ming chen began a professional practice on june 1 ming chen began a professional practice on june 1

4. During June, Ming Chen (the owner) completed these transactions. 4. Instrustions Prepare a balance sheet as of July 31, 20Y5. Instructions 1. %24 Withdrew cash for personal use, 7,500. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Determine the excess of revenues over expenses for November. 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. 31. Record the transactions and the balance after each transaction. Accounts Cash 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. Revenue Paid gas, oil, and repairs on automobile for April, 550. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. The company paid $1,500 cash for rent of office space for the month. 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. Recorded services provided on account for the period May 1-15; 9,180. 0. 1,500 Greco resort opened for business on june 1. %D ces By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 1. Hi! 25,000 c. Received cash from fees earned. II Liabilities The following transactions, A:Note:  d. Does the activity add value to Latchey’s provision of insurance services? 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: LIABILITY Paid for a newspaper advertisement, 200. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 25.000 21. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. ol + d. The company completed work for a client and immediately collected the $2,500 cash earned. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Purchased supplies on account, 850. %D Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Prepare an unadjusted trial balance as of July 31, 2019. Print Determine the net income or net loss for April. 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: 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. What if the client hasn't prepared them in advance? Ask a new question. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Required Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 2.1.4P, Your question is solved by a Subject Matter Expert. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. 31.Received 3,000 for serving as a disc jockey for a party. 14.Paid wages of 1,200 to receptionist and part-time assistant. $15,000 *Response times may vary by subject and question complexity. (a) Invested cash in the business, 510,000. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. 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? The company paid $1,000 cash in dividends to the owner (sole shareholder). Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 3. No. 29. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Prepare T accounts, using the account titles in (1). 2. d. d. Paid rent on office and equipment for the month, $5,000. You can message me to discuss the details. Movies are expensive to produce and market. No. b. a. She, A:The accounting equation states that assets equal to sum of liabilities and equity. d. Good morning, teachers, I am honored to be informed to have this interview. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. What amount should Carter report as net cash from investing activities? A:Prepare a trial balance for Randy Guttery, Landscape Consultant. b. . minus sign.) (f) Made payment on loan in transaction (c), 500. During June, Ming Chen (the owner) completed these transactions. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. A:Journal: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Paid annual premiums on property and casualty insurance, 2,400. 1003. i. Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. + I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Introduce your . Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 61,000 Ming Chen began a professional practice on June 1 and. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (1,500) + 2. Purchased office equipment on account from Office Mart, 7,500. 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. h. Purchased land as a future building site, paying cash of $120,000. (e) Paid phone bill, 65. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. Received 750, with the remainder due August 4, 2019. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Accounting Equation is calculated using following equation - SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. 1. View this solution and millions of others when you join today! Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Im very much interested to write for attendance systems. There is no prepaid rent or rent payable at year-end. 10.000 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: stock. c. Received cash from fees earned. +. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. During the month, he completed the following transactions connected with his professional practice: a. 2023. (Record as Miscellaneous Expense.) Each drugstore is operated by a general manager and a controller. 4. j. Paid Office Station Co. for part of the debt incurred on April 5, 640. Received $100 from a customer for services we will provide next week. Bal. %24 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. The account headings are presented below. 8.Paid for a newspaper advertisement, 200. Bal Paid wages of 1,200 to receptionist and part-time assistant. (h) Received cash for services rendered, 800. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Hi, Hope you are doing well. Paid truck expenses, 435, Ck. Budgeting issues at the movies: 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.: Mulberry paid the interest payable of $8,000. Paid cash for miscellaneous expenses, 375. j. 3. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. i. 7.500 No. Paid electric bill, 915. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. During June, Ming Chen (the owner) completed these transactions. Determine account balances of the T accounts. 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. M Question 8 - Chapter 1 Exercises Connect 30. 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. The customer will pay at a later date. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. The company pald $2,100 cash for rent of office space for . During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Ming Chen started a business and had the following transactions in June. 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. (k) Paid wages to part-time employee, 500. Accounts h. Purchased land as a future building site, paying cash of $120,000. 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. 225. 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. 2. %24 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. Bal. and company a firm. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Received 500, with the remainder due on August 9, 2019. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. The worker will be paid $275 per week. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Six months rent was paid in advance, $4,500. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 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. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. 10. g. Paid interest on the note payable, $500. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 10,000 f. The company purchased additional equipment for $6,000 cash. 25.000 1. 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--. Establish a ledger for the accounts listed above and enter the beginning balances. 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. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 0. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The following transactions occurred during January of the current year. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 8.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. 2. Accounts containing only a single entry do not need a balance. Transactions completed during the month follow. 5. 3. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental Extend the balances to the appropriate balance columns after each transaction is posted. The American Chamber of Commerce in South China. Paid telephone bill for May, 260. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Apr. (Do not insert the account numbers in the journal at this time.) During the month, he completed the following transactions connected with his professional practice: a.