Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. ol + A:a)Indicate the effect of the given transactions. g. The company paid an assistant $\$3,000$ cash as wages for the month. 3. Good morning, teachers, I am honored to be informed to have this interview. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. b. 2. Revenue %24 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Paid utilities expense, 4,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instructions 1. 30.Served as a disc jockey for a charity ball for 1,500. + b. Instructions 1. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Determine the net income or net loss for April. Mc. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Thank you for the question, As per the honor code, we are allowed to answer three, Q:Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Only debit card transaction fees. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: a. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. $ 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. (g) Paid wages to part-time employee, 500.
Ming Chen began a professional practice on June 1 and plansget 1 2. Purchased supplies for cash, 1,750. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:The following transactions were carried out during the month of May by M.SAJJAD Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. f. The company purchased additional equipment for $6,000 cash. 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.: a., A:1. Determine the net income or net loss for October. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. a. Record the closing entries on Page 8 of the journal. 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. Paid 700 to a local audio electronics store for rental of digital recording equipment. d. Paid rent on office and equipment for the month, $5,000. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Paid for a newspaper advertisement, 200. If an entry is not required for any of these transactions, state this and explain why. Establish a ledger for the accounts listed above and enter the beginning balances. 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). M Question 8 - Chapter 1 Exercises Connect For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. He. 2,500 The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 75,000 Paid part-time receptionist for two weeks salary, 750. Paid electricity bill for May, 810. Paid gas, oil, and repairs on automobile for April, 550. 31.
Ming Chen began a professional practice on June 1 and plans - BRAINLY Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24 11.
Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Determine the increase or decrease in owners equity for August. %D During the month, he completed the, 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. Using the following, A:Impact on Equity - 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: Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Home., A:Since you have asked multiple questions under a single question. Paid an attorney 900 for reviewing the July 3 contract with KXMD. Instructions 1. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. No. Show new balances after each transaction. During June, Ming Chen (the owner) completed these transactions. 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. 1.500 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. (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 in exchange for its common stock. Bal. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. During June, Ming Chen (the owner) completed these transactions. $4 On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. b. 7,500 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Paid cash to creditors on account, 4,500. j. Payable Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Greco resort opened for business on june 1. 0. 6. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. A balance sheet 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. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? i. 25,000 17. The company paid $1,500 cash for rent of office space for the month. Stock 10,000 b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. b. i. The following transactions were completed during July, the second month of the business's operations: July 1. 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. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. + points Determine account balances of the T accounts. The following, A:Unadjusted Trial Balance - Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. She helped me in last minute in a very reasonable price. Interest of $5,000 was paid on the long-term loan. None of the paper was used by year-end. a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Received 1,000 for serving as a disc jockey for a party. 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. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. d. July 21. Cash 0. Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. 3. 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. Determine the following: a. . (Record as Miscellaneous Expense.) 25. 1 of 1 0. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Accounts Issued common stock to Marjorie Knaus in, A:Step 1 View this solution and millions of others when you join today! A:The financial statements of the business include the income statement and balance sheet of the firm. The following account balances are available: Required: 1. During the month, he completed the following transactions connected with his professional practice: a. Recording of a business transactions in a chronological order. Accounts 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. Q:Prepare the statement of retained earnings for the month of July 31. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. 1004. j. Amount of total expenses recorded in the ledger. During June, Ming Chen (the owner) completed these transactions. 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. h. Borrowed $100,000 by issuing a note payable. During the month, she completed the following transactions connected with her professional practice: a. 8. Paid rent for period of November 1 to end of month, 4,000. 225. No. 0. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided.
Ming Chen began a professional practice on June 1 and plans The company paid $1,000 cash in dividends to the owner (sole shareholder). Instructions 1. The company paid $10,000 cash to settle the liability created in transaction c. 18.Purchased supplies on account, 850. 3. No. (j) Withdrew cash for personal use, 100. Received cash for job completed, 11,500. Paid cash for miscellaneous expenses, 375. j.