ming chen began a professional practice on june 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. Q:Connie Young, an architect, opened an office on October 1, 2019. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. 8,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 28. Bal. %3D 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. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Received cash from customers on account, 9,000. 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. b. No. 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. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Received 3,000 for serving as a disc jockey for a party. 1,500 The, A:An accounting equation refers to a mathematical representation of the transactions. Show new balances after each transaction. Paid cash for miscellaneous expenses, 375. j. During June, Ming Chen (the owner) completed these transactions. 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. b. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 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 In this activity, you will be creating. Borrowed $100,000 by issuing a note payable. We will pay the $110 in thirty days. d. The company completed work for a client and immediately collected the $2,500 cash earned. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. 0.33 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Received 2,000 for serving as a disc jockey for a wedding reception. 2. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. minus sign.) we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. i. Received and paid the heating bill, 248, Ck. 10,000 Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. How much did Junes transactions increase or decrease Chad Wilsons capital? a. 1006. (1,500) + 25,000 If there is. Ken Jones, an architect, opened an office on April 1, 2016. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Paid electric bill, 915. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. a. Paid annual premiums on property and casualty insurance, 2,400. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. A:Introduction: 10,000 Paid gas, oil, and repairs on automobile for April, 550. a. A:a)Indicate the effect of the given transactions. During the month, she completed the following transactions connected with her professional practice: a. 4. b. 2. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 1.500 Prepare a single-step income statement. During the first month of operations of his, A:Solution: 7,500 8.000 58,500 %3D He. Paid miscellaneous expenses, 1,000. 2,500 the. During the month, Jones, A:T accounts: 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: b. Accounts containing only a single entry do not need a balance. 2020 - 2024 www.quesba.com | All rights reserved. a. the firm are, A:Income statement 4. Expenses The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Dividends in the amount of $1,500 were distributed. Recorded services provided on account for the period May 16-20, 4,820. View this solution and millions of others when you join today! I am highly qualified expert, working from 2008-9 in this industry. Which of the following is true? During June, Ming Chen (the owner) completed these transactions: a. Paid dividends, 2,500. 0. 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. Post the journal to a ledger of four-column accounts. Common During the first month of points Bal Paid dividends, $3,000. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. At the end of May, the following adjustment data were assembled. Ken Jones, an architect, opened an office on April 1, 2019. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. . Ming Chen (the owner) completed these transactions: Instructions 1. Ethics and budgetary slack: Withdrew cash for personal use, 3,900. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 5. Q:Comprehensive Problem Set Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. i. Purchased office equipment on account from Office Mart, 7,500. 4. Instuction Prepare an income staement and statement of stockholders equity for July. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 5. O OO O 1,500 Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: 58,500 a. d. Paid rent on office and equipment for the month, $5,000. 6. 8.Paid for a newspaper advertisement, 200. 10,000 + %24 G. Received the electricity bill. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. 14.Paid wages of 1,200 to receptionist and part-time assistant. $30000. 3. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Post your journal entries to T-accounts, Add additional T-accounts when needed. Served as disc jockey for a party for 2,500. Determine the increase or decrease in owners equity for August. Prepare an unadjusted trial balance as of August 31, 2016. Analyze and use these data to complete parts (5) and (6). 60,000 First week only $4.99! During May, Kelly Consulting entered into the following transactions: May 3. Issued common stock to Marjorie Knaus in, A:Step 1 Bal No. 25,000 Paid part-time receptionist for two weeks salary, 750. The company paid $1,500 cash for rent of office space for the month. He completed the following transactions during June: a. 11.Received 1,000 for serving as a disc jockey for a party. 1,500 Accounts 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. The account headings are presented below. Paid miscellaneous expenses, 540. (b) Paid office rent, 500. 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. 3. stock. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. c. Received cash from fees earned. 8. %24 4. The company paid $1,500 cash for rent of office space for the month. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. (j) Withdrew cash for personal use, 100. 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. Find answers to questions asked by students like you. 2,500 Saved C. g. The company paid an assistant $\$3,000$ cash as wages for the month. Stock February 20, 2023. I. 7,500 Bal. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 31. 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. Paid the office rent for the current month, 650, Ck. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Prav I am a Ph.D. writer with more than 9 years of working experience in Writing. 22. Income tax of $10,300 was incurred and paid in 2019. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Assignments: ACCTG-4A-80575-2021SP g. The company paid an assistant $3,000 cash as wages for the month. In July of this year, M. Wallace established a business called Wallace Realty. During the month, he completed the following transactions connected with his professional practice: a. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Instructions 1. Basic Accounting Systems: Cash Basis. c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 8,000 b. Introduction: minus sign.) (Continued) Required: 1. 25.000 During the month, Knaus. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. f. Paid office salaries, $6,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Served as a disc jockey for a charity ball for 1,500. A:Requirement 1: Indicate the effect of the given transactions. 0. Received 1,000 for serving as a disc jockey for a party. D. An office worker was hired. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? 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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