ming chen began a professional practice on june 1

Ask a new question. 7,500 f. Paid office salaries, $6,500. No. View this solution and millions of others when you join today! h. Purchased land as a future building site, paying cash of $120,000. Paid telephone bill for May, 260. Instructions 1. View this solution and millions of others when you join today! 27.Paid electric bill, 915. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. d. Paid rent on office and equipnwnt for the month, $5,000. The assets and liabilities of the business on July 1, 2019, are as follows: Cash, 45,000; Accounts Receivable, 93,000; Supplies, 7,000; Land, 75,000; Accounts Payable, 40,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in the business with a deposit of 35,000 in the business bank account. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Paid electric bill, 915. 2020 - 2024 www.quesba.com | All rights reserved. Paid dividends, $3,000. 3. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Start your trial now! 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 installment due on note payable, 300. o. . Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24 She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. Issued common stock to Marjorie Knaus in, A:Step 1 Prepare an unadjusted trial balance. $30000. 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 (Continued) Required: 1. Chapter 1 Exercises i Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Paid gas, oil, and repairs on automobile for April, 550. 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? The, A:An accounting equation refers to a mathematical representation of the transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Amount of total expenses recorded in the ledger. The prepaid rent at the beginning of the year was used in 2019. 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. 0. a. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. July 21. 30. ok ht inces a. 1004. j. Post your journal entries to T-accounts, Add additional T-accounts when needed. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. $ 18.Purchased supplies on account, 850. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Graw Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Ming Chen (the owner) completed these transactions. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental a. on the Business environment in China. G. Received the electricity bill. Help 503. h. Sold catering services on account, 4,307. i. During June, Ming Chen (the owner) completed these transactions. 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. c. Received cash from fees earned. Paid miscellaneous expenses, 1,000. 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. 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. 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. DLite Dry Cleaners is owned and operated by Joel Palk. 13. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. During June, Ming Chen (the owner) completed these transactions: a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Show new balances after each transaction. 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? Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 10,000 + 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. During June, Ming Chen (the owner) completed these transactions. Home., A:Since you have asked multiple questions under a single question. 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. 25,000 Payable %3D During June, Ming Chen (the owner) completed these transactions. LIABILITY Prepare an unadjusted trial balance as of July 31, 2019. Enter the following transactions on Page 2 of the two-column journal: 29. No. 28.Paid wages of 1,200 to receptionist and part-time assistant. 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. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Paid dividends, $3,000. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Owner withdrew $1,000 cash from the company for personal use. Received 2,000 for serving as a disc jockey for a wedding reception. During June, Ming Chen (the owner) completed these transactions. 4. (e) Paid phone bill, 65. Paid for a newspaper advertisement, 200. 0. Greetings! Received cash for job completed, 11,500. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 58,500 506. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. During the month, she completed the following transactions connected with her professional practice: a. 75,000 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. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. The following, A:Unadjusted Trial Balance - Start your trial now! February 20, 2023. The company paid $1,500 cash for rent of office space for . Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. 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). 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: 24 On March 1 of this year, B. Gervais established Gervais Catering Service. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 7,500 i. Paid cash to creditors on account, 4,500. j. and company a firm. During June, Ming Chen (the owner) completed these transactions: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 7,500 Determine the following: a. During June, Ming Chen (the owner) completed these transactions. Good morning, teachers, I am honored to be informed to have this interview. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i. It is the first step of recording transactions of a company. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Liabilities Determine the net income or net loss for January. A:The financial statements of the business include the income statement and balance sheet of the firm. 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. a. Paid the office rent for the current month, 650, Ck. Received 1,000 for serving as a disc jockey for a party. He completed the following transactions during June: a. 31. 5. Journals: (b) Paid office rent, 500. Hello. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Prepare an income statement, a retained earnings statement, and a balance sheet. 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). Paid dividends, $3,000. %3D No. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. operations,, A:Journal entry means the entry in prime book with chronological order. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 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. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. a. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 4, 5. + 8.000 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. Owner invested $60,000 cash in the company along with equipment. b. a. 25,000 The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 4. 5. Ask your question! Determine the account balances, after all posting is complete. 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 August, a statement of stockholders equity for August, and a balance sheet as of August 31. 31. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Withdrew cash for personal use, 3,900. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. (h) Received cash for services rendered, 800. 63. 3. Paid rent for July, 1,750. II d. $15,000 Determine the amount of Joel Palks capital as of July 1 of the current year. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. g. Paid interest on the note payable, $500. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Purchased office equipment on account from Office Mart, 7,500. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. g. The company paid an assistant $\$3,000$ cash as wages for the month. (a) Invested cash in the business, 510,000. 1,500 Purchased supplies on account, 735. No. 22. H. Paid the worker hired in D for one weeks work. I have all relevant skills and expertise related to your project. Dividends Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. She, A:As you have posted multiple questions, the solution to the first question is being provided. Is this a direct or an indirect cost? b. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Required: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1. f. The company purchased additional equipment for $6,000 cash. a. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. d. Paid rent on office and equipnwnt for the month, $5,000. A:Revenue means the income earned during a given period. $30000. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 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. 30.Served as a disc jockey for a charity ball for 1,500. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. + c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). B. 28. A:Hi student Instructions 1. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 1,500 75,000 225. 1,500 a. Determine the net income or net loss for April. The company paid $1,500 cash for rent of office space for the month. At the end of May, the following adjustment data were assembled. Determine the following: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 501. e. Bought insurance for the truck for one year, 400, Ck. 60,000 E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. b. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 31. Bal. If you want the answer, Q:Architects completed the following transactions: 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. b. Stock b. 11. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 25. 2. Inflation is 3.8% per year. 13. Determine the increase or decrease in owners equity for January. 1,500 Paid cash to creditors on account, 3,000. j. Accounts e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Stock Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 31. Equity c. Received cash from fees earned. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The policy covers a one-year period. Net income is the excess amount of revenue after deducting all the expenses of a, Q:On August 1, 2019, Rafael Masey established Planet Realty, which completed the following, A:Since we only answer up to 3 sub-parts, well answer the first 3. 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. The following, A:Unadjusted Trial Balance - b. 504. j. A statement of changes in Equity During the first month of operations of his, A:Solution: (i) Paid electricity bill, 85. Bal. Ming Chen (the owner) completed these transactions: Bal. The company pald $2,100 cash for rent of office space for . So lets make no longer delay & start chatting immediately. b. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. No. the. S NO b. 61. Write Balance in the Item column and place a check mark () in the Posting Reference column. No. 29.Paid miscellaneous expenses, 540. the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Only debit card transaction fees. 0. Brooke completed the following transactions during the month of August: a. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. 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. 17. 30. Received 750, with the remainder due August 4, 2019. During June, Ming Chen (the owner) completed these transactions. The actual work of dry cleaning is done by another company for a fee. Each drugstore is operated by a general manager and a controller. 7.500 e. eBook Transactions completed during the month follow. First week only $4.99! Paid rent for period of November 1 to end of month, 4,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common b. Expenses Greco resort opened for business on june 1. $30000. Ethics and budgetary slack: 16. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 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. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. 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. c. Both credit card and debit card transaction fees are limited by law. 1. f. Paid office salaries, $6,500. Common No. During June, Ming Chen (the owner) completed these transactions. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. Instructions 1. 9. 1.500 What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? If you still cannot find the error, re-analyze each transaction. 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--. 4. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Apr. 8. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Withdrew cash for personal use, 7,500. 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. The following account balances are available: Required: 1. A:The financial statements of the business include the income statement and balance sheet of the firm. c. Received cash from fees earned. b. Paid part-time receptionist for two weeks salary, 750. Since there are multiple subparts, we will answer only first three subparts. 31. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received cash from customers on account, 9,000. Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. i. Basic Accounting Systems: Cash Basis. 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. Introduction: If the two totals are not equal, check the addition and subtraction. During the month, Lexi completed the following transactions related to the business: Nov. 1. CASH What will be the value of interest payment at the end of fourth year in real dollars? Required 1. 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. Dividends 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. Q:Connie Young, an architect, opened an office on October 1, 2019. 5. . Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 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 a. 5.Purchased office equipment on account from Office Mart, 7,500. d. The company completed work for a client and immediately collected the $2,500 cash earned. The following transactions, A:Journal Entries: 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. Hire Professional Writer And Get A+ Grades In Your Homework. g. Paid interest on the note payable, $500. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. April. Revenues e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Determine the increase or decrease in owners equity for August. 7. C. Provided services in the amount of $1,000. 30. Determine account balances of the T accounts. b. Using the following, A:Impact on Equity - minus sign.) 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. 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. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 3. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Instrustions Prepare a balance sheet as of July 31, 20Y5. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. 2. 10,000 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. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. ol + Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Determine the excess of revenues over expenses for November. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. (j) Withdrew cash for personal use, 100. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. During June. The company paid $1,000 cash in dividends to the owner (sole shareholder). Introduce your . Explanations may be omitted. 0. 14.Paid wages of 1,200 to receptionist and part-time assistant. During the first month of You can message me to discuss the details. During June, 0. (k) Paid wages to part-time employee, 500. Only debit card transaction fees are limited by law. Connie Young, an architect, opened an office on October 1, 2019. Determine account balances of the T accounts. Q:1. 0. 3. The company paid $1,500 cash for rent of office space for the month. 10,000 2.1.4P, Your question is solved by a Subject Matter Expert. 2. 2. 60,000 15. b. Apr. b. stock. 31. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD.

ming chen began a professional practice on june 1 2023