Bal Prepare a single-step income statement. 8,000 To ensure my potential must visit my profile to check my ratings and uploaded samples. a. B. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. 22. II 1003. i. 10,000 Accounts 0. Purchased office equipment on account, 15,000. a. 4. Issued common stock to Marjorie Knaus in, A:Step 1 Apr. The entire assets of an organization are equal to the sum of its liabilities, Q:Kristin Holden started her own consulting business in July, 20--. Paid for a newspaper advertisement, 200. Enter the impact of each transaction on individual items of the accounting equation. 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. %24 d. Does the activity add value to Latchey’s provision of insurance services? %24 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common I am highly qualified expert, working from 2008-9 in this industry. b. Introduce yourself. Transactions completed during the month follow. The American Chamber of Commerce in South China. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The following transactions, A:Journal Entries: Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. 3. Determine the net income for March. d. The company completed work for a client and immediately collected the $2,500 cash earned. 2.1.4P, Your question is solved by a Subject Matter Expert. The policy covers a one-year period. The company paid $10,000 cash to settle the liability created in transaction c. i. 1,500 In this activity, you will be creating. %24 During June, Ming Chen (the owner) completed these transactions. 61,000 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. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. A:Introduction: Borrowed $100,000 by issuing a note payable. 30. 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. Paid wages of 1,200 to receptionist and part-time assistant. 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: Greco resort opened for business on june 1. The following, A:Unadjusted Trial Balance - Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Amount of total expenses recorded in the ledger. Insurance expired during May is 275. b. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). A Wages of $379,000 were paid in cash. a. %24 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. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. If you want the answer, Q:Architects completed the following transactions: During June, Ming Chen (the owner) completed these transactions. Extend the balances to the appropriate balance columns after each transaction is posted. Check my Hill Good morning, teachers, I am honored to be informed to have this interview. %D (j) Withdrew cash for personal use, 100. Use a chart of accounts to order the ledger accounts. b. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. The policy covers a one-year period. %3D 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 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 electricity bill for May, 810. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The following transactions occurred during January of the current year. Owner invested 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. 17. Purchased office equipment on account from Office Mart, 7,500. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Can you think of any reason why the amount determined in (4) might not be the net income for November? S NO Record the closing entries on Page 8 of the journal. When the business transactions are recorded in the primary book of account, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Q:Comprehensive Problem Set Apr. Instructions 1. 12. Analyze and use these data to complete parts (5) and (6). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Enter the following transactions on Page 2 of the two-column journal: 29. Determine the following: a. c. Received cash from fees earned. 1,500 Is this a direct or an indirect cost? + c. Received cash from fees earned. %D 2. Withdrew l,250 cash from PS Music for personal use. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Paid cash for a newspaper advertisement. 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. Greetings! 61. c. Received cash from fees earned. $30000. h. Borrowed $100,000 by issuing a note payable. Journal entry is used to the record the business transactions of an enterprises. H. Paid the worker hired in D for one weeks work. Paid gas, oil, and repairs on automobile for April, 550. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Hi! One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. (Note: Ignore the date because these events are aggregations of individual events.) g. Paid interest on the note payable, $500. Prepare and post the closing entries. 30. Paid dividends, $3,000. (Record as Miscellaneous Expense.) 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. 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. 0. 2. a. d. Paid rent on office and equipnwnt for the month, $5,000. d. Dividends 60,000 Paid cash for miscellaneous expenses, 375. j. Home., A:Since you have asked multiple questions under a single question. Purchased supplies for cash, 1,750. %D 31. Paid miscellaneous expenses, 1,000. 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. Paid telephone bill for May, 260. (g) Paid wages to part-time employee, 500. Received cash from clients on account, 9,520. If an entry is not required for any of these transactions, state this and explain why. Paid annual premiums on property and casualty insurance, 2,400. stock. Hello. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. During June, Ming Chen (the owner) completed these transactions. 0. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: h. Borrowed $100,000 by issuing a note payable. During June, Ming Chen (the owner) completed these transactions: a. c. Both credit card and debit card transaction fees are limited by law. During the month, Knaus. Expenses 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 24 *Response times may vary by subject and question complexity. b. 7.500 College Accounting (Book Only): A Career Approach. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 504. j. b. Equity No. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. 31. The account headings are presented below. Instructions 1. ol + Determine the net income for June. %3D 75,000 5. a., A:1. C. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: None of the paper was used by year-end. 8.Paid for a newspaper advertisement, 200. The company paid $1,500 cash for rent of office space for the month. Paid dividends, 10,500. During the month, he completed the following transactions connected with his professional practice: a. Connie Young, an architect, opened an office on October 1, 2019. A:Journal: b. During June, During June, Ming Chen (the owner) completed these transactions. Graw SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 3. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Instructions 1. a. 10,000 + A:The financial statements of the business include the income statement and balance sheet of the firm. Instructions 1. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. Instructions 1. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. h. Purchased land as a future building site, paying cash of $120,000. Ask a new question. Record the transactions and the balance after each transaction. I am highly qualified expert, working from 2008-9 in this industry. A. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Journalize and post the adjusting entries. Issued common stock to Marjorie Knaus in, A:Step 1 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. Withdrew cash for personal use, 2,500. 3. d. Paid rent on office and equipment for the month, $5,000. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. Help The company paid $10,000 cash to settle the liability created in transaction c. j. b. 1,500 Billed insurance companies for sales commissions earned, 12,500. j. According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack:
Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. Required Is it a product or a period cost? Withdrew cash for personal use, 3,900. During June, Ming Chen (the owner) completed these transactions. During May, Kelly Consulting entered into the following transactions: May 3. 7,500 Instructions 1. Do you need an answer to a question different from the above? Hal Smith opened Smith's Repairs on March 1 of the current year. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) and company a firm. Paid part-time receptionist for two weeks salary, 750. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. During the month, she completed the, A:Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts. Paid the office rent for the current month, 650, Ck. The transactions of Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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. a. 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. The following information is provided for the first month of operations for Legal Services Inc.: A. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: (h) Received cash for services rendered, 800. Introduction: The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. The following transactions were completed during July, the second month of the business's operations: July 1. 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. on the Business environment in China. 10,000 D. An office worker was hired. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 3. Prepare an unadjusted trial balance as of August 31, 2016. I have all relevant skills and expertise related to your project. f. The company purchased additional equipment for $6,000 cash. 75,000 Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Transactions completed during the month follow. A:Requirement 1: Indicate the effect of the given transactions. g. Paid interest on the note payable, $500. b. h. Purchased land as a future building site, paying cash of $120,000. Determine account balances of the T accounts. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Bal. Paid cash to creditors on account, 4,500. j. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. The prepaid rent at the beginning of the year was used in 2019. 0. Prepare an income statement, a retained earnings statement, and a balance sheet. 8.000 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. Im very much interested to write for attendance systems. I will also provide you with TURNITIN PLAGIARISM REPORT. 28.Paid wages of 1,200 to receptionist and part-time assistant. 30. If there is. Find answers to questions asked by students like you. b. Paid rent for period of November 1 to end of month, 4,000. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Bal. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Classify each transaction as an operating, an investing, or a financing activity. Received cash from customers on account, 9,000. 75,000 Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 25.000 c. Amount of net income for January. 29. 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: 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 300 on note payable. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. During June, Ming Chen (the owner) completed these transactions: a. Instructions 1. Ken Jones, an architect, opened an office on April 1, 2019. 4. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. (1,500) + 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. During June, Ming Chen (the owner) completed these transactions. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and A:The financial statements of the business include the income statement and balance sheet of the firm. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. How much did Marchs transactions increase or decrease Amy Austins capital? 0. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Show new balances after each transaction. April. No. d. The company completed work for a client and immediately collected the $2,500 cash earned. 4. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Start your trial now! Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Accounts The company paid $1,500 cash for rent of office space for the month. 10 000 Inflation is 3.8% per year. Revenue 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. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Prepare an unadjusted trial balance as of January 31, 2019. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Received 1,000 cash from customers on account. 7,500 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. 225. Determine the net income or net loss for October. Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i.