Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. 8. 501. e. Bought insurance for the truck for one year, 400, Ck. Inflation is 3.8% per year. 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. If the two totals are not equal, check the addition and subtraction. It is the first step of recording transactions of a company. 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. Accounts 30.Served as a disc jockey for a charity ball for 1,500. Purchased supplies on account, 850. During the month, he completed the following transactions connected with his professional practice: a. 18.Purchased supplies on account, 850. 10,000 (g) Paid wages to part-time employee, 500. Brooke completed the following transactions during the month of August: a. 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. 7,500 Instructions 1. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Record the transactions and the balance after each transaction. If the two totals are not equal, check the addition and subtraction. 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. Required: (a) Invested cash in the business, 510,000. (k) Paid wages to part-time employee, 500. Assets 10,000 + Instructions 1. g. The company paid an assistant $\$3,000$ cash as wages for the month. The, A:An accounting equation refers to a mathematical representation of the transactions. Purchased office equipment on account, 15,000. (Enter decreases to account balances with a 27. g. Paid interest on the note payable, $500. Enter the following transactions on Page 2 of the two-column journal: 29. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 25. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 2,500 Paid dividends, $3,000. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Owner withdrew $1,000 cash from the company for personal use. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. I will also provide you with TURNITIN PLAGIARISM REPORT. M Question 8 - Chapter 1 Exercises Connect Received 750, with the remainder due August 4, 2019. Paid cash for miscellaneous expenses, 375. j. Prepare an unadjusted trial balance as of January 31, 2019. Bal. Equity The policy covers a one-year period. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: 23. During June, Ming Chen (the owner) completed these transactions. Received cash from clients on account, 2,450. The actual work of dry cleaning is done by another company for a fee. 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. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 5.Purchased office equipment on account from Office Mart, 7,500. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. 1. 16. Im very much interested to write for attendance systems. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. No. points Determine the net income or net loss for January. If there is. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Q:Ken Jones, an architect, opened an office on April 1, 2019. Hello. 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. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. There is no prepaid rent or rent payable at year-end. 63. Liabilities Stock Amount of total revenue recorded in the ledger. The following transactions, A:Journal Entries: 61,000 Accounts containing only a single entry do not need a balance. 10,000 Use a chart of accounts to order the ledger accounts. Paid part-time receptionist for two weeks salary, 750. 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:July 1, Lula Plume created a new self-storage business, Safe Storage Co. 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. During May, Kelly Consulting entered into the following transactions: May 3. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 27.Paid electric bill, 915. 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. Determine the account balances, after all posting is complete. March transactions are as follows : Bal. 28. 60,000 Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and No. 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 2,500 a. 1,500 No. 2. Opened a business bank account with a deposit of 50,000 from personal funds. The company paid $10,000 cash to settle the liability created in transaction c. Ask your question! Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. d. Does the activity add value to Latchey’s provision of insurance services? During June, Ming Chen (the owner) completed these transactions: a. 7,500 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. If you want the answer, Q:Architects completed the following transactions: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 2. 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. During the first month of operations of his, A:Solution: Q:Connie Young, an architect, opened an office on October 1, 2019. Instructions 1. f. The company purchased additional equipment for $6,000 cash. %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. ACCOUNTS RECEIVABLE H. Paid the worker hired in D for one weeks work. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. 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. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. 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. Next Accounts A:The financial statements of the business include the income statement and balance sheet of the firm. (f) Made payment on loan in transaction (c), 500. Write Balance in the Item column and place a check mark () in the Posting Reference column. Instuction Prepare an income staement and statement of stockholders equity for July. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 23.Served as disc jockey for a party for 2,500. 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. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. During June, Ming Chen (the owner) completed these transactions. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. a. No. 30. 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: (Enter decreases to account balances with a 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. 4. 30. . I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Basic Accounting Systems: Cash Basis. 17. $30000. g. Paid interest on the note payable, $500. 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. Withdrew cash for personal use, 2,000. Equity 1,500 31. b. During June, Ming Chen (the owner) completed these transactions: a. A:Introduction: During the month, she completed the following transactions connected with her professional practice: a. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself?
