Recording of a business transactions in a chronological order. EQUITY g. The company paid an assistant $3,000 cash as wages for the month. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. 8,000 The company paid $10,000 cash to settle the liability created in transaction c. j. Opened a business bank account with a deposit of 35,000 in exchange for common stock. 1006. (Record as Miscellaneous Expense.) Required 1. i. 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. 1. 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:a.  a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Greetings! Received cash from customers on account, 9,000. 28. 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Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. a., A:1. 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. During June, Ming Chen (the owner) completed these transactions.a. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. %D Assets 10,000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. (Income Summary is account 34 in the chart of accounts.) a. Gervais deposited 25,000 in a bank account in the name of the business. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Graw 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. 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. Recorded jobs completed on account and sent invoices to customers, 22,300. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. minus sign.) Saved The account headings are presented below. Repairs and maintenance of $9,000 were incurred and paid. 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. Determine account balances of the T accounts. 12. %3D April. 7,500 During June, Ming Chen (the owner) completed these transactions. During June, The company paid $1,000 cash in dividends to the owner (sole shareholder). During June, Ming Chen (the owner) completed these transactions: a. 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. Introduce yourself. 5. Maria completed the following transactions, A:An income statement is one of the financial statements of a company and shows the company's, Q:Indicate the effect of each transaction and the balances after each transaction: O OO O (1,500) + Liabilities Hello. %D How much did Marchs transactions increase or decrease Amy Austins capital? 25,000 Received 750, with the remainder due August 4, 2019. 31. %3D 1,500 No. Hello. Dividends Instructions 1. Hi! (Optional) Prepare a statement of cash flows for July. 31. 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. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Introduce your . e. Paid cash for miscellaneous expenses, 375. j. Which of the following is true? Im very much interested to write for attendance systems. First week only $4.99! Ken Jones, an architect, opened an office on April 1, 2016. Accounts Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. 22. Determine the amount of Joel Palks capital as of July 1 of the current year. 5.Purchased office equipment on account from Office Mart, 7,500. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Determine the net income or net loss for April. 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. Received and paid the heating bill, 248, Ck. I have all relevant skills and expertise related to your project. 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. No. 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. h. Purchased land as a future building site, paying cash of $120,000. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Paid dividends, $3,000. Paid dividends, 2,500. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Cash Enter the following transactions on Page 2 of the two-column journal: 16. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 3. b. You can message me to discuss the details. Mulberry paid the interest payable of $8,000. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 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 State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Instructions 1. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid 700 to a local audio electronics store for rental of digital recording equipment. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. During June, 2. Journal entry is used to the record the business transactions of an enterprises. 11. Common 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. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. 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. 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. The following account balances are available: Required: 1. Determine the net income or net loss for January. 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. 9. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Required 75,000 July 21. View this solution and millions of others when you join today! Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. I am a Ph.D. writer with more than 9 years of working experience in Writing. Received 1,000 for serving as a disc jockey for a party. 61. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. During the month, Knaus. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. A. b. February 20, 2023. + During March, the following, A:1. Home., A:Since you have asked multiple questions under a single question. Post your journal entries to T-accounts, Add additional T-accounts when needed. 4. 2.Received 1,000 cash from customers on account. b. f. The company purchased additional equipment for $6,000 cash. 4. a. Bal. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 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). Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. b. Accounts He. 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. 25. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Only credit card transaction fees are limited by law. A:Journal: 1. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Enter the following transactions on Page 2 of the two-column journal: 29. 7,500 30. Brooke completed the following transactions during the month of August: a. 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. None of the paper was used by year-end. Determine the net income or net loss for October. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Served as disc jockey for a party for 2,500. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. on the Business environment in China. S NO 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. If there is. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 1PA, Your question is solved by a Subject Matter Expert. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Introduction: c. Amount of net income for August. Ming Chen (the owner) completed these transactions. Instructions 1. 23. Prepare a post-closing trial balance.

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