Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Which of the following is true? I will also provide you with TURNITIN PLAGIARISM REPORT. No. 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 4. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. No. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 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. %3D Enter the impact of each transaction on individual items of the accounting equation. Insurance expired during May is 275. b. 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. (f) Made payment on loan in transaction (c), 500. 0. 000 Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Receivable No. 5. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. First week only $4.99! M Question 8 - Chapter 1 Exercises Connect 30.Served as a disc jockey for a charity ball for 1,500. Ming Chen (the owner) completed these transactions. Paid dividends, 2,500. Cash First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 7,500 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. e. Dividends %24 23.Served as disc jockey for a party for 2,500. $ 15,000 3. 7,500 During June, Ming Chen (the owner) completed these transactions. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 1004. j. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. 28. stock. b. 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). During the month, Lexi completed the following transactions related to the business: Nov. 1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 1. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. During June. Introduction: Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Determine account balances of the T accounts. The company paid $10,000 cash to settle the liability created in transaction c. Kimberly Manis, an architect, opened an office on January 1, 2016. Classify each transaction as an operating, an investing, or a financing activity. 31. During June, Ming Chen (the owner) completed these transactions. 15. d. Purchased office and computer equipment on account, 9,000. e. Paid cash for supplies, 2,150. f. Paid cash for annual insurance policies, 4,000. g. Received cash from client for plans delivered, 12,200. h. Paid cash for miscellaneous expenses, 815. i. Only debit card transaction fees. 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: 4. During the month, Knaus. Determine the amount of Joel Palks capital as of July 1 of the current year. He completed the following transactions during June: a. b. %D 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. How much did Marchs transactions increase or decrease Amy Austins capital? Hal Smith opened Smith's Repairs on March 1 of the current year. EQUITY Prepare an unadjusted trial balance as of July 31, 2019. Accounts A:Requirement 1: Indicate the effect of the given transactions. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Required 10,000 During June, Ming Chen (the owner) completed these transactions. 3. Bal b.  b. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? 2. 1. Revenues Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. $4 The actual work of dry cleaning is done by another company for a fee. View this solution and millions of others when you join today! Saved Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. g. Paid interest on the note payable, $500. h. Borrowed $100,000 by issuing a note payable. h. Borrowed $100,000 by issuing a note payable. Instructions 1. 1.500 9. ok ht inces a. Introduction: 58,500 A:Revenue means the income earned during a given period. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Check my Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Prepare T accounts, using the account titles in (1). Post the journal to a ledger of four-column accounts. 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. 2020 - 2024 www.quesba.com | All rights reserved. During the first month of operations of his, A:Solution: He. The following transactions, A:Journal Entries: . Only credit card transaction fees are limited by law. The following information is provided for the first month of operations for Legal Services Inc.: A. (Enter decreases to account balances with a Received 1,000 for serving as a disc jockey for a party. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Instructions 1. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Received cash from customers on account, 9,000. Paid gas, oil, and repairs on automobile for April, 550. 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. Recorded jobs completed on account and sent invoices to customers, 22,300. 0. 9. 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. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 2. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1. 31. 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. The prepaid rent at the beginning of the year was used in 2019. 4. Instuction Prepare an income staement and statement of stockholders equity for July. Q:1. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. 15,000 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. Determine the following: a. Prepare an income statement, a retained earnings statement, and a balance sheet. 12. Issued common stock to Marjorie Knaus in, A:Step 1 2.1.4P, Your question is solved by a Subject Matter Expert. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. 15,000 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). 2023. Received 500, with the remainder due on August 9, 2019. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. On June 1 of the current year, Chad Wilson established a business to manage rental property. 5. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. The account headings are presented below. A statement of changes in Equity 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: PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Hill Paid annual premiums on property and casualty insurance, 2,400. 4. a. d. The company completed work for a client and immediately collected the $2,500 cash earned. 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--. Determine the account balances, after all posting is complete. Do you need an answer to a question different from the above? Only debit card transaction fees are limited by law. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 2. Billed insurance companies for sales commissions earned, 12,500. j. b. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. During June, Ming Chen (the owner) completed these transactions. d. The company completed work for a client and immediately collected the $2,500 cash earned. 25. Print During June, Ming Chen (the owner) completed these transactions: a. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Expenses 4. Prepare an unadjusted trial balance. Paid electric bill, 915. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 61,000 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. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. A:The financial statements of the business include the income statement and balance sheet of the firm. References Analyze and use these data to complete parts (5) and (6). 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. Using the following, A:Impact on Equity - Bal. 7.500 Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. b. 21. Q:Comprehensive Problem Set Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. The company paid $1,500 cash for rent of office space for the month. 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. 8,000 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: (e) Paid phone bill, 65. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Paid on account to the City Crier, 455, Ck. A. b. 8.Paid for a newspaper advertisement, 200. + 16. Next 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. The American Chamber of Commerce in South China. 1. + c. Amount of net income for August. 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. 4. 3. Enter the following transactions on Page 2 of the two-column journal: 29. 24. d. The company completed work for a client and immediately collected the $2,500 cash earned. Determine the net income for June. No principal payments are made, only interest is paid. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each 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. The customer will pay at a later date. During the first month of 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Dividends During the month, he completed the following transactions connected with his professional practice: a. 1,500 I am highly qualified expert, working from 2008-9 in this industry. During June, Ming Chen (the owner) completed these transactions. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Withdrew cash for personal use, 3,900. 2,500 g. The company paid an assistant $3,000 cash as wages for the month. Payable $30000. %3D Owner withdrew $1,000 cash from the company for personal use. 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. b. f. The company purchased additional equipment for $6,000 cash. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. (j) Withdrew cash for personal use, 100. Start your trial now! g. The company paid an assistant $3,000 cash as wages for the month. Hello. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). b. a. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. the. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. 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. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. b. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Explanations may be omitted. 8.000 a. + Withdrew l,250 cash from PS Music for personal use. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. 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. (1,500) + I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. %24, Carl Warren, James M. Reeve, Jonathan Duchac. 22. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. b. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Served as a disc jockey for a charity ball for 1,500. Mc. 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. a. Gervais deposited 25,000 in a bank account in the name of the business. A:The financial statements of the business include the income statement and balance sheet of the firm. d. The company completed work for a client and immediately collected the $2,500 cash earned. 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. Determine the following: a. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. What if the client hasn't prepared them in advance? 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. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Establish a ledger for the accounts listed above and enter the beginning balances. Prepare and post the closing entries. 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). a. +. h. Borrowed $100,000 by issuing a note payable. i. Ken Jones, an architect, opened an office on April 1, 2016. During the month, Jones, A:T accounts: f. Paid office salaries, $6,500. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 29. 61,000 Create the following table similar to the one in Exhibit 1.9. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. *Response times may vary by subject and question complexity. Bal. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. h. Purchased land as a future building site, paying cash of $120,000. 10,000 E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 5.Purchased office equipment on account from Office Mart, 7,500. We will pay the $110 in thirty days. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. a. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 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. Journal entry is used to the record the business transactions of an enterprises. 23. C. Provided services in the amount of $1,000. 27. 7.500 31. Purchased supplies for cash, 1,750. eBook 1,500 A balance sheet $15,000 College Accounting (Book Only): A Career Approach. 1002. h. Received and paid the bill for utilities, 340, Ck. Required 1. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. a. 11. 31.Received 3,000 for serving as a disc jockey for a party. No. The following, A:Unadjusted Trial Balance - Q:Prepare the statement of retained earnings for the month of July 31. 30. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. g. Paid interest on the note payable, $500. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. Owner invested 28.Paid wages of 1,200 to receptionist and part-time assistant. g. Paid interest on the note payable, $500. The following, A:Unadjusted Trial Balance - 1, A:Salary is the expense of a business. The following account balances are available: Required: 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. 61,000 1003. i. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 30. 61,000 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. 4. LIABILITY Paid the office rent for the current month, 650, Ck. 0. i. 503. h. Sold catering services on account, 4,307. i. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 4. b. f. The company purchased additional equipment for $6,000 cash. + 1,500 4. Ming Chen began a professional practice on June 1 and.