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. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Post the journal to a ledger of four-column accounts. Ming Chen began a professional practice on June $1$ and plan | Quizlet i. During June, Ming Chen (the owner) completed these transactions. Withdrew cash for personal use, 2,000. She, A:As you have posted multiple questions, the solution to the first question is being provided. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Repairs and maintenance of $9,000 were incurred and paid. b. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. b. During June, Ming Chen (the owner) completed these transactions: a. h. Borrowed $100,000 by issuing a note payable. 2. During the month, he completed the following transactions connected with his professional practice: a. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? 1.500 7. 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). During June, Ming Chen (the owner) completed these transactions. 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 Determine the account balances, after all posting is complete. None of the paper was used by year-end. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? h. Determine the following: a. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. %3D d. Paid rent on office and equipnwnt for the month, $5,000. Instructions 1. 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 The company paid $1,500 cash for rent of office space for the month. Borrowed $100,000 by issuing a note payable. S NO The account headings are presented below. g. Paid interest on the note payable, $500. Cash Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Analyze each transaction, Journalize as appropriate. 13. stock. 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. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. ces Paid rent for July, 1,750. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Do you need an answer to a question different from the above? First week only $4.99! In July of this year, M. Wallace established a business called Wallace Realty. View this solution and millions of others when you join today! Recording of a business transactions in a chronological order. 75,000 To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Accounts Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Received cash from clients on account, 2,450. 4. $30000. Received $100 from a customer for services we will provide next week. + Insurance expired during May is 275. b. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. 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 fees earned. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 8.000 Paid telephone bill for May, 260. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. a. (Solved) - Ming Chen began a professional practice on June 1 and plans 2. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. a. Wallace deposited 24,000 in a bank account in the name of the business. Paid rent for July, 1,750. No. a. A:Requirement 1: Indicate the effect of the given transactions. 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. To ensure my potential must visit my profile to check my ratings and uploaded samples. %24  d. Does the activity add value to Latchey’s provision of insurance services? Simple Accounting equation is. She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. Determine the increase or decrease in owners equity for August. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. Journal entry is used to the record the business transactions of an enterprises. c. Received cash from fees earned. + Dividends Paid 250 to creditors on account. Record the adjusting entries on Page 7 of the journal. Start your trial now! Saved The worker will be paid $275 per week. e. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 28.Paid wages of 1,200 to receptionist and part-time assistant. Bal. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. A:a)Indicate the effect of the given transactions. 1.500 Required 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Paid miscellaneous expenses, 1,000. (Note: Ignore the date because these events are aggregations of individual events.) Q:Connie Young, an architect, opened an office on October 1, 2019. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Received and paid the heating bill, 248, Ck. 501. e. Bought insurance for the truck for one year, 400, Ck. 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. First week only $4.99! 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. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. Use a chart of accounts to order the ledger accounts. 7,500 Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Inflation is 3.8% per year. 25,000 Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 1,500 Q:Duerr Engineering completed the following transactions in the month of June. 6. Paid 700 to a local audio electronics store for rental of digital recording equipment. Accounting Equation - a. (Enter decreases to account balances with a a. First let me introduce myself, my name is XX, 23 years old, and David is my English name. The business was started by selling $100,000 worth of common stock. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 5. Cash b. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. Accounts Q:1. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Prepare an unadjusted trial balance as of July 31, 2019. Withdrew l,250 cash from PS Music for personal use. 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. April. Assignments: ACCTG-4A-80575-2021SP Paid dividends, 10,500. Bal. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. 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 cash from customers on account, 9,000. Introduce your . 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. 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DLite Dry Cleaners is owned and operated by Joel Palk. a. 2. Hi, Hope you are doing well. Opened a business bank account with a deposit of 50,000 from personal funds. 1002. h. Received and paid the bill for utilities, 340, Ck. g. The company paid an assistant $3,000 cash as wages for the month. Ming Chen began a professional practice on June 1 and plans to prepare A:Introduction: The transactions completed by PS Music during June 2019 were described at the end of Chapter 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: 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. a. 3. a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 25,000 The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. and company a firm. 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. Determine the account balances after all posting is complete. A:Net income is calculated after analysing the revenue and expenses of the organisation. Paid gas, oil, and repairs on automobile for April, 550. Paid Office Station Co. for part of the debt incurred on April 5, 640. How much did Marchs transactions increase or decrease Amy Austins capital? Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. A. Required 1. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. During the month, she completed the following transactions connected with her professional practice: a. 2.1.4P, Your question is solved by a Subject Matter Expert. 4. 4. During June, Ming Chen (the owner) completed these transactions: a. 58,500 %24, Carl Warren, James M. Reeve, Jonathan Duchac. a. Instructions 1. Paid dividends, $3,000. d. Paid rent on office and equipment for the month, $5,000. Paid the office rent for the current month, 650, Ck. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Received 3,000 for serving as a disc jockey for a party. The company paid $1,500 cash for rent of office space for the month. 2. 60,000 Paid electric bill, 915. f. Paid office salaries, $6,500. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Using the following, A:Impact on Equity - Determine the following: a. 10. During June, Ming Chen (the owner) completed these transactions. Issued common stock to Marjorie Knaus in, A:Step 1 2. Find answers to questions asked by students like you. 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. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e Post your journal entries to T-accounts, Add additional T-accounts when needed. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Journals: 8. Analyze and use these data to complete parts (5) and (6). (83) C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). No. 25.000 a. b. %24 Expenses f. The company purchased additional equipment for $6,000 cash. 10,000 Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 5. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Ming Chen (the owner) completed these transactions. 27.Paid electric bill, 915. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Kimberly Manis, an architect, opened an office on January 1, 2016. $4 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. If the two totals are not equal, check the addition and subtraction. Received cash for job completed, 11,500. Enter the impact of each transaction on individual items of the accounting equation. During the month, she completed the following transactions connected with her professional practice: a. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. What will be the value of interest payment at the end of fourth year in real dollars? 1. During June, Ming Chen (the owner) completed these transactions: a. b. b. Bal. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. If you want the answer, Q:Architects completed the following transactions: The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. No. No. $ 15,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Accounts containing only a single entry do not need a balance. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 31. The customer will pay at a later date. 1,500 10,000 c. Amount of net income for January. 2023. %24 Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. The prepaid rent at the beginning of the year was used in 2019. Determine the net income for June. Instructions 1. What if the client hasn't prepared them in advance? February 20, 2023. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. 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.