Dividends in the amount of $1,500 were distributed. (1,500) + Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. Common In this activity, you will be creating. %24, Carl Warren, James M. Reeve, Jonathan Duchac. If you still cannot find the error, re-analyze each transaction. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. How much did Marchs transactions increase or decrease Amy Austins capital? 3. the. Bal. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. I have all relevant skills and expertise related to your project. 3. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. No. Prepare an income statement, a retained earnings statement, and a balance sheet. A:Requirement 1: Indicate the effect of the given transactions. Receivable 7,500 The company paid $1,000 cash in dividends to the owner (sole shareholder). g. The company paid an assistant $3,000 cash as wages for the month. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Hire Professional Writer And Get A+ Grades In Your Homework. Accounts containing only a single entry do not need a balance. 8.000 b. Received 1,000 for serving as a disc jockey for a party. To ensure my potential must visit my profile to check my ratings and uploaded samples. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 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). 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 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. 28. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 8,000 and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Basic Accounting Systems: Cash Basis. II Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. No. Bal. a., A:1. i. 25.000 ol + 1 of 1 Only debit card transaction fees are limited by law. Paid cash for miscellaneous expenses, 375. j. Accounts a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Home., A:Since you have asked multiple questions under a single question. Prepare an adjusted trial balance. During June, Ming Chen (the owner) completed these transactions: a. f. Im very much interested to write for attendance systems. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. f. Paid office salaries, $6,500. Paid rent for July, 1,750. Paid utilities expense, 4,500. He completed the following transactions during June: a.  b. 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. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). No. Write Balance in the Item column and place a check mark () in the Posting Reference column. Paid dividends, $3,000. 1004. j. 4. A loan of $400,000 is taken out which requires an annual interest The following, A:Unadjusted Trial Balance - Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. During the first month of operations of his, A:Solution: Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Received cash from customers on account, 88,000. k. Determined that the cost of supplies on hand was 5,900; therefore, the cost of supplies used during the month was 3,600. l. Withdrew 12,000 cash for personal use. There is no prepaid rent or rent payable at year-end. Determine account balances of the T accounts. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. 0. A Wages of $379,000 were paid in cash. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Amount of total revenue recorded in the ledger. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: J. 0. 503. h. Sold catering services on account, 4,307. i. b. Withdrew cash for personal use, 7,500. a. Wallace deposited 24,000 in a bank account in the name of the business. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? 3. Mulberry paid the interest payable of $8,000. View this solution and millions of others when you join today! Prepare an unadjusted trial balance. Journalize and post the adjusting entries. Find answers to questions asked by students like you. 9. Prepare a single-step income statement. g. The company paid an assistant $3,000 cash as wages for the month. Paid 5,000 on note payable. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Q:Connie Young, an architect, opened an office on October 1, 2019. Record the following transactions on Page 6 of the journal: 20. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 25,000 A balance sheet No. Accounts containing only a single entry do not need a balance. 15. During June, Ming Chen (the owner) completed these transactions: a. No. a. No. Bal. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 5. b. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. (Do not insert the account numbers in the journal at this time.) (c) Purchased office equipment. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Is this a direct or an indirect cost? Opened a business bank account with a deposit of 50,000 from personal funds. Required 1. Liabilities 10. The company paid $1,500 cash for rent of office space for the month. D. An office worker was hired. d. The company completed work for a client and immediately collected the $2,500 cash earned. 30. 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. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 5. A statement of changes in Equity At the end of May, the following adjustment data were assembled. Only debit card transaction fees. The account headings are presented below. Before this, no other, Q:ournalize entries for transactions (a) through (I) using the following account titles: cash,, Q:ita Lopez started Biz Consulting, a new business, and completed the following transactions during, A:Journal entries refers to recording of business transactions into the books of the business or, Q:On April 1 of the current year, Morgan Jones established a business to manage rental property. . $ What amount should Carter report as net cash from investing activities? College Accounting (Book Only): A Career Approach. Hi, Hope you are doing well. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 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. 10,000 + 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. Transactions completed during the month follow. a. 0. 58,500 Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 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. Classify each transaction as an operating, an investing, or a financing activity. EQUITY Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. Determine account balances of the T accounts. Enter the following transactions on Page 2 of the two-column journal: 29. Determine the net income or net loss for April. $4 It is the first step of recording transactions of a company. 10. 58,500 G. Received the electricity bill. Paid rent for period of November 1 to end of month, 4,000. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 4. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Hal Smith opened Smith's repairs on 01.03. c. Both credit card and debit card transaction fees are limited by law. and company a firm. Bal. + 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. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. (Record as Miscellaneous Expense.) 8.Paid for a newspaper advertisement, 200. [Solved] Ming Chen began a professional practice o | SolutionInn The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. a. 2023 White PaPer. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Stock b. A:a)Indicate the effect of the given transactions. Greetings! On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. 10.000 10,000 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. After, A:Net income: 15. You can message me to discuss the details. 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. Received 3,000 for serving as a disc jockey for a party. 2,500 C. Provided services in the amount of $1,000. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Determine the following: a. The company paid $1,500 cash for rent of office space for the month. Liabilities The company paid $1,500 cash for rent of office space for the month. Received and paid the heating bill, 248, Ck. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Apr. Ming Chen began a professional practice on June 1 and plans - BRAINLY 1,500 4. Ask a new question. 58,500 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. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. %3D Answered: Ming Chen began a professional practice | bartleby Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. A:Net income is calculated after analysing the revenue and expenses of the organisation. 21. (b) Paid office rent, 500. Ming Chen began a professional practice on June 1 and plans Good morning, teachers, I am honored to be informed to have this interview. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 0.  c. Is it a variable or a fixed cost? %D 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. During June, Ming Chen (the owner) completed these transactions. 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. The company paid $1,500 cash for rent of office space for . On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months.

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