stock. operations,, A:Journal entry means the entry in prime book with chronological order. No. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 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. a. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. 1,500 %24 61,000 H. Paid the worker hired in D for one weeks work. 7,500 It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Paid on account to the City Crier, 455, Ck. d. Recorded services provided on account for the remainder of May, 2,650. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Recorded services provided on account for the period May 16-20, 4,820. Kimberly Manis, an architect, opened an office on January 1, 2016. 2,500 No. During the month, he completed the following transactions connected with his professional practice: a. 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. Dividends Paid 620 to Upload Music for use of its current music demos in making various music sets. 12. Paid 700 to a local audio electronics store for rental of digital recording equipment. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Ask your question! 31. Ming Chen began a professional practice on June 1 and. + e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Determine account balances of the T accounts. 60,000 (b) Paid office rent, 500. Mulberry paid the interest payable of $8,000. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 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. During June, Ming Chen (the owner) completed these transactions. on the Business environment in China. The company pald $2,100 cash for rent of office space for . 2. $30000. Accounts containing only a single entry do not need a balance. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Paid annual premiums on property and casualty insurance, 2,400.  a. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. What if the client hasn't prepared them in advance? Determine the following: a. f. Paid office salaries, $6,500. 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. During June, Ming Chen (the owner) completed these transactions. 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. 4. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Prepare an unadjusted trial balance as of January 31, 2019. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. b. Paid utilities expense, 4,500. 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. Determine the net income for June. Ming chen began a professional practice on june 1 23.Served as disc jockey for a party for 2,500. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. Received cash from clients on account, 2,450. 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. 4.Prepare an unadjusted trial balance as of July 31, 2019. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 2.Received 1,000 cash from customers on account. The following transactions occurred during January of the current year. If you still cannot find the error, re-analyze each transaction. (Do not insert the account numbers in the journal at this time.) b. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. + Accounts containing only a single entry do not need a balance. 4. Determine the net income for March. Received 750, with the remainder due August 4, 2019. During June, Ming Chen (the owner) completed these transactions. the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. (Income Summary is account 34 in the chart of accounts.) Introduction: Opened a business bank account with a deposit of 50,000 from personal funds. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 3. Is this a direct or an indirect cost? A:Revenue means the income earned during a given period. 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. During June, Ming Chen (the owner) completed these transactions: a. View this solution and millions of others when you join today! 28. On March 1 of this year, B. Gervais established Gervais Catering Service. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Stock In this activity, you will be creating. During June, Ming Chen (the owner) completed these transactions: a. Only debit card transaction fees are limited by law. 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. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. b. 25,000 Equipment i. What will be the value of interest payment at the end of fourth year in real dollars? Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Instructions 1. During June, Ming Chen (the owner) completed these transactions. Assets 22. 1,500 Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. g. Paid interest on the note payable, $500. Only credit card transaction fees are limited by law. a. Gervais deposited 25,000 in a bank account in the name of the business. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. II During June, Ming Chen (the owner) completed these transactions. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. No. Ming Chen began a professional practice on June $1$ and plan | Quizlet 4. 29. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. (Record as Miscellaneous Expense.) References . Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Paid January rent for office and workroom, 1,950. c. Purchased used automobile for 28,500, paying 5,700 cash and giving a note payable for the remainder. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. f. The company purchased additional equipment for $6,000 cash. Paid miscellaneous expenses, 540. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Ming Chen began a professional practice on June 1 and plans to prepare 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. 75,000 6.  e. Is it a budgeted or an actual cost in your report? eBook 27. 1. Q:Connie Young, an architect, opened an office on October 1, 2019. Analyze each transaction, Journalize as appropriate. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Determine the net income or net loss for October. Prepare the necessary journal entries to record these transactions. Common Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 3. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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: Answered: Ming Chen began a professional practice | bartleby a., A:1. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 21. 16. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 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I am a Ph.D. writer with more than 9 years of working experience in Writing. Journals: Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Can you think of any reason why the amount determined in (4) might not be the net income for November? Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. G. Received the electricity bill. During the month, Knaus. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received 1,000 cash from customers on account. Hill i. 31. Revenue 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. Paid rent for July, 1,750. 4. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. the. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. View this solution and millions of others when you join today! No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. 2023. 0. 000 27. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. The general manager is responsible for the day-to-day operati.. Budgeting for a Single Product: In this activity, you will be creating budgets for a single product for each of the months in an upcoming quarter. No. 8.000 Paid cash for a newspaper advertisement. The company paid $10,000 cash to settle the liability created in transaction c. 00. Explanations may be omitted. A:Requirement 1: Indicate the effect of the given transactions. + C. No. A:a)Indicate the effect of the given transactions. 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. During June, Ming Chen (the owner) completed these transactions. g. Paid interest on the note payable, $500. M Question 8 - Chapter 1 Exercises Connect Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. During March, the following, A:1. She, A:The balance sheet is one of the financial statements of the business which represents the financial, Q:On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of, A:Accounting Equation: %24 property. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. ACCOUNTS RECEIVABLE Greetings! Bal B. Determine the increase or decrease in owners equity for January. 2. 11.Received 1,000 for serving as a disc jockey for a party. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Instructions 1. Start your trial now! Im very much interested to write for attendance systems. LIABILITY During the month, she completed the following transactions connected with her professional practice: a. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially.  b. 75,000 Before this, no other, Q:ournalize entries for transactions (a) through (I) using the following account titles: cash,, Q:ita Lopez started Biz Consulting, a new business, and completed the following transactions during, A:Journal entries refers to recording of business transactions into the books of the business or, Q:On April 1 of the current year, Morgan Jones established a business to manage rental property. During June, Ming Chen (the owner) completed these transactions. a. Kindly repost the question to get, A:Trial balance: It is the statement prepared at the end of the year to close all the accounts. Hire Professional Writer And Get A+ Grades In Your Homework. A building and equipment are currently being rented, pending expansion to new facilities. Required: 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 April 1, Jiro Nozomi created a new travel agency, Adventure Travel. Purchased supplies on account, 850. 4. 8. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. ezto.mheducation.com First let me introduce myself, my name is XX, 23 years old, and David is my English name. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Recording of a business transactions in a chronological order. f. The company purchased additional equipment for $6,000 cash. April. 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. To ensure my potential must visit my profile to check my ratings and uploaded samples. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Saved Next h. Purchased land as a future building site, paying cash of $120,000. 0. 2,500 Receivable 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. Withdrew cash for personal use, 2,500. No. A Wages of $379,000 were paid in cash. 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. Received 500, with the remainder due on August 9, 2019. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Purchased supplies on account, 735. 60,000 10 000 J. During June, Ming Chen (the owner) completed these transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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.: 31. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. c. Received cash from fees earned. During the month, Lexi completed the following transactions related to the business: Nov. 1. 5. Purchased office equipment on account, 15,000. 7.500 On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. 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. Journal Entries - Journal Entries are the recording of transactions of the organization. 2,500 Hal Smith opened Smith's repairs on 01.03. Owner invested $60,000 cash in the company along with equipment. 2.1.4P, Your question is solved by a Subject Matter Expert. No. 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. d. 5. 4. A:Journal: Paid the office rent for the current month, 650, Ck. Answered: Ming Chen began a professional practice | bartleby Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Instructions 1. During June, Ming Chen (the owner) completed these transactions.a. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Mulberry purchased computer paper for $13,000 cash in late December. 3. minus sign.) For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Write Balance in the Item column and place a check mark () in the Posting Reference column. b. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. b. 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. c. Received cash from fees earned. (f) Made payment on loan in transaction (c), 500. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. a. 25. During June, Ming Chen (the owner) completed these transactions: a. b. Received 750, with the remainder due August 4, 2019. Dividends Withdrew l,250 cash from PS Music for personal use. h. Purchased land as a future building site, paying cash of $120,000. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Prepare an unadjusted trial balance as of July 31, 2019. How much did Junes transactions increase or decrease Chad Wilsons capital? c. Received cash from fees earned. 58,500 a. a. 10,000 Paid electricity bill for May, 810. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Income tax of $10,300 was incurred and paid in 2019. S NO 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Do you need an answer to a question different from the above? Since there are multiple subparts, we will answer only first three subparts. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 31.Withdrew 1,250 cash from PS Music for personal use. The customer will pay at a later date. 4. 3. 10,000 23. 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. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 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.