(1,500) + a. 75,000 (h) Received cash for services rendered, 800. Six months rent was paid in advance, $4,500. Purchased supplies on account, 850. b. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? During June, Ming Chen (the owner) completed these transactions: a. 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. 2.Received 1,000 cash from customers on account. 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, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. She, A:The balance sheet is one of the financial statements of the business which represents the financial, Q:On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of, A:Accounting Equation: In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. d. The company completed work for a client and immediately collected the $2,500 cash earned. Determine the increase or decrease in owners equity 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. Ask your question! Print First week only $4.99! 3. During June, Ming Chen (the owner) completed these transactions. 0. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. College Accounting (Book Only): A Career Approach. During June, Ming Chen (the owner) completed these transactions. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. b. Simple Accounting equation is. 3. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. 225. Opened a business bank account with a deposit of 30,000 from personal funds. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 10,000 Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. No. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 27. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: 5. 1,500 During the month, Lexi completed the following transactions related to the business: Nov. 1. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 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. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. g. The company paid an assistant $3,000 cash as wages for the month. d. The company completed work for a client and immediately collected the $2,500 cash earned. 3.Paid 250 to creditors on account. What amount should Carter report as net cash from investing activities? Prepare T accounts, using the account titles in (1). Bal. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. (Enter decreases to account balances with a In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 0. A. Record the adjusting entries on Page 7 of the journal. b. 10. %3D The company paid $1,500 cash for rent of office space for . 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 g. The company paid an assistant $3,000 cash as wages for the month. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. A statement of changes in Equity b. Received cash for job completed, 11,500. 2. 22. Received cash from clients on account, 2,450. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. + What if the client hasn't prepared them in advance? Instructions 1. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 30. J. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Common The company paid $10,000 cash to settle the liability created in transaction c. No principal payments are made, only interest is paid. During June, Ming Chen (the owner) completed these transactions.a. Bal. Recorded services provided on account for the period May 16-20, 4,820. The company paid $1,500 cash for rent of office space for the month. 25,000 31.Received 3,000 for serving as a disc jockey for a party. 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. Owner invested $60,000 cash in the company along with equipment. First week only $4.99! During June, Ming Chen (the owner) completed these transactions. 10 000 %3D Hello. c. Amount of net income for January. 7.500 (d) Received cash for services rendered, 900. Only debit card transaction fees are limited by law. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 3. 61,000 0. Received 1,000 cash from customers on account. Received cash from customers on account, 88,000. k. Determined that the cost of supplies on hand was 5,900; therefore, the cost of supplies used during the month was 3,600. l. Withdrew 12,000 cash for personal use. 30.Served as a disc jockey for a charity ball for 1,500. Paid on account to the City Crier, 455, Ck. 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. If an entry is not required for any of these transactions, state this and explain why. 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 Accounts containing only a single entry do not need a balance. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. 29.Paid miscellaneous expenses, 540. %24 Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Connie Young, an architect, opened an office on October 1, 2019. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Paid electric bill, 915. 30. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common b. b. 61,000 (Record as Miscellaneous Expense.) b. Received 500, with the remainder due on August 9, 2019. 31.Withdrew 1,250 cash from PS Music for personal use. d. The company completed work for a client and immediately collected the $2,500 cash earned. Post the journal to a ledger of four-column accounts. 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 Record the following transactions on Page 6 of the journal: 20. So lets make no longer delay & start chatting immediately. During June, 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. 25.000 The company paid $1,000 cash in dividends to the owner (sole shareholder). 8,000 On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 3. Write Balance in the Item column and place a check mark () in the Posting Reference column. 7. Ask a new question. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. ol + b. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The following transactions were completed during July, the second month of the business's operations: July 1. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 2,500 She, A:As you have posted multiple questions, the solution to the first question is being provided. If there is. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 4. Paid rent for July, 1,750. 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. Paid miscellaneous expenses, 1,000. Determine the amount of Joel Palks capital as of July 1 of the current year. Accounting Equation is calculated using following equation - 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 company paid $1,000 cash in dividends to the owner (sole shareholder). Paid dividends, $3,000. b. Determine account balances of the T accounts. A:The financial statements of the business include the income statement and balance sheet of the firm. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Paid dividends, 2,500. 0. a. A Wages of $379,000 were paid in cash. 31. Required: 31. 1.500 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). Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. c. Both credit card and debit card transaction fees are limited by law. Liabilities Accounts Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. f. The company purchased additional equipment for $6,000 cash. 27. Ken Jones, an architect, opened an office on April 1, 2016. 10,000 b. c. Received cash from fees earned. 3. Paid dividends, $3,000. h. Borrowed $100,000 by issuing a note payable. If the two totals are not equal, check the addition and subtraction. 17. Equity Determine the following: a. 15,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. 4. a. Instructions 1. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. a. DLite Dry Cleaners is owned and operated by Joel Palk. Equipment 8. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 2023 White PaPer.  c. Is it a variable or a fixed cost? Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. At the end of May, the following adjustment data were assembled. Equipment No. Purchased office equipment on account, 15,000. The company paid $1,500 cash for rent of office space for the month. Determine the account balances, after all posting is complete. 25.000 61. 1, A:Salary is the expense of a business. Instructions 1. During June, Ming Chen (the owner) completed these transactions: a. Paid cash for miscellaneous expenses, 375. j. On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. a. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. %24 During June, Ming Chen (the owner) completed these transactions: a. S NO Issued common stock to Marjorie Knaus in, A:Step 1 Income tax of $10,300 was incurred and paid in 2019. 1.500 Is this a direct or an indirect cost? Stock Amount of total revenue recorded in the ledger. ACCOUNTS RECEIVABLE Good morning, teachers, I am honored to be informed to have this interview. July 21. 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. a. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: 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: 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. She helped me in last minute in a very reasonable price. Determine the account balances after all posting is complete. Repairs and maintenance of $9,000 were incurred and paid. He. the. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Explanations may be omitted. 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. Inflation is 3.8% per year. 1,500 %24 EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental On March 1 of this year, B. Gervais established Gervais Catering Service. Prepare an income statement, a retained earnings statement, and a balance sheet. Write Balance in the Item column and place a check mark () in the Posting Reference column. %3D 61,000 (Optional) Prepare a statement of cash flows for July. i. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. 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. 3. 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. 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. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. 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. +. 31. 1003. i. Paid annual premiums on property and casualty insurance, 2,400. Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Classify each transaction as an operating, an investing, or a financing activity. Paid cash to creditors on account, 4,500. j. 21. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 8.000 b. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). $30000. 0. The prepaid rent at the beginning of the year was used in 2019. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. View this solution and millions of others when you join today! Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and c. Received cash from fees earned. 8,000 To ensure my potential must visit my profile to check my ratings and uploaded samples. 1,500 Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. %3D Paid miscellaneous expenses, 540. 11. 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. During June, Ming Chen (the owner) completed these transactions: a. Withdrew cash for personal use, 7,500. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. + How much did Marchs transactions increase or decrease Amy Austins capital? Paid 250 to creditors on account. 1,500 29. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Thank you for the question, As per the honor code, we are allowed to answer three, Q:Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. D. An office worker was hired. i. Analyze and use these data to complete parts (5) and (6). h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. 1,500 1,500 Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Assignments: ACCTG-4A-80575-2021SP 61,000 0. Paid 700 to a local audio electronics store for rental of digital recording equipment. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Instructions 1. 2. %24 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--. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Introduce your . d. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Paid rent for July, 1,750. Accounts Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 2023. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Paid dividends, 10,500. 503. h. Sold catering services on account, 4,307. i. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Bal 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; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. 4. d. f. The company purchased additional equipment for $6,000 cash. 11.Received 1,000 for serving as a disc jockey for a party. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Payable 1. Paid gas, oil, and repairs on automobile for April, 550. Served as a disc jockey for a charity ball for 1,500. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. Ming Chen (the owner) completed these transactions. 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). a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. + Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 4.Prepare an unadjusted trial balance as of July 31, 2019. Determine the net income or net loss for January. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. (f) Made payment on loan in transaction (c), 500.