ming chen began a professional practice on june 1

Cash The customer will pay at a later date. 1 of 1 Liabilities 61. Paid cash to creditors on account, 4,500. j. Basic Accounting Systems: Cash Basis. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. S NO Cash Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The actual work of dry cleaning is done by another company for a fee. 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. 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. + 8. 27.Paid electric bill, 915. 31. Accounts containing only a single entry do not need a balance. Hi! Is this a direct or an indirect cost? The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Accounts b. Prepare an unadjusted trial balance as of July 31, 2019. h. Purchased land as a future building site, paying cash of $120,000. Bal. View this solution and millions of others when you join today! c. Amount of net income for August. 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. During June, Ming Chen (the owner) completed these transactions. 3. Dividends in the amount of $1,500 were distributed. Billed insurance companies for sales commissions earned, 12,500. j. %D The assets and liabilities of the business on July 1, 2019, are as follows: Cash, 45,000; Accounts Receivable, 93,000; Supplies, 7,000; Land, 75,000; Accounts Payable, 40,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in the business with a deposit of 35,000 in the business bank account. 11. Bal e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. II 5. Q:Comprehensive Problem Set Accounts containing only a single entry do not need a balance. The company paid $1,500 cash for rent of office space for the month. 10. b. a. 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. %3D 3. Hi, Hope you are doing well. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). h. Borrowed $100,000 by issuing a note payable. Connie Young, an architect, opened an office on October 1, 2019. Issued common stock to Marjorie Knaus in, A:Step 1 Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 1PA, Your question is solved by a Subject Matter Expert. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare a single-step income statement. 0. 4. In addition, $28,000 of computer rental costs were incurred and paid. Determine the following: a. Paid wages of 1,200 to receptionist and part-time assistant. 10,000 b. j. 2. Determine account balances of the T accounts. 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. %3D 25,000 Opened a business bank account with a deposit of 30,000 from personal funds. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Determine the net income or net loss for October. Record the transactions and the balance after each transaction. b. He completed the following transactions during June: a. 1002. h. Received and paid the bill for utilities, 340, Ck. Received and paid the heating bill, 248, Ck. Paid gas, oil, and repairs on automobile for April, 550. During June, Ming Chen (the owner) completed these transactions: a. 5. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. %3D (d) Received cash for services rendered, 900. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Equity on the Business environment in China. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Withdrew cash for personal use, 7,500. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 2. (Enter decreases to account balances with a A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Introduction: 2. Purchased office equipment on account, 15,000. %D 506. Stock (a) Invested cash in the business, 510,000. %3D No. Next 10,000 + 2023 White PaPer. Paid truck expenses, 435, Ck. Prepare an adjusted trial balance. Establish a ledger for the accounts listed above and enter the beginning balances. Show new balances after each transaction. 31. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Instructions 1. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Transactions completed during the month follow. Prepare a post-closing trial balance. b. d. The company completed work for a client and immediately collected the $2,500 cash earned. h. Purchased land as a future building site, paying cash of $120,000. d. Paid rent on office and equipnwnt for the month, $5,000. 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. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Interest of $5,000 was paid on the long-term loan. 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. 1,500 Paid miscellaneous expenses, 1,000. Income tax of $10,300 was incurred and paid in 2019. Served as disc jockey for a party for 2,500. 4. 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 1.500 Home., A:Since you have asked multiple questions under a single question. Introduce your . Since there are multiple subparts, we will answer only first three subparts. 1,500 College Accounting (Book Only): A Career Approach. 0.33 She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- $15,000 Received an invoice for truck expenses, to be paid in November, 1,250. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. During March, the following, A:1. Recorded services provided on account for the remainder of May, 2,650. 4. 4. What amount should Carter report as net cash from investing activities? Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: During June, Ming Chen (the owner) completed these transactions. 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. Paid the office rent for the current month, 650, Ck. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. No. The, A:An accounting equation refers to a mathematical representation of the transactions. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. CASH 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. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Received 500, with the remainder due on August 9, 2019. c. Received cash from fees earned. On March 1 of this year, B. Gervais established Gervais Catering Service. G. Received the electricity bill. Ming Chen began a professional practice on June 1 and. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. %24 Only debit card transaction fees are limited by law. There is no prepaid rent or rent payable at year-end. During the month, Lexi completed the following transactions related to the business: Nov. 1. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 1003. i. If the two totals are not equal, check the addition and subtraction. 58,500 A. 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. 000 7,500  c. Is it a variable or a fixed cost? The following information is provided for the first month of operations for Legal Services Inc.: A. I can help you with creating a presentation of one slide for The Word of William Hunter. Analyze and use these data to complete parts (5) and (6). 00. If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and 5. None of the paper was used by year-end. References 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. b. The company paid $1,500 cash for rent of office space for the month. 25. 60,000 Problem1-63B Income Statement, Retained Earnings Statement. Journal entry is used to the record the business transactions of an enterprises. (k) Paid wages to part-time employee, 500. f. Paid office salaries, $6,500. 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. b. Instructions 1. %24 d. Hire Professional Writer And Get A+ Grades In Your Homework. 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. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. d. Paid rent on office and equipnwnt for the month, $5,000. 23.Served as disc jockey for a party for 2,500. b. During the first month of 3. 504. j. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 30. A:Revenue means the income earned during a given period. Paid wages of employees, 6,800. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. and company a firm. 61,000 29.Paid miscellaneous expenses, 540. e. Revenue Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. 58,500 eBook Maria completed the following transactions, A:An income statement is one of the financial statements of a company and shows the company's, Q:Indicate the effect of each transaction and the balances after each transaction: Paid miscellaneous expenses, 540. The company paid $1,500 cash for rent of office space for . 3.  d. Does the activity add value to Latchey’s provision of insurance services? Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.