e. Prepare an adjusted trial balance. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 28. Determine the net income or net loss for January. The actual work of dry cleaning is done by another company for a fee. 3. Home., A:Since you have asked multiple questions under a single question. J. (Optional) Prepare a statement of cash flows for July. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. The company paid $10,000 cash to settle the liability created in transaction c. Introduction: f. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. %D 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. 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. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Equipment Assignments: ACCTG-4A-80575-2021SP 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. A:The financial statements of the business include the income statement and balance sheet of the firm. c. Amount of net income for August. Paid rent for July, 1,750. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Please resubmit the question, Q:Beverly Crusher is a licensed CPA. Accounting Equation is calculated using following equation - Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. 58,500 7,500 Paid dividends, 10,500. 2. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. d. The company completed work for a client and immediately collected the $2,500 cash earned. Journal Entries - Journal Entries are the recording of transactions of the organization. Extend the balances to the appropriate balance columns after each transaction is posted. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Enter the impact of each transaction on individual items of the accounting equation. 61,000 b.  b. You can message me to discuss the details. Advertising expense of $26,000 was incurred and paid. 4. 1,500 a. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: $4 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: H. Paid the worker hired in D for one weeks work. 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. The company paid $1,500 cash for rent of office space for the. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. The company paid $1,000 cash in dividends to the owner (sole shareholder). During the month, he completed the, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. 13. Determine the account balances after all posting is complete. 10 000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. minus sign.) Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. $30000. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Prepare an unadjusted trial balance as of January 31, 2019. During June, Ming Chen (the owner) completed these transactions. Instructions 1. 4.Prepare an unadjusted trial balance as of July 31, 2019. 2023 White PaPer. If you still cannot find the error, re-analyze each transaction. Purchased supplies for cash, 1,750. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Received and paid the heating bill, 248, Ck. (k) Paid wages to part-time employee, 500. The business was started by selling $100,000 worth of common stock. (Do not insert the account numbers in the journal at this time.) 4. b. %24 15,000 Bal. Q:Ken Jones, an architect, opened an office on April 1, 2019. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. No. Amount of total revenue recorded in the ledger. 503. h. Sold catering services on account, 4,307. i. 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. Transactions completed during the month follow. 28.Paid wages of 1,200 to receptionist and part-time assistant. Paid dividends, $3,000. *Response times may vary by subject and question complexity. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. h. Borrowed $100,000 by issuing a note payable. 9. What if the client hasn't prepared them in advance? During June, Ming Chen (the owner) completed these transactions. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 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. Prepare a single-step income statement. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. h. Purchased land as a future building site, paying cash of $120,000. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. 1. 2023 Instructions 1. Paid January rent for office and workroom, 1,950. c. Purchased used automobile for 28,500, paying 5,700 cash and giving a note payable for the remainder. When the business transactions are recorded in the primary book of account, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Paid 620 to Upload Music for use of its current music demos in making various music sets. 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. At the end of May, the following adjustment data were assembled. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. Revenue 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. Saved It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. Purchased supplies on account, 850. 30. 3. 12. If you want the answer, Q:Architects completed the following transactions: 31. 1004. j. Ask a new question. Received 1,000 cash from customers on account. g. The company paid an assistant $3,000 cash as wages for the month. Dividends I am a Ph.D. writer with more than 9 years of working experience in Writing. 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. Record the closing entries on Page 8 of the journal. 24 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. II Prepare T accounts, using the account titles in (1). 27. No. 2. b. 2. 3. 15,000 Apr. 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. No. 1002. h. Received and paid the bill for utilities, 340, Ck. During June, Ming Chen (the owner) completed these transactions. i. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 31.Received 3,000 for serving as a disc jockey for a party. b. Ming Chen began a professional practice on June $1$ and plan | Quizlet Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid telephone bill for May, 260. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 25,000 Answered: Ming Chen began a professional practice | bartleby %24 29. Journalize and post the adjusting entries. 2,500 Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Opened a business bank account with a deposit of 30,000 from personal funds. Ming Chen began a professional practice on June 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. Equity To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 4. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. + During June, Ming Chen (the owner) completed these transactions. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Ming Chen began a professional practice on June $1$ and plan | Quizlet During June, Ming Chen (the owner) completed these transactions. 4. Owner withdrew $1,000 cash from the company for personal use. The company pald $2,100 cash for rent of office space for . Create the following table similar to the one in Exhibit 1.9. Explanations may be omitted. b. The following, A:Unadjusted Trial Balance - 29.Paid miscellaneous expenses, 540. Accounts c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. 25,000 (d) Received cash for services rendered, 900. 5. Establish a ledger for the accounts listed above and enter the beginning balances. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. On June 1 of the current year, Chad Wilson established a business to manage rental property. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and The following transactions occurred during January of the current year. 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 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. Paid part-time receptionist for two weeks salary, 750. 0. 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. Journals: (Do not insert the account numbers in the journal at this time.) During June, Ming Chen (the owner) completed these transactions: a. b. ASSETS 2.Received 1,000 cash from customers on account. operations,, A:Journal entry means the entry in prime book with chronological order. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. No. Paid 250 to creditors on account. I. 7,500 d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Determine the net income or net loss for October. Paid annual premiums on property and casualty insurance, 2,400. 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. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Q:Prepare the statement of retained earnings for the month of July 31. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Instructions 1.
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