2. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Prepare the necessary journal entries to record these transactions. 1. 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. It is the first step of recording transactions of a company. g. Paid interest on the note payable, $500. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. 5. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Paid Office Station Co. for part of the debt incurred on April 5, 640. Journal Entries - Journal Entries are the recording of transactions of the organization. 0. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 14.Paid wages of 1,200 to receptionist and part-time assistant. e. Determine the net income or net loss for April. Assignments: ACCTG-4A-80575-2021SP 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. 4. 4. EQUITY Issued common stock to Marjorie Knaus in, A:Step 1 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. 2,500 Determine the increase or decrease in owners equity for August. Paid truck expenses, 435, Ck. Received an invoice for truck expenses, to be paid in November, 1,250. i. No. 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. 1000. c. Bought office supplies for cash, 375, Ck. Purchased supplies for cash, 1,750. Paid annual premiums on property and casualty insurance, 2,400. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 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. C. 4. The customer will pay at a later date. 31. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. +. None of the paper was used by year-end. Required: CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? %24 30. Instructions 1. College Accounting (Book Only): A Career Approach. %3D Paid 620 to Upload Music for use of its current music demos in making various music sets. 1. 1,500 Q:Connie Young, an architect, opened an office on October 1, 2019. Greetings! Connie Young, an architect, opened an office on October 1, 2019. J. a. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. What amount should Carter report as net cash from investing activities? Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and Find answers to questions asked by students like you. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Dividends March transactions are as follows : 25,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 22. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. 2. A:Revenue means the income earned during a given period. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). During June, Ming Chen (the owner) completed these transactions. d. The company completed work for a client and immediately collected the $2,500 cash earned. Received 2,000 for serving as a disc jockey for a wedding reception. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Payable 28. 2,500 %D Paid rent for period of November 1 to end of month, 4,000. 8.000 C. Provided services in the amount of $1,000. Paid cash for miscellaneous expenses, 375. j. Received cash from clients on account, 2,450. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? The following account balances are available: Required: 1. Ask a new question. The company paid $10,000 cash to settle the liability created in transaction c. A Wages of $379,000 were paid in cash. 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. During June, Ming Chen (the owner) completed these transactions. 2. + 4. Q:Comprehensive Problem Set Next During the month, she completed the following transactions connected with her professional practice: a. $30000. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Determine the net income for March. Saved 1. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. eBook Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. 0. 2. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. (c) Purchased office equipment. Determine the amount of Joel Palks capital as of July 1 of the current year. Prepare an adjusted trial balance. 1. b. If you still cannot find the error, re-analyze each transaction. 10,000 + 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 1,500 During June, Ming Chen (the owner) completed these transactions. A balance sheet a. 4. Received 750, with the remainder due August 4, 2019. 1,500 4. He completed the following transactions during June: a. 0. Paid miscellaneous expenses, 540. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. 25,000 0. 30. Instructions 1. 4. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - Paid dividends, 10,500. Can you think of any reason why the amount determined in (4) might not be the net income for November? 1.500 Accounting Equation is calculated using following equation - d. Purchased office supplies on account, $1,250. Equipment Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Purchased office equipment on account, 15,000. + Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. The prepaid rent at the beginning of the year was used in 2019. Hill 10,000 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. Received 1,000 cash from customers on account. 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. What if the client hasn't prepared them in advance? 1,500 First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Paid dividends, $3,000. During June, Ming Chen (the owner) completed these transactions: a. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. A:The financial statements of the business include the income statement and balance sheet of the firm. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. On March 1 of this year, B. Gervais established Gervais Catering Service. Bal. 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. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. ol + . During June, Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. d. Paid rent on office and equipnwnt for the month, $5,000. 7,500 2. b. Introduction: It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. a.  c. Is it a variable or a fixed cost? (h) Received cash for services rendered, 800. Required 1. minus sign.) During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. 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: With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. b. Mulberry paid the interest payable of $8,000. Explanations may be omitted. 1.500 f. 1,500 h. Borrowed $100,000 by issuing a note payable. During the first month of Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 58,500 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. II Paid miscellaneous expenses, 1,000. If an entry is not required for any of these transactions, state this and explain why. 10,000 A building and equipment are currently being rented, pending expansion to new facilities. a. Payable 3. O OO O Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. During June, Ming Chen (the owner) completed these transactions. Received 3,000 for serving as a disc jockey for a party. %3D The following transactions, A:Note: The account headings are presented below. %D Dividends in the amount of $1,500 were distributed. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental A statement of changes in Equity operations,, A:Journal entry means the entry in prime book with chronological order. No. Equity Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 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--. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Kimberly Manis, an architect, opened an office on January 1, 2016. Enter the following transactions on Page 2 of the two-column journal: 16. 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. Save & Exit Recorded services provided on account for the period May 16-20, 4,820. 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? b. c. Amount of net income for January. f. The company purchased additional equipment for $6,000 cash. I. Start your trial now! Revenue 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. 18.Purchased supplies on account, 850. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. c. Received cash from fees earned. The following, A:Unadjusted Trial Balance - Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. How much did Marchs transactions increase or decrease Amy Austins capital? Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. 0. Paid dividends, 2,500.  b. Analyze and use these data to complete parts (5) and (6). To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 63. Determine the excess of revenues over expenses for November. Amount of total expenses recorded in the ledger. First week only $4.99! h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. 23. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. 4. 5. A:a)Indicate the effect of the given transactions. Hal Smith opened Smith's Repairs on March 1 of the current year. 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). Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. 8.Paid for a newspaper advertisement, 200. 29.Paid miscellaneous expenses, 540. A:a)Indicate the effect of the given transactions. Cash 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Determine account balances of the T accounts. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. $ First week only $4.99! Equipment 2. 31. Income tax of $10,300 was incurred and paid in 2019. %24, Carl Warren, James M. Reeve, Jonathan Duchac. No. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. A:Hi student a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instructions 1. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 3. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 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. During the month, he completed the following transactions connected with his professional practice: a. Post your journal entries to T-accounts, Add additional T-accounts when needed. 27.  e. Is it a budgeted or an actual cost in your report? The policy covers a one-year period. 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. 3. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Check my 11. 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. DLite Dry Cleaners is owned and operated by Joel Palk. Prepare an unadjusted trial balance as of August 31, 2016. d. Paid rent on office and equipment for the month, $5,000. Paid dividends, $3,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. J. ACCOUNTS RECEIVABLE The company paid $1,000 cash in dividends to the owner (sole shareholder). 1006. 10,000