Required 1. Connie Young, an architect, opened an office on October 1, 2019. g. The company paid an assistant $3,000 cash as wages for the month. During June, Ming Chen (the owner) completed these transactions: a. If you still cannot find the error, re-analyze each transaction. After, A:Net income: property. 8,000 $30000. C. If you want the answer, Q:Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1., A:Financial statements: These refer to the formal or official records of the activities of the, A:As per accounting equation Assets = Liabilities, where liabilities comprises of liability and, Q:Architects completed the following transactions: 2. During June, 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. + e. During June, Ming Chen (the owner) completed these transactions. 25. Accounts Bal. b. (e) Paid phone bill, 65. Ming Chen began a professional practice on June 1 and plans to 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? 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. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Greetings! a. 1.500 f. Paid office salaries, $6,500. 12. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Amount of total expenses recorded in the ledger. During June, Ming Chen (the owner) completed these transactions: a. b. During June, Ming Chen (the owner) completed these transactions. Determine the net income or net loss for October. 22. During March, the following, A:1. The transactions of a. Prepare an unadjusted trial balance as of July 31, 2019. 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. Paid wages of 1,200 to receptionist and part-time assistant. Determine the following: a. Introduce your . During the month, Knaus. Paid dividends, $3,000. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Determine the net income or net loss for April. A building and equipment are currently being rented, pending expansion to new facilities. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. I have all relevant skills and expertise related to your project. 506. (d) Received cash for services rendered, 900. 61,000 A:Journal: (83) f. Paid office salaries, $6,500. H. Paid the worker hired in D for one weeks work. Determine the net income or net loss for January. e. Determine the increase or decrease in owners equity for January. 1.500 c. Received cash from fees earned. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 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. During the month, Lexi completed the following transactions related to the business: Nov. 1. Opened a business bank account with a deposit of 30,000 from personal funds. Paid cash to creditors on account, 4,500. j. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Recorded services provided on account for the period May 16-20, 4,820. (Record as Miscellaneous Expense.) Paid cash for a newspaper advertisement. Determine the net income or net loss for April. Prepare a post-closing trial balance. (Do not insert the account numbers in the journal at this time.) Paid cash for miscellaneous expenses, 375. j. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. g. The company paid an assistant $\$3,000$ cash as wages for the month. 10,000 Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Paid dividends, $3,000. First week only $4.99! Check my 1,500 During June, Ming Chen (the owner) completed these transactions. %24 1000. c. Bought office supplies for cash, 375, Ck. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. b. The account headings are presented below. No. It is the first step of recording transactions of a company. (b) Paid office rent, 500. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 3. Withdrew cash for personal use, 2,000. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. The following, A:Unadjusted Trial Balance - b. Ming Chen began a professional practice on June 1 and plansget 1 h. Purchased land as a future building site, paying cash of $120,000. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The company paid $1,500 cash for rent of office space for the month. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Each drugstore is operated by a general manager and a controller. h. Purchased land as a future building site, paying cash of $120,000. 2. Borrowed $100,000 by issuing a note payable. a., A:1. Mc. During June. If the two totals are not equal, check the addition and subtraction. Paid cash for miscellaneous expenses, 375. j. 58,500 3. 0. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. a. Withdrew l,250 cash from PS Music for personal use. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 25,000 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. Instructions 1. 2. 0. Hello. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Liabilities Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Purchased supplies for cash, 1,750. 5. During June, Ming Chen (the owner) completed these transactions. f. 24 Bal. During June, You can message me to discuss the details. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. 1,500 First let me introduce myself, my name is XX, 23 years old, and David is my English name. 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. 25.000 Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 3. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. During June, Ming Chen (the owner) completed these transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Explanations may be omitted. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 9. Ming Chen began a professional practice on June $1$ and plan | Quizlet Withdrew cash for personal use, 3,900. Instructions 1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. operations,, A:Journal entry means the entry in prime book with chronological order. b. 27. i. 1,500 C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 9. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 7.500 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. If there is. Prepare and post the closing entries. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 9. 15. 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. Instructions 1. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 4. Paid gas, oil, and repairs on automobile for April, 550. Equity h. Borrowed $100,000 by issuing a note payable. ces 2. Determine the account balances after all posting is complete. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Determine the net income for June. A:The financial statements of the business include the income statement and balance sheet of the firm. He completed the following transactions during June: a. The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: The company paid $10,000 cash to settle the liability created in transaction c. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. 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. A:Requirement 1: Indicate the effect of the given transactions. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Prepare an adjusted trial balance. 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. 14.Paid wages of 1,200 to receptionist and part-time assistant. So lets make no longer delay & start chatting immediately. A:a)Indicate the effect of the given transactions. Ask a new question. Ming Chen (the owner) completed these transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Determine account balances of the T accounts. 23. 13. 10,000 Unadjusted Trial Balance is the trial balance before making adjustments., Q:he accountant for the firm owned by Randy Guttery prepares financial statements at the end of each. 3.Paid 250 to creditors on account. The company paid $1,500 cash for rent of office space for the month. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 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. During June, Ming Chen (the owner) completed these transactions: a. the firm are, A:Income statement 4. 31. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 7,500  b. %24 d. Paid rent on office and equipment for the month, $5,000. Opened a business bank account with a deposit of 35,000 in exchange for common stock. 8.Paid for a newspaper advertisement, 200. 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 During June, Ming Chen (the owner) completed these transactions. 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. Owner invested $60,000 cash in the company along with equipment. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Q:Prepare the statement of retained earnings for the month of July 31. Received 500, with the remainder due on August 9, 2019. During June, Ming Chen (the owner) completed these transactions: a. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Paid gas, oil, and repairs on automobile for April, 550. 0.33 Chapter 1 Exercises i a. + 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. Ask your question! Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. No. Enter the following transactions on Page 2 of the two-column journal: 29. 18. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1,500 f. The company purchased additional equipment for $6,000 cash. Paid 250 to creditors on account. I am highly qualified expert, working from 2008-9 in this industry. 6. a. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 21. Paid for a newspaper advertisement, 200. %24 Record the adjusting entries on Page 7 of the journal. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Amount of total expenses recorded in the ledger.