4. Accounting Equation is calculated using following equation - 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: 2. 24 Prepare an unadjusted trial balance as of August 31, 2016. . 25,000 3. Paid gas, oil, and repairs on automobile for April, 550. She, A:As you have posted multiple questions, the solution to the first question is being provided. stock. Paid rent for July, 1,750. 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. Recorded services provided on account for the period May 16-20, 4,820. ok ht inces a. %24 DLite Dry Cleaners is owned and operated by Joel Palk. 2. 7,500 Paid cash for miscellaneous expenses, 375. j. A. (e) Paid phone bill, 65. March transactions are as follows : During June, Ming Chen (the owner) completed these transactions: a. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Determine the following: a. 7,500 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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 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. b. 1,500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare a post-closing trial balance. Paid January rent for office and workroom, 1,950. c. Purchased used automobile for 28,500, paying 5,700 cash and giving a note payable for the remainder. 1.500 %24 15,000 Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. Paid dividends, 10,500. Accounts containing only a single entry do not need a balance. (1,500) + $ 15,000 Record the transactions and the balance after each transaction. b. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. a. Paid the office rent for the current month, 650, Ck. 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. During June, Ming Chen (the owner) completed these transactions. Which of the following is true? References Analyze each transaction, Journalize as appropriate. Hi, Hope you are doing well. 2. 2. %3D Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Mc. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Bill Hudson, Capital; Bill Hudson, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. d. Paid rent on office and equipnwnt for the month, $5,000. The company pald $2,100 cash for rent of office space for . 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. 30.Served as a disc jockey for a charity ball for 1,500. H. Paid the worker hired in D for one weeks work. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Required: EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental The company paid $1,500 cash for rent of office space for the month. A:Requirement 1: Indicate the effect of the given transactions. 10,000 + Revenue I am open-minded, easy to adapt, compatible with my friends, and willing to help others. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. First week only $4.99! Determine the account balances, after all posting is complete. We will pay the $110 in thirty days. $30000. 25,000 No. b. Received cash from customers on account, 88,000. k. Determined that the cost of supplies on hand was 5,900; therefore, the cost of supplies used during the month was 3,600. l. Withdrew 12,000 cash for personal use. Basic Accounting Systems: Cash Basis. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 4. a. 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. f. Paid office salaries, $6,500. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. During June, 75,000 On June 1 of the current year, Chad Wilson established a business to manage rental property. Print The company paid $1,000 cash in dividends to the owner (sole shareholder). a. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Determine account balances of the T accounts. First week only $4.99! Equity Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 61,000 Record the following transactions on Page 6 of the journal: 20. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 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. 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--. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. The company paid $1,500 cash for rent of office space for the month. 31. 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. Bal During June, Ming Chen (the owner) completed these transactions. 31. 6. No. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 25.000 There is no prepaid rent or rent payable at year-end. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. 9. 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: 2. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Paid 620 to Upload Music for use of its current music demos in making various music sets. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. Recorded services provided on account for the period May 1-15; 9,180. Received cash from clients on account, 2,450. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Required: The actual work of dry cleaning is done by another company for a fee. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. 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. Bal. Ask a new question. The company paid $1,500 cash for rent of office space for the month. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. g. The company paid an assistant $3,000 cash as wages for the month. 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. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. He. 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. Recorded jobs completed on account and sent invoices to customers, 22,300. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. g. The company paid an assistant $3,000 cash as wages for the month. A:The financial statements of the business include the income statement and balance sheet of the firm. Served as a disc jockey for a charity ball for 1,500. During June, Ming Chen (the owner) completed these transactions. 2. 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). 0. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Apr. 0. (f) Made payment on loan in transaction (c), 500. Net income is the excess amount of revenue after deducting all the expenses of a, Q:On August 1, 2019, Rafael Masey established Planet Realty, which completed the following, A:Since we only answer up to 3 sub-parts, well answer the first 3. How much did Junes transactions increase or decrease Chad Wilsons capital? Determine the net income or net loss for October. Bal. I have all relevant skills and expertise related to your project. 1. Record the transactions and the balance after each transaction. 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:On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. 3. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. 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. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Kimberly Manis, an architect, opened an office on January 1, 2016. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. View this solution and millions of others when you join today! f. The company purchased additional equipment for $6,000 cash. The company paid $1,500 cash for rent of office space for the month. I. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. *Response times may vary by subject and question complexity. Six months rent was paid in advance, $4,500. 8,000 Analyze and use these data to complete parts (5) and (6). 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? 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. Ken Jones, an architect, opened an office on April 1, 2019. $4 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. 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. c. Received cash from fees earned. *Response times may vary by subject and question complexity. The company paid $1,500 cash for rent of office space for the month. 11. 2.1.4P, Your question is solved by a Subject Matter Expert. On March 1 of this year, B. Gervais established Gervais Catering Service. Record the closing entries on Page 8 of the journal. Equipment No. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). A:The financial statements of the business include the income statement and balance sheet of the firm. 14.Paid wages of 1,200 to receptionist and part-time assistant. During the month, Jones, A:T accounts: 75,000 No. + 3. The policy covers a one-year period. 29. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. on the Business environment in China. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. LIABILITY I am a Ph.D. writer with more than 9 years of working experience in Writing. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. A:a)Indicate the effect of the given transactions. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Paid dividends, $3,000. 2023 White PaPer. Payable Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. No principal payments are made, only interest is paid. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. d. Paid rent on office and equipment for the month, $5,000. 7.500 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. A balance sheet 10,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. No. J. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. g. Paid interest on the note payable, $500. 18.Purchased supplies on account, 850. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Paid utilities expense, 4,500. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 1,500 A statement of changes in Equity 7,500 31.Received 3,000 for serving as a disc jockey for a party. During June, Ming Chen (the owner) completed these transactions. 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. Bal. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. 1.500 To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 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. 0. 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 . Paid dividends, $3,000. The company paid $10,000 cash to settle the liability created in transaction c. Withdrew cash for personal use, 2,000. What if the client hasn't prepared them in advance? The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 3. 2,500 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. 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. 2. e. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. Received cash from clients on account, 9,520. Purchased supplies on account, 735. 4.Prepare an unadjusted trial balance as of July 31, 2019. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. During June, Ming Chen (the owner) completed these transactions.a. 501. e. Bought insurance for the truck for one year, 400, Ck. h. Borrowed $100,000 by issuing a note payable. 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. Start your trial now! 1,500 C. Provided services in the amount of $1,000. Greco resort opened for business on june 1. (1,500) + g. The company paid an assistant $\$3,000$ cash as wages for the month. Home., A:Since you have asked multiple questions under a single question. 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. Use a chart of accounts to order the ledger accounts. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. She helped me in last minute in a very reasonable price. a. 9. No. Journal entry is used to the record the business transactions of an enterprises. 1. Ethics and budgetary slack: b. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. h. Borrowed $100,000 by issuing a note payable. 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 installment due on note payable, 300. o. 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. Post your journal entries to T-accounts, Add additional T-accounts when needed. i. d. The company completed work for a client and immediately collected the $2,500 cash earned. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) a. 1,500 1 of 1 What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Greetings! (Do not insert the account numbers in the journal at this time.) g. Paid interest on the note payable, $500. g. Paid interest on the note payable, $500. 4. (d) Received cash for services rendered, 900. If the two totals are not equal, check the addition and subtraction. Movies are expensive to produce and market. 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. Owner withdrew $1,000 cash from the company for personal use. The company paid $1,000 cash in dividends to the owner (sole shareholder). 504. j. The following, A:Unadjusted Trial Balance - 3. (Record as Miscellaneous Expense.) b. Is this a direct or an indirect cost? 23. No. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Prepare an unadjusted trial balance. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. i. 31. After, A:Net income: 58,500 $15,000 3. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Issued common stock to Marjorie Knaus in, A:Step 1 8.Paid for a newspaper advertisement, 200. Ming Chen (the owner) completed these transactions. II Brooke completed the following transactions during the month of August: a. The following, A:Unadjusted Trial Balance - ol + b. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. $30000. 60,000 15. Classify each transaction as an operating, an investing, or a financing activity. stock. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600.
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