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. 8,000 Prepare an unadjusted trial balance as of January 31, 2019. 25,000 Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 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. b. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. Determine the net income for June. a. Owner invested  a. Withdrew l,250 cash from PS Music for personal use. Accounting Equation is calculated using following equation - 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. 4. 2,500 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. Received 1,000 cash from customers on account. G. Received the electricity bill. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. No. b. You can message me to discuss the details. Apr. Q:Duerr Engineering completed the following transactions in the month of June. Write Balance in the Item column and place a check mark () in the Posting Reference column. During June, Ming Chen (the owner) completed these transactions.a. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). h. Borrowed $100,000 by issuing a note payable. It is the first step of recording transactions of a company. No. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:The following transactions were carried out during the month of May by M.SAJJAD Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. During June, Ming Chen (the owner) completed these transactions. 9. Using the following, A:Impact on Equity - During June, Ming Chen (the owner) completed these transactions: a. Movies are expensive to produce and market. %D %3D 61,000 If you want the answer, Q:Architects completed the following transactions: The prepaid rent at the beginning of the year was used in 2019. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Paid gas, oil, and repairs on automobile for April, 550. 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. 75,000 g. The company paid an assistant $3,000 cash as wages for the month. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Use a chart of accounts to order the ledger accounts. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Q:Comprehensive Problem Set 63. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instructions 1. 8.000 Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. April. Paid cash to creditors on account, 4,500. j. He. 1, A:Salary is the expense of a business. b. View this solution and millions of others when you join today! Enter the following transactions on Page 2 of the two-column journal: 16. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. After, A:Net income: Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. g. The company paid an assistant $\$3,000$ cash as wages for the month. 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. 503. h. Sold catering services on account, 4,307. i. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. 24. 7.500 a. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Prepare an unadjusted trial balance as of July 31, 2019. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 1PA, Your question is solved by a Subject Matter Expert. ol + a. h. Borrowed $100,000 by issuing a note payable. d. The company completed work for a client and immediately collected the $2,500 cash earned. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. 4. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. Instructions 1. ces Purchased supplies on account, 735. d. 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. Billed insurance companies for sales commissions earned, 12,500. j. f. The company purchased additional equipment for $6,000 cash. i. $ 2,500 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 23. Instructions 1. 31. 4. and company a firm. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 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. ezto.mheducation.com On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. Amount of total expenses recorded in the ledger. a. During the first month of operations of his, A:Solution: Determine account balances of the T accounts. e. Record the transactions and the balance after each transaction. points 5.Purchased office equipment on account from Office Mart, 7,500. 10 000 b. She, A:As you have posted multiple questions, the solution to the first question is being provided. f. %24 Revenues During June, Ming Chen (the owner) completed these transactions. h. Purchased land as a future building site, paying cash of $120,000. 10,000 + c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. Unadjusted Trial Balance is the trial balance before making adjustments., Q:he accountant for the firm owned by Randy Guttery prepares financial statements at the end of each. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Receivable Kimberly Manis, an architect, opened an office on January 1, 2016. Mc. Prepare an unadjusted trial balance. 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. 8.000 Purchased office equipment on account from Office Mart, 7,500. Use the ending balances in the T-accounts to prepare a trial balance. Classify each transaction as an operating, an investing, or a financing activity. Saved 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. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 17. a. 8. a. Received 2,000 for serving as a disc jockey for a wedding reception. During June. $30000. 2,500 B. 30.Served as a disc jockey for a charity ball for 1,500. 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. If there is. Determine account balances of the T accounts. 1,500 $30000. Write Balance in the Item column and place a check mark () in the Posting Reference column. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. There is no prepaid rent or rent payable at year-end. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. A balance sheet Greco resort opened for business on june 1. The policy covers a one-year period. The business was started by selling $100,000 worth of common stock. 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. Paid wages of 1,200 to receptionist and part-time assistant. The company paid $1,500 cash for rent of office space for . Paid cash for a newspaper advertisement. 30. 61,000 Introduction: 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. Repairs and maintenance of $9,000 were incurred and paid. II e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 31. (d) Received cash for services rendered, 900. During June, Ming Chen (the owner) completed these transactions. 2.1.4P, Your question is solved by a Subject Matter Expert. Instructions 1. Prepare and post the closing entries. 0. DLite Dry Cleaners is owned and operated by Joel Palk. 3. 3. Paid an attorney 900 for reviewing the July 3 contract with KXMD. 4. 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. Revenue No. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Determine account balances of the T accounts. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. (Continued) Required: 1. Q:Ken Jones, an architect, opened an office on April 1, 2019. 4. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. *Response times may vary by subject and question complexity. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 31. 7,500 Hire Professional Writer And Get A+ Grades In Your Homework. Paid electric bill, 915. Which of the following is true? Transactions completed during the month follow. 4.Prepare an unadjusted trial balance as of July 31, 2019. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 4. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Ask your question! Borrowed $100,000 by issuing a note payable. b. Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Thanks :--). It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 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? the. Bal 11. Graw Determine the increase or decrease in owners equity for January. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 0. Instructions 1. CASH screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? %D Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Each drugstore is operated by a general manager and a controller. 15. Chapter 1 Exercises i Assets During June, Ming Chen (the owner) completed these transactions. (f) Made payment on loan in transaction (c), 500. b. 60,000 1. 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.