The company paid $1,500 cash for rent of office space for the month. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Stock 1. Paid dividends, $3,000. During June, Ming Chen (the owner) completed these transactions.a. On June 1 of the current year, Chad Wilson established a business to manage rental property. 1,500 ol + The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. None of the paper was used by year-end. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Assets 1.500 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 Cash e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Required 1. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. Hi! 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. Apr. Enter the following transactions on Page 2 of the two-column journal: 16. a. d. The company completed work for a client and immediately collected the $2,500 cash earned. 30. During June, Ming Chen (the owner) completed these transactions. 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. Determine the net income or net loss for April. So lets make no longer delay & start chatting immediately. After, A:Net income: 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. C. 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). 4. Received 750, with the remainder due August 4, 2019. Determine account balances of the T accounts. 4.Prepare an unadjusted trial balance as of July 31, 2019. 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). Paid electricity bill for May, 810. 3. To ensure my potential must visit my profile to check my ratings and uploaded samples. e. During the first month of operations of his, A:Solution: 10,000 Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. 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. 10. (i) Paid electricity bill, 85. ezto.mheducation.com Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. b. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. 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. 5. A:a)Indicate the effect of the given transactions. Record the adjusting entries on Page 7 of the journal. College Accounting (Book Only): A Career Approach. 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. The assets and liabilities of the business on July 1, 2019, are as follows: Cash, 45,000; Accounts Receivable, 93,000; Supplies, 7,000; Land, 75,000; Accounts Payable, 40,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in the business with a deposit of 35,000 in the business bank account. Paid 700 to a local audio electronics store for rental of digital recording equipment. h. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Receivable 15,000 a. 506. Amount of total revenue recorded in the ledger. 31. 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. 4. Paid 250 to creditors on account. Received $100 from a customer for services we will provide next week. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. i. The following transactions were completed during July, the second month of the business's operations: July 1. What will be the value of interest payment at the end of fourth year in real dollars? 2. 25. and company a firm. + 503. h. Sold catering services on account, 4,307. i. Prepare an income statement, a retained earnings statement, and a balance sheet. (e) Paid phone bill, 65. 8. 25.000 A:Requirement 1: Indicate the effect of the given transactions. Determine account balances of the T accounts. +. A statement of changes in Equity 29. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 1.500 View this solution and millions of others when you join today! *Response times may vary by subject and question complexity. + Introduction: 23. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 225. 2023. M Question 8 - Chapter 1 Exercises Connect 3. Repairs and maintenance of $9,000 were incurred and paid. a. Gervais deposited 25,000 in a bank account in the name of the business. Journal Entries - Journal Entries are the recording of transactions of the organization. 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. Revenues During the month, she completed the following transactions connected with her professional practice: a. f. The company purchased additional equipment for $6,000 cash. B. 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.: property. 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. 27. 58,500 1,500 During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 0. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. 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. No. Borrowed $100,000 by issuing a note payable. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 2,500 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. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. July 21. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. b. 4. During June, Ming Chen (the owner) completed these transactions: a. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. During June, Ming Chen (the owner) completed these transactions. Cash During June, Ming Chen (the owner) completed these transactions: a. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Equipment 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. 29.Paid miscellaneous expenses, 540. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 9. b. 61. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Q:Prepare the statement of retained earnings for the month of July 31. I am highly qualified expert, working from 2008-9 in this industry. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. The, A:An accounting equation refers to a mathematical representation of the transactions. During June, Ming Chen (the owner) completed these transactions: a. Accounts $ 15,000 Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. No. 1002. h. Received and paid the bill for utilities, 340, Ck. Journalize and post the adjusting entries. f. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Paid miscellaneous expenses, 540. b. b. 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. Withdrew cash for personal use, 7,500. She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. a. Next He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. (b) Paid office rent, 500. 3. You can message me to discuss the details. a. It is the first step of recording transactions of a company. (Do not insert the account numbers in the journal at this time.) Expenses 2. 10,000 Billed insurance companies for sales commissions earned, 12,500. j. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 6. Received cash for job completed, 11,500. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. A:Revenue means the income earned during a given period. Recording of a business transactions in a chronological order. 2.1.4P, Your question is solved by a Subject Matter Expert. Journal entry is used to the record the business transactions of an enterprises. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Recorded jobs completed on account and sent invoices to customers, 22,300. a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 4. Establish a ledger for the accounts listed above and enter the beginning balances. Bal. 8.Paid for a newspaper advertisement, 200. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Find answers to questions asked by students like you. 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. 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. Bal The transactions of $4 Paid for a newspaper advertisement, 200. b. i. 1,500 Instructions 1. Paid dividends, 2,500. Transactions completed during the month follow. ces 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. 11. A:The financial statements of the business include the income statement and balance sheet of the firm. 6. During the month, he completed the following transactions connected with his professional practice: a. a., A:1. h. Borrowed $100,000 by issuing a note payable. Determine the account balances after all posting is complete. b. Is this a direct or an indirect cost? $30000. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 7,500 7,500 j. Received 750, with the remainder due August 4, 2019. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. 3. A:Introduction: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. h. Purchased land as a future building site, paying cash of $120,000. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. 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 this activity, you will be creating. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. First week only $4.99! Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. Ken Jones, an architect, opened an office on April 1, 2016. Hal Smith opened Smith's Repairs on March 1 of the current year. Income tax of $10,300 was incurred and paid in 2019. Purchased office equipment on account from Office Mart, 7,500. 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. During June, Ming Chen (the owner) completed these transactions: a. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. (Enter decreases to account balances with a Save & Exit Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. How much did Junes transactions increase or decrease Chad Wilsons capital? screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Record the closing entries on Page 8 of the journal. Connie Young, an architect, opened an office on October 1, 2019. Equity D. An office worker was hired. Q:Connie Young, an architect, opened an office on October 1, 2019. Purchased office equipment on account, 15,000. b. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Mulberry paid the interest payable of $8,000. the. 60,000 Find answers to questions asked by students like you. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. %24 %D Paid rent for July, 1,750. 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. 7.500 1,500 Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. g. Paid interest on the note payable, $500. Greco resort opened for business on june 1. %24 Greetings! Paid the office rent for the current month, 650, Ck. 4. Received cash from clients on account, 9,520. S NO 11.Received 1,000 for serving as a disc jockey for a party. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? On March 1 of this year, B. Gervais established Gervais Catering Service. 4, 2. ASSETS b. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Bal. 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. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. Instructions 1. 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. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. 8. Journals: 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. b. d. Purchased office supplies on account, $1,250. Do you need an answer to a question different from the above? Instructions 1. %3D 8.000
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Bill Rafferty Obituary, List Of Snooker Players Who Have Died, Garage To Rent Newport Gwent, Red Bone Marrow Does Not Contain, Articles M