2. d. The company completed work for a client and immediately collected the $2,500 cash earned. 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 d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. f. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Paid truck expenses, 435, Ck. 3. b. The following account balances are available: Required: 1. 7.500 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. A statement of changes in Equity 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. d. 11. 2. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Greco resort opened for business on june 1. I have all relevant skills and expertise related to your project. f. Paid office salaries, $6,500. 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 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. (b) Paid office rent, 500. 3. A Wages of $379,000 were paid in cash. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? 10 000 Paid wages of 1,200 to receptionist and part-time assistant. I am highly qualified expert, working from 2008-9 in this industry. f. The company purchased additional equipment for $6,000 cash. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 25.000 a. Withdrew cash for personal use, 7,500. Received and paid the heating bill, 248, Ck. Instructions 1. b. 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. 10,000 15. No. The following, A:Unadjusted Trial Balance - 75,000 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. i. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. (Enter decreases to account balances with a Opened a business bank account with a deposit of 30,000 from personal funds. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Ken Jones, an architect, opened an office on April 1, 2019. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. stock. b. 5. Served as a disc jockey for a charity ball for 1,500. h. Borrowed $100,000 by issuing a note payable. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Recorded services provided on account for the period May 16-20, 4,820. Record the adjusting entries on Page 7 of the journal. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. g. Paid interest on the note payable, $500. No. Mulberry purchased computer paper for $13,000 cash in late December. 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. 1,500 During June, Ming Chen (the owner) completed these transactions. J. During June, Ming Chen (the owner) completed these transactions: a. operations,, A:Journal entry means the entry in prime book with chronological order. During June, Ming Chen (the owner) completed these transactions. 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--. 1,500 8. Paid 620 to Upload Music for use of its current music demos in making various music sets. During June, Ming Chen (the owner) completed these transactions: a. 10. A:Revenue means the income earned during a given period. 8.000 Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. 2023 White PaPer. 5. What if the client hasn't prepared them in advance? Accounts A:a)Indicate the effect of the given transactions. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Q:Connie Young, an architect, opened an office on October 1, 2019. The actual work of dry cleaning is done by another company for a fee. 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. g. Paid interest on the note payable, $500. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Determine the following: a. In this activity, you will be creating. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 31. Received cash from clients on account, 9,520. Received 500, with the remainder due on August 9, 2019. What amount should Carter report as net cash from investing activities? Purchased office equipment on account, 15,000. Paid 250 to creditors on account. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Introduce your . 13. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Assets M Question 8 - Chapter 1 Exercises Connect 11. The customer will pay at a later date. 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. Q:Comprehensive Problem Set 8,000 CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Enter the impact of each transaction on individual items of the accounting equation. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Insurance expired during May is 275. b. The American Chamber of Commerce in South China. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. During the first month of Revenues A:Net income is calculated after analysing the revenue and expenses of the organisation. Ken Jones, an architect, opened an office on April 1, 2016. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. (h) Received cash for services rendered, 800. 14.Paid wages of 1,200 to receptionist and part-time assistant. i. Recorded services provided on account for the period May 1-15; 9,180. Use the ending balances in the T-accounts to prepare a trial balance. (j) Withdrew cash for personal use, 100. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. (d) Received cash for services rendered, 900. 4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Next Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 1. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. Prepare an unadjusted trial balance as of August 31, 2016. 61,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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. The company paid $1,500 cash for rent of office space for the month. %24 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 4. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 28.Paid wages of 1,200 to receptionist and part-time assistant. Introduce yourself. f. Paid office salaries, $6,500. 4. + References Establish a ledger for the accounts listed above and enter the beginning balances. Ming Chen (the owner) completed these transactions. Create the following table similar to the one in Exhibit 1.9. b. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Determine the net income or net loss for October. *Response times may vary by subject and question complexity. Assets c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). No. b. Record the closing entries on Page 8 of the journal. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 1,500 Paid part-time receptionist for two weeks salary, 750. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Withdrew cash for personal use, 3,900. ces 10,000 The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. (f) Made payment on loan in transaction (c), 500. 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. 4. Instrustions Prepare a balance sheet as of July 31, 20Y5. Classify each transaction as an operating, an investing, or a financing activity. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. Can you think of any reason why the amount determined in (4) might not be the net income for November? 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 7,500 25,000 None of the paper was used by year-end. a. If there is. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 2. a. 1. 58,500 Received cash from customers on account, 88,000. k. Determined that the cost of supplies on hand was 5,900; therefore, the cost of supplies used during the month was 3,600. l. Withdrew 12,000 cash for personal use. Determine the net income or net loss for April. Prepare an unadjusted trial balance. (Enter decreases to account balances with a Paid electricity bill for May, 810. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. 24 Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited.

Cisco Junior College Football Roster, Affidavit In Lieu Of Title Washington Cost, Articles M