Q:1. 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. Paid cash for miscellaneous expenses, 375. j. Graw Accounting Equation - 10,000 Apr. Instructions 1. The company paid $1,500 cash for rent of office space for the month. Received cash from customers on account, 9,000. Equity Post your journal entries to T-accounts, Add additional T-accounts when needed. 5. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Hello. Paid telephone bill for May, 260. Paid truck expenses, 435, Ck. 2. Received 500, with the remainder due on August 9, 2019. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. Required Next Received an invoice for truck expenses, to be paid in November, 1,250. No. 2. February 20, 2023. 225. Stock 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Prepare a single-step income statement. Dividends Billed insurance companies for sales commissions earned, 12,500. j. h. Purchased land as a future building site, paying cash of $120,000. On March 1 of this year, B. Gervais established Gervais Catering Service. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. During June, Ming Chen (the owner) completed these transactions. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Hi! By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Determine the net income for March. No. 31. Classify each transaction as an operating, an investing, or a financing activity. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. No. g. Paid interest on the note payable, $500. b. During June, Ming Chen (the owner) completed these transactions. Received 750, with the remainder due August 4, 2019.  d. Does the activity add value to Latchey’s provision of insurance services? b. 5.Purchased office equipment on account from Office Mart, 7,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Payable 0. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During the first month of (Note: Ignore the date because these events are aggregations of individual events.) Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. During March, the following, A:1. Write Balance in the Item column and place a check mark () in the Posting Reference column. Required: 1,500 minus sign.) $30000. 10,000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. g. The company paid an assistant $\$3,000$ cash as wages for the month. How much did Junes transactions increase or decrease Chad Wilsons capital? Paid dividends, $3,000. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. 23. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and Paid 700 to a local audio electronics store for rental of digital recording equipment. a. Wallace deposited 24,000 in a bank account in the name of the business. Bal Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 31. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. The company paid $1,500 cash for rent of office space for the month. During June, Ming Chen (the owner) completed these transactions. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. ASSETS Paid the office rent for the current month, 650, Ck. b. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. In this activity, you will be creating. b. Instructions 1. Received 1,000 for serving as a disc jockey for a party. Enter the following transactions on Page 2 of the two-column journal: 16. Budgeting issues at the movies: (Enter decreases to account balances with a e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 13. Journalize and post the adjusting entries. 29. S NO A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 15. Inflation is 3.8% per year. The company paid $1,500 cash for rent of office space for the month. Q:Comprehensive Problem Set %24 The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. $4 %3D Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. During the month, she completed the, A:Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts. Opened a business bank account with a deposit of 50,000 from personal funds. Paid wages of 1,200 to receptionist and part-time assistant. A balance sheet During June, Ming Chen (the owner) completed these transactions. a. 61,000 (k) Paid wages to part-time employee, 500. + ces During June, Ming Chen (the owner) completed these transactions. 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 April 1, Jiro Nozomi created a new travel agency, Adventure Travel. Paid dividends, $3,000. %24 Paid utilities expense, 4,500. 10. Determine the following: a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Any additional hours beyond SO will be billed to KXMD at 40 per hour. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Journal entry is used to the record the business transactions of an enterprises. What amount should Carter report as net cash from investing activities? the. The following transactions occurred during January of the current year. The following information is provided for the first month of operations for Legal Services Inc.: A. (a) Invested cash in the business, 510,000. Determine account balances of the T accounts. $30000. Using the following, A:Impact on Equity - Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 4. Determine account balances of the T accounts. Im very much interested to write for attendance systems. It is the first step of recording transactions of a company. h. Borrowed $100,000 by issuing a note payable. During June, Ming Chen (the owner) completed these transactions. Revenues 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. A statement of changes in Equity Owner invested $60,000 cash in the company along with equipment. Accounts Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Determine the net income or net loss for April. 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? Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. What will be the value of interest payment at the end of fourth year in real dollars? 1,500 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. 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: a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. 30. The company paid $1,500 cash for rent of office space for the month. ACCOUNTS RECEIVABLE 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. 4, EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. i. No. Bal. 27. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. Determine the amount of Joel Palks capital as of July 1 of the current year. During the first month of operations of his, A:Solution: Paid rent for period of November 1 to end of month, 4,000. During the month, Lexi completed the following transactions related to the business: Nov. 1. Paid 620 to Upload Music for use of its current music demos in making various music sets. 3. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. %3D 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. f. Paid office salaries, $6,500. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 4.Prepare an unadjusted trial balance as of July 31, 2019. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Ming Chen (the owner) completed these transactions. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. %3D The equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. c. Received cash from fees earned. During the month, she completed the following transactions connected with her professional practice: a. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). After, A:Net income: h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. The company paid $1,500 cash for rent of office space for the. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b.  c. Is it a variable or a fixed cost? The worker will be paid $275 per week. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 10,000 3. 2. 8,000 Enter the following transactions on Page 2 of the two-column journal: 29. b. 24 In addition, $28,000 of computer rental costs were incurred and paid. During May, Kelly Consulting entered into the following transactions: May 3. Instructions 1. Equity 28.Paid wages of 1,200 to receptionist and part-time assistant. 1,500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. minus sign.) A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 4. 1,500 He. 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. Withdrew cash for personal use, 3,900. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 2.1.4P, Your question is solved by a Subject Matter Expert. 10,000 Six months rent was paid in advance, $4,500. Amount of total expenses recorded in the ledger. Ask your question! 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. Purchased supplies for cash, 1,750. Accounts containing only a single entry do not need a balance. Only debit card transaction fees. 75,000 $30000. 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. Home., A:Since you have asked multiple questions under a single question. b. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 7,500 3. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 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. Print During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: G. Received the electricity bill. c. Amount of net income for August. So lets make no longer delay & start chatting immediately. b. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Received and paid the heating bill, 248, Ck. +. The account headings are presented below. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. 506. 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. A building and equipment are currently being rented, pending expansion to new facilities. (Enter decreases to account balances with a 25,000 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. a. 2. The company paid $10,000 cash to settle the liability created in transaction c. j. 0. 1PA, Your question is solved by a Subject Matter Expert. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Accounts containing only a single entry do not need a balance. g. The company paid an assistant $3,000 cash as wages for the month. Prepare a post-closing trial balance. During the month, Knaus. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Each drugstore is operated by a general manager and a controller. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Q:Ken Jones, an architect, opened an office on April 1, 2019. 3. 61,000 (Record as Miscellaneous Expense.) Greco resort opened for business on june 1. 2. 11. No. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations.