Determine the net income for March. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. During June, Ming Chen (the owner) completed these transactions. 3. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The transactions of No principal payments are made, only interest is paid. 61,000 Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Assets g. The company paid an assistant $3,000 cash as wages for the month. (f) Made payment on loan in transaction (c), 500. 4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) f. Paid office salaries, $6,500. 4. 3. 24 Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. During June, Ming Chen (the owner) completed these transactions. c. Is it a variable or a fixed cost? 10. Served as a disc jockey for a charity ball for 1,500. Instructions 1. Journal Entries - Journal Entries are the recording of transactions of the organization. Interest of $5,000 was paid on the long-term loan. During June, Ming Chen (the owner) completed these transactions. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Bal First week only $4.99! Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. b. on the Business environment in China. 1,500 Use a chart of accounts to order the ledger accounts. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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. Opened a business bank account with a deposit of 50,000 from personal funds. 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. 15,000 Bal Q:Comprehensive Problem Set %24 $30000. 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. Advanced practice nurse professional development plan, Mcgraw hill practice operations module 1 answers, 1.1 10 practice written assignment spanish 1 semester 2, Pre lab assignment 1 osmosis and tonicity practice problems, 1.1 10 practice complete your assignment english 12 sem 1, Safe practices for motor vehicle operations ansi asse z15 1, Kelly pitney began her consulting business kelly consulting on april 1 2016, Exercise and osteoporosis journal article, Critiquing floral arrangements crossword answers, Which of the following best describes ethics, Communicating in groups applications and skills 10th edition, Secure software development concepts support protecting applications, Cradle of filth your mother should ve swallowed shirt, The economy in the 1980s worksheet answers, Sharper image ultimate fat freezer reviews, Centripetal force and uniform circular motion lab report, What are the 6 stages of the family life cycle, The danger of a single story ted talk summary, Marshall rosenberg book nonviolent communication, Desert states employers & ufcw pension plan, Strengths and weaknesses of ethical egoism, Updater process ended with error 255 moto g4 plus, Section 6.4 traits genes and alleles section quiz answers. 3. 10,000 Save & Exit No. Repairs and maintenance of $9,000 were incurred and paid. 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 April 1, Jiro Nozomi created a new travel agency, Adventure Travel. Establish a ledger for the accounts listed above and enter the beginning balances. 1006. b. 0. b. 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. 0. 1000. c. Bought office supplies for cash, 375, Ck. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? b. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Issued common stock to Marjorie Knaus in, A:Step 1 4. If the two totals are not equal, check the addition and subtraction. Determine account balances of the T accounts. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 61,000 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. Withdrew cash for personal use, 2,500. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 18. Income tax of $10,300 was incurred and paid in 2019. Show new balances after each transaction. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. O OO O Received an invoice for truck expenses, to be paid in November, 1,250. (h) Received cash for services rendered, 800. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. CASH g. The company paid an assistant $3,000 cash as wages for the month. 1,500 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. %24 She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. d. The company completed work for a client and immediately collected the $2,500 cash earned. The prepaid rent at the beginning of the year was used in 2019. 6. Accounts During June, Ming Chen (the owner) completed these transactions. g. Paid interest on the note payable, $500. eBook During June, Ming Chen (the owner) completed these transactions. Stock Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 31.Received 3,000 for serving as a disc jockey for a party. Common Recorded services provided on account for the remainder of May, 2,650. 24. d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Explanations may be omitted. Withdrew cash for personal use, 3,900. Equity There is no prepaid rent or rent payable at year-end. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. minus sign.) Bal. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Paid 620 to Upload Music for use of its current music demos in making various music sets. 10,000 Paid miscellaneous expenses, 540. The, A:An accounting equation refers to a mathematical representation of the transactions. A:The financial statements of the business include the income statement and balance sheet of the firm. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. 1,500 30. Help C. Provided services in the amount of $1,000. 31. A statement of changes in Equity 58,500 13. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Determine the account balances after all posting is complete. i. b. c. Both credit card and debit card transaction fees are limited by law. 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. What amount should Carter report as net cash from investing activities? Greco resort opened for business on june 1. 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: On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. 0. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 61. A balance sheet Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. 1PA, Your question is solved by a Subject Matter Expert. Instructions 1. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. . c. Received cash from fees earned. Insurance expired during May is 275. b. b. 31. Write Balance in the Item column and place a check mark () in the Posting Reference column. 0. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. + 2. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. a. D. An office worker was hired. 25,000 a., A:1. Determine account balances of the T accounts. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 2.1.4P, Your question is solved by a Subject Matter Expert. c. Received cash from fees earned. d. Paid rent on office and equipnwnt for the month, $5,000. The account headings are presented below. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. During June, Ming Chen (the owner) completed these transactions. %3D If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Owner invested 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. 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. Paid electricity bill for May, 810. d. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Mc. (Enter decreases to account balances with a In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. During June. In addition, $28,000 of computer rental costs were incurred and paid. and company a firm. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing.