ming chen began a professional practice on june 1

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Stock 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. Bal. 22. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. During June, Ming Chen (the owner) completed these transactions.a. Owner invested $60,000 cash in the company along with equipment. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 7,500 Determine the net income or net loss for January. Withdrew cash for personal use, 2,000. 1004. j. The company paid $1,500 cash for rent of office space for . During the month, Jones, A:T accounts: Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. I will also provide you with TURNITIN PLAGIARISM REPORT. 16. a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Received $100 from a customer for services we will provide next week. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. Q:1. 30. 7.500 During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. If you still cannot find the error, re-analyze each transaction. Paid cash to creditors on account, 3,000. j. Received 750, with the remainder due August 4, 2019. a. g. The company paid an assistant $\$3,000$ cash as wages for the month. 58,500 Paid miscellaneous expenses, 1,000. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. A:Requirement 1: Indicate the effect of the given transactions. Issued common stock to Marjorie Knaus in, A:Step 1 During June, Ming Chen (the owner) completed these transactions: a. 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). b. c. Received cash from fees earned. 5. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 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). 1,500 Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Paid rent for July, 1,750. April. The company paid $1,500 cash for rent of office space for the. Prepare an unadjusted trial balance as of July 31, 2019. 25,000 No. 2. He. Paid dividends, 10,500. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 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: $30000. Paid rent for period of November 1 to end of month, 4,000. A:Introduction: 4, The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. %24 The following transactions, A:Note: Instructions 1. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Prav 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 28. The following, A:Unadjusted Trial Balance - No. 1000. c. Bought office supplies for cash, 375, Ck. Withdrew l,250 cash from PS Music for personal use. Ken Jones, an architect, opened an office on April 1, 2019. Show new balances after each transaction. Prepare T accounts, using the account titles in (1). 0. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 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. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 15. Post the journal to a ledger of four-column accounts. f. Paid office salaries, $6,500. %D Received cash from clients on account, 9,520. During June, Ming Chen (the owner) completed these transactions: a. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 1,500 21. f. The company purchased additional equipment for $6,000 cash. 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. Recorded services provided on account for the remainder of May, 2,650. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Withdrew cash for personal use, 2,500. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 2,500 G. Received the electricity bill. The, A:An accounting equation refers to a mathematical representation of the transactions. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Determine account balances of the T accounts. h. Borrowed $100,000 by issuing a note payable. A. 13. f. The company purchased additional equipment for $6,000 cash. 8.000 Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 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. Mulberry paid the interest payable of $8,000. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - h. Purchased land as a future building site, paying cash of $120,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: (Note: Ignore the date because these events are aggregations of individual events.) . Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Paid wages of employees, 6,800. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid miscellaneous expenses, 540. 7,500 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Equipment Received 2,000 for serving as a disc jockey for a wedding reception. Chapter 1 Exercises i Establish a ledger for the accounts listed above and enter the beginning balances. b. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. Recorded services provided on account for the period May 16-20, 4,820. b. b. 0. 8.000 Received cash for job completed, 11,500. (1,500) + To ensure my potential must visit my profile to check my ratings and uploaded samples. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Hal Smith opened Smith's Repairs on March 1 of the current year. Prepare the necessary journal entries to record these transactions. Hal Smith opened Smith's repairs on 01.03. c. Amount of net income for January. 4. 8. July 21. a. Record the following transactions on Page 6 of the journal: 20. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Instructions 1. 31. Payable 24 A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 2.Received 1,000 cash from customers on account. Determine the net income for March. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received 500, with the remainder due on August 9, 2019. I am highly qualified expert, working from 2008-9 in this industry. . By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Kimberly Manis, an architect, opened an office on January 1, 2016. Journal Entries - Journal Entries are the recording of transactions of the organization. 2. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. b. 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. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. If the two totals are not equal, check the addition and subtraction. 7,500 View this solution and millions of others when you join today! 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. Withdrew cash for personal use, 7,500. i. 9. The worker will be paid $275 per week. %D $ ol + 3. 2023 White PaPer. 58,500 Received 1,000 for serving as a disc jockey for a party. 25.000 At the end of May, the following adjustment data were assembled. 1.500 %24, Carl Warren, James M. Reeve, Jonathan Duchac. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 29.Paid miscellaneous expenses, 540. The company paid $1,500 cash for rent of office space for the month. Bal. b. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. No principal payments are made, only interest is paid. (Income Summary is account 34 in the chart of accounts.) 2020 - 2024 www.quesba.com | All rights reserved. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set b. and company a firm. ces h. Borrowed $100,000 by issuing a note payable. %24 First let me introduce myself, my name is XX, 23 years old, and David is my English name. 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.  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, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. b. DLite Dry Cleaners is owned and operated by Joel Palk. 3. On June 1 of the current year, Chad Wilson established a business to manage rental property. the. 31. 4. (a) Invested cash in the business, 510,000. During June, Ming Chen (the owner) completed these transactions. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Greco resort opened for business on june 1. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. h. Purchased land as a future building site, paying cash of $120,000. The following transactions occurred during January of the current year. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. 25.000 A:Revenue means the income earned during a given period. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. S NO Do you need an answer to a question different from the above? 2. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. The business was started by selling $100,000 worth of common stock. Good morning, teachers, I am honored to be informed to have this interview. 4. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 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. 25,000 %24 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. Ming Chen (the owner) completed these transactions. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. 17. During the first month of operations of his, A:Solution: 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. 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. 75,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. d. The company completed work for a client and immediately collected the $2,500 cash earned. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Amount of total revenue recorded in the ledger. During June, Start your trial now! 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. It is the first step of recording transactions of a company. Budgeting issues at the movies: 3. %24 Liabilities Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. C. Borrowed $100,000 by issuing a note payable. Ask a new question. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Inflation is 3.8% per year. b. 3. 30. A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. He completed the following transactions during June: a. Instructions 1. 2. 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. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 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:

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