Paid dividends, 10,500. During June, Ming Chen (the owner) completed these transactions: a. 503. h. Sold catering services on account, 4,307. i. 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. Assets Paid rent for period of November 1 to end of month, 4,000. 3. 8,000 Payable J. Saved d. Paid rent on office and equipnwnt for the month, $5,000. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Stock 58,500 1,500 Issued common stock to Marjorie Knaus in, A:Step 1 Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 14.Paid wages of 1,200 to receptionist and part-time assistant. DLite Dry Cleaners is owned and operated by Joel Palk. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). a. Borrowed $100,000 by issuing a note payable. 61. a. c. Both credit card and debit card transaction fees are limited by law. $ 15,000 property. b. Determine the following: a. Apr. 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. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The transaction analysis is done with the help of the accounting equation. 61,000 f. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 1,500 During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Paid gas, oil, and repairs on automobile for April, 550. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. No principal payments are made, only interest is paid. 31.Received 3,000 for serving as a disc jockey for a party. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. The company paid $1,500 cash for rent of office space for the month. %24 Received 750, with the remainder due August 4, 2019. *Response times may vary by subject and question complexity. 60,000 D. An office worker was hired. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. 24 7,500 Equity Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Common The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Prepare an income statement, a retained earnings statement, and a balance sheet. g. The company paid an assistant $\$3,000$ cash as wages for the month. 24. (Note: Ignore the date because these events are aggregations of individual events.) 1. Paid dividends, $3,000. 25.000 Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Equity The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - %D Only debit card transaction fees are limited by law. 5. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. Recorded services provided on account for the period May 16-20, 4,820. 58,500 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. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 3. a. ASSETS Determine account balances of the T accounts. . 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. c. Received cash from fees earned. Paid an attorney 900 for reviewing the July 3 contract with KXMD. + Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. 61,000 Brooke completed the following transactions during the month of August: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Bal. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Record the closing entries on Page 8 of the journal. Withdrew cash for personal use, 2,500. Analyze and use these data to complete parts (5) and (6). 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. 506. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Record the transactions and the balance after each transaction. Instructions 1. The company pald $2,100 cash for rent of office space for . d. Paid rent on office and equipnwnt for the month, $5,000. 501. e. Bought insurance for the truck for one year, 400, Ck. Find answers to questions asked by students like you. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:Revenue means the income earned during a given period. Cash Write Balance in the Item column and place a check mark () in the Posting Reference column. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. and company a firm. minus sign.) First week only $4.99! 8. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. a. 8.000 2. g. The company paid an assistant $3,000 cash as wages for the month. 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. 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. 30. b. 8. Prepare an unadjusted trial balance. +. Ken Jones, an architect, opened an office on April 1, 2016. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Served as disc jockey for a party for 2,500. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 8.Paid for a newspaper advertisement, 200. (Record as Miscellaneous Expense.) So lets make no longer delay & start chatting immediately. Determine the net income or net loss for April. On June 1 of the current year, Chad Wilson established a business to manage rental property. A:The financial statements of the business include the income statement and balance sheet of the firm. 15. Problem1-63B Income Statement, Retained Earnings Statement. 27. Hill e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. f. The company purchased additional equipment for $6,000 cash. Common 23. f. The company purchased additional equipment for $6,000 cash. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid telephone bill for May, 260. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. During the first month of operations of his, A:Solution: 3. f. The company purchased additional equipment for $6,000 cash. 10,000 g. The company paid an assistant $3,000 cash as wages for the month. Received an invoice for truck expenses, to be paid in November, 1,250. 1,500 Record the adjusting entries on Page 7 of the journal. eBook No. Instructions 1. 10,000 + Instuction Prepare an income staement and statement of stockholders equity for July. Income tax of $10,300 was incurred and paid in 2019. 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. Liabilities 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 April 1, Jiro Nozomi created a new travel agency, Adventure Travel. 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: b. Prepare an unadjusted trial balance as of July 31, 2019. %3D Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. f. Paid office salaries, $6,500. Mulberry paid the interest payable of $8,000. 58,500 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. Required 1. a. The following information is provided for the first month of operations for Legal Services Inc.: A. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Do you need an answer to a question different from the above? Recorded jobs completed on account and sent invoices to customers, 22,300. a. If the two totals are not equal, check the addition and subtraction. The prepaid rent at the beginning of the year was used in 2019. Received $100 from a customer for services we will provide next week. II Since there are multiple subparts, we will answer only first three subparts. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:a)Indicate the effect of the given transactions. Check my 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. (Enter decreases to account balances with a Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 3. During March, the following, A:1. a. (b) Paid office rent, 500. The account headings are presented below. 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 The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization.  d. Does the activity add value to Latchey’s provision of insurance services? 6. 31.Withdrew 1,250 cash from PS Music for personal use. If you want the answer, Q:Architects completed the following transactions: c. Received cash from fees earned. Mulberry purchased computer paper for $13,000 cash in late December. EQUITY 25,000 000 Amount of total expenses recorded in the ledger. 0. A statement of changes in Equity (h) Received cash for services rendered, 800. 10,000 A:The financial statements of the business include the income statement and balance sheet of the firm. h. Purchased land as a future building site, paying cash of $120,000. Explanations may be omitted. Received cash from clients on account, 9,520. Determine the net income or net loss for April. (i) Paid electricity bill, 85. 4. Paid cash for a newspaper advertisement. Kimberly Manis, an architect, opened an office on January 1, 2016. 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. 10. The customer will pay at a later date. Accounting Equation is calculated using following equation - Print Required: What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? 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. 7.500 2023 White PaPer. Introduction: b. With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. b. Hi, Hope you are doing well. Apr. 0. Required Q:Comprehensive Problem Set Hello. 7.500 Paid electric bill, 915. Only credit card transaction fees are limited by law. Record the transactions and the balance after each transaction. Ask your question! Determine the increase or decrease in owners equity for January. What if the client hasn't prepared them in advance? No. a. 3. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. 18.Purchased supplies on account, 850. The following account balances are available: Required: 1. 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. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. the. Transactions completed during the month follow. The actual work of dry cleaning is done by another company for a fee. Bal. 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.: First let me introduce myself, my name is XX, 23 years old, and David is my English name. The account headings are presented below. b. During June, 3. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1.  b. 8. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. 1000. c. Bought office supplies for cash, 375, Ck. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. 1. $30000. 3. The policy covers a one-year period. 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. 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. Paid dividends, $3,000. During June, Ming Chen (the owner) completed these transactions. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Paid part-time receptionist for two weeks salary, 750. Receivable 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--. 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).