ming chen began a professional practice on june 1 ming chen began a professional practice on june 1

$30000. 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. 18.Purchased supplies on account, 850. Each drugstore is operated by a general manager and a controller. DLite Dry Cleaners is owned and operated by Joel Palk. Paid part-time receptionist for two weeks salary, 750. Write Balance in the Item column and place a check mark () in the Posting Reference column. 61,000 Paid 620 to Upload Music for use of its current music demos in making various music sets. + No. A:Net income is calculated after analysing the revenue and expenses of the organisation. f. Paid office salaries, $6,500. a. Hire Professional Writer And Get A+ Grades In Your Homework. I. c. Received cash from fees earned. 1 of 1 Assignments: ACCTG-4A-80575-2021SP Is this a direct or an indirect cost? Q:Connie Young, an architect, opened an office on October 1, 2019. the firm are, A:Income statement %3D c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. The following, A:Unadjusted Trial Balance - %24 c. Amount of net income for August. The account headings are presented below. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 10,000 + 7.500 + 25,000 Ming Chen began a professional practice on June $1$ and plan | Quizlet Start your trial now! b. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. A:Revenue means the income earned during a given period. Paid dividends, 2,500. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Six months rent was paid in advance, $4,500. d. The company completed work for a client and immediately collected the $2,500 cash earned. %D 28. 3. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Enter the following transactions on Page 2 of the two-column journal: 29. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Ming Chen began a professional practice on June 1 and plansget 1 a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Paid miscellaneous expenses, 540. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 1.500 Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 1.500 $4 The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Equipment 4. I am a Ph.D. writer with more than 9 years of working experience in Writing. 1.500 The company pald $2,100 cash for rent of office space for . Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (e) Paid phone bill, 65. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Paid wages of employees, 6,800. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 4. During June, Ming Chen (the owner) completed these transactions. 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. She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. 1002. h. Received and paid the bill for utilities, 340, Ck. Withdrew cash for personal use, 3,900. b. c. Amount of net income for January. Instructions 1. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. b. 4. 2. Simple Accounting equation is. ezto.mheducation.com 1004. j. During June, Ming Chen (the owner) completed these transactions: a. Paid cash to creditors on account, 4,500. j. 5. 7,500 (a) Invested cash in the business, 510,000. Find answers to questions asked by students like you. The company paid $1,500 cash for rent of office space for the month. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 503. h. Sold catering services on account, 4,307. i. 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). Cash Paid telephone bill for May, 260. During the month, she completed the following transactions connected with her professional practice: a. Explanations may be omitted. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 1000. c. Bought office supplies for cash, 375, Ck. Owner invested $62,000 cash in the company along with equipment that had a $23,000 market value in exchange for its common stock b. 4. 506. Stock 31.Withdrew 1,250 cash from PS Music for personal use. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. Paid truck expenses, 435, Ck. 2023 During the month, Lexi completed the following transactions related to the business: Nov. 1. 2. During June, Ming Chen (the owner) completed these transactions. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. 3. Save & Exit Hi, Hope you are doing well. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Next Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 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. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. During the month, he completed the, 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. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Bal The company paid $1,000 cash in dividends to the owner (sole shareholder). 31. If you still cannot find the error, re-analyze each transaction. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. Received 750, with the remainder due August 4, 2019. At the end of May, the following adjustment data were assembled. I am highly qualified expert, working from 2008-9 in this industry. Q:Ken Jones, an architect, opened an office on April 1, 2019. 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. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 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. 0. Paid cash for a newspaper advertisement. i. Dividends c. Received cash from fees earned. M Question 8 - Chapter 1 Exercises Connect 30. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 10,000 ol + 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. Paid 620 to Upload Music for use of its current music demos in making various music sets. During June, Ming Chen (the owner) completed these transactions. Recorded services provided on account for the period May 1-15; 9,180. %24 b. Correct answers: 1 question: A loan of $400,000 is taken out which requires an annual interest payment of 4.4% of the borrowed amount of money (in market dollars). c. Received cash from fees earned. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. 1,500 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. July 21. 58,500 Issued common stock to Marjorie Knaus in, A:Step 1