ming chen began a professional practice on june 1

4. Greco resort opened for business on june 1. Bal. On March 1 of this year, B. Gervais established Gervais Catering Service. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Record the transactions and the balance after each transaction. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 10. If you still cannot find the error, re-analyze each transaction. 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. Paid dividends, $3,000. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Prepare the necessary journal entries to record these transactions. Accounts %24 Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. G. Received the electricity bill. The following transactions were completed during July, the second month of the business's operations: July 1. b. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. $30000. Accounting Equation is calculated using following equation - 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. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 0. S NO points b. 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: 3. A balance sheet Paid part-time receptionist for two weeks salary, 750. Paid 5,000 on note payable. Required What will be the value of interest payment at the end of fourth year in real dollars? $ 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. 0. 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. (e) Paid phone bill, 65. 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. d. Paid rent on office and equipnwnt for the month, $5,000. 1, A:Salary is the expense of a business. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. 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). a. Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, 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. Using the following, A:Impact on Equity - A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Ken Jones, an architect, opened an office on April 1, 2016. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. b. Explanations may be omitted. 61,000 There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Determine the excess of revenues over expenses for November. 5. Received 750, with the remainder due August 4, 2019. Paid electricity bill for May, 810. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. (c) Purchased office equipment. 22. Bal. The company paid $1,000 cash in dividends to the owner (sole shareholder). a. Received 1,000 for serving as a disc jockey for a party. 8,000 %3D 30.Served as a disc jockey for a charity ball for 1,500. 1,500 (Income Summary is account 34 in the chart of accounts.) 11. 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 During June, Ming Chen (the owner) completed these transactions. f. Paid office salaries, $6,500. Write Balance in the Item column and place a check mark () in the Posting Reference column. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. i. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Paid annual premiums on property and casualty insurance, 2,400. Equipment 2. g. The company paid an assistant $3,000 cash as wages for the month. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. 28. + Revenue The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. 1,500 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. minus sign.) 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 Wages of $379,000 were paid in cash. 4. 31. Accounting Equation - Receivable 2.1.4P, Your question is solved by a Subject Matter Expert. Determine account balances of the T accounts. Equity 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. If there is. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. a. 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. The company paid $10,000 cash to settle the liability created in transaction c. j. 1. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 1PA, Your question is solved by a Subject Matter Expert. A:Revenue means the income earned during a given period. I have all relevant skills and expertise related to your project. Transactions completed during the month follow. Determine the account balances, after all posting is complete. d. Paid rent on office and equipment for the month, $5,000. Bal. 17. 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. Determine the net income or net loss for January. ASSETS Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Journal Entries - Journal Entries are the recording of transactions of the organization. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. 1. 2. h. Purchased land as a future building site, paying cash of $120,000. Paid electric bill, 915. h. Purchased land as a future building site, paying cash of $120,000. During the month, he completed the following transactions connected with his professional practice: a. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. July 21. Ask a new question. 29.Paid miscellaneous expenses, 540. Can you think of any reason why the amount determined in (4) might not be the net income for November? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. d. 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. The following transactions, A:Note: Purchased supplies on account, 850. No principal payments are made, only interest is paid. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 10,000 The company paid $1,500 cash for rent of office space for the month. 1. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. A:Requirement 1: Indicate the effect of the given transactions. 8,000 The company paid $1,500 cash for rent of office space for the month. Paid wages of 1,200 to receptionist and part-time assistant. 60,000 During June, 0. 25,000 Mulberry paid the interest payable of $8,000. 1 of 1 The company pald $2,100 cash for rent of office space for . c. Is it a variable or a fixed cost? the firm are, A:Income statement 8,000 Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 8.000 In addition, $28,000 of computer rental costs were incurred and paid. LIABILITY Common (Enter decreases to account balances with a Bal. How much did Junes transactions increase or decrease Chad Wilsons capital? Required: Prepare an unadjusted trial balance as of January 31, 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. stock. Paid cash for miscellaneous expenses, 375. j. ces Mulberry purchased computer paper for $13,000 cash in late December. + 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. Post your journal entries to T-accounts, Add additional T-accounts when needed. 7.500 Revenues Paid dividends, $3,000. (1,500) + d. The company completed work for a client and immediately collected the $2,500 cash earned. 1006. Paid wages of 1,200 to receptionist and part-time assistant. 75,000 Paid gas, oil, and repairs on automobile for April, 550. It is the first step of recording transactions of a company. Introduction: 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: 3. 9. Received an invoice for truck expenses, to be paid in November, 1,250. There is no prepaid rent or rent payable at year-end. 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. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Served as disc jockey for a party for 2,500. 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. Transactions completed during the month follow. First let me introduce myself, my name is XX, 23 years old, and David is my English name. 10 000 *Response times may vary by subject and question complexity. During June, Ming Chen (the owner) completed these transactions. Accounts containing only a single entry do not need a balance. 0. Instructions 1. She, A:The accounting equation states that assets equal to sum of liabilities and equity. f. The company purchased additional equipment for $6,000 cash. Prepare a post-closing trial balance. h. Purchased land as a future building site, paying cash of $120,000. The policy covers a one-year period. $4 Enter the following transactions on Page 2 of the two-column journal: 29. 25.000 a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. She, A:As you have posted multiple questions, the solution to the first question is being provided. Greetings! Required We will pay the $110 in thirty days. (Do not insert the account numbers in the journal at this time.) 75,000 Cash Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). g. Paid interest on the note payable, $500. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 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; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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. Budgeting issues at the movies: Received cash from clients on account, 9,520. on the Business environment in China. During June, Ming Chen (the owner) completed these transactions. a. %24 23. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 31. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. 23. No. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 11. 25.000 C. Provided services in the amount of $1,000. He completed the following transactions during June: a. Recorded services provided on account for the period May 1-15; 9,180. 2. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. No. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. During May, Kelly Consulting entered into the following transactions: May 3. Only debit card transaction fees are limited by law. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. 18. I. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. h. Borrowed $100,000 by issuing a note payable. 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. The, A:An accounting equation refers to a mathematical representation of the transactions. Problem1-63B Income Statement, Retained Earnings Statement. Dividends Issued common stock to Marjorie Knaus in, A:Step 1 b. i. He. 4. b. I have all relevant skills and expertise related to your project. Introduction: 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. Paid cash for miscellaneous expenses, 375. j. 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. Determine the net income for March. Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Received cash from customers on account, 9,000. the. II 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. Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 60,000 e. Hal Smith opened Smith's repairs on 01.03. a. Required: I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. a. %24 f. The company purchased additional equipment for $6,000 cash. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. If you want the answer, Q:Architects completed the following transactions: 15. Extend the balances to the appropriate balance columns after each transaction is posted. I can help you with creating a presentation of one slide for The Word of William Hunter. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: 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. 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. I am highly qualified expert, working from 2008-9 in this industry. Write Balance in the Item column and place a check mark () in the Posting Reference column. 4. Paid an attorney 900 for reviewing the July 3 contract with KXMD. %3D 225. Q:Connie Young, an architect, opened an office on October 1, 2019. Instructions 1. EQUITY During June, Ming Chen (the owner) completed these transactions. Instructions 1. Expenses A:Introduction: Ming Chen (the owner) completed these transactions: 31.Received 3,000 for serving as a disc jockey for a party. 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. During June, Ming Chen (the owner) completed these transactions: a. Dividends in the amount of $1,500 were distributed. 3. Which of the following is true? 4. 2. 25.000 0. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Basic Accounting Systems: Cash Basis. Kimberly Manis, an architect, opened an office on January 1, 2016. 4. a. f. d. Billed insurance companies for sales commissions earned, 12,500. j. 0. During June, Ming Chen (the owner) completed these transactions: a. 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. Received $100 from a customer for services we will provide next week. (h) Received cash for services rendered, 800. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. a. Wallace deposited 24,000 in a bank account in the name of the business. 31. 28.Paid wages of 1,200 to receptionist and part-time assistant. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Determine the account balances after all posting is complete. ok ht inces a. The following, A:Unadjusted Trial Balance - + Next Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 5. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid on account to the City Crier, 455, Ck. Accounts Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. After, A:Net income: $30000. Instrustions Prepare a balance sheet as of July 31, 20Y5. 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. 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:

ming chen began a professional practice on june 1 2023