3,000 for serving as a disc jockey for a party. How much did Junes transactions increase or decrease Chad Wilsons capital? During March, the following, A:1. a. Determine account balances of the T accounts. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 30. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 0. Explanations may be omitted. 28.Paid wages of 1,200 to receptionist and part-time assistant. A balance sheet Dividends Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. %24 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. The transactions of 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. 1,500 Revenues 30. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Paid gas, oil, and repairs on automobile for April, 550. 4. 58,500 II Instructions 1. Explanations may be omitted. a. Instructions 1. Hello. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 225. 27. 12. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. 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. 28. Mulberry paid the interest payable of $8,000. 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. 31. 61,000 No. Paid wages of employees, 6,800. Any additional hours beyond SO will be billed to KXMD at 40 per hour. During June, Ming Chen (the owner) completed these transactions. 7.500 Purchased office equipment on account from Office Mart, 7,500. 0. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Bal. Opened a business bank account with a deposit of 35,000 in exchange for common stock. + e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. The following account balances are available: Required: 1. During June, Ming Chen (the owner) completed these transactions. 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. During the month, she completed the following transactions connected with her professional practice: a. b. 15,000 h. Borrowed $100,000 by issuing a note payable. Determine the following: a. During June, Ming Chen (the owner) completed these transactions.a. 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). Determine the excess of revenues over expenses for November. Movies are expensive to produce and market. (b) Paid office rent, 500. 29.Paid miscellaneous expenses, 540. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 00. d. Purchased office and computer equipment on account, 9,000. e. Paid cash for supplies, 2,150. f. Paid cash for annual insurance policies, 4,000. g. Received cash from client for plans delivered, 12,200. h. Paid cash for miscellaneous expenses, 815. i. 60,000 31. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instructions 1. 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: Paid an attorney 900 for reviewing the July 3 contract with KXMD. Each drugstore is operated by a general manager and a controller. The company paid $10,000 cash to settle the liability created in transaction c. 75,000 Paid January rent for office and workroom, 1,950. c. Purchased used automobile for 28,500, paying 5,700 cash and giving a note payable for the remainder. 505. m. Paid the salary of the assistant, 1,150, Ck. 0. Instructions 1. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? The policy covers a one-year period. First week only $4.99! Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Instructions 1. d. 1,500 8,000 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. Paid utilities expense, 4,500. 1,500 $15,000 %24 18.Purchased supplies on account, 850. Received cash from clients on account, 2,450. 2. 4.Prepare an unadjusted trial balance as of July 31, 2019. No.  e. Is it a budgeted or an actual cost in your report? f. The company purchased additional equipment for $6,000 cash. 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: 8,000 8.000 f. Paid office salaries, $6,500. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Paid 620 to Upload Music for use of its current music demos in making various music sets. She, A:As you have posted multiple questions, the solution to the first question is being provided. g. The company paid an assistant $3,000 cash as wages for the month. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Q:Connie Young, an architect, opened an office on October 1, 2019.  d. Does the activity add value to Latchey’s provision of insurance services? b. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. 7. CASH Withdrew cash for personal use, 2,000. Paid gas, oil, and repairs on automobile for April, 550. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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). Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Received 3,000 for serving as a disc jockey for a party. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. DLite Dry Cleaners is owned and operated by Joel Palk. (g) Paid wages to part-time employee, 500. %3D Start your trial now! f. Paid office salaries, $6,500. Since there are multiple subparts, we will answer only first three subparts. Revenue Paid Office Station Co. for part of the debt incurred on April 5, 640. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid wages of 1,200 to receptionist and part-time assistant. 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. Received 750, with the remainder due August 4, 2019. Q:Comprehensive Problem Set 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. 13. During June, Ming Chen (the owner) completed these transactions: a. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 31. 1,500 Paid 700 to a local audio electronics store for rental of digital recording equipment. 25.000 30. 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. 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. Explanations may be omitted. 2. 2. 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. 4. Use the ending balances in the T-accounts to prepare a trial balance. points %24 Bal Determine the following: a. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 23. f. The company purchased additional equipment for $6,000 cash. Find answers to questions asked by students like you.  c. Is it a variable or a fixed cost? a. 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. The company paid $1,500 cash for rent of office space for the month. Instrustions Prepare a balance sheet as of July 31, 20Y5. 4. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. + Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: %24 (Optional) Prepare a statement of cash flows for July. No. b. 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. Received cash from customers on account, 9,000. Analyze each transaction, Journalize as appropriate. 7,500 The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. A statement of changes in Equity Hal Smith opened Smith's Repairs on March 1 of the current year. The following information is provided for the first month of operations for Legal Services Inc.: A. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 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. Is this a direct or an indirect cost? 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 Instuction Prepare an income staement and statement of stockholders equity for July. i. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Bal. 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. The customer will pay at a later date. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). During June, Ming Chen (the owner) completed these transactions. 8.000 (c) Purchased office equipment. During the month, Jones, A:T accounts: During June, Ming Chen (the owner) completed these transactions. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Record the adjusting entries on Page 7 of the journal. Enter the impact of each transaction on individual items of the accounting equation. 0. It is the first step of recording transactions of a company. Issued common stock to Marjorie Knaus in, A:Step 1 31. References The company paid $10,000 cash to settle the liability created in transaction c. j. Recorded services provided on account for the period May 1-15; 9,180.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. 10.000 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck.
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