ming chen began a professional practice on june 1

Amount of total revenue recorded in the ledger. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. $ Opened a business bank account with a deposit of 50,000 from personal funds. (h) Received cash for services rendered, 800. Equity Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. (Record as Miscellaneous Expense.) e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. 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.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. %D 8.000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. h. Borrowed $100,000 by issuing a note payable. 7. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. During the month, Jones, A:T accounts: The following transactions occurred during January of the current year. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. A:Hi student f. The company purchased additional equipment for $6,000 cash. Stock Transactions completed during the month follow. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. and company a firm. On June 1 of the current year, Chad Wilson established a business to manage rental property. If the two totals are not equal, check the addition and subtraction. 2.Received 1,000 cash from customers on account. 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, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. 7,500 Advertising expense of $26,000 was incurred and paid. 4. b. 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. property. a. b. 9. 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. As, Q:Leora Diamond began a professional practice on June 1 and plans to prepare financial statements at, A:Accounting Equation is foundation of Double entry Accounting System . + 4. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 4. Instructions 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (Continued) Required: 1. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Accounts containing only a single entry do not need a balance. Paid Office Station Co. for part of the debt incurred on April 5, 640. Paid 700 to a local audio electronics store for rental of digital recording equipment. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. February 20, 2023. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 28.Paid wages of 1,200 to receptionist and part-time assistant. J. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. Liabilities During June, Ming Chen (the owner) completed these transactions: a. 1,500 %24 b. 0. 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. I am highly qualified expert, working from 2008-9 in this industry. d. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. 0. Purchased office equipment on account from Office Mart, 7,500. 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. Save & Exit 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 1,500 %3D 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. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Can you think of any reason why the amount determined in (4) might not be the net income for November? 5. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. 1,500 Accounts 1. He. 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 Served as a disc jockey for a charity ball for 1,500. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. So lets make no longer delay & start chatting immediately. Paid cash for a newspaper advertisement. %D Journals: %24 During June, Ming Chen (the owner) completed these transactions. During June, Ming Chen (the owner) completed these transactions. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. 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. %24 15. Ming Chen (the owner) completed these transactions. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. No. Prepare a single-step income statement. 4. No. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 2023 White PaPer. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Hi! 25,000 During June, Ming Chen (the owner) completed these transactions: a. ol + $30000. 10 000 e. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 31.Withdrew 1,250 cash from PS Music for personal use. Assignments: ACCTG-4A-80575-2021SP Paid the office rent for the current month, 650, Ck. Determine the net income for June. 4, g. Paid interest on the note payable, $500. 2. Establish a ledger for the accounts listed above and enter the beginning balances. 31. Paid gas, oil, and repairs on automobile for April, 550. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. f. Paid office salaries, $6,500. The account headings are presented below. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. Instructions 1. b. The prepaid rent at the beginning of the year was used in 2019. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. Determine the amount of Joel Palks capital as of July 1 of the current year. 15,000 March transactions are as follows : Recorded services provided on account for the period May 16-20, 4,820. [Solved] Ming Chen began a professional practice o | SolutionInn Solved Ming Chen began a professional practice on June 1 and | Chegg.com Movies are expensive to produce and market. i. 25. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Ask a new question. Bal. ezto.mheducation.com c. Amount of net income for January. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Journal Entries - Journal Entries are the recording of transactions of the organization. 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 minus sign.) Ken Jones, an architect, opened an office on April 1, 2019. b. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Recorded services provided on account for the remainder of May, 2,650. 31. The company paid $1,500 cash for rent of office space for the month. The company paid $1,500 cash for rent of office space for the month. Purchased office equipment on account, 15,000. First week only $4.99! Hi, Hope you are doing well.  e. Is it a budgeted or an actual cost in your report? e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Paid rent for July, 1,750. Ming Chen (the owner) completed these transactions: Introduce yourself. Amount of total expenses recorded in the ledger. C. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. %3D ACCOUNTS RECEIVABLE DLite Dry Cleaners is owned and operated by Joel Palk. Determine the following: a. Repairs and maintenance of $9,000 were incurred and paid. $ 15,000 29. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. d. Paid rent on office and equipment for the month, $5,000. Only credit card transaction fees are limited by law. 30. 8.000 A:The financial statements of the business include the income statement and balance sheet of the firm. 16. f. Paid office salaries, $6,500. 3. a. Billed insurance companies for sales commissions earned, 12,500. j. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. The following information is provided for the first month of operations for Legal Services Inc.: A. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. G. Received the electricity bill. Owner invested 3. Instructions 1. You can message me to discuss the details. During June, Ming Chen (the owner) completed these transactions. + Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. $4 1,500 b. 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.: b. Withdrew cash for personal use, 3,900. 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. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Problem1-63B Income Statement, Retained Earnings Statement. Instructions 1. h. Borrowed $100,000 by issuing a note payable. The company paid $1,500 cash for rent of office space for the month. College Accounting (Book Only): A Career Approach. Explanations may be omitted. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. A Wages of $379,000 were paid in cash. A:a)Indicate the effect of the given transactions. 1003. i. 2. View this solution and millions of others when you join today! 24. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. 12. Received cash from clients on account, 9,520. Received cash from clients on account, 2,450. Hal Smith opened Smith's repairs on 01.03. (83) 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. Determine the following: a. b. Greetings! 5. Six months rent was paid in advance, $4,500. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Receivable Paid dividends, $3,000. 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. Withdrew l,250 cash from PS Music for personal use. The American Chamber of Commerce in South China. Paid cash to creditors on account, 4,500. j. A loan of $400,000 is taken out which requires an annual interest the. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 2. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: b. How much did Marchs transactions increase or decrease Amy Austins capital? 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. 31. 00. 10,000 + 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. References h. Purchased land as a future building site, paying cash of $120,000. Bal. 2. Greco resort opened for business on june 1. The company paid $1,500 cash for rent of office space for the. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Required: %3D Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Dividends 7,500 Bal. Instuction Prepare an income staement and statement of stockholders equity for July. 10,000 The following transactions were completed during July, the second month of the business's operations: July 1. Expenses She, A:As you have posted multiple questions, the solution to the first question is being provided. 0. Recorded services provided on account for the period May 1-15; 9,180. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. During June, Ming Chen (the owner) completed these transactions. Home., A:Since you have asked multiple questions under a single question. Accounting Equation is calculated using following equation - Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Accounts Determine the net income or net loss for October. %24 Dividends First let me introduce myself, my name is XX, 23 years old, and David is my English name. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. A. (f) Made payment on loan in transaction (c), 500. 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. 6. The, A:An accounting equation refers to a mathematical representation of the transactions. 2.1.4P, Your question is solved by a Subject Matter Expert. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Post your journal entries to T-accounts, Add additional T-accounts when needed. d. The company completed work for a client and immediately collected the $2,500 cash earned. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). on the Business environment in China. Interest of $5,000 was paid on the long-term loan. 14.Paid wages of 1,200 to receptionist and part-time assistant. The transactions of Ming Chen began a professional practice on June 1 and plans to prepare Q:Connie Young, an architect, opened an office on October 1, 2019. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. On March 1 of this year, B. Gervais established Gervais Catering Service. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. J. Equipment stock. Next b. During June, Ming Chen (the owner) completed these transactions: a. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 503. h. Sold catering services on account, 4,307. i. Help 13. During June, Ming Chen (the owner) completed these transactions. Revenue d. The company completed work for a client and immediately collected the $2,500 cash earned. 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: The company paid $1,500 cash for rent of office space for the month. 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. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 2. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 30.Served as a disc jockey for a charity ball for 1,500. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 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. 0. 1,500 58,500 A building and equipment are currently being rented, pending expansion to new facilities. 10,000 6. I am highly qualified expert, working from 2008-9 in this industry. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 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). Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Q:Ken Jones, an architect, opened an office on April 1, 2019. the.  d. Does the activity add value to Latchey’s provision of insurance services? 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. The company paid $1,000 cash in dividends to the owner (sole shareholder). During June, Ming Chen (the owner) completed these transactions. D. An office worker was hired. 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. Recorded jobs completed on account and sent invoices to customers, 22,300. c. Received cash from fees 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 9. 1,500 Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Prepare an unadjusted trial balance as of January 31, 2019. Determine the account balances after all posting is complete. a. 21. b. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. Owner invested $60,000 cash in the company along with equipment. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. i. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. 58,500 g. The company paid an assistant $3,000 cash as wages for the month. 3. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Record the transactions and the balance after each transaction. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Prepare T accounts, using the account titles in (1). Introduction: Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. 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--. 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. j. 000 During June, Ming Chen (the owner) completed these transactions. Im very much interested to write for attendance systems. 1. 11.Received 1,000 for serving as a disc jockey for a party. (Do not insert the account numbers in the journal at this time.) Create the following table similar to the one in Exhibit 1.9. 2. 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. 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. Ming Chen began a professional practice on June $1$ and plan | Quizlet