Print On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. J. II (e) Paid phone bill, 65. Received 500, with the remainder due on August 9, 2019. In this activity, you will be creating. 28.Paid wages of 1,200 to receptionist and part-time assistant. Journal Entries - Journal Entries are the recording of transactions of the organization. 6. Since there are multiple subparts, we will answer only first three subparts. Paid dividends, $3,000. A:Revenue means the income earned during a given period. Instructions 1. Journal entry is used to the record the business transactions of an enterprises. Withdrew cash for personal use, 3,900. 15. Q:Prepare the statement of retained earnings for the month of July 31. First let me introduce myself, my name is XX, 23 years old, and David is my English name. During June, Ming Chen (the owner) completed these transactions. Prepare an unadjusted trial balance as of January 31, 2019. Purchased office equipment on account, 15,000. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. During June, Ming Chen (the owner) completed these transactions. 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: A:Net income is calculated after analysing the revenue and expenses of the organisation. 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. Prepare T accounts, using the account titles in (1). 3. Accounts containing only a single entry do not need a balance. Ming Chen (the owner) completed these transactions. Amount of total expenses recorded in the ledger. 0. Received 3,000 for serving as a disc jockey for a party. Instructions 1. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. 1. No. the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. No. Determine the amount of Joel Palks capital as of July 1 of the current year. Received an invoice for truck expenses, to be paid in November, 1,250. 23. 25.000 4, 5. b. During June, Ming Chen (the owner) completed these transactions. a., A:1. Budgeting issues at the movies: Paid wages of 1,200 to receptionist and part-time assistant. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. 1,500 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. ASSETS On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. During the first month of operations of his, A:Solution: During the month, he completed the following transactions connected with his professional practice: a. Paid miscellaneous expenses, 540. g. The company paid an assistant $3,000 cash as wages for the month. 30. Withdrew l,250 cash from PS Music for personal use. Problem1-63B Income Statement, Retained Earnings Statement. %24 A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 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. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. View this solution and millions of others when you join today! The worker will be paid $275 per week. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 3. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 5. $ 15,000 Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 10,000 a. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 4. Each drugstore is operated by a general manager and a controller. 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. and company a firm. 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. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Ask your question! _Accounting 1 Assignment Part 1 - Ming Chen began a professional Dividends in the amount of $1,500 were distributed. 61,000 Recorded services provided on account for the period May 1-15; 9,180. 3. During the first month of a. Paid telephone bill for May, 260. Establish a ledger for the accounts listed above and enter the beginning balances. Introduce your . Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 3. b. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Recorded services provided on account for the remainder of May, 2,650. c. Both credit card and debit card transaction fees are limited by law. a. Kimberly Manis, an architect, opened an office on January 1, 2016. Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i. Six months rent was paid in advance, $4,500. Receivable  a. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. i. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. 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:July 1, Lula Plume created a new self-storage business, Safe Storage Co. minus sign.) Record the transactions and the balance after each transaction. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Served as a disc jockey for a charity ball for 1,500. 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. c. Received cash from fees earned. Withdrew cash for personal use, 2,000. Instructions 1. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 27. b. 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. 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. g. The company paid an assistant $\$3,000$ cash as wages for the month. a. b. points a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. + Advertising expense of $26,000 was incurred and paid. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Enter the following transactions on Page 2 of the two-column journal: 16. Brooke completed the following transactions during the month of August: a. II Paid rent for period of November 1 to end of month, 4,000. A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Paid on account to the City Crier, 455, Ck. 8,000 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. %3D Paid cash for miscellaneous expenses, 375. j. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. 2,500 (d) Received cash for services rendered, 900. During June, Ming Chen (the owner) completed these transactions. 4.Prepare an unadjusted trial balance as of July 31, 2019. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 17. The company paid $1,000 cash in dividends to the owner (sole shareholder). a. 6. 225. h. Purchased land as a future building site, paying cash of $120,000. 10 000 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. Received 1,000 for serving as a disc jockey for a party. $30000. Issued common stock to Marjorie Knaus in, A:Step 1 Ming Chen began a professional practice on June $1$ and plan | Quizlet e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Write Balance in the Item column and place a check mark () in the Posting Reference column. Start your trial now! 10. Paid rent for July, 1,750. Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: Solved Ming Chen began a professional practice on June 1 and | Chegg.com a. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Bal. 3. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Recorded services provided on account for the period May 16-20, 4,820. Bal No. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 28. f. 1. Answered: Ming Chen began a professional practice | bartleby If an entry is not required for any of these transactions, state this and explain why. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. g. The company paid an assistant $3,000 cash as wages for the month. Only debit card transaction fees are limited by law. Determine the increase or decrease in owners equity for August. 0. %24 Expenses During June, What amount should Carter report as net cash from investing activities? operations,, A:Journal entry means the entry in prime book with chronological order. 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. I can help you with creating a presentation of one slide for The Word of William Hunter. 61,000 Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account.
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