0. Issued common stock to Marjorie Knaus in, A:Step 1 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Determine the amount of Joel Palks capital as of July 1 of the current year. 0.33 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: Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Instuction Prepare an income staement and statement of stockholders equity for July. Prepare an unadjusted trial balance as of July 31, 2019. A building and equipment are currently being rented, pending expansion to new facilities. During June, Ming Chen (the owner) completed these transactions. (k) Paid wages to part-time employee, 500. 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. b. On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, 40,000. b. + During June, Ming Chen (the owner) completed these transactions. 4. Is it a product or a period cost? 4. 0. Instructions 1. Mulberry paid the interest payable of $8,000. During the month, she completed the following transactions connected with her professional practice: a. The company paid $1,500 cash for rent of office space for . Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 27. Enter the following transactions on Page 2 of the two-column journal: 29. 4. b. I can help you with creating a presentation of one slide for The Word of William Hunter. g. The company paid an assistant $3,000 cash as wages for the month. Analyze each transaction, Journalize as appropriate. 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. M Question 8 - Chapter 1 Exercises Connect Paid electricity bill for May, 810. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 30. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. a. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. %24 b. Can you think of any reason why the amount determined in (4) might not be the net income for November? (d) Received cash for services rendered, 900. 2. Withdrew cash for personal use, 3,900. Apr. + If you want the answer, Q:Architects completed the following transactions: Introduction: Paid miscellaneous expenses, 1,000. 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. 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. 29. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. (Note: Ignore the date because these events are aggregations of individual events.) Withdrew cash for personal use, 2,000. b. Bal. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. The company paid $10,000 cash to settle the liability created in transaction c. Journalize and post the adjusting entries. No. Prav 4. 7.500 25,000 The account headings are presented below. 2. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. 2. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 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. 25. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. A. b. (Enter decreases to account balances with a 3. 75,000 a. Graw Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Accounts containing only a single entry do not need a balance. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. (Income Summary is account 34 in the chart of accounts.) The following transactions were completed during July, the second month of the business's operations: July 1. 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. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Paid truck expenses, 435, Ck. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Is this a direct or an indirect cost? Paid dividends, $3,000. 8.Paid for a newspaper advertisement, 200. During June. Q:Ken Jones, an architect, opened an office on April 1, 2019. Show new balances after each transaction. The worker will be paid $275 per week. The transactions of %D During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? B. 1,500 a. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. H. Paid the worker hired in D for one weeks work. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. 8.000 b. (f) Made payment on loan in transaction (c), 500. After, A:Net income: Im very much interested to write for attendance systems. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: During the month, he completed the following transactions connected with his professional practice: a. II Prepare an unadjusted trial balance as of August 31, 2016. (e) Paid phone bill, 65. 2. No. A:a)Indicate the effect of the given transactions. d. Good morning, teachers, I am honored to be informed to have this interview. Prepare an unadjusted trial balance as of January 31, 2019. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Prepare an income statement, a retained earnings statement, and a balance sheet. Issued common stock to Marjorie Knaus in, A:Step 1 15,000 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. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Transactions completed during the month follow. 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. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 13. A balance sheet stock. Home., A:Since you have asked multiple questions under a single question. Paid dividends, $3,000. Determine the net income or net loss for April. j. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 58,500 Repairs and maintenance of $9,000 were incurred and paid. The customer will pay at a later date. 11.Received 1,000 for serving as a disc jockey for a party. The prepaid rent at the beginning of the year was used in 2019. View this solution and millions of others when you join today! Record the adjusting entries on Page 7 of the journal. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. c. Amount of net income for January. 12. 5. 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. 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. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 1,500 Instructions 1. The following transactions, A:Journal Entries: During June, Ming Chen (the owner) completed these transactions.a. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. 2.1.4P, Your question is solved by a Subject Matter Expert. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Common 1003. i. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. She, A:As you have posted multiple questions, the solution to the first question is being provided. Instructions 1. %3D 2. Hello. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company paid $1,500 cash for rent of office space for the month. 2. A:Hi student Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Stock Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. What will be the value of interest payment at the end of fourth year in real dollars? Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. d. Purchased office supplies on account, $1,250. The actual work of dry cleaning is done by another company for a fee. 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. 7.500 Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. April. 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. 5.Purchased office equipment on account from Office Mart, 7,500. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. points 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. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Prepare an adjusted trial balance. d. The company completed work for a client and immediately collected the $2,500 cash earned. During June, Ming Chen (the owner) completed these transactions. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 23. 2. 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. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. No. 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). 1. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Recorded services provided on account for the remainder of May, 2,650. 29.Paid miscellaneous expenses, 540. 1. 63. 3. The company paid $1,500 cash for rent of office space for the month. July 21. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Journals: Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. The following, A:Unadjusted Trial Balance - 2,500 75,000 The company paid $1,500 cash for rent of office space for the. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product:
we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. 7,500 b. 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? Amount of total revenue recorded in the ledger. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Received 500, with the remainder due on August 9, 2019. She, A:The accounting equation states that assets equal to sum of liabilities and equity. 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. (b) Paid office rent, 500. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. During June, Ming Chen (the owner) completed these transactions. ASSETS Greco resort opened for business on june 1. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? 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: $ 15,000 a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. + Paid cash for miscellaneous expenses, 375. j. Instructions 1. 8. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Basic Accounting Systems: Cash Basis. 61,000 h. Borrowed $100,000 by issuing a note payable. Ken Jones, an architect, opened an office on April 1, 2016. 10. Purchased office equipment on account from Office Mart, 7,500. b. a. a., A:1. In addition, $28,000 of computer rental costs were incurred and paid. J. Assets Opened a business bank account with a deposit of 30,000 from personal funds. You can message me to discuss the details. View this solution and millions of others when you join today! a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. I am a Ph.D. writer with more than 9 years of working experience in Writing. Simple Accounting equation is. What amount should Carter report as net cash from investing activities? 30. %24 The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Paid gas, oil, and repairs on automobile for April, 550. Journal entry is used to the record the business transactions of an enterprises. 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. ok ht inces a. Insurance expired during May is 275. b. Opened a business bank account with a deposit of 50,000 from personal funds. d. The company completed work for a client and immediately collected the $2,500 cash earned. Determine the net income or net loss for April. 1002. h. Received and paid the bill for utilities, 340, Ck. Kimberly Manis, an architect, opened an office on January 1, 2016. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 1.500 2. Owner invested $60,000 cash in the company along with equipment. 18.Purchased supplies on account, 850. Recorded jobs completed on account and sent invoices to customers, 22,300. It is the first step of recording transactions of a company. Required: Amount of total revenue recorded in the ledger. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. 10. Stock Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. . 5. and company a firm. Ask a new question. stock. Paid cash for a newspaper advertisement. Amount of total expenses recorded in the ledger. No. 5. Ming Chen began a professional practice on June 1 and. Liabilities During June, None of the paper was used by year-end. 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. Record the following transactions on Page 6 of the journal: 20. Prepare T accounts, using the account titles in (1). eBook 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 cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 506. Paid 620 to Upload Music for use of its current music demos in making various music sets. 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. Billed insurance companies for sales commissions earned, 12,500. j. a. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Paid wages of 1,200 to receptionist and part-time assistant. 24 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. Bal. 3. Paid dividends, 10,500. b. 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. First let me introduce myself, my name is XX, 23 years old, and David is my English name. During June, Ming Chen (the owner) completed these transactions: a. The following transactions occurred during January of the current year. Assignments: ACCTG-4A-80575-2021SP I have all relevant skills and expertise related to your project. 15,000 Any additional hours beyond SO will be billed to KXMD at 40 per hour. + 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. How much did Junes transactions increase or decrease Chad Wilsons capital?
List Of Drowning Victims Nz,
What Does It Mean To Destroy Someone Sexually,
Articles M