Brandon Mintz Net Worth, Articles M

Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 0. 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. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? 15. 15,000 b. Determine the net income or net loss for October. D. An office worker was hired. 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. (i) Paid electricity bill, 85. 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. She, A:As you have posted multiple questions, the solution to the first question is being provided. Bal. 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. 25,000 7,500 b. 00. a. 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. Paid cash for a newspaper advertisement. %24 1PA, Your question is solved by a Subject Matter Expert. I. 23. 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. (b) Paid office rent, 500. Recorded services provided on account for the period May 16-20, 4,820. 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. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. 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. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. The following information is provided for the first month of operations for Legal Services Inc.: A. Hill 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. 31.Withdrew 1,250 cash from PS Music for personal use. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck.  a. 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. b. Determine the increase or decrease in owners equity for January. 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. Prepare an unadjusted trial balance as of January 31, 2019. 16. 23.Served as disc jockey for a party for 2,500. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - the firm are, A:Income statement Q:On April 1, Anita Strods created a new travel agency, Strods Travel. 3. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. f. The company purchased additional equipment for $6,000 cash. Instructions 1. The transactions of The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. S NO 1000. c. Bought office supplies for cash, 375, Ck. The company paid $1,500 cash for rent of office space for the month. The company paid $10,000 cash to settle the liability created in transaction c. Mc. What if the client hasn't prepared them in advance? A:Net income is calculated after analysing the revenue and expenses of the organisation. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. i. 10,000 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. Only credit card transaction fees are limited by law. 3. 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. 4, Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Apr. + Accounts 2,500 Liabilities Determine account balances of the T accounts. If the two totals are not equal, check the addition and subtraction. To ensure my potential must visit my profile to check my ratings and uploaded samples. %3D Required 4. Instructions 1. Paid cash for miscellaneous expenses, 375. j. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 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. Owner withdrew $1,000 cash from the company for personal use. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Ming Chen began a professional practice on June 1 and plans to prepare Equity 27.Paid electric bill, 915. ol + Each drugstore is operated by a general manager and a controller. b. He. 1. 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. Bal. Paid electricity bill for May, 810. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. i. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 7.500 h. Borrowed $100,000 by issuing a note payable.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. 8,000 $ Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. A:The financial statements of the business include the income statement and balance sheet of the firm. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Instructions 1. Correct answers: 1 question: A loan of $400,000 is taken out which requires an annual interest payment of 4.4% of the borrowed amount of money (in market dollars). Expenses G. Received the electricity bill. Prepare and post the closing entries. Instructions 1. Stock Six months rent was paid in advance, $4,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Liabilities Issued common stock to Marjorie Knaus in, A:Step 1 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. 75,000 Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. 61,000 Repairs and maintenance of $9,000 were incurred and paid. + stock. 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. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Received and paid the heating bill, 248, Ck. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. During June, Ming Chen (the owner) completed these transactions: a. Saved 0. Revenue Solved Exercise 1-13 Identifying effects of transactions - Chegg Next a. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: The company paid $10,000 cash to settle the liability created in transaction c. j. During June, Ming Chen (the owner) completed these transactions. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. Paid Office Station Co. for part of the debt incurred on April 5, 640. What amount should Carter report as net cash from investing activities? %24 April. Instuction Prepare an income staement and statement of stockholders equity for July. a. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Introduce your . The following transactions, A:Journal Entries: The following, A:Unadjusted Trial Balance - $4 Paid dividends, 2,500. Prepare the necessary journal entries to record these transactions. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. d. %24 5.Purchased office equipment on account from Office Mart, 7,500. 14.Paid wages of 1,200 to receptionist and part-time assistant. Paid truck expenses, 435, Ck. 30. b. %D Withdrew cash for personal use, 7,500. Introduction: 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. During May, Kelly Consulting entered into the following transactions: May 3. During June, Ming Chen (the owner) completed these transactions: a. c. Received cash from fees earned. 1, A:Salary is the expense of a business. 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 Instructions 1. ol + 4. %3D 0. 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. 8. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). The policy covers a one-year period. During June, Ming Chen (the owner) completed these transactions. 0. 2023 12. 2. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. 8.000 Determine the net income or net loss for January. EQUITY The company paid $1,500 cash for rent of office space for the month. Required 1. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Purchased supplies on account, 850. 4. 4. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? The actual work of dry cleaning is done by another company for a fee. 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. d. Received cash for job completed, 11,500. 25,000 First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Issued common stock to Marjorie Knaus in, A:Step 1 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. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. minus sign.) During the month, she completed the following transactions connected with her professional practice: a. 31. Paid gas, oil, and repairs on automobile for April, 550. During June, Ming Chen (the owner) completed these transactions. Extend the balances to the appropriate balance columns after each transaction is posted. View this solution and millions of others when you join today! 25.000 Solved Ming Chen began a professional practice on June 1 and | Chegg.com Help On March 1 of this year, B. Gervais established Gervais Catering Service. (g) Paid wages to part-time employee, 500. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Determine the amount of Joel Palks capital as of July 1 of the current year. No. Hi! a. c. Received cash from fees earned. Hal Smith opened Smith's Repairs on March 1 of the current year. 9. 5. *Response times may vary by subject and question complexity. Ming Chen began a professional practice on June 1 and plans - BRAINLY d. 2. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. During the first month of operations of his, A:Solution: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Interest of $5,000 was paid on the long-term loan. %3D It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. How much did Junes transactions increase or decrease Chad Wilsons capital? 10,000 Paid miscellaneous expenses, 1,000. 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--. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 60,000 Borrowed $100,000 by issuing a note payable. 2.Received 1,000 cash from customers on account. February 20, 2023. 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. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. During June, Ming Chen (the owner) completed these transactions. (Enter decreases to account balances with a b. h. Purchased land as a future building site, paying cash of $120,000. Q:Duerr Engineering completed the following transactions in the month of June. 3. 0. Accounts Amount of total revenue recorded in the ledger. (Record as Miscellaneous Expense.) If you want the answer, Q:Architects completed the following transactions: A. C. Provided services in the amount of $1,000. During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Write Balance in the Item column and place a check mark () in the Posting Reference column. the. 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 Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. On June 1 of the current year, Chad Wilson established a business to manage rental property. Paid an attorney 900 for reviewing the July 3 contract with KXMD. 11. Q:Connie Young, an architect, opened an office on October 1, 2019. 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 . Journal entry is used to the record the business transactions of an enterprises. Advertising expense of $26,000 was incurred and paid. College Accounting (Book Only): A Career Approach. 4. Prepare an unadjusted trial balance. Paid dividends, 10,500. Received 3,000 for serving as a disc jockey for a party. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Record the transactions and the balance after each transaction. %3D f. 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. II 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. H. Paid the worker hired in D for one weeks work. 10,000 We will pay the $110 in thirty days. 504. j. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. She helped me in last minute in a very reasonable price. 5. CASH Instructions 1. a. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Paid electric bill, 915. f. Paid office salaries, $6,500. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 0. i. Received 1,000 cash from customers on account. 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? 7.500 The following account balances are available: Required: 1. Find answers to questions asked by students like you. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. No. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 2. b. stock. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 1,500 Simple Accounting equation is. +. 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. [Solved] Ming Chen began a professional practice o | SolutionInn Prepare a single-step income statement. 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. 1. Billed insurance companies for sales commissions earned, 12,500. j. 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. In this activity, you will be creating. 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. Prepare an adjusted trial balance. Determine account balances of the T accounts. 3. 1.500 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. Apr. a. (f) Made payment on loan in transaction (c), 500. 24. Recorded jobs completed on account and sent invoices to customers, 22,300. If you still cannot find the error, re-analyze each transaction. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. During the month, Lexi completed the following transactions related to the business: Nov. 1. Ming Chen (the owner) completed these transactions. 506. Ask your question!  d. Does the activity add value to Latchey’s provision of insurance services? Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Instructions 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. 1. 3. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Amount of total expenses recorded in the ledger. d. Paid rent on office and equipnwnt for the month, $5,000. a. (Record as Miscellaneous Expense.) LIABILITY Hal Smith opened Smith's repairs on 01.03. %24 Create the following table similar to the one in Exhibit 1.9. Dividends f. The company purchased additional equipment for $6,000 cash. Ming Chen began a professional practice on June $1$ and plan | Quizlet 1,500 It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2.