No. Instructions 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. 15. Instructions 1. 3. Only credit card transaction fees are limited by law. 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. During June, Ming Chen (the owner) completed these transactions: a. Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. e. Determine the increase or decrease in owners equity for August. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Prepare an unadjusted trial balance. 61,000 As, Q:Leora Diamond began a professional practice on June 1 and plans to prepare financial statements at, A:Accounting Equation is foundation of Double entry Accounting System . 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: The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Prepare an unadjusted trial balance as of July 31, 2019. Instructions 1. 1. Ask a new question. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. I can help you with creating a presentation of one slide for The Word of William Hunter. 2023 White PaPer. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Accounts 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. 8. 1002. h. Received and paid the bill for utilities, 340, Ck. Each drugstore is operated by a general manager and a controller. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 14.Paid wages of 1,200 to receptionist and part-time assistant. %D Determine account balances of the T accounts. Post the journal to a ledger of four-column accounts. b. h. Purchased land as a future building site, paying cash of $120,000. j. 5. f. + Cash A:Prepare a trial balance for Randy Guttery, Landscape Consultant. The company paid $1,500 cash for rent of office space for the. I am highly qualified expert, working from 2008-9 in this industry. The following, A:Unadjusted Trial Balance - Paid rent for July, 1,750. 24. Hello. No. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. 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. During June, Ming Chen (the owner) completed these transactions: a. 0. Paid truck expenses, 435, Ck. 2,500 1,500 Equipment i. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. ezto.mheducation.com Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. a. Paid miscellaneous expenses, 1,000. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 8,000 Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Paid gas, oil, and repairs on automobile for April, 550. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. 2. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 31.Received 3,000 for serving as a disc jockey for a party. Paid gas, oil, and repairs on automobile for April, 550. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. . %24 30. Instructions 1. A:Journal: Required Prav The company paid $1,500 cash for rent of office space for the month. Recorded services provided on account for the remainder of May, 2,650. Instructions 1. 4. Received cash from clients on account, 2,450. 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. I am highly qualified expert, working from 2008-9 in this industry. Introduction: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Purchased office equipment on account from Office Mart, 7,500. 3. If an entry is not required for any of these transactions, state this and explain why. Amount of total revenue recorded in the ledger. To ensure my potential must visit my profile to check my ratings and uploaded samples. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 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. No. The account headings are presented below. 1,500 Assets 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. operations,, A:Journal entry means the entry in prime book with chronological order. 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. Required: On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. How much did Marchs transactions increase or decrease Amy Austins capital? Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. A balance sheet Served as disc jockey for a party for 2,500. (h) Received cash for services rendered, 800. 7,500 Q:Comprehensive Problem Set 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 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. The company paid $1,000 cash in dividends to the owner (sole shareholder). 25.000 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 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. A:a)Indicate the effect of the given transactions. Paid 250 to creditors on account. 29. 0. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Apr. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. DLite Dry Cleaners is owned and operated by Joel Palk. %24 d. The company completed work for a client and immediately collected the $2,500 cash earned. A:Revenue means the income earned during a given period. The company paid $1,000 cash in dividends to the owner (sole shareholder). 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. f. Paid office salaries, $6,500. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). A statement of changes in Equity 1. 0. Equity a. a. If you still cannot find the error, re-analyze each transaction. h. Borrowed $100,000 by issuing a note payable. 3. 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. Determine the net income for June. e. 16. No. During the month, he completed the following transactions connected with his professional practice: a. h. Borrowed $100,000 by issuing a note payable. Required 1. Q:Prepare the statement of retained earnings for the month of July 31. If you still cannot find the error, re-analyze each transaction. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. During June, Ming Chen (the owner) completed these transactions. Journal Entries - Journal Entries are the recording of transactions of the organization. 4. 13. Write Balance in the Item column and place a check mark () in the Posting Reference column. k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. The company paid $1,500 cash for rent of office space for the month. Enter the following transactions on Page 2 of the two-column journal: 16. a. 8,000 During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Ming Chen started a business and had the following transactions in June. 18. J. 10,000 + March transactions are as follows : b. 1,500 Start your trial now! Purchased supplies for cash, 1,750. Hello. No. I. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 8.000 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Paid wages of employees, 6,800. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Instrustions Prepare a balance sheet as of July 31, 20Y5. Paid utilities expense, 4,500. 15. h. Purchased land as a future building site, paying cash of $120,000. Ming Chen (the owner) completed these transactions. 12. b. Accounting Equation - After, A:Net income: During June, Ming Chen (the owner) completed these transactions. Show new balances after each transaction. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. During June, Ming Chen (the owner) completed these transactions. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. a. Gervais deposited 25,000 in a bank account in the name of the business. Using the following, A:Impact on Equity - Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 3. Billed insurance companies for sales commissions earned, 12,500. j. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. d. Record the transactions and the balance after each transaction. b. Paid 620 to Upload Music for use of its current music demos in making various music sets. b. Write Balance in the Item column and place a check mark () in the Posting Reference column. Bal. i. (1,500) + 1003. i. The following transactions occurred during January of the current year. 1, A:Salary is the expense of a business. We will pay the $110 in thirty days. 4. Instructions 1. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. During June, Ming Chen (the owner) completed these transactions. 27. Received 1,000 for serving as a disc jockey for a party. Mulberry collected $570,000 from the credit sales in Transaction a and an additional $129,000 from the accounts receivable outstanding at the beginning of the year. 2.1.4P, Your question is solved by a Subject Matter Expert. The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. 2. College Accounting (Book Only): A Career Approach. First week only $4.99! Accounts During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. First let me introduce myself, my name is XX, 23 years old, and David is my English name. No. Journal entry is used to the record the business transactions of an enterprises. 31. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months.