ming chen began a professional practice on june 1

0. Paid dividends, $3,000. B. July 21. II b. The company paid $1,500 cash for rent of office space for the month. Accounts 2,500 Expenses Inflation is 3.8% per year. Ethics and budgetary slack: EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. 28.Paid wages of 1,200 to receptionist and part-time assistant. d. The company completed work for a client and immediately collected the $2,500 cash earned. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. 22. Paid on account to the City Crier, 455, Ck. Received cash from customers on account, 88,000. k. Determined that the cost of supplies on hand was 5,900; therefore, the cost of supplies used during the month was 3,600. l. Withdrew 12,000 cash for personal use. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. b. (1,500) + Required: Paid dividends, 2,500. ok ht inces a. Greco resort opened for business on june 1. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental %3D I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. 4.Prepare an unadjusted trial balance as of July 31, 2019. 4. The worker will be paid $275 per week. 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. Equity 7,500 $ 15,000 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. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Repairs and maintenance of $9,000 were incurred and paid. 4. Bal. 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. and company a firm. 000  b. Paid 620 to Upload Music for use of its current music demos in making various music sets. d. 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. Chapter 1 Exercises i i. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. A:Introduction: (c) Purchased office equipment. b. Bal. 10,000 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. The following transactions were completed during July, the second month of the business's operations: July 1. 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. During June, Ming Chen (the owner) completed these transactions: a. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. %24 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Hire Professional Writer And Get A+ Grades In Your Homework. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. d. + 8. The following transactions, A:Journal Entries: To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. b. Ming Chen began a professional practice on June 1 and plans to Cash _Accounting 1 Assignment Part 1 - Ming Chen began a professional (Enter decreases to account balances with a 3. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Served as a disc jockey for a charity ball for 1,500. f. The company purchased additional equipment for $6,000 cash. A:The financial statements of the business include the income statement and balance sheet of the firm. b. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. *Response times may vary by subject and question complexity. Paid miscellaneous expenses, 540. J. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Paid truck expenses, 435, Ck. 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. 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. 8,000 On June 1 of the current year, Chad Wilson established a business to manage rental property. If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Six months rent was paid in advance, $4,500. Opened a business bank account with a deposit of 50,000 from personal funds. Required 4. Thanks :--). 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. C. Provided services in the amount of $1,000. 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. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 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. Bal. b. 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. Apr. Insurance expired during May is 275. b. No. 2. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. 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. 1. During the month, Jones, A:T accounts: the firm are, A:Income statement Any additional hours beyond SO will be billed to KXMD at 40 per hour. Paid rent for July, 1,750. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 21. 0. Common Ming Chen began a professional practice on June 1 and plans to prepare During March, the following, A:1. a. 1,500 Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: Instructions 1. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Instuction Prepare an income staement and statement of stockholders equity for July. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. J. Recorded services provided on account for the period May 1-15; 9,180. Bal. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 1. Instructions 1. Prepare T accounts, using the account titles in (1). 2. Ask your question! 30. Record the transactions and the balance after each transaction. g. The company paid an assistant $3,000 cash as wages for the month. Instructions 1. During the first month of operations of his, A:Solution: 00. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 503. h. Sold catering services on account, 4,307. i. 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. c. Both credit card and debit card transaction fees are limited by law. The following, A:Unadjusted Trial Balance - 3. 1. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Ming Chen began a professional practice on June $1$ and plan | Quizlet Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 18.Purchased supplies on account, 850. 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. (h) Received cash for services rendered, 800. d. The company completed work for a client and immediately collected the $2,500 cash earned. 58,500 (d) Received cash for services rendered, 900. i. 501. e. Bought insurance for the truck for one year, 400, Ck. 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. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 4. Prepare a single-step income statement. Opened a business bank account with a deposit of 35,000 in exchange for common stock. a. i. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. b. Hal Smith opened Smith's repairs on 01.03. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. 61,000 a. Gervais deposited 25,000 in a bank account in the name of the business. 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. If you still cannot find the error, re-analyze each transaction. Hill 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. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. 15,000 %3D b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Cash b. 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. a. 0. Instrustions Prepare a balance sheet as of July 31, 20Y5. Transactions completed during the month follow. Received $100 from a customer for services we will provide next week. Bal. 25,000 As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. 1003. i. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Determine account balances of the T accounts. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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. Write Balance in the Item column and place a check mark () in the Posting Reference column. 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. The company paid $10,000 cash to settle the liability created in transaction c. j. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 5. EQUITY minus sign.) 3. c. Received cash from fees earned. 11. 8,000 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. What if the client hasn't prepared them in advance? Received 1,000 cash from customers on account. (Optional) Prepare a statement of cash flows for July. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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. a. Paid dividends, $3,000. %24 11. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Paid cash for miscellaneous expenses, 375. j. Bal Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. To ensure my potential must visit my profile to check my ratings and uploaded samples. Record the following transactions on Page 6 of the journal: 20. Transactions completed during the month follow. 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Paid gas, oil, and repairs on automobile for April, 550. A:The financial statements of the business include the income statement and balance sheet of the firm. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 10,000 Withdrew l,250 cash from PS Music for personal use. When the business transactions are recorded in the primary book of account, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 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). c. Amount of net income for August. a. 18. A statement of changes in Equity Paid gas, oil, and repairs on automobile for April, 550. Introduce yourself. 15. 75,000 During June, Ming Chen (the owner) completed these transactions.a. The company paid $1,500 cash for rent of office space for the month. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Answered: Ming Chen began a professional practice | bartleby Explanations may be omitted. (f) Made payment on loan in transaction (c), 500. Prepare a post-closing trial balance. He completed the following transactions during June: a.  a. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. The company paid $1,500 cash for rent of office space for the. 0. Q:Ken Jones, an architect, opened an office on April 1, 2019. No. Received 750, with the remainder due August 4, 2019. 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. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. 0. (g) Paid wages to part-time employee, 500. b. 225. April. stock. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Prepare an unadjusted trial balance. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. + The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 1. 15,000 %3D 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. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. I can help you with creating a presentation of one slide for The Word of William Hunter.

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