17. The policy covers a one-year period. b. Ming Chen began a professional practice on June 1 and plans to 2. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. During the first month of operations of his, A:Solution: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. the. Transactions completed during the month follow. 31. 000 Good morning, teachers, I am honored to be informed to have this interview. Instructions 1. f. Paid office salaries, $6,500. 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. a. %D Received 500, with the remainder due on August 9, 2019. *Response times may vary by subject and question complexity. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. If you still cannot find the error, re-analyze each transaction. Instructions 1. 5. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Paid on account to the City Crier, 455, Ck. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. 3.Paid 250 to creditors on account. Received cash from customers on account, 9,000. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 5. Paid Office Station Co. for part of the debt incurred on April 5, 640. 2,500 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Required 1. Which of the following is true? I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Prepare T accounts, using the account titles in (1). 2023. J. f. The company purchased additional equipment for $6,000 cash. A building and equipment are currently being rented, pending expansion to new facilities. a. minus sign.) During the first month of operations of his, A:Solution: Start your trial now! 8. b. Ming Chen began a professional practice on June $1$ and plan | Quizlet The customer will pay at a later date. 2. Bal. 4. 27.Paid electric bill, 915. Required July 21. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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 equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 10,000 On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Paid rent for July, 1,750. A:a)Indicate the effect of the given transactions. Bal 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? Equipment Determine the net income or net loss for April. a. The account headings are presented below. $4 14.Paid wages of 1,200 to receptionist and part-time assistant. The following transactions occurred during January of the current year. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 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. 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: 11. %3D C. Provided services in the amount of $1,000. 4. c. Received cash from fees earned. $ 0. Received 2,000 for serving as a disc jockey for a wedding reception. Im very much interested to write for attendance systems. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. d. Paid rent on office and equipnwnt for the month, $5,000. + 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 . 5. 1000. c. Bought office supplies for cash, 375, Ck. Enter the following transactions on Page 2 of the two-column journal: 16.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 1. 8.000 Purchased supplies on account, 850. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. A loan of $400,000 is taken out which requires an annual interest She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Prepare the necessary journal entries to record these transactions. Paid dividends, $3,000. Instructions 1. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. If the two totals are not equal, check the addition and subtraction. 2. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Withdrew cash for personal use, 2,500. During June, Ming Chen (the owner) completed these transactions.a. Paid an attorney 900 for reviewing the July 3 contract with KXMD. Advertising expense of $26,000 was incurred and paid. Use the ending balances in the T-accounts to prepare a trial balance. Determine the net income or net loss for January. Served as a disc jockey for a charity ball for 1,500. Paid miscellaneous expenses, 540. 60,000 M Question 8 - Chapter 1 Exercises Connect 10,000 b. Only debit card transaction fees are limited by law. She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. Paid miscellaneous expenses, 1,000. Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. After, A:Net income:  c. Is it a variable or a fixed cost? 29. The prepaid rent at the beginning of the year was used in 2019. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. e. 1,500 %D Record the transactions and the balance after each transaction. Insurance expired during May is 275. b. 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. 11. Bal. I have all relevant skills and expertise related to your project. I will also provide you with TURNITIN PLAGIARISM REPORT. 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. Received cash from clients on account, 9,520. 1,500 Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Assets Connie Young, an architect, opened an office on October 1, 2019. During June, Ming Chen (the owner) completed these transactions. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Start your trial now! 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. a. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. The company paid $10,000 cash to settle the liability created in transaction c. Ming Chen (the owner) completed these transactions. h. Purchased land as a future building site, paying cash of $120,000. The company paid $1,500 cash for rent of office space for the month. 63. 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. On June 1 of the current year, Chad Wilson established a business to manage rental property. 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. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 25. Ken Jones, an architect, opened an office on April 1, 2019. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 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I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. 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. Answered: Ming Chen began a professional practice | bartleby S NO The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 7. Instructions 1. 3. C. Ming Chen began a professional practice on June 1 and plans to prepare + A. Ming Chen began a professional practice on June $1$ and plan | Quizlet Paid dividends, $3,000. (f) Made payment on loan in transaction (c), 500. and company a firm. 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. Hello. i. Determine account balances of the T accounts. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. During June, 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. 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. 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. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. a. Wallace deposited 24,000 in a bank account in the name of the business. 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. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. b. a. Gervais deposited 25,000 in a bank account in the name of the business. Paid part-time receptionist for two weeks salary, 750. 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. 23. No. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 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.  b. 2023 White PaPer. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. 2. 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. The company paid $1,500 cash for rent of office space for the month. Dividends in the amount of $1,500 were distributed. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Prepare an income statement, a retained earnings statement, and a balance sheet. Saved b. 31. %24 No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Equity 4. The business was started by selling $100,000 worth of common stock. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 61,000 225. 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. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. $15,000 Recording of a business transactions in a chronological order. operations,, A:Journal entry means the entry in prime book with chronological order. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 0. The company paid $1,000 cash in dividends to the owner (sole shareholder). d. Paid rent on office and equipnwnt for the month, $5,000. 3. Q:Prepare the statement of retained earnings for the month of July 31. 4. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. b. Ming Chen began a professional practice on June 1 and plans to prepare ces a. Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. b. Determine the increase or decrease in owners equity for August. During the month, Lexi completed the following transactions related to the business: Nov. 1. 0. 10,000 Stock Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Journal entry is used to the record the business transactions of an enterprises. II e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. (Note: Ignore the date because these events are aggregations of individual events.) 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. Only debit card transaction fees. 61,000 0. 1. 60,000 61,000 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Accounting Equation - Cash The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. No. Paid 700 to a local audio electronics store for rental of digital recording equipment. $30000. 8. The company paid $1,500 cash for rent of office space for the month. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 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--. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Revenues The transactions completed by PS Music during June 2019 were described at the end of Chapter 1.