ming chen began a professional practice on june 1how to draw 15 degree angle with set square

a. 1,500 (c) Purchased office equipment. Paid 620 to Upload Music for use of its current music demos in making various music sets. 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. Explanations may be omitted. Determine the net income or net loss for April. c. Received cash from fees earned.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Instructions 1. g. The company paid an assistant $3,000 cash as wages for the month. Cash The, A:An accounting equation refers to a mathematical representation of the transactions. Apr. A loan of $400,000 is taken out which requires an annual interest Assets 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. $30000. Prepare the necessary journal entries to record these transactions. 10,000 Ming Chen began a professional practice on June 1 and plans 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. J. b. 31. Instructions 1. Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. b. Post your journal entries to T-accounts, Add additional T-accounts when needed. Mulberry purchased computer paper for $13,000 cash in late December. During the first month of operations of her business (a, A:An income statement is a part of financial statement which contain the details of all incomes and, Q:On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. a. 5. The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Withdrew cash for personal use, 2,000. July 21. Extend the balances to the appropriate balance columns after each transaction is posted. d. Paid rent on office and equipnwnt for the month, $5,000. 6. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 3. I will also provide you with TURNITIN PLAGIARISM REPORT. 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. Prepare an unadjusted trial balance as of August 31, 2016. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. _Accounting 1 Assignment Part 1 - Ming Chen began a professional Expenses 28. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. April. 25,000 What amount should Carter report as net cash from investing activities? During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Ming Chen started a business and had the following transactions in June. No. 3. d. The company completed work for a client and immediately collected the $2,500 cash earned. Hal Smith opened Smith's repairs on 01.03. 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. Q:1. 25. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. Paid cash to creditors on account, 4,500. j. Bal. 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. points A:a)Indicate the effect of the given transactions. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. 24 b. a. b. b. 0.  e. Is it a budgeted or an actual cost in your report? No. Classify each transaction as an operating, an investing, or a financing activity. %24 a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. During June, Ming Chen (the owner) completed these transactions. 4. Record the adjusting entries on Page 7 of the journal. 31. 3. During the month, Knaus. 5. 4. Payable College Accounting (Book Only): A Career Approach. Prepare an unadjusted trial balance as of January 31, 2019. Ken Jones, an architect, opened an office on April 1, 2016. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 2020 - 2024 www.quesba.com | All rights reserved. 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. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. 8.000 Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. + The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Prav c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Determine the net income or net loss for January. Required Use a chart of accounts to order the ledger accounts. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Graw Paid wages of 1,200 to receptionist and part-time assistant. Expenses Issued common stock to Marjorie Knaus in, A:Step 1 Prepare T accounts, using the account titles in (1). Purchased supplies on account, 735. Purchased supplies for cash, 1,750. Received 500, with the remainder due on August 9, 2019. A:Requirement 1: Indicate the effect of the given transactions. b. + 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. 501. e. Bought insurance for the truck for one year, 400, Ck. For those boxes in, A:Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by, Q:on april 1 Jiro Nozomi created a new travel agency, adventure travel. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Common A balance sheet Served as disc jockey for a party for 2,500. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Bal. Paid Office Station Co. for part of the debt incurred on April 5, 640. 1PA, Your question is solved by a Subject Matter Expert. Withdrew cash for personal use, 2,500. %3D 11.Received 1,000 for serving as a disc jockey for a party. Paid wages of employees, 6,800. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 4. h. Purchased land as a future building site, paying cash of $120,000. a. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 7,500 Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 13. A statement of changes in Equity 8,000 g. The company paid an assistant $\$3,000$ cash as wages for the month. f. The company purchased additional equipment for $6,000 cash. Home., A:Since you have asked multiple questions under a single question. a. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 13. %3D j. (Optional) Prepare a statement of cash flows for July. Six months rent was paid in advance, $4,500. 10. g. Paid interest on the note payable, $500. c. Received cash from fees earned. The policy covers a one-year period. Each drugstore is operated by a general manager and a controller. Ming chen began a professional practice on june 1 (1,500) + a. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company pald $2,100 cash for rent of office space for . 3. (d) Received cash for services rendered, 900. g. The company paid an assistant $3,000 cash as wages for the month. b. No. Bal. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. b. If you still cannot find the error, re-analyze each transaction. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 2,500  b. Journalize and post the adjusting entries. Purchased office equipment on account from Office Mart, 7,500. The company paid $1,500 cash for rent of office space for the month. Served as a disc jockey for a charity ball for 1,500. The company paid $1,500 cash for rent of office space for the. Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. Paid wages of 1,200 to receptionist and part-time assistant. Paid telephone bill for May, 260. I am highly qualified expert, working from 2008-9 in this industry. 61,000 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 August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. Determine the increase or decrease in owners equity for August. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. on the Business environment in China. Hal Smith opened Smith's Repairs on March 1 of the current year. 0. Since there are multiple subparts, we will answer only first three subparts. 1.500 Instructions 1. Instructions 1. Accounts Answered: Ming Chen began a professional practice | bartleby f. Paid office salaries, $6,500. Only debit card transaction fees are limited by law. 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. + 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. Assignments: ACCTG-4A-80575-2021SP Paid 5,000 on note payable. 2. b. 2. Enter the impact of each transaction on individual items of the accounting equation. Paid annual premiums on property and casualty insurance, 2,400. Ming Chen began a professional practice on June 1 and plans to prepare %24 . 31. h. Purchased land as a future building site, paying cash of $120,000. 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.

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