The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Problem1-63B Income Statement, Retained Earnings Statement. 13. 60,000 %D 4. 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. 1. Record the following transactions on Page 6 of the journal: 20. the firm are, A:Income statement Apr. a. So lets make no longer delay & start chatting immediately. In addition, $28,000 of computer rental costs were incurred and paid. 2.Received 1,000 cash from customers on account. Received cash for job completed, 11,500. Prepare a post-closing trial balance. a. *Response times may vary by subject and question complexity. f. The company purchased additional equipment for $6,000 cash. k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. Prepare T accounts, using the account titles in (1). No. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Cash During June, Ming Chen (the owner) completed these transactions. (1,500) + Required 1. Paid 620 to Upload Music for use of its current music demos in making various music sets. CASH Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 3. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. Received 3,000 for serving as a disc jockey for a party. 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. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 1PA, Your question is solved by a Subject Matter Expert. Show new balances after each transaction. No. b. 3. %24 He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Withdrew cash for personal use, 3,900. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. During the first month of operations of his, A:Solution: 7,500 Advertising expense of $26,000 was incurred and paid. c. Received cash from fees earned. Find answers to questions asked by students like you. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. a. 3. 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. f. The company purchased additional equipment for $6,000 cash. During June, Ming Chen (the owner) completed these transactions: a. 2. 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Paid office salaries, $6,500. 25,000 a. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. Received and paid the heating bill, 248, Ck. Instrustions Prepare a balance sheet as of July 31, 20Y5. 2023 White PaPer. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Assets 27. Instructions 1. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Classify each transaction as an operating, an investing, or a financing activity. ces Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. %24 The policy covers a one-year period. Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 5. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. No. b. 1 of 1 Hire Professional Writer And Get A+ Grades In Your Homework. Withdrew l,250 cash from PS Music for personal use. The following transactions, A:Journal Entries: 000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. d. Purchased office supplies on account, $1,250. 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. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 4. Journal Entries - Journal Entries are the recording of transactions of the organization. During June, Ming Chen (the owner) completed these transactions. Paid gas, oil, and repairs on automobile for April, 550. During June, Ming Chen (the owner) completed these transactions. Determine the excess of revenues over expenses for November. 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. 10,000 No. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Explanations may be omitted. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. A:Introduction: stock. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 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. b. (j) Withdrew cash for personal use, 100. b. To ensure my potential must visit my profile to check my ratings and uploaded samples. First week only $4.99! + For those boxes in, A:Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by, Q:on april 1 Jiro Nozomi created a new travel agency, adventure travel. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. + 25,000 d. The company completed work for a client and immediately collected the $2,500 cash earned. Equipment 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. During the first month of operations of his, A:Solution: I have all relevant skills and expertise related to your project. During the first month of ASSETS Since there are multiple subparts, we will answer only first three subparts. Determine the net income for June. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. During the month, Jones, A:T accounts: If you still cannot find the error, re-analyze each transaction. 9. A balance sheet A:The financial statements of the business include the income statement and balance sheet of the firm. 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. I am highly qualified expert, working from 2008-9 in this industry. A:The financial statements of the business include the income statement and balance sheet of the 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. h. Purchased land as a future building site, paying cash of $120,000. f. Paid office salaries, $6,500. 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. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 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. $30000. Paid cash for miscellaneous expenses, 375. j. No. Assignments: ACCTG-4A-80575-2021SP You can message me to discuss the details. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Start your trial now! None of the paper was used by year-end. 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. 1,500 Purchased supplies on account, 735. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. e. Purchased office equipment on account, 15,000. Received 1,000 cash from customers on account. 10,000 15. 506. Assets a. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? g. The company paid an assistant $3,000 cash as wages for the month. (Record as Miscellaneous Expense.) 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. Received 500, with the remainder due on August 9, 2019. Good morning, teachers, I am honored to be informed to have this interview. d. Recorded jobs completed on account and sent invoices to customers, 22,300. Find step-by-step Accounting solutions and your answer to the following textbook question: Ming Chen began a professional practice on June $1$ and plans to prepare financial statements at the end of each month. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. No. 10,000 1002. h. Received and paid the bill for utilities, 340, Ck. Explanations may be omitted. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Using the following, A:Impact on Equity - Equity (Enter decreases to account balances with a Chapter 1 Exercises i By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. The following transactions were completed during July, the second month of the business's operations: July 1. 2. 1. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. During June, Ming Chen (the owner) completed these transactions. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. eBook we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Which of the following is true? (g) Paid wages to part-time employee, 500. M Question 8 - Chapter 1 Exercises Connect 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Start your trial now! Write Balance in the Item column and place a check mark () in the Posting Reference column. 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. During June, 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 RECEIVABLE During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. ok ht inces a. Greetings! %24 No. 1,500 Amount of total revenue recorded in the ledger. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 23.Served as disc jockey for a party for 2,500. Instructions 1. Accounts containing only a single entry do not need a balance. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. g. Paid interest on the note payable, $500. II Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 1,500 (Income Summary is account 34 in the chart of accounts.) G. Received the electricity bill. Bal. 4.Prepare an unadjusted trial balance as of July 31, 2019. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. h. Purchased land as a future building site, paying cash of $120,000. Revenue I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. %24, Carl Warren, James M. Reeve, Jonathan Duchac. 75,000 A:Hi student 61,000 Determine account balances of the T accounts. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. The company paid $10,000 cash to settle the liability created in transaction c. 0.33 Prepare an unadjusted trial balance as of August 31, 2016. a. Wallace deposited 24,000 in a bank account in the name of the business. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. b. Paid rent for July, 1,750. Purchased supplies on account, 850. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 61. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Paid 250 to creditors on account. Each drugstore is operated by a general manager and a controller. i. 8. The American Chamber of Commerce in South China. The account headings are presented below. %3D h. Purchased land as a future building site, paying cash of $120,000. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 31. 1003. i. Determine account balances of the T accounts. a. b. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 31. He. 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. 7,500 Required 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Paid 620 to Upload Music for use of its current music demos in making various music sets. 1,500 22. 10,000 18.Purchased supplies on account, 850. Greco resort opened for business on june 1. 24 b. %3D Paid rent for period of November 1 to end of month, 4,000. Bal. c. Amount of net income for January. 5. b. Ethics and budgetary slack: b. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 7. 30. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid truck expenses, 435, Ck. 2. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. 4. Recorded services provided on account for the period May 16-20, 4,820. (h) Received cash for services rendered, 800. Paid wages of 1,200 to receptionist and part-time assistant. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Purchased office equipment on account from Office Mart, 7,500. If the two totals are not equal, check the addition and subtraction.
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