Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Determine the net income for March. b. 5. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 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? Issued common stock to Marjorie Knaus in, A:Step 1 h. Borrowed $100,000 by issuing a note payable. 29.Paid miscellaneous expenses, 540. The following transactions were completed during July, the second month of the business's operations: July 1. Interest of $5,000 was paid on the long-term loan. 2. b. 31. ol + Hello. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. A:Net income is calculated after analysing the revenue and expenses of the organisation. Ask your question! 30. 1. a. 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. Insurance expired during May is 275. b. The transactions of Hill Is it a product or a period cost? No. During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? G. Received the electricity bill. Paid Office Station Co. for part of the debt incurred on April 5, 640. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. a. A balance sheet 0. 000 f. The company purchased additional equipment for $6,000 cash. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. h. Purchased land as a future building site, paying cash of $120,000. Post the journal to a ledger of four-column accounts. %24 4. As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. a. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. b. Payable Prepare a single-step income statement. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Repairs and maintenance of $9,000 were incurred and paid. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The account headings are presented below. b. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. + 8. Apr. February 20, 2023. Ming Chen began a professional practice on June 1 and. d. The company completed work for a client and immediately collected the $2,500 cash earned. 13. I am highly qualified expert, working from 2008-9 in this industry. If you still cannot find the error, re-analyze each transaction. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Start your trial now! c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). During the month, he completed the following transactions connected with his professional practice: a. I am highly qualified expert, working from 2008-9 in this industry. $30000. None of the paper was used by year-end. The company paid $1,500 cash for rent of office space for the month. 5. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Determine the following: a. Stock Paid an attorney 900 for reviewing the July 3 contract with KXMD. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Withdrew cash for personal use, 2,500. The following account balances are available: Required: 1.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. c. Amount of net income for August. Mulberry purchased computer paper for $13,000 cash in late December. No. 1. If you want the answer, Q:Architects completed the following transactions: 3. 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. Q:Comprehensive Problem Set During June, Ming Chen (the owner) completed these transactions. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 31. Borrowed $100,000 by issuing a note payable. Instructions 1. (c) Purchased office equipment. 7.500 61,000 The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. (Do not insert the account numbers in the journal at this time.) Q:On April 1, Anita Strods created a new travel agency, Strods Travel. I. 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The company completed work for a client and sent a bill for $8,000 to be received within 30 days. the. Paid dividends, $3,000. A:Journal: Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. During June, Ming Chen (the owner) completed these transactions. 8.000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 505. m. Paid the salary of the assistant, 1,150, Ck. (Optional) Prepare a statement of cash flows for July. $4 Explanations may be omitted. + (a) Invested cash in the business, 510,000. Required: On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Introduce your . 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. Assets Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 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. 2023. 31. Only debit card transaction fees are limited by law. The company paid $1,500 cash for rent of office space for the month. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. Determine the net income or net loss for October. 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. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 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. operations,, A:Journal entry means the entry in prime book with chronological order. Received 500, with the remainder due on August 9, 2019. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 2. a. Find answers to questions asked by students like you. Owner invested a. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. f. Paid office salaries, $6,500. b. Cash 2,500 Dividends in the amount of $1,500 were distributed. + b. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common During the first month of operations of his, A:Solution: 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. 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. If you want the answer, Q:Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1., A:Financial statements: These refer to the formal or official records of the activities of the, A:As per accounting equation Assets = Liabilities, where liabilities comprises of liability and, Q:Architects completed the following transactions: Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. h. Borrowed $100,000 by issuing a note payable. 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 company paid $1,500 cash for rent of office space for the month. 3. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 1. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. 61,000 a. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs.
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