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10,000 Paid cash for miscellaneous expenses, 375. j. February 20, 2023. A:Introduction: a., A:1. $30000. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? 2023 White PaPer. 14.Paid wages of 1,200 to receptionist and part-time assistant. Determine account balances of the T accounts. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 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 . 12. 225. 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:a. Enter the impact of each transaction on individual items of the accounting equation. 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. 58,500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. 1. Hi, Hope you are doing well. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. minus sign.) No. 4. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Owner invested Start your trial now! Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. Ken Jones, an architect, opened an office on April 1, 2019. O OO O Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. $15,000 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. 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: *Response times may vary by subject and question complexity. Analyze each transaction, Journalize as appropriate. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 25,000 a. Transactions completed during the month follow. 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. Determine the following: a. 1. B. Journals: During June, Ming Chen (the owner) completed these transactions. 4, $30000. 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. Required: None of the paper was used by year-end. 6. 3. Owner invested $60,000 cash in the company along with equipment. a. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 10,000 Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Prepare a single-step income statement. a. 5. 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. Find answers to questions asked by students like you. Since there are multiple subparts, we will answer only first three subparts. Expenses What will be the value of interest payment at the end of fourth year in real dollars? Basic Accounting Systems: Cash Basis. Correct answers: 1 question: A loan of $400,000 is taken out which requires an annual interest payment of 4.4% of the borrowed amount of money (in market dollars). July 21. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 75,000 Enter the following transactions on Page 2 of the two-column journal: 29. Determine the net income or net loss for April. 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 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid the office rent for the current month, 650, Ck. ezto.mheducation.com During the first month of operations of his, A:Solution: Required J. 30.Served as a disc jockey for a charity ball for 1,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 8.000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Record the transactions and the balance after each transaction. 2. (j) Withdrew cash for personal use, 100. 25. 1. 8. Hal Smith opened Smith's repairs on 01.03. 7. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. 2. Bal. Ming Chen (the owner) completed these transactions. Journal entry is used to the record the business transactions of an enterprises. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. g. Paid interest on the note payable, $500. 5. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Accounting Equation - Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 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. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. b. 8,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 9. Prav 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. He completed the following transactions during June: a. i. Dividends 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? The account headings are presented below. 10 000 A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 29. Which of the following is true? Thanks :--). Paid wages of employees, 6,800. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Paid electricity bill for May, 810. and company a firm. Equipment Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Explanations may be omitted. II 1,500 Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. b. 1000. c. Bought office supplies for cash, 375, Ck. 00. 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. 501. e. Bought insurance for the truck for one year, 400, Ck. Ken Jones, an architect, opened an office on April 1, 2016. b. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. Expenses Determine the amount of Joel Palks capital as of July 1 of the current year. a. 8,000 Prepare and post the closing entries. %3D 31.Received 3,000 for serving as a disc jockey for a party. 4. Paid rent for July, 1,750. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. f. The company purchased additional equipment for $6,000 cash. April. The company paid $1,500 cash for rent of office space for the month. What amount should Carter report as net cash from investing activities? 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. d. Paid rent on office and equipnwnt for the month, $5,000. g. Paid interest on the note payable, $500. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 8.Paid for a newspaper advertisement, 200. 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. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. The policy covers a one-year period. 5. Issued common stock to Marjorie Knaus in, A:Step 1 29. 0. 1, A:Salary is the expense of a business. On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. d. 1PA, Your question is solved by a Subject Matter Expert. 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. Mc. c. Received cash from fees earned. Write Balance in the Item column and place a check mark () in the Posting Reference column. Mulberry paid the interest payable of $8,000. 506. 60,000 Ask your question! $ Paid dividends, $3,000. 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. stock. Connie Young, an architect, opened an office on October 1, 2019. The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Hire Professional Writer And Get A+ Grades In Your Homework. During June, Ming Chen (the owner) completed these transactions: a. 23.Served as disc jockey for a party for 2,500. 4. 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. Purchased office equipment on account from Office Mart, 7,500. 25,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2,500 Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. b. 8.000 Dividends in the amount of $1,500 were distributed. On March 1 of this year, B. Gervais established Gervais Catering Service. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. %24 No principal payments are made, only interest is paid. Assets 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. Hal Smith opened Smith's Repairs on March 1 of the current year. Paid 620 to Upload Music for use of its current music demos in making various music sets. h. Purchased land as a future building site, paying cash of $120,000. Bal. 10,000 For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Determine the net income or net loss for October. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: DLite Dry Cleaners is owned and operated by Joel Palk. Served as disc jockey for a party for 2,500. a. Wallace deposited 24,000 in a bank account in the name of the business. Received cash for job completed, 11,500. I have all relevant skills and expertise related to your project. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24 27. No. No. During June, Ming Chen (the owner) completed these transactions. In July of this year, M. Wallace established a business called Wallace Realty. 23. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. If you want the answer, Q:Architects completed the following transactions: Withdrew cash for personal use, 3,900. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: 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 still cannot find the error, re-analyze each transaction. 15. 2. 1,500 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. stock. 10,000 Paid Office Station Co. for part of the debt incurred on April 5, 640. Amount of total revenue recorded in the ledger. 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. (c) Purchased office equipment. Paid gas, oil, and repairs on automobile for April, 550. The company paid $10,000 cash to settle the liability created in transaction c. j. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. d. If there is. 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. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Equipment Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Received 750, with the remainder due August 4, 2019. Determine the excess of revenues over expenses for November.  e. Is it a budgeted or an actual cost in your report? Withdrew cash for personal use, 2,000. g. The company paid an assistant $3,000 cash as wages for the month. 1,500 3. b. ol + Stock Saved Find answers to questions asked by students like you. If you still cannot find the error, re-analyze each transaction. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 10,000 Withdrew l,250 cash from PS Music for personal use. Help 2.1.4P, Your question is solved by a Subject Matter Expert. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 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. Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. Recorded jobs completed on account and sent invoices to customers, 22,300. Paid cash for miscellaneous expenses, 375. j. 000 D. An office worker was hired. Instructions 1. Revenues Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:Journal: d. Paid rent on office and equipnwnt for the month, $5,000. Write Balance in the Item column and place a check mark () in the Posting Reference column. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 13. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. Ming Chen (the owner) completed these transactions: h. Purchased land as a future building site, paying cash of $120,000. Use the ending balances in the T-accounts to prepare a trial balance. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. %24 28. She, A:As you have posted multiple questions, the solution to the first question is being provided. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Equity Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Purchased office equipment on account, 15,000. Determine account balances of the T accounts. 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. S NO Start your trial now! The following transactions occurred during January of the current year. During March, the following, A:1. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 0. Required: 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. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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. 30. 15. First week only $4.99! 0. Received 3,000 for serving as a disc jockey for a party. During June, Ming Chen (the owner) completed these transactions. The company paid $1,500 cash for rent of office space for the month. 31. The customer will pay at a later date.