a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. 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. Cash No. g. The company paid an assistant $\$3,000$ cash as wages for the month. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Received 750, with the remainder due August 4, 2019. During June, Ming Chen (the owner) completed these transactions. Payable b. 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. Q:Ken Jones, an architect, opened an office on April 1, 2019. 30.Served as a disc jockey for a charity ball for 1,500. + 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. %24 No. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. minus sign.) The policy covers a one-year period. 1,500 Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Hal Smith opened Smith's repairs on 01.03. No. 1,500 (Income Summary is account 34 in the chart of accounts.) Withdrew l,250 cash from PS Music for personal use. Kimberly Manis, an architect, opened an office on January 1, 2016. Instrustions Prepare a balance sheet as of July 31, 20Y5. As, Q:Leora Diamond began a professional practice on June 1 and plans to prepare financial statements at, A:Accounting Equation is foundation of Double entry Accounting System . A:Requirement 1: Indicate the effect of the given transactions. Movies are expensive to produce and market. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Save & Exit During June, Ming Chen (the owner) completed these transactions. Introduce your . 2. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. a. Journals: During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. Interest of $5,000 was paid on the long-term loan. Prepare a single-step income statement. Issued common stock to Marjorie Knaus in, A:Step 1 2,500 Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. 61,000 Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Bill Hudson, Capital; Bill Hudson, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. 3. 2023. Paid telephone bill for May, 260. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. Accounts Paid cash for miscellaneous expenses, 375. j. Transactions completed during the month follow. No. 3. 60,000 . Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. The assets and liabilities of the business on July 1, 2019, are as follows: Cash, 45,000; Accounts Receivable, 93,000; Supplies, 7,000; Land, 75,000; Accounts Payable, 40,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in the business with a deposit of 35,000 in the business bank account. Explanations may be omitted. 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Stock $ Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. f. Paid office salaries, $6,500. 4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 11. A:a)Indicate the effect of the given transactions. 12. 3. (g) Paid wages to part-time employee, 500. [Solved] Ming Chen began a professional practice o | SolutionInn Purchased supplies for cash, 1,750. 10,000 Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 3. i. C. Provided services in the amount of $1,000. No. Ming Chen began a professional practice on June 1 and plans - BRAINLY *Response times may vary by subject and question complexity. Determine the following: a. 28. Determine the net income for March. f. Paid office salaries, $6,500. Record the following transactions on Page 6 of the journal: 20. Equity 5.Purchased office equipment on account from Office Mart, 7,500. . 4. 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. Repairs and maintenance of $9,000 were incurred and paid. Paid an attorney 900 for reviewing the July 3 contract with KXMD. The worker will be paid $275 per week. $30000. I can help you with creating a presentation of one slide for The Word of William Hunter. Determine the increase or decrease in owners equity for August.  b. Receivable J. a. $30000. During June, Received 500, with the remainder due on August 9, 2019. Introduction: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. References b. 9. The company paid $1,000 cash in dividends to the owner (sole shareholder). At the end of May, the following adjustment data were assembled. 7. Q:Duerr Engineering completed the following transactions in the month of June. 3. g. Paid interest on the note payable, $500. 1, A:Salary is the expense of a business. 58,500 Insurance expired during May is 275. b. 5. A. h. Borrowed $100,000 by issuing a note payable. 13. 8. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Instructions 1. Prepare an unadjusted trial balance. 0. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. 2. Instructions 1. 10,000 If there is. Good morning, teachers, I am honored to be informed to have this interview. 2.1.4P, Your question is solved by a Subject Matter Expert. Ken Jones, an architect, opened an office on April 1, 2019. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. b. 505. m. Paid the salary of the assistant, 1,150, Ck. During June, Ming Chen (the owner) completed these transactions. Paid dividends, $3,000. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. f. The company purchased additional equipment for $6,000 cash. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. a. Use a chart of accounts to order the ledger accounts. b. 4. Accounts containing only a single entry do not need a balance. Determine the net income for June. 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. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida.  e. Is it a budgeted or an actual cost in your report? 24. $ 15,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid Office Station Co. for part of the debt incurred on April 5, 640. 2. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. operations,, A:Journal entry means the entry in prime book with chronological order. 30. 31.Received 3,000 for serving as a disc jockey for a party. 15. The company paid $1,500 cash for rent of office space for the month. + 8. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Dividends Record the adjusting entries on Page 7 of the journal. Prepare an unadjusted trial balance as of July 31, 2019. Paid 5,000 on note payable. Advertising expense of $26,000 was incurred and paid. 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. Recorded services provided on account for the period May 16-20, 4,820. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Issued common stock to Marjorie Knaus in, A:Step 1 Paid dividends, $3,000. The company paid $10,000 cash to settle the liability created in transaction c. 25,000 25,000 J. 10,000