How To Bypass Warzone Phone Number, Heb Mission And Vision Statement, Ragnar Lothbrok Snake Pit Location, Voyage Valley Of Vision, Articles M

$15,000 On June 1 of the current year, Chad Wilson established a business to manage rental property. 2020 - 2024 www.quesba.com | All rights reserved. b. (Record as Miscellaneous Expense.) a. Q:Connie Young, an architect, opened an office on October 1, 2019. 13. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 28. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. g. Paid interest on the note payable, $500. Received 3,000 for serving as a disc jockey for a party. The account headings are presented below. Show new balances after each transaction. 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. No. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. 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. ACCOUNTS RECEIVABLE 6. Required: 5. The company paid $1,500 cash for rent of office space for the month. Determine the following: a. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Prepare an adjusted trial balance. a. 0. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Bal. Accounts Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid wages of 1,200 to receptionist and part-time assistant. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- The company pald $2,100 cash for rent of office space for . 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. Mulberry purchased computer paper for $13,000 cash in late December. 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. Instructions 1. %D e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. We will pay the $110 in thirty days. Use a chart of accounts to order the ledger accounts. Determine the following: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. %24 Paid 620 to Upload Music for use of its current music demos in making various music sets. 75,000 Paid rent for period of November 1 to end of month, 4,000. 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). 1,500 h. Purchased land as a future building site, paying cash of $120,000. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. a. No. 4. A building and equipment are currently being rented, pending expansion to new facilities. 3.Paid 250 to creditors on account. During June, Ming Chen (the owner) completed these transactions. h. Purchased land as a future building site, paying cash of $120,000. (Note: Ignore the date because these events are aggregations of individual events.) Equity Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. Amount of total expenses recorded in the ledger. The customer will pay at a later date. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. 8.000 Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. g. The company paid an assistant $\$3,000$ cash as wages for the month. 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. Paid dividends, $3,000. July 21. A. Determine the account balances, after all posting is complete. Received 500, with the remainder due on August 9, 2019. I can help you with creating a presentation of one slide for The Word of William Hunter. 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. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. 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. During the month, she completed the following transactions connected with her professional practice: a. If an entry is not required for any of these transactions, state this and explain why. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. No. a., A:1. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Recorded services provided on account for the period May 1-15; 9,180. i. 1,500 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. If the two totals are not equal, check the addition and subtraction. a. During June, Ming Chen (the owner) completed these transactions. b. There is no prepaid rent or rent payable at year-end. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. A:Revenue means the income earned during a given period. Revenues Received cash from clients on account, 9,520. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Q:1. At the end of May, the following adjustment data were assembled. Instuction Prepare an income staement and statement of stockholders equity for July. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Prepare an income statement, a retained earnings statement, and a balance sheet. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 00. Received cash from clients on account, 2,450. 10,000 Paid cash for miscellaneous expenses, 375. j. 5. 3. 9. No. Withdrew cash for personal use, 2,000. 11. (h) Received cash for services rendered, 800. Determine the net income or net loss for April. Accounts Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. 1.500 501. e. Bought insurance for the truck for one year, 400, Ck.  c. Is it a variable or a fixed cost? Explanations may be omitted. G. Received the electricity bill. %D e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Ethics and budgetary slack: 0. Only credit card transaction fees are limited by law. Introduce your . Thanks :--). Bal Issued common stock to Marjorie Knaus in, A:Step 1 A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Stock a. LIABILITY (Enter decreases to account balances with a Prepare an unadjusted trial balance. 18.Purchased supplies on account, 850. (Enter decreases to account balances with a There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 61. I will also provide you with TURNITIN PLAGIARISM REPORT. Purchased supplies on account, 735. Introduction: Hill 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. The company paid $1,500 cash for rent of office space for the month. 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: 25,000 Enter the following transactions on Page 2 of the two-column journal: 16. stock. If the two totals are not equal, check the addition and subtraction. 4. Establish a ledger for the accounts listed above and enter the beginning balances. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 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. View this solution and millions of others when you join today! 31. Accounts containing only a single entry do not need a balance. 3. (c) Purchased office equipment. During June, Ming Chen (the owner) completed these transactions. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. f. The company purchased additional equipment for $6,000 cash. Repairs and maintenance of $9,000 were incurred and paid. Net income is the excess amount of revenue after deducting all the expenses of a, Q:On August 1, 2019, Rafael Masey established Planet Realty, which completed the following, A:Since we only answer up to 3 sub-parts, well answer the first 3.