Paid rent for period of November 1 to end of month, 4,000. Inflation is 3.8% per year. c. Received cash from fees earned. Received cash from customers on account, 9,000. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. 2,500 Q:On April 1, Anita Strods created a new travel agency, Strods Travel. d. The company completed work for a client and immediately collected the $2,500 cash earned. i. Ming Chen (the owner) completed these transactions. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. (e) Paid phone bill, 65. f. Paid office salaries, $6,500. Bal. Dividends Apr. a. 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 completed the following transactions during June: a. During June, Ming Chen (the owner) completed these transactions: a. The company paid $1,500 cash for rent of office space for the month. You can message me to discuss the details. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. 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. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Basic Accounting Systems: Cash Basis. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. If you want the answer, Q:Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1., A:Financial statements: These refer to the formal or official records of the activities of the, A:As per accounting equation Assets = Liabilities, where liabilities comprises of liability and, Q:Architects completed the following transactions: 25.000 Chapter 1 Exercises i $ 58,500 a. 10 000 7,500 C. Provided services in the amount of $1,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Withdrew cash for personal use, 2,500. April. Instructions 1. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. 506. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 61,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During the month, she completed the, A:Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts. 4. First week only $4.99! 24 1 of 1 $4 Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Establish a ledger for the accounts listed above and enter the beginning balances. Thank you for the question, As per the honor code, we are allowed to answer three, Q:Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. (Optional) Prepare a statement of cash flows for July. Each drugstore is operated by a general manager and a controller. Required: Instructions 1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Determine the following: a. LIABILITY Ming Chen began a professional practice on June 1 and plans to prepare Find step-by-step Accounting solutions and your answer to the following textbook question: Ming Chen began a professional practice on June $1$ and plans to prepare financial statements at the end of each month. 60,000 Solved Ming Chen began a professional practice on June 1 and | Chegg.com State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). T Accounts, Debits And Credits, Trial Balance, And Financial Statements. stock. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 1000. c. Bought office supplies for cash, 375, Ck. Paid truck expenses, 435, Ck. 10.000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During the first month of operations of his, A:Solution: d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Paid miscellaneous expenses, 540. Hello. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 3. a. a. Use a chart of accounts to order the ledger accounts. 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. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. a. 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. 7,500 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Hal Smith opened Smith's Repairs on March 1 of the current year. 4. 3. 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. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. a. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Record the adjusting entries on Page 7 of the journal. If you still cannot find the error, re-analyze each transaction. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. %3D (Do not insert the account numbers in the journal at this time.) Prepare an unadjusted trial balance as of August 31, 2016. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Bal. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Enter the impact of each transaction on individual items of the accounting equation. Help 1,500 I can help you with creating a presentation of one slide for The Word of William Hunter. To ensure my potential must visit my profile to check my ratings and uploaded samples. f. Paid office salaries, $6,500. (h) Received cash for services rendered, 800. 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. 4. i. [Solved] Ming Chen began a professional practice o | SolutionInn Q:Connie Young, an architect, opened an office on October 1, 2019. Withdrew cash for personal use, 7,500. Paid cash to creditors on account, 4,500. j. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. d. The company completed work for a client and immediately collected the $2,500 cash earned. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 25.000 References 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 First let me introduce myself, my name is XX, 23 years old, and David is my English name. + Received cash from clients on account, 9,520. At the end of May, the following adjustment data were assembled. 1,500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 8. What amount should Carter report as net cash from investing activities? 4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare an unadjusted trial balance. During June, Ming Chen (the owner) completed these transactions. b. The company paid $1,500 cash for rent of office space for the month. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 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SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. . 75,000 A:The financial statements of the business include the income statement and balance sheet of the firm. 16. 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. %24  e. Is it a budgeted or an actual cost in your report? a. Start your trial now! Cash 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. 10,000 8. A:The financial statements of the business include the income statement and balance sheet of the firm. 61. Required Determine account balances of the T accounts. The company paid $10,000 cash to settle the liability created in transaction c. j. Opened a business bank account with a deposit of 30,000 from personal funds. 11. 10. 30. j. a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. $30000. 7.500 Recording of a business transactions in a chronological order. Transactions completed during the month follow. _Accounting 1 Assignment Part 1 - Ming Chen began a professional Ming Chen began a professional practice on June $1$ and plan | Quizlet 10,000 + The company paid $1,000 cash in dividends to the owner (sole shareholder). Determine the net income or net loss for April. b. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 61,000 Im very much interested to write for attendance systems. 4. Instructions 1. (d) Received cash for services rendered, 900. I am highly qualified expert, working from 2008-9 in this industry. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. The following information is provided for the first month of operations for Legal Services Inc.: A. Home., A:Since you have asked multiple questions under a single question. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. ezto.mheducation.com 11.Received 1,000 for serving as a disc jockey for a party. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. During June, Ming Chen (the owner) completed these transactions. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 4.Prepare an unadjusted trial balance as of July 31, 2019. During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plans to prepare College Accounting (Book Only): A Career Approach. f. The company purchased additional equipment for $6,000 cash. 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 installment due on note payable, 300. o.