ming chen began a professional practice on june 1

ming chen began a professional practice on june 1

Record the adjusting entries on Page 7 of the journal. on the Business environment in China. 29. No. The business was started by selling $100,000 worth of common stock. O OO O She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 2020 - 2024 www.quesba.com | All rights reserved. Start your trial now! Enter the following transactions on Page 2 of the two-column journal: 16. 2023 White PaPer. Bal. Required c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Hal Smith opened Smith's Repairs on March 1 of the current year. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: f. The company purchased additional equipment for $6,000 cash. There is no prepaid rent or rent payable at year-end. A statement of changes in Equity Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. If the two totals are not equal, check the addition and subtraction. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 1PA, Your question is solved by a Subject Matter Expert. 4.Prepare an unadjusted trial balance as of July 31, 2019. f. The company purchased additional equipment for $6,000 cash. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Common %D 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 300 on note payable. 11.Received 1,000 for serving as a disc jockey for a party. Income tax of $10,300 was incurred and paid in 2019. Paid 250 to creditors on account. If an entry is not required for any of these transactions, state this and explain why. 61,000 Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. College Accounting (Book Only): A Career Approach. 30. 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: Billed insurance companies for sales commissions earned, 12,500. j. July 21. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. What will be the value of interest payment at the end of fourth year in real dollars? Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. a. Wallace deposited 24,000 in a bank account in the name of the business. i. 25,000  b. Accounting Equation - Introduce yourself. Purchased supplies on account, 735. Determine account balances of the T accounts. Determine the net income for March. 5. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. At the end of May, the following adjustment data were assembled. The following transactions were completed during July, the second month of the business's operations: July 1. Determine the account balances after all posting is complete. C. During June, Ming Chen (the owner) completed these transactions. The company paid $1,000 cash in dividends to the owner (sole shareholder). Opened a business bank account with a deposit of 30,000 from personal funds. %3D Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instructions 1. 10,000 The following transactions, A:Journal Entries: 24. Start your trial now! i. a. View this solution and millions of others when you join today! (Optional) Prepare a statement of cash flows for July. What if the client hasn't prepared them in advance? Received and paid the heating bill, 248, Ck. Withdrew l,250 cash from PS Music for personal use. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. The entire assets of an organization are equal to the sum of its liabilities, Q:Kristin Holden started her own consulting business in July, 20--. During June, Ming Chen (the owner) completed these transactions. The following transactions, A:Note: Kimberly Manis, an architect, opened an office on January 1, 2016. Write Balance in the Item column and place a check mark () in the Posting Reference column. Hello. 1,500 Receivable A building and equipment are currently being rented, pending expansion to new facilities. (Continued) Required: 1. g. Paid interest on the note payable, $500. Paid 620 to Upload Music for use of its current music demos in making various music sets. Received $100 from a customer for services we will provide next week. Accounts Determine the net income or net loss for January. EQUITY Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. a. 25.000 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. 0.33 (g) Paid wages to part-time employee, 500. Explanations may be omitted. Paid dividends, $3,000. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Instructions 1. During June, Ming Chen (the owner) completed these transactions. 30. a. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. 11. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 61,000 8.Paid for a newspaper advertisement, 200. h. Purchased land as a future building site, paying cash of $120,000. No. Bal. Each drugstore is operated by a general manager and a controller. Instructions 1. (k) Paid wages to part-time employee, 500. No. Instructions 1. Required: Use a chart of accounts to order the ledger accounts. Revenue c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 10,000 2. I am highly qualified expert, working from 2008-9 in this industry. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Save & Exit Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Owner invested $60,000 cash in the company along with equipment. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. The policy covers a one-year period. 10. He completed the following transactions during June: a. %3D Journalize and post the adjusting entries. (Record as Miscellaneous Expense.) Determine the net income or net loss for April. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 31. 1. 4. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. You can message me to discuss the details. March transactions are as follows : The prepaid rent at the beginning of the year was used in 2019. 9. a. 1002. h. Received and paid the bill for utilities, 340, Ck. 7,500 The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. c. Amount of net income for August. 1 of 1 C. Provided services in the amount of $1,000.  c. Is it a variable or a fixed cost? $15,000 Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare T accounts, using the account titles in (1). 2. 17. (j) Withdrew cash for personal use, 100. 4. f. Record the transactions and the balance after each transaction. (Note: Ignore the date because these events are aggregations of individual events.) Paid dividends, 2,500. 75,000 a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Inflation is 3.8% per year. First let me introduce myself, my name is XX, 23 years old, and David is my English name. The company paid $1,500 cash for rent of office space for the month. 0. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. April. No. No. Q:Duerr Engineering completed the following transactions in the month of June. Good morning, teachers, I am honored to be informed to have this interview. 1. Paid miscellaneous expenses, 540. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. During June, Ming Chen (the owner) completed these transactions. Ask a new question. Paid cash for a newspaper advertisement. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:a)Indicate the effect of the given transactions. After, A:Net income: During the first month of the. Recorded services provided on account for the period May 16-20, 4,820. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? 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. 2. d. Paid rent on office and equipnwnt for the month, $5,000. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Instructions 1. Check my + i. 1000. c. Bought office supplies for cash, 375, Ck. Basic Accounting Systems: Cash Basis. d. Purchased office supplies on account, $1,250. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 6. d. The company completed work for a client and immediately collected the $2,500 cash earned. b. 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. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 3. a. Only credit 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. 24 Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. 2. I. 2. 00. 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. 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. 60,000 Ken Jones, an architect, opened an office on April 1, 2016. On March 1 of this year, B. Gervais established Gervais Catering Service. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Determine the following: a. ol + No. 7.500 (c) Purchased office equipment. Instrustions Prepare a balance sheet as of July 31, 20Y5. The company paid $1,500 cash for rent of office space for the month. Any additional hours beyond SO will be billed to KXMD at 40 per hour. Using the following, A:Impact on Equity - If you still cannot find the error, re-analyze each transaction. During June, Ming Chen (the owner) completed these transactions: a. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. a. 1. 2,500 a. . Equity Classify each transaction as an operating, an investing, or a financing activity. Print 28. 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: 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. $4 Bal. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 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. 25,000 Bal Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. 0. Apr. 10,000 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. 5. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. h. Purchased land as a future building site, paying cash of $120,000. 2. 8. 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. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. I am highly qualified expert, working from 2008-9 in this industry. b. 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). 10,000 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. Post the journal to a ledger of four-column accounts. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. The company paid $1,000 cash in dividends to the owner (sole shareholder). Prepare a single-step income statement. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Is it a product or a period cost? %24 1,500 a. 3. During the month, Jones, A:T accounts: 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. j. Paid wages of 1,200 to receptionist and part-time assistant. 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. 25.000 29.Paid miscellaneous expenses, 540. Find answers to questions asked by students like you. II Determine the net income or net loss for October. Required: In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Equity During June, Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. 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. (Record as Miscellaneous Expense.) Receivable eBook Received 3,000 for serving as a disc jockey for a party. 28. h. Borrowed $100,000 by issuing a note payable. 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. 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. A. %24 How much did Junes transactions increase or decrease Chad Wilsons capital? ol + On June 1 of the current year, Chad Wilson established a business to manage rental property. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid on account to the City Crier, 455, Ck. b. A balance sheet A:Introduction: 4. Paid dividends, $3,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 31.Withdrew 1,250 cash from PS Music for personal use. During the first month of operations of his, A:Solution: b. 1, A:Salary is the expense of a business. 7.500 10. Owner invested $60,000 cash in the company along with equipment that had a $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. A:Net income is calculated after analysing the revenue and expenses of the organisation. c. Received cash from fees earned. 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. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. I can help you with creating a presentation of one slide for The Word of William Hunter. Budgeting issues at the movies: Record the transactions and the balance after each transaction. f. Paid office salaries, $6,500. + Recorded services provided on account for the remainder of May, 2,650. 4, Required 1. Can you think of any reason why the amount determined in (4) might not be the net income for November? Opened a business bank account with a deposit of 35,000 in exchange for common stock. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. 2. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 61,000 Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: 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. 14.Paid wages of 1,200 to receptionist and part-time assistant. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1,500 Hal Smith opened Smith's repairs on 01.03. 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. During March, the following, A:1. Paid for a newspaper advertisement, 200. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Borrowed $100,000 by issuing a note payable. Recorded services provided on account for the period May 1-15; 9,180. Paid cash for miscellaneous expenses, 375. j. 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: February 20, 2023. d. The company completed work for a client and immediately collected the $2,500 cash earned. Which of the following is true? Paid dividends, $3,000. Bal Find answers to questions asked by students like you. b. Prepare an unadjusted trial balance as of August 31, 2016. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. 10,000 Stock $ 8. The American Chamber of Commerce in South China. i. 30. d. The company completed work for a client and immediately collected the $2,500 cash earned. 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. During June, Ming Chen (the owner) completed these transactions. b. (Income Summary is account 34 in the chart of accounts.) e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 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 . 7,500 Withdrew cash for personal use, 2,000. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Transactions completed during the month follow. %3D 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 If you still cannot find the error, re-analyze each transaction.

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