Paid truck expenses, 435, Ck. b. Only debit card transaction fees. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. i. 31.Received 3,000 for serving as a disc jockey for a party. %24 What if the client hasn't prepared them in advance? 17. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. Prepare T accounts, using the account titles in (1). SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. g. Paid interest on the note payable, $500. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 11. There is no prepaid rent or rent payable at year-end. Paid dividends, $3,000. 8.000 31. 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. The, A:An accounting equation refers to a mathematical representation of the transactions. Required: Determine the following: a. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. II Transactions completed during the month follow. Liabilities d. The company completed work for a client and immediately collected the $2,500 cash earned. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 5. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Any additional hours beyond SO will be billed to KXMD at 40 per hour. In addition, $28,000 of computer rental costs were incurred and paid. 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. Find answers to questions asked by students like you. (e) Paid phone bill, 65. (Record as Miscellaneous Expense.) a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The general manager is responsible for the day-to-day operati.. Budgeting for a Single Product: In this activity, you will be creating budgets for a single product for each of the months in an upcoming quarter. 7.500 $30000. b. She, A:The balance sheet is one of the financial statements of the business which represents the financial, Q:On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of, A:Accounting Equation: 63. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 1.500 Hi, Hope you are doing well. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. If there is. Instructions 1. No. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. None of the paper was used by year-end. Prepare and post the closing entries. Check my e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. 3. During June, Ming Chen (the owner) completed these transactions. a. No. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 1. Instuction Prepare an income staement and statement of stockholders equity for July. Do you need an answer to a question different from the above? a. Wallace deposited 24,000 in a bank account in the name of the business. Received $100 from a customer for services we will provide next week. Paid part-time receptionist for two weeks salary, 750. Ming Chen began a professional practice on June 1 and plansget 1 b. The company paid $1,500 cash for rent of office space for the month. During June, Ming Chen (the owner) completed these transactions: a. j. Problem1-63B Income Statement, Retained Earnings Statement. f. The company purchased additional equipment for $6,000 cash. 12. 61,000 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. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 1,500 C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Post your journal entries to T-accounts, Add additional T-accounts when needed. Apr. College Accounting (Book Only): A Career Approach. 75,000 3. Received 2,000 for serving as a disc jockey for a wedding reception. A:Revenue means the income earned during a given period. 4. When the business transactions are recorded in the primary book of account, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Ming Chen began a professional practice on June 1 and plans to prepare During June, Ming Chen (the owner) completed these transactions. %3D a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. 2. Bal. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. stock. M Question 8 - Chapter 1 Exercises Connect Q:Connie Young, an architect, opened an office on October 1, 2019. We will pay the $110 in thirty days. 24 Received 1,000 cash from customers on account. During June, Ming Chen (the owner) completed these transactions: a. Explanations may be omitted. No. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: h. Purchased land as a future building site, paying cash of $120,000. Record the closing entries on Page 8 of the journal. c. Received cash from fees earned. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. 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. 16. 31. The company paid $1,500 cash for rent of office space for the month. b. g. Paid interest on the note payable, $500. During June, Ming Chen (the owner) completed these transactions. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:The financial statements of the business include the income statement and balance sheet of the firm. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Paid wages of employees, 6,800. The company pald $2,100 cash for rent of office space for . a., A:1. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 1. 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. 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. Hello. Paid for a newspaper advertisement, 200. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Hire Professional Writer And Get A+ Grades In Your Homework. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Determine account balances of the T accounts. (Note: Ignore the date because these events are aggregations of individual events.) 27. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 8. It is the first step of recording transactions of a company. 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. If the two totals are not equal, check the addition and subtraction. a. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 9. Receivable 27. 10,000 Paid electric bill, 915. (Do not insert the account numbers in the journal at this time.) Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid utilities expense, 4,500. 25,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid cash to creditors on account, 4,500. j. 1 of 1 Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. + 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. Use a chart of accounts to order the ledger accounts. Instructions 1. Received 1,000 for serving as a disc jockey for a party. d. 10.000 Purchased supplies on account, 735. (b) Paid office rent, 500. Equipment Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Journalize and post the adjusting entries. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Prepare an unadjusted trial balance as of January 31, 2019. Received 500, with the remainder due on August 9, 2019. Received cash from clients on account, 9,520. 61,000 Prepare an unadjusted trial balance as of August 31, 2016. ces During June, Ming Chen (the owner) completed these transactions: a. A building and equipment are currently being rented, pending expansion to new facilities. Received 3,000 for serving as a disc jockey for a party. 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. S NO h. Borrowed $100,000 by issuing a note payable. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Prepare an unadjusted trial balance. a. 3. Write Balance in the Item column and place a check mark () in the Posting Reference column. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Repairs and maintenance of $9,000 were incurred and paid. f. Paid office salaries, $6,500. 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. f. The company purchased additional equipment for $6,000 cash. 3. 29. Recorded services provided on account for the period May 1-15; 9,180. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 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. operations,, A:Journal entry means the entry in prime book with chronological order. The prepaid rent at the beginning of the year was used in 2019. DLite Dry Cleaners is owned and operated by Joel Palk. %24 Journals: 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. Determine the net income for June. 8. f. The company purchased additional equipment for $6,000 cash. 28. 61. Connie Young, an architect, opened an office on October 1, 2019. Paid dividends, 2,500. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. 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