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 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. Determine the increase or decrease in owners equity for August. 24. 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. Bal. ol + References Determine the net income or net loss for January. 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. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 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. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 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. If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and 9. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Im very much interested to write for attendance systems. 0. G. Received the electricity bill. During June, Ming Chen (the owner) completed these transactions. Instructions 1. 5. A:The financial statements of the business include the income statement and balance sheet of the firm. 14.Paid wages of 1,200 to receptionist and part-time assistant. 2. During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions: a. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 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. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 1. II Classify each transaction as an operating, an investing, or a financing activity. No. Amount of total expenses recorded in the ledger. Prepare and post the closing entries. Purchased office equipment on account, 15,000. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Paid part-time receptionist for two weeks salary, 750. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. f. The company purchased additional equipment for $6,000 cash. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 1. Instructions 1. 11.Received 1,000 for serving as a disc jockey for a party. February 20, 2023. No. Enter the impact of each transaction on individual items of the accounting equation. 2,500 During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Check my M Question 8 - Chapter 1 Exercises Connect No. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 13. During June, Ming Chen (the owner) completed these transactions. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Interest of $5,000 was paid on the long-term loan. View this solution and millions of others when you join today! Paid rent for July, 1,750. Ming Chen began a professional practice on June 1 and. Mc. 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 . Assets Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. 2. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 8. %24 I have all relevant skills and expertise related to your project. Paid 620 to Upload Music for use of its current music demos in making various music sets. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. stock. 18. Prepare an unadjusted trial balance as of July 31, 2019. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. Received cash from clients on account, 9,520. %24 ces Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 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. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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: Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. If there is. Common ACCOUNTS RECEIVABLE First week only $4.99! During June, Ming Chen (the owner) completed these transactions. 58,500 Amount of total expenses recorded in the ledger. Determine account balances of the T accounts. %24 Bal. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. 10. Prepare an adjusted trial balance. 4. Prepare an unadjusted trial balance as of January 31, 2019. h. Purchased land as a future building site, paying cash of $120,000. 8.000 30. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Brooke completed the following transactions during the month of August: a. The company paid $1,500 cash for rent of office space for the month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. No. b. 13. 18.Purchased supplies on account, 850. b. B. 8,000 The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 00. Start your trial now! Determine the following: a. c. Amount of net income for August. i. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. f. The company purchased additional equipment for $6,000 cash. View this solution and millions of others when you join today! Paid 700 to a local audio electronics store for rental of digital recording equipment. The company paid $1,500 cash for rent of office space for . 15. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Purchased supplies on account, 735. Prepare an income statement, a retained earnings statement, and a balance sheet. If the two totals are not equal, check the addition and subtraction. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. During the first month of operations of his, A:Solution: a. and company a firm. Prepare an unadjusted trial balance. a. A:Revenue means the income earned during a given period. 1,500 The company paid $1,500 cash for rent of office space for the month. A. Next %24 %3D 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 0. We will pay the $110 in thirty days. 0. During the first month of operations of his, A:Solution: During June, Ming Chen (the owner) completed these transactions. Revenues + Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. The actual work of dry cleaning is done by another company for a fee. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 10,000 Write Balance in the Item column and place a check mark () in the Posting Reference column. 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. %3D Received 1,000 cash from customers on account. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. Gervais deposited 25,000 in a bank account in the name of the business. During the month, Lexi completed the following transactions related to the business: Nov. 1. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 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: 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. 3. b. Prav 5. 4, Withdrew cash for personal use, 2,500. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Owner withdrew $1,000 cash from the company for personal use. During June, Ming Chen (the owner) completed these transactions. Amount of total revenue recorded in the ledger. Greco resort opened for business on june 1. f. Paid office salaries, $6,500. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Since there are multiple subparts, we will answer only first three subparts. 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). Receivable d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. 1003. i. Instructions 1. No. Find answers to questions asked by students like you. How much did Junes transactions increase or decrease Chad Wilsons capital? 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 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. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. i. 25.000 b. Stock b. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. h. Purchased land as a future building site, paying cash of $120,000. 1. g. Paid interest on the note payable, $500. g. The company paid an assistant $3,000 cash as wages for the month. 504. j. Paid dividends, $3,000. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. (c) Purchased office equipment. $ 3.Paid 250 to creditors on account. 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The policy covers a one-year period. a. The, A:An accounting equation refers to a mathematical representation of the transactions. Recorded services provided on account for the remainder of May, 2,650. Required 1. No. During June, Ming Chen (the owner) completed these transactions. 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. 1006. Q:Ken Jones, an architect, opened an office on April 1, 2019. Journal Entries - Journal Entries are the recording of transactions of the organization. 3. d. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Enter the following transactions on Page 2 of the two-column journal: 29. Using the following, A:Impact on Equity - (Income Summary is account 34 in the chart of accounts.) (a) Invested cash in the business, 510,000. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. d. 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. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set 60,000 To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 2. During June, Ming Chen (the owner) completed these transactions. Received 500, with the remainder due on August 9, 2019. A:Introduction: Budgeting issues at the movies: 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. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows.  a. 10. No. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. July 21. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. 31. Accounts b. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. EQUITY Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). a. 1.500 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. The company paid $1,000 cash in dividends to the owner (sole shareholder). Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 29. Received 3,000 for serving as a disc jockey for a party. a. 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. Paid cash to creditors on account, 3,000. j. 58,500 If the two totals are not equal, check the addition and subtraction. Extend the balances to the appropriate balance columns after each transaction is posted. d. The company completed work for a client and immediately collected the $2,500 cash earned. Transactions completed during the month follow. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. $30000. Hal Smith opened Smith's Repairs on March 1 of the current year. Only credit card transaction fees are limited by law. 75,000 27. Ask your question! Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. 63. No. 23. Apr. stock. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 7.500 25,000 %24 5. $ 15,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 61,000 The following information is provided for the first month of operations for Legal Services Inc.: A. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Greetings! During June, 2. b. 501. e. Bought insurance for the truck for one year, 400, Ck. 10,000 Amount of total revenue recorded in the ledger. 4. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. C. Provided services in the amount of $1,000. A:Requirement 1: Indicate the effect of the given transactions. Ethics and budgetary slack: 61,000 2023 White PaPer. 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. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store.
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