ming chen began a professional practice on june 1 ming chen began a professional practice on june 1

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. 17. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. 3. In July of this year, M. Wallace established a business called Wallace Realty. the. Is it a product or a period cost? Received cash from clients on account, 2,450. %D Show new balances after each transaction. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. The company paid $1,500 cash for rent of office space for the month. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. The account headings are presented below. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. C. Provided services in the amount of $1,000. What will be the value of interest payment at the end of fourth year in real dollars? 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. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes.  a. d. Paid rent on office and equipnwnt for the month, $5,000. The following transactions were completed during July, the second month of the business's operations: July 1. a. Bal. The company paid $1,500 cash for rent of office space for the month. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. 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. Start your trial now! Revenue 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. S NO Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. I. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. ok ht inces a. Greco resort opened for business on june 1. 28.Paid wages of 1,200 to receptionist and part-time assistant. 2. No. Help 2020 - 2024 www.quesba.com | All rights reserved. Journal Entries - Journal Entries are the recording of transactions of the organization. During March, the following, A:1. The account headings are presented below. Determine the net income or net loss for October. Q:Ken Jones, an architect, opened an office on April 1, 2019. 8. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Determine the net income or net loss for April. i. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. During the first month of 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. a. Gervais deposited 25,000 in a bank account in the name of the business.  b. 58,500 7,500 2. Received 500, with the remainder due on August 9, 2019. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. (Enter decreases to account balances with a 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. A:The financial statements of the business include the income statement and balance sheet of the firm. Prepare and post the closing entries. 4. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Received 2,000 for serving as a disc jockey for a wedding reception. 23.Served as disc jockey for a party for 2,500. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Determine the net income for June. 0. Brooke completed the following transactions during the month of August: a. During June, Ming Chen (the owner) completed these transactions. e. 31.Withdrew 1,250 cash from PS Music for personal use. G. Received the electricity bill. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. 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. 4. Determine the following: a. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. %24 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. 31. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. c. Amount of net income for August. d. The company completed work for a client and immediately collected the $2,500 cash earned. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: How much did Marchs transactions increase or decrease Amy Austins capital? a. He completed the following transactions during June: a. 25.000 a. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. II Issued common stock to Marjorie Knaus in, A:Step 1 I can help you with creating a presentation of one slide for The Word of William Hunter. (Income Summary is account 34 in the chart of accounts.) I have all relevant skills and expertise related to your project. 10,000 d. 11. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Amount of total revenue recorded in the ledger. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. c. Received cash from fees earned. b. f. Paid office salaries, $6,500. Simple Accounting equation is. h. Borrowed $100,000 by issuing a note payable. 30. Prepare an adjusted trial balance. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 0. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. $ 15,000 Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Hello. 14.Paid wages of 1,200 to receptionist and part-time assistant. g. The company paid an assistant $3,000 cash as wages for the month. 1. 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. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 2. 1004. j. Purchased supplies on account, 850. 10. Repairs and maintenance of $9,000 were incurred and paid. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. July 21. %3D On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. (Note: Ignore the date because these events are aggregations of individual events.) 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Owner invested (j) Withdrew cash for personal use, 100. 2. I have all relevant skills and expertise related to your project. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. a. Hire Professional Writer And Get A+ Grades In Your Homework. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. %24 Paid dividends, 10,500. Received cash from clients on account, 9,520. b. 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). The company paid $1,500 cash for rent of office space for the month. 0. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. During June, Ming Chen (the owner) completed these transactions. 25.000 1006. Recorded services provided on account for the remainder of May, 2,650. 3. 0. Paid on account to the City Crier, 455, Ck. + Paid wages of employees, 6,800. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. $30000. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Inflation is 3.8% per year. A Wages of $379,000 were paid in cash. As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. c. Received cash from fees earned. the. 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. 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.