ming chen began a professional practice on june 1

Paid gas, oil, and repairs on automobile for April, 550. 10,000 $15,000 During June, Ming Chen (the owner) completed these transactions. 3. 25.000 Prepare and post the closing entries. 16. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 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. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 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No. 15. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. Amount of total revenue recorded in the ledger. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. i. A:Net income is calculated after analysing the revenue and expenses of the organisation. Each drugstore is operated by a general manager and a controller. 10,000 + Determine the net income or net loss for April. c. Received cash from fees earned. Mulberry paid the interest payable of $8,000. Prepare a single-step income statement. He. Expenses the firm are, A:Income statement Purchased office equipment on account from Office Mart, 7,500. 4. 31.Received 3,000 for serving as a disc jockey for a party. It is the first step of recording transactions of a company. Journal entry is used to the record the business transactions of an enterprises. 7.500 During June, Ming Chen (the owner) completed these transactions. minus sign.) 5. Analyze and use these data to complete parts (5) and (6). In July of this year, M. Wallace established a business called Wallace Realty. ol + 7.500 Paid rent for period of November 1 to end of month, 4,000. Paid dividends, $3,000. Insurance expired during May is 275. b. Enter the following transactions on Page 2 of the two-column journal: 29. 10. g. The company paid an assistant $3,000 cash as wages for the month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1,500 (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. 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. Determine the increase or decrease in owners equity for January. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Enter the impact of each transaction on individual items of the accounting equation. The following transactions, A:Journal Entries: The company paid $10,000 cash to settle the liability created in transaction c. 23. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. Connie Young, an architect, opened an office on October 1, 2019. Help Analyze each transaction, Journalize as appropriate. $30000. B. 24. The transactions of A:Revenue means the income earned during a given period. f. Paid office salaries, $6,500. %24 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. (Note: Ignore the date because these events are aggregations of individual events.) During June, Ming Chen (the owner) completed these transactions. 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. She helped me in last minute in a very reasonable price. During June, Ming Chen (the owner) completed these transactions. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Borrowed $100,000 by issuing a note payable. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 75,000 By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 8,000 1006. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. LIABILITY The prepaid rent at the beginning of the year was used in 2019. Determine account balances of the T accounts. 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: Classify each transaction as an operating, an investing, or a financing activity. a. Stock Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Graw C. O OO O Paid the office rent for the current month, 650, Ck. There is no prepaid rent or rent payable at year-end. 28.Paid wages of 1,200 to receptionist and part-time assistant. 1003. i. Good morning, teachers, I am honored to be informed to have this interview. Accounts 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). Determine account balances of the T accounts. (i) Paid electricity bill, 85. Hi, Hope you are doing well. 60,000 1.500 Im very much interested to write for attendance systems. a. Wallace deposited 24,000 in a bank account in the name of the business. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- She, A:As you have posted multiple questions, the solution to the first question is being provided. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Interest of $5,000 was paid on the long-term loan. 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. Paid electric bill, 915. 60,000 2. Common So lets make no longer delay & start chatting immediately. Determine the excess of revenues over expenses for November. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. d. Paid rent on office and equipment for the month, $5,000. Instructions 1. d. The company completed work for a client and immediately collected the $2,500 cash earned. Revenues Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. 8.000 i. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Assets 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. 30. For those boxes in, A:Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by, Q:on april 1 Jiro Nozomi created a new travel agency, adventure travel. The company paid $1,500 cash for rent of office space for the. 1,500 a. If you still cannot find the error, re-analyze each transaction. g. Paid interest on the note payable, $500. 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. Ethics and budgetary slack: Purchased office equipment on account, 15,000. 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. 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. 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. References The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Enter the following transactions on Page 2 of the two-column journal: 16. 30. 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 Find answers to questions asked by students like you. 30. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 4. 0. 3. (Record as Miscellaneous Expense.) 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. Paid for a newspaper advertisement, 200. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? J. Prepare an adjusted trial balance. 30.Served as a disc jockey for a charity ball for 1,500. Equity Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. No. February 20, 2023. d. The company completed work for a client and immediately collected the $2,500 cash earned. b. If you want the answer, Q:Architects completed the following transactions: 10,000 + Accounts 3. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) b. Determine the net income for June. Instructions 1. During the first month of operations of his, A:Solution: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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. March transactions are as follows : c. Received cash from fees earned. During June, Ming Chen (the owner) completed these transactions. a. 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: Paid 620 to Upload Music for use of its current music demos in making various music sets. 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. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Record the transactions and the balance after each transaction. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. S NO b. Determine the net income for March. Expenses 31. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 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--. (Enter decreases to account balances with a 12. Cash Paid dividends, 2,500. A statement of changes in Equity Problem1-63B Income Statement, Retained Earnings Statement. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Paid 700 to a local audio electronics store for rental of digital recording equipment. 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. Introduction: The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Journalize and post the adjusting entries. d. Paid rent on office and equipnwnt for the month, $5,000. b. Ming Chen (the owner) completed these transactions. 23. I. c. Is it a variable or a fixed cost? How much did Marchs transactions increase or decrease Amy Austins capital? During the month, she completed the following transactions connected with her professional practice: a. Bal Advertising expense of $26,000 was incurred and paid. (e) Paid phone bill, 65. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. During the month, he completed the following transactions connected with his professional practice: a. Paid annual premiums on property and casualty insurance, 2,400. Write Balance in the Item column and place a check mark () in the Posting Reference column. e. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. 2. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 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. 10,000 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. Received 1,000 cash from customers on account. 2. 5. Home., A:Since you have asked multiple questions under a single question. 505. m. Paid the salary of the assistant, 1,150, Ck. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 4. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Recorded services provided on account for the period May 16-20, 4,820. 31. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 2023. 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. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Paid cash for miscellaneous expenses, 375. j. 30. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. During June, Ming Chen (the owner) completed these transactions. Dividends Bal. Liabilities Receivable c. Amount of net income for August. a. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. d. Paid rent on office and equipnwnt for the month, $5,000. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. b. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Find answers to questions asked by students like you. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? 10 000 b. 4. Check my 4.Prepare an unadjusted trial balance as of July 31, 2019. Save & Exit Determine the net income or net loss for January. b. 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. Thanks :--). Mulberry purchased computer paper for $13,000 cash in late December. Determine the net income or net loss for October. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. During May, Kelly Consulting entered into the following transactions: May 3. d. The company completed work for a client and immediately collected the $2,500 cash earned. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. 1,500 On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Budgeting issues at the movies: I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Q:Prepare the statement of retained earnings for the month of July 31. 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? J. C. Provided services in the amount of $1,000. 25,000 c. Both credit card and debit card transaction fees are limited by law. +. Brooke completed the following transactions during the month of August: a. Hello. Start your trial now! The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. + We will pay the $110 in thirty days. Amount of total expenses recorded in the ledger. Prepare an unadjusted trial balance as of July 31, 2019. The company pald $2,100 cash for rent of office space for . 7,500 Prepare T accounts, using the account titles in (1). 15,000 Accounting Equation - Received 2,000 for serving as a disc jockey for a wedding reception. Paid utilities expense, 4,500. 2. 0. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. $4 1. the. 1.500 Record the following transactions on Page 6 of the journal: 20. Simple Accounting equation is. Accounts If the two totals are not equal, check the addition and subtraction. 31. No. Withdrew cash for personal use, 2,000. 1,500 %24 31.Withdrew 1,250 cash from PS Music for personal use. Owner withdrew $1,000 cash from the company for personal use. Hal Smith opened Smith's repairs on 01.03. ACCOUNTS RECEIVABLE No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company paid $10,000 cash to settle the liability created in transaction c. No. A building and equipment are currently being rented, pending expansion to new facilities. Instructions 1. To ensure my potential must visit my profile to check my ratings and uploaded samples. 29.

ming chen began a professional practice on june 1 2023