Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Received cash from clients on account, 2,450. 0. Issued common stock to Marjorie Knaus in, A:Step 1 SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. 58,500 Explanations may be omitted. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Received 1,000 for serving as a disc jockey for a party. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The business was started by selling $100,000 worth of common stock. C. Q:Connie Young, an architect, opened an office on October 1, 2019. %24 Q:Duerr Engineering completed the following transactions in the month of June. . 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: 18.Purchased supplies on account, 850. Received 2,000 for serving as a disc jockey for a wedding reception. 1,500 d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. b. 1002. h. Received and paid the bill for utilities, 340, Ck. 10,000 T Accounts, Debits And Credits, Trial Balance, And Financial Statements.  a. No. 1. 5. The policy covers a one-year period. Enter the following transactions on Page 2 of the two-column journal: 29. 2. The worker will be paid $275 per week. Bal. Ming Chen (the owner) completed these transactions: During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 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. II g. Paid interest on the note payable, $500. 8,000 Instructions 1. Six months rent was paid in advance, $4,500. During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 I am highly qualified expert, working from 2008-9 in this industry. The, A:An accounting equation refers to a mathematical representation of the transactions. Paid 700 to a local audio electronics store for rental of digital recording equipment. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Dividends 4.Prepare an unadjusted trial balance as of July 31, 2019. Bal (Note: Ignore the date because these events are aggregations of individual events.) (Do not insert the account numbers in the journal at this time.) On March 1 of this year, B. Gervais established Gervais Catering Service. %24 M Question 8 - Chapter 1 Exercises Connect Withdrew l,250 cash from PS Music for personal use. Greco resort opened for business on june 1. b. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 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. The actual work of dry cleaning is done by another company for a fee. 1. 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, Knaus. a. Bal 30. 4. 501. e. Bought insurance for the truck for one year, 400, Ck. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 5. (k) Paid wages to part-time employee, 500. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. Determine the amount of Joel Palks capital as of July 1 of the current year. $30000. No. 7,500 28. h. Purchased land as a future building site, paying cash of $120,000. the. Ken Jones, an architect, opened an office on April 1, 2019. Paid cash for miscellaneous expenses, 375. j. 13. During June, Ming Chen (the owner) completed these transactions. property. 27.Paid electric bill, 915. %24 d. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. d. 1004. j. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Amount of total revenue recorded in the ledger. DLite Dry Cleaners is owned and operated by Joel Palk. a. 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). Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Good morning, teachers, I am honored to be informed to have this interview. Paid cash for a newspaper advertisement. II Do you need an answer to a question different from the above? Record the following transactions on Page 6 of the journal: 20. 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. 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. During June, Ming Chen (the owner) completed these transactions.a. Q:1. 2.1.4P, Your question is solved by a Subject Matter Expert. First week only $4.99! During June, Ming Chen (the owner) completed these transactions: a. 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. Ethics and budgetary slack: 3. stock. Basic Accounting Systems: Cash Basis. O OO O 7,500 g. Paid interest on the note payable, $500. . d. Paid rent on office and equipment for the month, $5,000. In addition, $28,000 of computer rental costs were incurred and paid. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Paid rent for July, 1,750. 63. Assets 61,000 J. b. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. He completed the following transactions during June: a. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. a. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. 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: 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. 10,000 0. 75,000 Prepare T accounts, using the account titles in (1). 00. If you still cannot find the error, re-analyze each transaction. %24 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Paid dividends, $3,000. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. Received 750, with the remainder due August 4, 2019. g. The company paid an assistant $3,000 cash as wages for the month. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. b. Since there are multiple subparts, we will answer only first three subparts. e. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 2. 0. 25,000 0. 58,500 Prepare T accounts, using the account titles in (1). During June, Ming Chen (the owner) completed these transactions. 3. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 27. The account headings are presented below. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. During June, Ming Chen (the owner) completed these transactions. Budgeting issues at the movies: 23.Served as disc jockey for a party for 2,500. 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 . 16. a. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. a. The account headings are presented below. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. The company paid $10,000 cash to settle the liability created in transaction c. j. During the month, Jones, A:T accounts: 3. 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: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. If the two totals are not equal, check the addition and subtraction. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e %24, Carl Warren, James M. Reeve, Jonathan Duchac. A:Hi student Transactions completed during the month follow. g. The company paid an assistant $3,000 cash as wages for the month. Write Balance in the Item column and place a check mark () in the Posting Reference column. 30. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 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. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. 17. The following information is provided for the first month of operations for Legal Services Inc.: A. 1, A:Salary is the expense of a business. i. College Accounting (Book Only): A Career Approach. 8. Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. Connie Young, an architect, opened an office on October 1, 2019. *Response times may vary by subject and question complexity. 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. (d) Received cash for services rendered, 900. Find step-by-step Accounting solutions and your answer to the following textbook question: Ming Chen began a professional practice on June $1$ and plans to prepare financial statements at the end of each month. a. 1.500 Each drugstore is operated by a general manager and a controller. 14.Paid wages of 1,200 to receptionist and part-time assistant. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Interest of $5,000 was paid on the long-term loan. and company a firm. the firm are, A:Income statement 28.Paid wages of 1,200 to receptionist and part-time assistant. 5.Purchased office equipment on account from Office Mart, 7,500. Borrowed $100,000 by issuing a note payable. 4. Accounts 2. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. J. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 30.Served as a disc jockey for a charity ball for 1,500. 2,500 b. Next 2,500 During June, Ming Chen (the owner) completed these transactions. 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). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. None of the paper was used by year-end. Paid wages of 1,200 to receptionist and part-time assistant. Can you think of any reason why the amount determined in (4) might not be the net income for November? A:a)Indicate the effect of the given transactions. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. *Response times may vary by subject and question complexity. During the month, she completed the following transactions connected with her professional practice: a. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 4. Paid 620 to Upload Music for use of its current music demos in making various music sets. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Paid utilities expense, 4,500. 1,500 Chapter 1 Exercises i e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. Record the transactions and the balance after each transaction. The following transactions occurred during January of the current year. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. 24. 13. j. You can message me to discuss the details. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. d. The company completed work for a client and immediately collected the $2,500 cash earned. 58,500 Paid truck expenses, 435, Ck. d. 75,000 Post the journal to a ledger of four-column accounts. 31. 4. I have all relevant skills and expertise related to your project. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. During June. d. The company completed work for a client and immediately collected the $2,500 cash earned. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Accounting Equation is calculated using following equation - In this activity, you will be creating. Instructions 1. The following transactions were completed during July, the second month of the business's operations: July 1. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Ming Chen (the owner) completed these transactions. Accounts Received 1,000 cash from customers on account. During June, Ming Chen (the owner) completed these transactions. 4. h. Purchased land as a future building site, paying cash of $120,000. Recording of a business transactions in a chronological order. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2.Received 1,000 cash from customers on account. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Problem1-63B Income Statement, Retained Earnings Statement. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. c. Amount of net income for August. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Determine the net income or net loss for January. Hire Professional Writer And Get A+ Grades In Your Homework. 15. March transactions are as follows : (h) Received cash for services rendered, 800. b. If you still cannot find the error, re-analyze each transaction. i. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 75,000 B. a. Bal. How much did Marchs transactions increase or decrease Amy Austins capital? 1. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Saved 1006. A statement of cash flows, Q:On September 1, 20X6, Michael Moe incorporated Moe's Mowing, Inc., a company that provides mowing, A:Since you have posted a question with multiple sub-parts, we will solve the first three subparts for, Q:Bob Jacobs opened an advertising agency. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. 2023. Amount of total expenses recorded in the ledger. During May, Kelly Consulting entered into the following transactions: May 3. Introduction: 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. Owner withdrew $1,000 cash from the company for personal use. She helped me in last minute in a very reasonable price. a. on the Business environment in China. So lets make no longer delay & start chatting immediately. h. Purchased land as a future building site, paying cash of $120,000. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 60,000 6. A:Net income is calculated after analysing the revenue and expenses of the organisation. 31. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. EQUITY (Optional) Prepare a statement of cash flows for July. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. During June, Ming Chen (the owner) completed these transactions. $ b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. What amount should Carter report as net cash from investing activities? Insurance expired during May is 275. b. h. g. The company paid an assistant $\$3,000$ cash as wages for the month. Introduction: During the month, she completed the following transactions connected with her professional practice: a. 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. Determine the excess of revenues over expenses for November. Use a chart of accounts to order the ledger accounts. Analyze each transaction, Journalize as appropriate. Dividends in the amount of $1,500 were distributed. Bal. 8.000 29. (Record as Miscellaneous Expense.) Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The transaction analysis is done with the help of the accounting equation. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Determine account balances of the T accounts. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Received 750, with the remainder due August 4, 2019. a. A statement of changes in Equity Accounts No. Create the following table similar to the one in Exhibit 1.9.  c. Is it a variable or a fixed cost? 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: Ask your question! Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. The company paid $1,500 cash for rent of office space for the month. 1 of 1 a. The transactions of The customer will pay at a later date. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 25,000 Prepare an adjusted trial balance. Determine the account balances, after all posting is complete. 15. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. 23. 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. 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, 7,500. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. 61. 4. Determine the following: a. (e) Paid phone bill, 65. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 28. 8,000 Revenue 0. a. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 5. Prepare an unadjusted trial balance as of July 31, 2019. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Recorded services provided on account for the remainder of May, 2,650. 61,000 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. 0. 0.33 The company paid $1,500 cash for rent of office space for the month. 30. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. The company paid $1,500 cash for rent of office space for the. During June, Ming Chen (the owner) completed these transactions: a. Post your journal entries to T-accounts, Add additional T-accounts when needed. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 2. Equipment (b) Paid office rent, 500. Paid cash for miscellaneous expenses, 375. j. Paid on account to the City Crier, 455, Ck. Common Save & Exit Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. The company pald $2,100 cash for rent of office space for . b. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Amount of total expenses recorded in the ledger. Paid wages of employees, 6,800. Only debit card transaction fees. During the first month of operations of his, A:Solution: 10,000 30. 31. Paid annual premiums on property and casualty insurance, 2,400. c. Received cash from fees earned. Hello. 31. July 21. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Recorded services provided on account for the period May 16-20, 4,820. Purchased office equipment on account from Office Mart, 7,500. ASSETS Stock 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.