During June, Ming Chen (the owner) completed these transactions. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Paid telephone bill for May, 260. 75,000 10,000 2,500 Problem1-63B Income Statement, Retained Earnings Statement. 18.Purchased supplies on account, 850. J. The, A:An accounting equation refers to a mathematical representation of the transactions. Received cash from clients on account, 2,450. 60,000 d. The company completed work for a client and immediately collected the $2,500 cash earned. 8.Paid for a newspaper advertisement, 200. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. . 31. Correct answers: 1 question: A loan of $400,000 is taken out which requires an annual interest payment of 4.4% of the borrowed amount of money (in market dollars). 4. Q:Comprehensive Problem Set Transactions completed during the month follow. On June 1 of the current year, Chad Wilson established a business to manage rental property. Next 25,000 7.500 I can help you with creating a presentation of one slide for The Word of William Hunter. 27.Paid electric bill, 915. Im very much interested to write for attendance systems. a. Journalize and post the adjusting entries. Help 25.000 Thanks :--). She, A:The accounting equation states that assets equal to sum of liabilities and equity. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Home., A:Since you have asked multiple questions under a single question. A:Requirement 1: Indicate the effect of the given transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (Record as Miscellaneous Expense.) Prepare an unadjusted trial balance as of July 31, 2019. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Paid 5,000 on note payable. property. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 24. 21. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. a. No. July 21. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. During May, Kelly Consulting entered into the following transactions: May 3. 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. 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. Instuction Prepare an income staement and statement of stockholders equity for July. Paid cash for miscellaneous expenses, 375. j. Instructions 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. 25.000 Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Determine the net income or net loss for April. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. b. One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. At the end of May, the following adjustment data were assembled. a. Paid electric bill, 915. 3. (i) Paid electricity bill, 85. 30. Instructions 1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Accounts Instructions 1. (Enter decreases to account balances with a + Determine the following: a. 1,500 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. c. Both credit card and debit card transaction fees are limited by law. The company paid $1,500 cash for rent of office space for the month. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. He completed the following transactions during June: a. 4. Prepare and post the closing entries. Journal Entries - Journal Entries are the recording of transactions of the organization. Determine the increase or decrease in owners equity for January. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Only credit card transaction fees are limited by law. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: During June, Ming Chen (the owner) completed these transactions: a. Can you think of any reason why the amount determined in (4) might not be the net income for November? View this solution and millions of others when you join today! 13. During the month, Lexi completed the following transactions related to the business: Nov. 1. Hire Professional Writer And Get A+ Grades In Your Homework. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. The company pald $2,100 cash for rent of office space for . g. The company paid an assistant $3,000 cash as wages for the month. Apr. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Served as a disc jockey for a charity ball for 1,500. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Determine account balances of the T accounts. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1,500 If the two totals are not equal, check the addition and subtraction. 3. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Introduction: Issued common stock to Marjorie Knaus in, A:Step 1 g. The company paid an assistant $3,000 cash as wages for the month. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24 Which of the following is true? 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 6. and company a firm. 00. Common f. Paid office salaries, $6,500. a. 0. 5.Purchased office equipment on account from Office Mart, 7,500. Start your trial now! Explanations may be omitted. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. 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. He. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. the. If there is. 22. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. You can message me to discuss the details. 10. Equity 8.000 EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Instructions 1. b. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. No. 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:a. %24 8,000 a. Wallace deposited 24,000 in a bank account in the name of the business. 58,500 1,500 Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 15,000 c. Is it a variable or a fixed cost? 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C. Provided services in the amount of $1,000. f. (Optional) Prepare a statement of cash flows for July. 000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (Continued) Required: 1. The policy covers a one-year period. Opened a business bank account with a deposit of 30,000 from personal funds. During June, Ming Chen (the owner) completed these transactions: a. d. Paid rent on office and equipnwnt for the month, $5,000. 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: Prepare the necessary journal entries to record these transactions. ezto.mheducation.com 4.Prepare an unadjusted trial balance as of July 31, 2019. No. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. The company paid $1,500 cash for rent of office space for the month. Purchased supplies on account, 850. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. 8.000 a. During the month, he completed the following transactions connected with his professional practice: a. Paid dividends, 10,500. (b) Paid office rent, 500. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. The company paid $1,500 cash for rent of office space for the month. 28.Paid wages of 1,200 to receptionist and part-time assistant. I have all relevant skills and expertise related to your project. 3. h. Purchased land as a future building site, paying cash of $120,000. 225. 61,000 Write Balance in the Item column and place a check mark () in the Posting Reference column. 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. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 1. 3. Withdrew cash for personal use, 7,500. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. b. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 75,000 a. 2. 25,000 11. 31. $30000. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 3. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. points b. During June, Ming Chen (the owner) completed these transactions. 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. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Hello. Receivable %24 1. Greco resort opened for business on june 1. Paid dividends, 2,500. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Brooke completed the following transactions during the month of August: a. (Enter decreases to account balances with a a. 7. 0. March transactions are as follows : 30.Served as a disc jockey for a charity ball for 1,500. b. Prepare T accounts, using the account titles in (1). Ken Jones, an architect, opened an office on April 1, 2019. (d) Received cash for services rendered, 900. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The following transactions, A:Journal Entries: %24, Carl Warren, James M. Reeve, Jonathan Duchac. b. 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. 1. $30000. Assignments: ACCTG-4A-80575-2021SP 0. Withdrew cash for personal use, 2,000.
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ming chen began a professional practice on june 1