ming chen began a professional practice on june 1

Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. $ 8.000 f. Paid office salaries, $6,500. the. Help 1PA, Your question is solved by a Subject Matter Expert. 31. In addition, $28,000 of computer rental costs were incurred and paid. Paid 620 to Upload Music for use of its current music demos in making various music sets. Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. 1,500 Check my Do you need an answer to a question different from the above? Stock If there is. 6. _Accounting 1 Assignment Part 1 - Ming Chen began a professional C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 29. Prepare an unadjusted trial balance as of January 31, 2019. Paid utilities expense, 4,500. Prepare the necessary journal entries to record these transactions. 60,000 Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. i. b. 22. %3D g. The company paid an assistant $3,000 cash as wages for the month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. on the Business environment in China. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 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. 25,000 No. 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--. The following transactions were completed during July, the second month of the business's operations: July 1. a. + Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The policy covers a one-year period. The prepaid rent at the beginning of the year was used in 2019. 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. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 6. Determine the net income or net loss for January. 10. a. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 28. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. b. 25.000 Mulberry purchased computer paper for $13,000 cash in late December. %24 Can you think of any reason why the amount determined in (4) might not be the net income for November? 1. The policy covers a one-year period. In this activity, you will be creating. 25,000 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. 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. 00. 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. i. Paid dividends, 2,500. 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. a. 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. Hal Smith opened Smith's Repairs on March 1 of the current year. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. The customer will pay at a later date. Journal entry is used to the record the business transactions of an enterprises. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. During June, Ming Chen (the owner) completed these transactions. 25,000 None of the paper was used by year-end. How much did Junes transactions increase or decrease Chad Wilsons capital? a. Amount of total expenses recorded in the ledger. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 4. Received 750, with the remainder due August 4, 2019. 31.Withdrew 1,250 cash from PS Music for personal use. $30000. Hello. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 25. April. b. Prepare and post the closing entries. 3. (83) a. (b) Paid office rent, 500. Equipment 10,000 Accounting Equation is calculated using following equation - 8. Greco resort opened for business on june 1. Instructions 1. 2. The equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. 10. 4. Paid dividends, 10,500. LIABILITY 27. Establish a ledger for the accounts listed above and enter the beginning balances. Required: 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. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 75,000 a. Determine the account balances after all posting is complete. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:Requirement 1: Indicate the effect of the given transactions. h. Purchased land as a future building site, paying cash of $120,000. 30. 0. Determine the increase or decrease in owners equity for January. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. 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. Determine the net income or net loss for April. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Repairs and maintenance of $9,000 were incurred and paid. d. Paid rent on office and equipnwnt for the month, $5,000. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Analyze each transaction, Journalize as appropriate. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Kindly repost the question to get, A:Trial balance: It is the statement prepared at the end of the year to close all the accounts. f. Paid office salaries, $6,500. I am highly qualified expert, working from 2008-9 in this industry. A:Hi student 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Paid wages of 1,200 to receptionist and part-time assistant. 4.Prepare an unadjusted trial balance as of July 31, 2019. 58,500 0. 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. 2. eBook 2023. Ming chen began a professional practice on june 1 Basic Accounting Systems: Cash Basis. D. An office worker was hired. 4. He completed the following transactions during June: a. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 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. Income tax of $10,300 was incurred and paid in 2019. 2. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Each drugstore is operated by a general manager and a controller. Withdrew cash for personal use, 2,000. a. d. Purchased office supplies on account, $1,250. 0. Purchased office equipment on account, 15,000. Six months rent was paid in advance, $4,500. 1003. i. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Simple Accounting equation is. a. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Paid an attorney 900 for reviewing the July 3 contract with KXMD. A loan of $400,000 is taken out which requires an annual interest stock. c. Both credit card and debit card transaction fees are limited by law. March transactions are as follows : It is the first step of recording transactions of a company. Paid dividends, $3,000. (Record as Miscellaneous Expense.) 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: Enter the impact of each transaction on individual items of the accounting equation. Paid gas, oil, and repairs on automobile for April, 550. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. She helped me in last minute in a very reasonable price. Paid dividends, $3,000. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Paid cash for miscellaneous expenses, 375. j. Assets 2,500 I. a. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Problem1-63B Income Statement, Retained Earnings Statement. minus sign.) Dividends 31. 3. During the month, Jones, A:T accounts: Find answers to questions asked by students like you. 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 plansget 1 Budgeting issues at the movies: Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Accounts containing only a single entry do not need a balance. Q:Duerr Engineering completed the following transactions in the month of June. 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. 25.000 d. The company completed work for a client and immediately collected the $2,500 cash earned. Received 750, with the remainder due August 4, 2019. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 7.500 the. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Accounts c. Received cash from fees earned. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. During the month, she completed the following transactions connected with her professional practice: a. d. 7.500 e. Received 3,000 for serving as a disc jockey for a party. 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.: (e) Paid phone bill, 65. i. (a) Invested cash in the business, 510,000. b. During the month, he completed the following transactions connected with his professional practice: a. No. During the first month of operations of his, A:Solution: Movies are expensive to produce and market. %D Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The American Chamber of Commerce in South China. No. Record the following transactions on Page 6 of the journal: 20. 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. Brooke completed the following transactions during the month of August: a. Interest of $5,000 was paid on the long-term loan. 15. b. Mulberry paid the interest payable of $8,000. She, A:The accounting equation states that assets equal to sum of liabilities and equity. f. Paid office salaries, $6,500. 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 ezto.mheducation.com Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Find answers to questions asked by students like you. Received an invoice for truck expenses, to be paid in November, 1,250. During June, Ming Chen (the owner) completed these transactions. b. Determine the net income or net loss for April. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %24 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. During June, Ming Chen (the owner) completed these transactions: a. No. The, A:An accounting equation refers to a mathematical representation of the transactions. Received 500, with the remainder due on August 9, 2019. Paid 620 to Upload Music for use of its current music demos in making various music sets. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 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 300 on note payable. *Response times may vary by subject and question complexity. (f) Made payment on loan in transaction (c), 500. a. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Withdrew cash for personal use, 3,900. 504. j. J. 11. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. Ask your question! Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. No. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. On March 1 of this year, B. Gervais established Gervais Catering Service. 61,000 Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Record the adjusting entries on Page 7 of the journal. c. Amount of net income for January. 1,500 Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Ken Jones, an architect, opened an office on April 1, 2019. 27.Paid electric bill, 915. EQUITY 0. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Paid cash for miscellaneous expenses, 375. j. Mc. b. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Use a chart of accounts to order the ledger accounts. Insurance expired during May is 275. b. ACCOUNTS RECEIVABLE During June, Ming Chen (the owner) completed these transactions. 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 1002. h. Received and paid the bill for utilities, 340, Ck. (i) Paid electricity bill, 85. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 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. 1. No. a. Gervais deposited 25,000 in a bank account in the name of the business. 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). 8. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Kimberly Manis, an architect, opened an office on January 1, 2016. e. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Amount of total revenue recorded in the ledger. Q:Prepare the statement of retained earnings for the month of July 31. During June, Ming Chen (the owner) completed these transactions. Liabilities Assets Only debit card transaction fees. Paid gas, oil, and repairs on automobile for April, 550. 5. ok ht inces a. Recording of a business transactions in a chronological order. So lets make no longer delay & start chatting immediately. a. 10 000 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. A. 31. (Do not insert the account numbers in the journal at this time.) Show new balances after each transaction. d. The company completed work for a client and immediately collected the $2,500 cash earned. Determine the account balances, after all posting is complete. Apr. The transactions of The following, A:Unadjusted Trial Balance - One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Classify each transaction as an operating, an investing, or a financing activity. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 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. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. %3D d. Paid rent on office and equipnwnt for the month, $5,000. b. 4. 1,500 II 0. 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. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. d. The company completed work for a client and immediately collected the $2,500 cash earned. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Required Bal. b. A balance sheet Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Ming Chen began a professional practice on June 1 and plans to prepare Write Balance in the Item column and place a check mark () in the Posting Reference column. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. 2023 White PaPer. %24, Carl Warren, James M. Reeve, Jonathan Duchac. %3D Paid annual premiums on property and casualty insurance, 2,400. Bal. 2. b. Journal Entries - Journal Entries are the recording of transactions of the organization. 5. Im very much interested to write for attendance systems. During June, Ming Chen (the owner) completed these transactions: a. 503. h. Sold catering services on account, 4,307. i. b. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. College Accounting (Book Only): A Career Approach. I will also provide you with TURNITIN PLAGIARISM REPORT. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 0.33 No. 3. 7. The company paid $10,000 cash to settle the liability created in transaction c. j. First let me introduce myself, my name is XX, 23 years old, and David is my English name. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. (k) Paid wages to part-time employee, 500. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 2020 - 2024 www.quesba.com | All rights reserved. (Note: Ignore the date because these events are aggregations of individual events.)

ming chen began a professional practice on june 1 2023