ming chen began a professional practice on june 1

ming chen began a professional practice on june 1ming chen began a professional practice on june 1

Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. April. During June. 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. CASH Paid on account to the City Crier, 455, Ck. 75,000 1,500 Instructions 1. Use a chart of accounts to order the ledger accounts. Determine the net income or net loss for April. $ Insurance expired during May is 275. b. Accounts Chapter 1 Exercises i During June, Ming Chen (the owner) completed these transactions. The following transactions were completed during July, the second month of the business's operations: July 1. 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. 4. 0. Hal Smith opened Smith's repairs on 01.03. During June, Ming Chen (the owner) completed these transactions. I can help you with creating a presentation of one slide for The Word of William Hunter. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Stock The policy covers a one-year period. At the end of May, the following adjustment data were assembled. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Paid telephone bill for May, 260. (g) Paid wages to part-time employee, 500. If you still cannot find the error, re-analyze each transaction. minus sign.) Post your journal entries to T-accounts, Add additional T-accounts when needed. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Owner invested $60,000 cash in the company along with equipment. Equity 11. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Recording of a business transactions in a chronological order. 9. During the first month of operations of his, A:Solution: 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. Owner invested b. Greco resort opened for business on june 1. 25. Transactions completed during the month follow. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. %3D (Record as Miscellaneous Expense.) Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 3. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. How much did Junes transactions increase or decrease Chad Wilsons capital? i. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Bill Hudson, Capital; Bill Hudson, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. (Enter decreases to account balances with a 25.000 23. 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. Ask a new question. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. The general manager is responsible for the day-to-day operati.. Budgeting for a Single Product: In this activity, you will be creating budgets for a single product for each of the months in an upcoming quarter. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. 7,500 2. Prepare an unadjusted trial balance. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. 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.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Enter the impact of each transaction on individual items of the accounting equation. 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). Required Paid Office Station Co. for part of the debt incurred on April 5, 640. 8,000 1004. j. f. Paid office salaries, $6,500. 1PA, Your question is solved by a Subject Matter Expert. 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. Use the ending balances in the T-accounts to prepare a trial balance. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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 10,000 0. Opened a business bank account with a deposit of 30,000 from personal funds. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. He completed the following transactions during June: a. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. You can message me to discuss the details. Received 1,000 cash from customers on account. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. a. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. During the month, Lexi completed the following transactions related to the business: Nov. 1. In this activity, you will be creating. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. Billed insurance companies for sales commissions earned, 12,500. j. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 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. No. + 7,500 Each drugstore is operated by a general manager and a controller. $ 3. (d) Received cash for services rendered, 900. The company paid $10,000 cash to settle the liability created in transaction c. 0. 1 of 1 During June, Ming Chen (the owner) completed these transactions. Hill Check my Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. 0. on the Business environment in China. Ming Chen (the owner) completed these transactions. 8.000 The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 29. The following, A:Unadjusted Trial Balance - Journal entry is used to the record the business transactions of an enterprises. 3. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Instrustions Prepare a balance sheet as of July 31, 20Y5. I have all relevant skills and expertise related to your project. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. During June, The transactions of No. Record the adjusting entries on Page 7 of the journal. Analyze each transaction, Journalize as appropriate. Ask your question! Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1006. Received and paid the heating bill, 248, Ck. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. 12. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instructions 1. ok ht inces a. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: 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). a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. 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. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. 4. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 10. 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 She, A:As you have posted multiple questions, the solution to the first question is being provided. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Issued common stock to Marjorie Knaus in, A:Step 1 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. Prepare T accounts, using the account titles in (1). 4. b. 0. (Enter decreases to account balances with a Im very much interested to write for attendance systems. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. c. Received cash from fees earned. 1000. c. Bought office supplies for cash, 375, Ck. Paid cash for a newspaper advertisement. 15,000 2,500 Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. h. Purchased land as a future building site, paying cash of $120,000. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. Find answers to questions asked by students like you. The company paid $1,500 cash for rent of office space for the month. Received 750, with the remainder due August 4, 2019. 18.Purchased supplies on account, 850. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. c. Both credit card and debit card transaction fees are limited by law. According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack: Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. 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. 3. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Income tax of $10,300 was incurred and paid in 2019. 15. A:Introduction: 0. Paid part-time receptionist for two weeks salary, 750. 0.33 4. 2.Received 1,000 cash from customers on account. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 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. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 27. Bal. 29. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. J. 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). Paid 250 to creditors on account. %24 Help S NO The actual work of dry cleaning is done by another company for a fee. 3. 8. 10.000 No. 2. d. 1,500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24, Carl Warren, James M. Reeve, Jonathan Duchac. The company paid $1,500 cash for rent of office space for the month. Greetings! and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Post the journal to a ledger of four-column accounts. Received cash from clients on account, 2,450. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. eBook 1002. h. Received and paid the bill for utilities, 340, Ck. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. During June, Ming Chen (the owner) completed these transactions. Purchased supplies on account, 850. Opened a business bank account with a deposit of 50,000 from personal funds. Paid utilities expense, 4,500. Paid the office rent for the current month, 650, Ck. 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. g. Paid interest on the note payable, $500. Determine the net income or net loss for April. 2020 - 2024 www.quesba.com | All rights reserved. The company paid $1,500 cash for rent of office space for the. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Only debit card transaction fees. 1.500 15,000 2,500 February 20, 2023. 9. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 5. d. The company completed work for a client and immediately collected the $2,500 cash earned. Received 500, with the remainder due on August 9, 2019. 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. 2. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 2. 15.  c. Is it a variable or a fixed cost? Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. a. 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. 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. Extend the balances to the appropriate balance columns after each transaction is posted. stock. 31. During June, Ming Chen (the owner) completed these 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. Prepare an adjusted trial balance. 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. the. d. 1003. i. Served as disc jockey for a party for 2,500. On June 1 of the current year, Chad Wilson established a business to manage rental property. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Revenue Ethics and budgetary slack: It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. 21. 2. Is it a product or a period cost? The following information is provided for the first month of operations for Legal Services Inc.: A. Instructions 1. The company paid $1,500 cash for rent of office space for the month. Amount of total revenue recorded in the ledger. Thanks :--). 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Create the following table similar to the one in Exhibit 1.9. Paid dividends, $3,000. Is this a direct or an indirect cost? ACCOUNTS RECEIVABLE 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 prepaid rent at the beginning of the year was used in 2019. 1,500 Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. j. b. 2. Withdrew cash for personal use, 2,000. 1. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. The company paid $1,500 cash for rent of office space for the month. 1. b. 10,000 Ming Chen (the owner) completed these transactions. Explanations may be omitted. Issued common stock to Marjorie Knaus in, A:Step 1 %24 To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Paid cash for miscellaneous expenses, 375. j. 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. 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. a. 2. Next Save & Exit 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: 0. b. 6. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common operations,, A:Journal entry means the entry in prime book with chronological order. 1, A:Salary is the expense of a business. Introduce yourself. 2,500 The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 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

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