ming chen began a professional practice on june 1

Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. Print First let me introduce myself, my name is XX, 23 years old, and David is my English name. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Hello. Any additional hours beyond SO will be billed to KXMD at 40 per hour. 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. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. %D 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. 25.000 Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. 0. No. 3. 29. 28.Paid wages of 1,200 to receptionist and part-time assistant. $15,000 7.500 The following transactions were completed during July, the second month of the business's operations: July 1. 1, A:Salary is the expense of a business. Paid dividends, 10,500. During June, Ming Chen (the owner) completed these transactions: a. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Q:Prepare the statement of retained earnings for the month of July 31. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. b. 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 Revenues a. (k) Paid wages to part-time employee, 500. 17. Ming Chen began a professional practice on June 1 and. 75,000 h. Borrowed $100,000 by issuing a note payable. Saved . On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 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. b. The company paid $10,000 cash to settle the liability created in transaction c. f. The company purchased additional equipment for $6,000 cash. 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. %24 a. July 21. A:Requirement 1: Indicate the effect of the given transactions. Paid 5,000 on note payable. 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. Liabilities Paid cash for miscellaneous expenses, 375. j. 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. 10,000 15. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. Required 1. II Paid cash to creditors on account, 4,500. j. A:a)Indicate the effect of the given transactions. (g) Paid wages to part-time employee, 500. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Bal. a. Accounts Opened a business bank account with a deposit of 35,000 in exchange for common stock. The policy covers a one-year period. 13. Issued common stock to Marjorie Knaus in, A:Step 1 3. A:The financial statements of the business include the income statement and balance sheet of the firm. No. 5.Purchased office equipment on account from Office Mart, 7,500. No. During June, Ming Chen (the owner) completed these transactions.a. Paid cash for miscellaneous expenses, 375. j. Check my Paid telephone bill for May, 260. None of the paper was used by year-end. EQUITY operations,, A:Journal entry means the entry in prime book with chronological order. b. 506. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 0. Paid 620 to Upload Music for use of its current music demos in making various music sets. During June, Ming Chen (the owner) completed these transactions. Advertising expense of $26,000 was incurred and paid. 10,000 Equipment A:The financial statements of the business include the income statement and balance sheet of the firm. 4. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 30. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. D. An office worker was hired. During June, Ming Chen (the owner) completed these transactions. Paid truck expenses, 435, Ck. 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. 8.000 b. 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. 60,000 0. b. Liabilities Recorded services provided on account for the period May 16-20, 4,820. 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. 10. Paid gas, oil, and repairs on automobile for April, 550. 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. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. 2. Required: To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. 5. a., A:1. g. Paid interest on the note payable, $500. 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. 0. Determine the net income or net loss for April. J. What if the client hasn't prepared them in advance? Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. Determine the net income or net loss for October. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. 9. Receivable No. Using the following, A:Impact on Equity - If there is. 1,500 a. 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 61,000 Purchased office equipment on account from Office Mart, 7,500. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 10.000 Record the closing entries on Page 8 of the journal. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 3. On June 1 of the current year, Chad Wilson established a business to manage rental property. 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:On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. Recorded services provided on account for the remainder of May, 2,650. The company paid $1,000 cash in dividends to the owner (sole shareholder). Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 58,500 8.000 EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental I. a. 24 10,000 + g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. ACCOUNTS RECEIVABLE 3. We will pay the $110 in thirty days. a. a. During June, Ming Chen (the owner) completed these transactions: a. Budgeting issues at the movies: (Note: Ignore the date because these events are aggregations of individual events.) Prepare and post the closing entries. Prepare an unadjusted trial balance as of August 31, 2016. A:a)Indicate the effect of the given transactions. Amount of total revenue recorded in the ledger. The company paid $1,500 cash for rent of office space for the month. Equity Instructions 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. The transactions of (1,500) + It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Q:Ken Jones, an architect, opened an office on April 1, 2019. Billed insurance companies for sales commissions earned, 12,500. j. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. a. 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. Determine the following: a. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Received 1,000 for serving as a disc jockey for a party. During June, Ming Chen (the owner) completed these transactions. Paid 250 to creditors on account. Withdrew cash for personal use, 2,000. Paid rent for July, 1,750. View this solution and millions of others when you join today! (Income Summary is account 34 in the chart of accounts.) Greetings! Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. A:Introduction: 8. (Enter decreases to account balances with a $ 2.1.4P, Your question is solved by a Subject Matter Expert. Interest of $5,000 was paid on the long-term loan. A:Hi student Save & Exit Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. I will also provide you with TURNITIN PLAGIARISM REPORT. During the month, he completed the following transactions connected with his professional practice: a. 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: c. Received cash from fees earned. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. If you still cannot find the error, re-analyze each transaction. 31. ezto.mheducation.com Thanks :--). If you still cannot find the error, re-analyze each transaction. 0. a. Gervais deposited 25,000 in a bank account in the name of the business. Paid on account to the City Crier, 455, Ck. Prepare T accounts, using the account titles in (1). Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. No. 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 installment due on note payable, 300. o. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Purchased office equipment on account, 15,000. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. *Response times may vary by subject and question complexity. 75,000 23. Prav Required II 10,000 Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. (h) Received cash for services rendered, 800. 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. Record the following transactions on Page 6 of the journal: 20. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. Instructions 1. Find answers to questions asked by students like you. Extend the balances to the appropriate balance columns after each transaction is posted. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. e. During March, the following, A:1. b. a. 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. Expenses Determine the increase or decrease in owners equity for January. Transactions completed during the month follow. Received 750, with the remainder due August 4, 2019. d. Paid rent on office and equipnwnt for the month, $5,000. 8.Paid for a newspaper advertisement, 200. Paid an attorney 900 for reviewing the July 3 contract with KXMD. h. Borrowed $100,000 by issuing a note payable. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. b. I have all relevant skills and expertise related to your project. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 27. During the month, he completed the following transactions connected with his professional practice: a. Prepare an income statement, a retained earnings statement, and a balance sheet. 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. 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. b. 5. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. c. Received cash from fees earned. If you want the answer, Q:Architects completed the following transactions: It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. If the two totals are not equal, check the addition and subtraction. Insurance expired during May is 275. b. Since there are multiple subparts, we will answer only first three subparts. f. Paid office salaries, $6,500. 7,500 Receivable d. The company completed work for a client and immediately collected the $2,500 cash earned. It is the first step of recording transactions of a company. 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. During the month, she completed the following transactions connected with her professional practice: a. 4. Paid gas, oil, and repairs on automobile for April, 550. a. 3. (1,500) + Record the adjusting entries on Page 7 of the journal. No. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. 58,500 I can help you with creating a presentation of one slide for The Word of William Hunter. 25.000 27. 0. 7. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Determine the following: a. on the Business environment in China. 61,000 Accounts containing only a single entry do not need a balance. b. 2023. 0.33 h. Purchased land as a future building site, paying cash of $120,000. 1.500 During June, Ming Chen (the owner) completed these transactions. 23.Served as disc jockey for a party for 2,500. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 4. Journal entry is used to the record the business transactions of an enterprises. Only debit card transaction fees. O OO O Ming Chen (the owner) completed these transactions: Introduction: Amount of total expenses recorded in the ledger. b. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Post your journal entries to T-accounts, Add additional T-accounts when needed. 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. Recorded jobs completed on account and sent invoices to customers, 22,300. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). a. 10 000 6. 1003. i. 31.Withdrew 1,250 cash from PS Music for personal use. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 7,500 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. Received 3,000 for serving as a disc jockey for a party. A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her Prepare an adjusted trial balance. Instrustions Prepare a balance sheet as of July 31, 20Y5. 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. 31. g. The company paid an assistant $3,000 cash as wages for the month. Greco resort opened for business on june 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 61. 1006. b. 30. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. 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. She, A:As you have posted multiple questions, the solution to the first question is being provided. a. 1,500 b. g. Paid interest on the note payable, $500. Paid electric bill, 915. Simple Accounting equation is. Dividends %3D Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 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. (i) Paid electricity bill, 85. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. The company paid $1,500 cash for rent of office space for . 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Mulberry paid the interest payable of $8,000. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Journals: 10,000 A balance sheet Instuction Prepare an income staement and statement of stockholders equity for July. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Mc. Accounting Equation - a. I have all relevant skills and expertise related to your project. 3. Payable 25,000 Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. A:Net income is calculated after analysing the revenue and expenses of the organisation. No. During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 Next 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 No. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. Paid cash for a newspaper advertisement. Equipment Start your trial now! + The following account balances are available: Required: 1. Recorded services provided on account for the period May 1-15; 9,180. 25,000 505. m. Paid the salary of the assistant, 1,150, Ck. Issued common stock to Marjorie Knaus in, A:Step 1 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. 1,500 a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. 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: h. Purchased land as a future building site, paying cash of $120,000. 2. After, A:Net income: I am open-minded, easy to adapt, compatible with my friends, and willing to help others. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. During June, Ming Chen (the owner) completed these transactions. (Enter decreases to account balances with a Record the transactions and the balance after each transaction. i. 3. Post the journal to a ledger of four-column accounts. 3. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Opened a business bank account with a deposit of 50,000 from personal funds. CASH ces 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: 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. %24 d. 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. ol + A Wages of $379,000 were paid in cash. 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. There is no prepaid rent or rent payable at year-end. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Instructions 1. The company paid $1,500 cash for rent of office space for the month. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 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. Start your trial now! The company paid $1,000 cash in dividends to the owner (sole shareholder). Accounts The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. c. Both credit card and debit card transaction fees are limited by law. Payable ol + 2,500 Assignments: ACCTG-4A-80575-2021SP 23. b. 3. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 1. Instructions 1. 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.

ming chen began a professional practice on june 1 2023