points Paid gas, oil, and repairs on automobile for April, 550. Instuction Prepare an income staement and statement of stockholders equity for July. If there is. 4. Bal. 31. Hire Professional Writer And Get A+ Grades In Your Homework. Paid cash for miscellaneous expenses, 375. j. g. The company paid an assistant $3,000 cash as wages for the month. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. View this solution and millions of others when you join today! h. Purchased land as a future building site, paying cash of $120,000. %24 8,000 2. During June, Ming Chen (the owner) completed these transactions. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Expenses DLite Dry Cleaners is owned and operated by Joel Palk. Instructions 1. During June, Ming Chen (the owner) completed these transactions: a. 2. %24 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. (Income Summary is account 34 in the chart of accounts.) Use the ending balances in the T-accounts to prepare a trial balance. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. c. Received cash from fees earned. 2. 31. The, A:An accounting equation refers to a mathematical representation of the transactions. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Paid electricity bill for May, 810. During June. 28.Paid wages of 1,200 to receptionist and part-time assistant. Determine account balances of the T accounts. Receivable The following information is provided for the first month of operations for Legal Services Inc.: A. (Enter decreases to account balances with a Received 1,000 cash from customers on account. 61. 1,500 The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Received cash from customers on account, 9,000. c. Amount of net income for August. Post your journal entries to T-accounts, Add additional T-accounts when needed. d. Paid rent on office and equipment for the month, $5,000. 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 3. Only debit card transaction fees are limited by law. b. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. The American Chamber of Commerce in South China. A:The financial statements of the business include the income statement and balance sheet of the firm. Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. 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. Transactions completed during the month follow. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 0. Recorded jobs completed on account and sent invoices to customers, 22,300. Hi, Hope you are doing well. O OO O PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 1,500 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. 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. No. Common 15. (1,500) + Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Determine the account balances after all posting is complete. 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. The customer will pay at a later date. 1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Liabilities Paid rent for July, 1,750. Analyze and use these data to complete parts (5) and (6). First week only $4.99! The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Received 3,000 for serving as a disc jockey for a party. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Determine the net income for March. At the end of May, the following adjustment data were assembled. For those boxes in, A:Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by, Q:on april 1 Jiro Nozomi created a new travel agency, adventure travel. The company paid $1,500 cash for rent of office space for the month. 1 of 1 Accounts Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. minus sign.) Any additional hours beyond SO will be billed to KXMD at 40 per hour. Bal The policy covers a one-year period. f. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. d. The company completed work for a client and immediately collected the $2,500 cash earned. 2,500 d. Does the activity add value to Latchey’s provision of insurance services? Record the adjusting entries on Page 7 of the journal. Bal. Ming Chen (the owner) completed these transactions. 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. Paid cash for miscellaneous expenses, 375. j. (Enter decreases to account balances with a Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Withdrew cash for personal use, 2,500. f. The company purchased additional equipment for $6,000 cash. 503. h. Sold catering services on account, 4,307. i. 501. e. Bought insurance for the truck for one year, 400, Ck. Determine account balances of the T accounts. 31.Received 3,000 for serving as a disc jockey for a party. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. b. Q:Duerr Engineering completed the following transactions in the month of June. b. 4. $ Cash There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. 2. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Owner invested Accounts 10,000 Find answers to questions asked by students like you. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 8.Paid for a newspaper advertisement, 200. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. The following, A:Unadjusted Trial Balance - 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--. Bal 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. Paid cash to creditors on account, 4,500. j. 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. The policy covers a one-year period. 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. Enter the impact of each transaction on individual items of the accounting equation. 0.33 58,500 d. g. Paid interest on the note payable, $500. The company paid $10,000 cash to settle the liability created in transaction c. After, A:Net income: 3. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Paid dividends, 2,500. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) No. Enter the following transactions on Page 2 of the two-column journal: 16. Accounts containing only a single entry do not need a balance. b. Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. Received 750, with the remainder due August 4, 2019. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 60,000 225. h. Borrowed $100,000 by issuing a note payable. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. No. Purchased supplies on account, 850. Save & Exit b. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Q:Ken Jones, an architect, opened an office on April 1, 2019. During June, Ming Chen (the owner) completed these transactions: a. Received an invoice for truck expenses, to be paid in November, 1,250. 4. 6. f. Paid office salaries, $6,500. Ming Chen (the owner) completed these transactions. Paid 250 to creditors on account. c. Received cash from fees earned. b. I can help you with creating a presentation of one slide for The Word of William Hunter. %24 b. H. Paid the worker hired in D for one weeks work. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. ces c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. The company paid $10,000 cash to settle the liability created in transaction c. j. Simple Accounting equation is. 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. 30. 3. Six months rent was paid in advance, $4,500. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Paid 620 to Upload Music for use of its current music demos in making various music sets. Prepare an income statement, a retained earnings statement, and a balance sheet. $ 15,000 Journals: Recorded services provided on account for the period May 16-20, 4,820. (Do not insert the account numbers in the journal at this time.) Determine the excess of revenues over expenses for November. 2.Received 1,000 cash from customers on account. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 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. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 31.Withdrew 1,250 cash from PS Music for personal use. References A:The financial statements of the business include the income statement and balance sheet of the firm. Use a chart of accounts to order the ledger accounts. $30000. Advertising expense of $26,000 was incurred and paid. b. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? Determine the account balances, after all posting is complete. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Paid dividends, $3,000. A:Requirement 1: Indicate the effect of the given transactions. 16. 1. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. July 21. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. 58,500 The account headings are presented below. 8,000 A Wages of $379,000 were paid in cash. 7,500 2. 7.500 Served as disc jockey for a party for 2,500. 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. During June, Ming Chen (the owner) completed these transactions: a. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 31. 1. 30. Journal Entries - Journal Entries are the recording of transactions of the organization. 1, A:Salary is the expense of a business. Received 500, with the remainder due on August 9, 2019. b. Received 2,000 for serving as a disc jockey for a wedding reception. Hal Smith opened Smith's Repairs on March 1 of the current year. (e) Paid phone bill, 65. d. If the two totals are not equal, check the addition and subtraction. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 27.Paid electric bill, 915. No. 63. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: d. Purchased office and computer equipment on account, 9,000. e. Paid cash for supplies, 2,150. f. Paid cash for annual insurance policies, 4,000. g. Received cash from client for plans delivered, 12,200. h. Paid cash for miscellaneous expenses, 815. i. 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. 0. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Determine the net income or net loss for January. 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. Budgeting issues at the movies: 61,000 Determine the following: a. Determine the following: a. 2023. (Record as Miscellaneous Expense.) During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. Next She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 7,500 Received cash from clients on account, 9,520. 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. I am highly qualified expert, working from 2008-9 in this industry. 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; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. Enter the impact of each transaction on individual items of the accounting equation. Revenues 25.000 f. Paid office salaries, $6,500. 17. Paid dividends, $3,000. Assets Apr. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Show new balances after each transaction. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. 2. 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. Prepare an unadjusted trial balance as of July 31, 2019. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Is it a product or a period cost? By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Recording of a business transactions in a chronological order. a. 9. Owner invested $62,000 cash in the company along with equipment that had a $23,000 market value in exchange for its common stock b. She helped me in last minute in a very reasonable price. Served as a disc jockey for a charity ball for 1,500. Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. The business was started by selling $100,000 worth of common stock. In addition, $28,000 of computer rental costs were incurred and paid. Graw 1,500 March transactions are as follows : Only credit card transaction fees are limited by law. Is this a direct or an indirect cost? Expenses 0. Extend the balances to the appropriate balance columns after each transaction is posted. 31. Payable 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. 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. 7,500 Introduction: 2. (c) Purchased office equipment. We will pay the $110 in thirty days. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Problem1-63B Income Statement, Retained Earnings Statement. 18.Purchased supplies on account, 850. 2. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. + Paid truck expenses, 435, Ck. Prepare a post-closing trial balance. b. Apr. 4. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Accounts containing only a single entry do not need a balance. f. The company purchased additional equipment for $6,000 cash. Issued common stock to Marjorie Knaus in, A:Step 1 I have all relevant skills and expertise related to your project. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. During June, Ming Chen (the owner) completed these transactions.a. 4. The prepaid rent at the beginning of the year was used in 2019. stock. Paid 700 to a local audio electronics store for rental of digital recording equipment. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Determine the increase or decrease in owners equity for August. h. Borrowed $100,000 by issuing a note payable. Hello. Common 3. . Prepare and post the closing entries. What amount should Carter report as net cash from investing activities? + During the month, she completed the following transactions connected with her professional practice: a. Purchased supplies on account, 735. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. Q:Prepare the statement of retained earnings for the month of July 31. He completed the following transactions during June: a. f. Paid office salaries, $6,500. 3. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: No. Write Balance in the Item column and place a check mark () in the Posting Reference column. During June, Ming Chen (the owner) completed these transactions. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. I have all relevant skills and expertise related to your project. Paid miscellaneous expenses, 540. According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack: Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. 2020 - 2024 www.quesba.com | All rights reserved. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 13. 31. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Paid annual premiums on property and casualty insurance, 2,400. i. 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.: Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. c. Received cash from fees earned. Home., A:Since you have asked multiple questions under a single question. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 30.Served as a disc jockey for a charity ball for 1,500. 1.500 Dividends a. 5. EQUITY %24 Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. (Optional) Prepare a statement of cash flows for July. d. The company completed work for a client and immediately collected the $2,500 cash earned. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9.
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