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. During June, Ming Chen (the owner) completed these transactions: a. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Transactions completed during the month follow. 8,000 Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. ezto.mheducation.com In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Determine the increase or decrease in owners equity for August. Extend the balances to the appropriate balance columns after each transaction is posted. Insurance expired during May is 275. b. 2. Recorded jobs completed on account and sent invoices to customers, 22,300. 8,000 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). Kimberly Manis, an architect, opened an office on January 1, 2016. b. 15. The account headings are presented below. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Mulberry purchased computer paper for $13,000 cash in late December. 506. 0. 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. (b) Paid office rent, 500. Received 2,000 for serving as a disc jockey for a wedding reception. 3. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. A:a)Indicate the effect of the given transactions. The following information is provided for the first month of operations for Legal Services Inc.: A. During June, Ming Chen (the owner) completed these transactions. 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. %24 She, A:The accounting equation states that assets equal to sum of liabilities and equity. During June, Ming Chen (the owner) completed these transactions. a. 1,500 II a. Equipment Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. A:The financial statements of the business include the income statement and balance sheet of the firm. %24 (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 31.Received 3,000 for serving as a disc jockey for a party. Liabilities Withdrew cash for personal use, 7,500. Paid dividends, 10,500. a. 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 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. b. %D Introduction: 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. f. The company purchased additional equipment for $6,000 cash. Enter the impact of each transaction on individual items of the accounting equation. 10,000 + Hi, Hope you are doing well. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24 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. 5. + Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Paid rent for period of November 1 to end of month, 4,000. During June, Ming Chen (the owner) completed these transactions. The customer will pay at a later date. Paid 620 to Upload Music for use of its current music demos in making various music sets. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. During June, Ming Chen (the owner) completed these transactions. EQUITY a. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Since there are multiple subparts, we will answer only first three subparts. 1,500 Only credit card transaction fees are limited by law. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Repairs and maintenance of $9,000 were incurred and paid. During June, Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Classify each transaction as an operating, an investing, or a financing activity. The company paid $1,000 cash in dividends to the owner (sole shareholder). 0. 2,500 I am highly qualified expert, working from 2008-9 in this industry. Prepare an unadjusted trial balance as of January 31, 2019. . Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 5. View this solution and millions of others when you join today! 27. 10,000 Opened a business bank account with a deposit of 35,000 in exchange for common stock. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Q:Duerr Engineering completed the following transactions in the month of June. M Question 8 - Chapter 1 Exercises Connect a. Wallace deposited 24,000 in a bank account in the name of the business. Required 1. 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. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. In addition, $28,000 of computer rental costs were incurred and paid. d. Received cash from clients on account, 2,450. b. g. Paid interest on the note payable, $500. What will be the value of interest payment at the end of fourth year in real dollars? Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. f. Paid office salaries, $6,500. 61,000 (a) Invested cash in the business, 510,000. Apr. Assets 61. Paid miscellaneous expenses, 540. 3. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. A:Requirement 1: Indicate the effect of the given transactions. 31. No. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. During June, Ming Chen (the owner) completed these transactions. Next c. Received cash from fees earned. Prepare and post the closing entries. a. 30. The following transactions were completed during July, the second month of the business's operations: July 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During the month, Jones, A:T accounts: Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. 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 August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. 7,500 4. Dividends h. Purchased land as a future building site, paying cash of $120,000. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. 3. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. During June, Ming Chen (the owner) completed these transactions. 30. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 504. j. Purchased office equipment on account from Office Mart, 7,500. During March, the following, A:1. J. You can message me to discuss the details. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. 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. 1.500 Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. During the month, Knaus. The policy covers a one-year period. Bal. The company paid $10,000 cash to settle the liability created in transaction c. f. Paid office salaries, $6,500. 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. Paid cash to creditors on account, 4,500. j. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Bal. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. It is the first step of recording transactions of a company. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:The following transactions were carried out during the month of May by M.SAJJAD Paid 5,000 on note payable. Amount of total revenue recorded in the ledger. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 28.Paid wages of 1,200 to receptionist and part-time assistant. %3D The following, A:Unadjusted Trial Balance - Analyze each transaction, Journalize as appropriate. She, A:As you have posted multiple questions, the solution to the first question is being provided. b. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental Record the transactions and the balance after each transaction. 501. e. Bought insurance for the truck for one year, 400, Ck. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Find answers to questions asked by students like you. *Response times may vary by subject and question complexity. 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 (Do not insert the account numbers in the journal at this time.) Ming Chen (the owner) completed these transactions. 8.Paid for a newspaper advertisement, 200. b. i. During June, Ming Chen (the owner) completed these transactions. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- Received and paid the heating bill, 248, Ck. e. Is it a budgeted or an actual cost in your report? 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:Revenue means the income earned during a given period. g. Paid interest on the note payable, $500. Instructions 1. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. Determine the increase or decrease in owners equity for January. 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. 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). 75,000 75,000 Owner invested 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 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. Assignments: ACCTG-4A-80575-2021SP Recorded services provided on account for the remainder of May, 2,650. In July of this year, M. Wallace established a business called Wallace Realty. Enter the following transactions on Page 2 of the two-column journal: 29. b. Saved 8.000 Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. 4. $30000. The transactions of Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Issued common stock to Marjorie Knaus in, A:Step 1 b. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 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.