ming chen began a professional practice on june 1

c. Received cash from fees earned. b. b. Connie Young, an architect, opened an office on October 1, 2019. In July of this year, M. Wallace established a business called Wallace Realty. 7.500 Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. + Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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 Paid for a newspaper advertisement, 200. 8,000 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 3.Paid 250 to creditors on account. [Solved] Ming Chen began a professional practice o | SolutionInn 31. Paid part-time receptionist for two weeks salary, 750. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. (Optional) Prepare a statement of cash flows for July. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Bal. b. Received 1,000 for serving as a disc jockey for a party. 28. d. Paid rent on office and equipnwnt for the month, $5,000. 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. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Determine the net income or net loss for April. 3. 8.000 Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. b. + Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Recorded services provided on account for the remainder of May, 2,650. 13. We will pay the $110 in thirty days. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 10,000 b. f. Paid office salaries, $6,500. 504. j. 505. m. Paid the salary of the assistant, 1,150, Ck. So lets make no longer delay & start chatting immediately. Hello. 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. 000 d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid cash to creditors on account, 3,000. j. $30000. b. (j) Withdrew cash for personal use, 100. 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. Receivable Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Received 750, with the remainder due August 4, 2019. 2. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. %24 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. Paid rent for July, 1,750. Movies are expensive to produce and market. 4. 7.500 property. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Instructions 1. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. The following transactions were completed during July, the second month of the business's operations: July 1. ok ht inces a. 2020 - 2024 www.quesba.com | All rights reserved. 1. Apr. Print (Note: Ignore the date because these events are aggregations of individual events.) 2. 4. During the month, she completed the following transactions connected with her professional practice: a. The company paid $10,000 cash to settle the liability created in transaction c. j. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. 1006. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 225. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. b. During June, Ming Chen (the owner) completed these transactions. 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. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. 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. 29.Paid miscellaneous expenses, 540. 10. During the month, he completed the, 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. 15,000 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. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. 4. Help Required: Using the following, A:Impact on Equity - During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? Interest of $5,000 was paid on the long-term loan. Amount of total revenue recorded in the ledger. 4. 10,000 Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. c. Both credit card and debit card transaction fees are limited by law. (Record as Miscellaneous Expense.) $15,000 Assets 25.000 eBook 60,000 27. Prepare a post-closing trial balance. stock. References 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: Advanced practice nurse professional development plan, Mcgraw hill practice operations module 1 answers, 1.1 10 practice written assignment spanish 1 semester 2, Pre lab assignment 1 osmosis and tonicity practice problems, 1.1 10 practice complete your assignment english 12 sem 1, Safe practices for motor vehicle operations ansi asse z15 1, Kelly pitney began her consulting business kelly consulting on april 1 2016, Exercise and osteoporosis journal article, Critiquing floral arrangements crossword answers, Which of the following best describes ethics, Communicating in groups applications and skills 10th edition, Secure software development concepts support protecting applications, Cradle of filth your mother should ve swallowed shirt, The economy in the 1980s worksheet answers, Sharper image ultimate fat freezer reviews, Centripetal force and uniform circular motion lab report, What are the 6 stages of the family life cycle, The danger of a single story ted talk summary, Marshall rosenberg book nonviolent communication, Desert states employers & ufcw pension plan, Strengths and weaknesses of ethical egoism, Updater process ended with error 255 moto g4 plus, Section 6.4 traits genes and alleles section quiz answers. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 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. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 4, 3. 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. 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. During June, Ming Chen (the owner) completed these transactions. Determine the net income for March. $ PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Payable h. Purchased land as a future building site, paying cash of $120,000. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Only debit card transaction fees. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Save & Exit Required Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. I have all relevant skills and expertise related to your project. 10,000 + 2. Introduce your . Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Prepare a single-step income statement. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. The following transactions, A:Note: 0. i. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Ming Chen began a professional practice on June 1 and plans to prepare 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 . Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Paid dividends, $3,000. Use the ending balances in the T-accounts to prepare a trial balance. B. 1. Hello. Prepare an income statement, a retained earnings statement, and a balance sheet. Bal. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Determine account balances of the T accounts. 4. Only debit card transaction fees are limited by law. After, A:Net income: Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Paid dividends, $3,000. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Write Balance in the Item column and place a check mark () in the Posting Reference column. 23. If the two totals are not equal, check the addition and subtraction. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Paid an attorney 900 for reviewing the July 3 contract with KXMD. During June, Ming Chen (the owner) completed these transactions.a. $30000. Paid the office rent for the current month, 650, Ck. 14.Paid wages of 1,200 to receptionist and part-time assistant. Q:Ken Jones, an architect, opened an office on April 1, 2019. 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. During June, Ming Chen (the owner) completed these transactions. If the two totals are not equal, check the addition and subtraction. I am highly qualified expert, working from 2008-9 in this industry. Served as disc jockey for a party for 2,500. Prepare an unadjusted trial balance as of August 31, 2016. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. Instructions 1. Recorded services provided on account for the period May 16-20, 4,820. 4. Received 750, with the remainder due August 4, 2019. Amount of total expenses recorded in the ledger. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire.

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