a. 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 300 on note payable. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Assets 23.Served as disc jockey for a party for 2,500. Paid cash to creditors on account, 4,500. j. Opened a business bank account with a deposit of 30,000 from personal funds. 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. Ming Chen began a professional practice on June $1$ and plan | Quizlet 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. On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, 40,000. b. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Introduction: g. The company paid an assistant $3,000 cash as wages for the month. 4. During June, Ming Chen (the owner) completed these transactions. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Accounts Only credit card transaction fees are limited by law. %3D 0. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. (j) Withdrew cash for personal use, 100. 13. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 25,000 Instructions 1. a. Analyze each transaction, Journalize as appropriate. 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. (1,500) + 10,000 + c. Received cash from fees earned. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 5. Start your trial now! Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Connie Young, an architect, opened an office on October 1, 2019. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Good morning, teachers, I am honored to be informed to have this interview. Write Balance in the Item column and place a check mark () in the Posting Reference column. Received 2,000 for serving as a disc jockey for a wedding reception. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. + 1,500 3. %24 22. b. h. The general manager is responsible for the day-to-day operati.. Budgeting for a Single Product: In this activity, you will be creating budgets for a single product for each of the months in an upcoming quarter. Ming Chen began a professional practice on June 1 and. 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. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. Mulberry purchased computer paper for $13,000 cash in late December. 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.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e Q:Ken Jones, an architect, opened an office on April 1, 2019. 4.Prepare an unadjusted trial balance as of July 31, 2019. Introduction: If you still cannot find the error, re-analyze each transaction. 4. Received cash from customers on account, 9,000. A statement of changes in Equity 61,000 Paid electric bill, 915. Problem1-63B Income Statement, Retained Earnings Statement. Ask your question! A loan of $400,000 is taken out which requires an annual interest 8.000 58,500 and company a firm. 10,000 Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. d. The company completed work for a client and immediately collected the $2,500 cash earned. Transactions completed during the month follow. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common b. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). A. stock. Prepare an unadjusted trial balance. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Received 3,000 for serving as a disc jockey for a party. 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 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. C. Payable screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? April. Six months rent was paid in advance, $4,500. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. Withdrew cash for personal use, 2,500. Served as disc jockey for a party for 2,500. 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. Explanations may be omitted. Determine the net income for March. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Recorded jobs completed on account and sent invoices to customers, 22,300. 60,000 The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. No principal payments are made, only interest is paid. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. View this solution and millions of others when you join today! 8.Paid for a newspaper advertisement, 200. The actual work of dry cleaning is done by another company for a fee. If you still cannot find the error, re-analyze each transaction. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. It is the first step of recording transactions of a company. . (b) Paid office rent, 500. Record the closing entries on Page 8 of the journal. A:a)Indicate the effect of the given transactions. Explanations may be omitted. 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. During the month, Jones, A:T accounts: 1. Paid Office Station Co. for part of the debt incurred on April 5, 640. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. No. Enter the impact of each transaction on individual items of the accounting equation. 0. (h) Received cash for services rendered, 800. Enter the following transactions on Page 2 of the two-column journal: 29. 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. 9. 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. Received and paid the heating bill, 248, Ck. Paid dividends, $3,000. 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. 2. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.
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