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

Help 7,500 Thanks :--). Explanations may be omitted. It is the first step of recording transactions of a company. A building and equipment are currently being rented, pending expansion to new facilities. 4. 16. 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.: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. A balance sheet 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. 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. 30. (b) Paid office rent, 500. Instructions 1. 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 Paid dividends, $3,000. No. 5. Mulberry paid the interest payable of $8,000. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. During June, Ming Chen (the owner) completed these transactions. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 1 of 1 (a) Invested cash in the business, 510,000. 2. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Budgeting issues at the movies: 24. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. How much did Marchs transactions increase or decrease Amy Austins capital? Opened a business bank account with a deposit of 35,000 in exchange for common stock. minus sign.) ok ht inces a. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. How much did Junes transactions increase or decrease Chad Wilsons capital? The company paid $1,500 cash for rent of office space for the month. Paid cash for miscellaneous expenses, 375. j. b. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. ol + a. b. 0. The account headings are presented below. 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. . During the month, she completed the following transactions connected with her professional practice: a. Introduce yourself. During the first month of operations of his, A:Solution: Instructions 1. At the end of May, the following adjustment data were assembled. 2,500 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. 2. No principal payments are made, only interest is paid. Accounts Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. During June, Ming Chen (the owner) completed these transactions. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. The following, A:Unadjusted Trial Balance - 4. Paid part-time receptionist for two weeks salary, 750. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Required I have all relevant skills and expertise related to your project. d. The company completed work for a client and immediately collected the $2,500 cash earned. Hill 9. Instructions 1. a., A:1. 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. 1,500 Dividends 1,500 4. The company paid $1,500 cash for rent of office space for the month. 30. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Expenses 7,500 e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 0. 27.Paid electric bill, 915. Explanations may be omitted. Prepare an income statement, a retained earnings statement, and a balance sheet. %24 Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. During June, Ming Chen (the owner) completed these transactions. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. Extend the balances to the appropriate balance columns after each transaction is posted. Required 2. Withdrew cash for personal use, 7,500. 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. No. Brooke completed the following transactions during the month of August: a. I am highly qualified expert, working from 2008-9 in this industry. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:The following transactions were carried out during the month of May by M.SAJJAD 10. b. 30. 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. 1000. c. Bought office supplies for cash, 375, Ck. 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 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. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Paid dividends, 10,500. 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). Check my Use the ending balances in the T-accounts to prepare a trial balance. Assets Find answers to questions asked by students like you. Ming Chen (the owner) completed these transactions. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. 31. G. Received the electricity bill. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Served as disc jockey for a party for 2,500. Paid wages of 1,200 to receptionist and part-time assistant. 63. b. Paid dividends, $3,000. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. During the month, he completed the following transactions connected with his professional practice: a. Paid for a newspaper advertisement, 200. 61,000 d. Paid rent on office and equipnwnt for the month, $5,000. During the month, he completed the following transactions connected with his professional practice: a. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 0. Withdrew cash for personal use, 3,900. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. The company paid $1,500 cash for rent of office space for the month. During June, Ming Chen (the owner) completed these transactions. 2. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Determine account balances of the T accounts. Common Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. If you still cannot find the error, re-analyze each transaction. 225. 31. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Paid utilities expense, 4,500. No. 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. During June, Ming Chen (the owner) completed these transactions. 29. f. The company purchased additional equipment for $6,000 cash. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Instructions 1. 0. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Explanations may be omitted. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Determine the increase or decrease in owners equity for August. Determine the following: a. b. Ask your question! Recorded services provided on account for the period May 16-20, 4,820. On March 1 of this year, B. Gervais established Gervais Catering Service. The following transactions, A:Journal Entries: . C. Provided services in the amount of $1,000. (c) Purchased office equipment. b. Enter the following transactions on Page 2 of the two-column journal: 16. Paid 620 to Upload Music for use of its current music demos in making various music sets. Paid cash for a newspaper advertisement. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Stock Income tax of $10,300 was incurred and paid in 2019. Determine the account balances after all posting is complete. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. 3. College Accounting (Book Only): A Career Approach. A:Hi student 61,000 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. During June, Ming Chen (the owner) completed these transactions. Paid miscellaneous expenses, 540. Prepare an unadjusted trial balance as of August 31, 2016. a. f. Paid office salaries, $6,500. ACCOUNTS RECEIVABLE 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. The assets and liabilities of the business on July 1, 2019, are as follows: Cash, 45,000; Accounts Receivable, 93,000; Supplies, 7,000; Land, 75,000; Accounts Payable, 40,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in the business with a deposit of 35,000 in the business bank account. 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. b. 1, A:Salary is the expense of a business. i. View this solution and millions of others when you join today! 2. 3. Good morning, teachers, I am honored to be informed to have this interview. f. Paid office salaries, $6,500. 25,000 Post the journal to a ledger of four-column accounts. 17. 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. 3. 25.000 31.Withdrew 1,250 cash from PS Music for personal use. d. Purchased office supplies on account, $1,250. 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. 3. II Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. During the month, she completed the following transactions connected with her professional practice: a. 15. a. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Connie Young, an architect, opened an office on October 1, 2019. 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. Determine the net income or net loss for January. Insurance expired during May is 275. b. 1004. j. b. A:Journal: 4.Prepare an unadjusted trial balance as of July 31, 2019. Is this a direct or an indirect cost? Start your trial now! 1. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Instructions 1. 1006. Stock Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. 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 $15,000 market value. EQUITY The company paid $10,000 cash to settle the liability created in transaction c. 10,000 (Optional) Prepare a statement of cash flows for July. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. During June, If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. 10,000 During June, Ming Chen (the owner) completed these transactions. Cash Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 0.33 The company paid $10,000 cash to settle the liability created in transaction c. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Bal. 1,500 b. Hello. Journalize and post the adjusting entries. Paid wages of 1,200 to receptionist and part-time assistant.

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