ming chen began a professional practice on june 1

ming chen began a professional practice on june 1heart 1980 tour dates

The company pald $2,100 cash for rent of office space for . Paid miscellaneous expenses, 1,000. A:Net income is calculated after analysing the revenue and expenses of the organisation. A:Journal: During the first month of operations of his, A:Solution: 000 During the month, he completed the following transactions connected with his professional practice: a. Determine the amount of Joel Palks capital as of July 1 of the current year. a. Accounts containing only a single entry do not need a balance. Withdrew cash for personal use, 3,900. 4. The account headings are presented below. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: $30000. Explanations may be omitted. Home., A:Since you have asked multiple questions under a single question. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. I have all relevant skills and expertise related to your project. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 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.: She, A:The accounting equation states that assets equal to sum of liabilities and equity. Received an invoice for truck expenses, to be paid in November, 1,250. Im very much interested to write for attendance systems. You can message me to discuss the details. (a) Invested cash in the business, 510,000. 24 13. References Write Balance in the Item column and place a check mark () in the Posting Reference column. So lets make no longer delay & start chatting immediately. Instructions 1. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. 4. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Record the transactions and the balance after each transaction. b. Instructions 1. Six months rent was paid in advance, $4,500. During June, Ming Chen (the owner) completed these transactions. 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. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. b. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Paid wages of 1,200 to receptionist and part-time assistant. 2023 White PaPer. I can help you with creating a presentation of one slide for The Word of William Hunter. 5. Instrustions Prepare a balance sheet as of July 31, 20Y5. b. 75,000 503. h. Sold catering services on account, 4,307. i. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Check my b. c. Amount of net income for January. Explanations may be omitted. 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. It is the first step of recording transactions of a company. Purchased office equipment on account, 15,000. i. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Kimberly Manis, an architect, opened an office on January 1, 2016. Paid cash for miscellaneous expenses, 375. j. 7,500 Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Journals: The following transactions, A:Journal Entries: b. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 3. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Recording of a business transactions in a chronological order. The company paid $1,500 cash for rent of office space for . 6. Determine the net income or net loss for April. property. Advertising expense of $26,000 was incurred and paid. No. During March, the following, A:1. 1003. i. (Record as Miscellaneous Expense.) $ 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--. f. Paid office salaries, $6,500. 2. 0. 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. 8.000 58,500 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Bal 8,000 %3D J. 25,000 2.1.4P, Your question is solved by a Subject Matter Expert. Owner invested $60,000 cash in the company along with equipment. 7,500 Assignments: ACCTG-4A-80575-2021SP (Enter decreases to account balances with a 8.000 (g) Paid wages to part-time employee, 500. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. The company paid $1,500 cash for rent of office space for the month. Chapter 1 Exercises i Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. During the month, Lexi completed the following transactions related to the business: Nov. 1. + The company paid $10,000 cash to settle the liability created in transaction c. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. 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. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. f. The company purchased additional equipment for $6,000 cash. Issued common stock to Marjorie Knaus in, A:Step 1 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. 3. 4. 0. *Response times may vary by subject and question complexity. 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. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Expenses Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. During June, Ming Chen (the owner) completed these transactions. 30. 8.000 I will also provide you with TURNITIN PLAGIARISM REPORT. 1,500 10,000 Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of 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. 4. 2. View this solution and millions of others when you join today! Equity d. Paid rent on office and equipment for the month, $5,000. Each drugstore is operated by a general manager and a controller. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. b. 2020 - 2024 www.quesba.com | All rights reserved. f. Required: Recorded services provided on account for the period May 1-15; 9,180. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. %D 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 Only debit card transaction fees are limited by law. ezto.mheducation.com 7.500 5. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. 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: the firm are, A:Income statement The account headings are presented below. Payable ol + 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. College Accounting (Book Only): A Career Approach. Received 1,000 cash from customers on account. 29. 2,500 10,000 30. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. %24, Carl Warren, James M. Reeve, Jonathan Duchac. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. $4 b. 3. 31.Withdrew 1,250 cash from PS Music for personal use. Receivable Enter the following transactions on Page 2 of the two-column journal: 16. 3. . Any additional hours beyond SO will be billed to KXMD at 40 per hour. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. ASSETS a. A statement of cash flows, Q:On September 1, 20X6, Michael Moe incorporated Moe's Mowing, Inc., a company that provides mowing, A:Since you have posted a question with multiple sub-parts, we will solve the first three subparts for, Q:Bob Jacobs opened an advertising agency. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. 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. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. C. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Ming Chen (the owner) completed these transactions. Connie Young, an architect, opened an office on October 1, 2019. Cash %D No. h. Borrowed $100,000 by issuing a note payable. No. Paid an attorney 900 for reviewing the July 3 contract with KXMD. 23. Greetings! a. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. How much did Marchs transactions increase or decrease Amy Austins capital? A:a)Indicate the effect of the given transactions. 1,500 Determine account balances of the T accounts. Ken Jones, an architect, opened an office on April 1, 2019. Hal Smith opened Smith's repairs on 01.03. %24 Received 750, with the remainder due August 4, 2019. Only debit card transaction fees. The company paid $1,500 cash for rent of office space for the month. Paid wages of employees, 6,800. Prepare an unadjusted trial balance as of January 31, 2019. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Instuction Prepare an income staement and statement of stockholders equity for July. Equipment First let me introduce myself, my name is XX, 23 years old, and David is my English name. 25,000 10,000 Revenues No. 7,500 There is no prepaid rent or rent payable at year-end. 27. A building and equipment are currently being rented, pending expansion to new facilities. Determine the net income or net loss for October. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: 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. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- None of the paper was used by year-end. I. 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:On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. July 21. Ming Chen (the owner) completed these transactions. 58,500 I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. 61,000 d. Paid rent on office and equipnwnt for the month, $5,000. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. I am a Ph.D. writer with more than 9 years of working experience in Writing. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Instructions 1. Bal. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Receivable View this solution and millions of others when you join today! 4.Prepare an unadjusted trial balance as of July 31, 2019. 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. Prepare an unadjusted trial balance. 1,500 Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. d. The company completed work for a client and immediately collected the $2,500 cash earned. Start your trial now! Revenue 30.Served as a disc jockey for a charity ball for 1,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Opened a business bank account with a deposit of 35,000 in exchange for common stock. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 61,000 Instructions 1. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. B. 60,000 If there is. Greco resort opened for business on june 1. *Response times may vary by subject and question complexity. Introduction: on the Business environment in China. (b) Paid office rent, 500. Record the closing entries on Page 8 of the journal. a. b. 29.Paid miscellaneous expenses, 540. Instructions 1. A:Revenue means the income earned during a given period. Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, 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. The company paid $1,500 cash for rent of office space for the month. Income tax of $10,300 was incurred and paid in 2019. 16. Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. First week only $4.99! First week only $4.99! Create the following table similar to the one in Exhibit 1.9. M Question 8 - Chapter 1 Exercises Connect 25,000 2. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. + 10,000 Enter the impact of each transaction on individual items of the accounting equation. 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 He. Extend the balances to the appropriate balance columns after each transaction is posted. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. EQUITY D. An office worker was hired. b. 0. 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. Bal. Received 500, with the remainder due on August 9, 2019. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 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. 1002. h. Received and paid the bill for utilities, 340, Ck. d. The company completed work for a client and immediately collected the $2,500 cash earned. A. To ensure my potential must visit my profile to check my ratings and uploaded samples. A:The financial statements of the business include the income statement and balance sheet of the firm. Paid utilities expense, 4,500. 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. We will pay the $110 in thirty days. i. 7.500 To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 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. Hi! Withdrew cash for personal use, 7,500. Paid dividends, 10,500. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 2. c. Amount of net income for August. 58,500 Owner withdrew $1,000 cash from the company for personal use. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Find answers to questions asked by students like you. 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. 4. During June. a. Since there are multiple subparts, we will answer only first three subparts. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common During June, Ming Chen (the owner) completed these transactions. 4. Q:Connie Young, an architect, opened an office on October 1, 2019. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) b. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. 501. e. Bought insurance for the truck for one year, 400, Ck. (k) Paid wages to part-time employee, 500. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. 13. C. Provided services in the amount of $1,000. 2. Prepare an unadjusted trial balance as of August 31, 2016. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense.

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