Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. c. Received cash from fees earned. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. 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. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Bal. The transactions of Hire Professional Writer And Get A+ Grades In Your Homework. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 2. ol + 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. 15,000 Since there are multiple subparts, we will answer only first three subparts. 31. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Repairs and maintenance of $9,000 were incurred and paid. Chapter 1 Exercises i Introduction: Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. CASH A:Hi student 8,000 In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Paid on account to the City Crier, 455, Ck. 2. Mulberry purchased computer paper for $13,000 cash in late December. the. on the Business environment in China. 7,500 %3D d. The company completed work for a client and immediately collected the $2,500 cash earned. Received 500, with the remainder due on August 9, 2019. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determine the net income or net loss for October. 9. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Paid dividends, $3,000. During June, Ming Chen (the owner) completed these transactions. Dividends 25,000 9. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Received and paid the heating bill, 248, Ck. No. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 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. Purchased supplies on account, 850. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Record the following transactions on Page 6 of the journal: 20. b. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Received an invoice for truck expenses, to be paid in November, 1,250. 0. Instructions 1. 1004. j. Received 500, with the remainder due on August 9, 2019. c. Both credit card and debit card transaction fees are limited by law. 2. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and Q:1. The company paid $10,000 cash to settle the liability created in transaction c. j. eBook Withdrew cash for personal use, 3,900. During June, Ming Chen (the owner) completed these transactions. Ming Chen began a professional practice on June 1 and plansget 1 Thank you for the question, As per the honor code, we are allowed to answer three, Q:Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. f. Paid office salaries, $6,500. 3. f. The company purchased additional equipment for $6,000 cash. b. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 5. 503. h. Sold catering services on account, 4,307. i. References 2.1.4P, Your question is solved by a Subject Matter Expert. 30. On June 1 of the current year, Chad Wilson established a business to manage rental property. Opened a business bank account with a deposit of 35,000 in exchange for common stock. Determine the excess of revenues over expenses for November. 2. 2023 White PaPer. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 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. Bal Determine the net income or net loss for January.  e. Is it a budgeted or an actual cost in your report? During June, Ming Chen (the owner) completed these transactions. Liabilities 15. College Accounting (Book Only): A Career Approach. 2,500 Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Enter the impact of each transaction on individual items of the accounting equation. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. (a) Invested cash in the business, 510,000. (Do not insert the account numbers in the journal at this time.) 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. . Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. 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. f. Paid office salaries, $6,500. Is it a product or a period cost? Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 4. Recorded services provided on account for the period May 1-15; 9,180. 1,500 Paid the office rent for the current month, 650, Ck. a. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 4, Amount of total revenue recorded in the ledger. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. Paid telephone bill for May, 260. 10,000 If you still cannot find the error, re-analyze each transaction. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Ask your question! To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. To ensure my potential must visit my profile to check my ratings and uploaded samples. Paid January rent for office and workroom, 1,950. c. Purchased used automobile for 28,500, paying 5,700 cash and giving a note payable for the remainder. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Apr. I. Received $100 from a customer for services we will provide next week. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Bal 0. Prepare a post-closing trial balance. The company paid $1,500 cash for rent of office space for . Billed insurance companies for sales commissions earned, 12,500. j. a. 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. 75,000 No. 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. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. No. The company paid $10,000 cash to settle the liability created in transaction c. a. 4. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. EQUITY Received invoice for blueprint service, due in May, 2,500. k. Recorded fees earned on plans delivered, payment to be received in May, 15,650. l. Paid salary of assistant, 2,800. m. Paid cash for miscellaneous expenses, 200. n. Paid installment due on note payable, 300. o. Introduce your . 8.Paid for a newspaper advertisement, 200. No. 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). (Continued) Required: 1. ASSETS Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 1. None of the paper was used by year-end. f. The company purchased additional equipment for $6,000 cash. $30000. (Enter decreases to account balances with a (d) Received cash for services rendered, 900. 00. Record the adjusting entries on Page 7 of the journal. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. $30000. Received cash from customers on account, 9,000. 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. $15,000 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. During June, Ming Chen (the owner) completed these transactions.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 1. Instrustions Prepare a balance sheet as of July 31, 20Y5. 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. 8.000 Paid gas, oil, and repairs on automobile for April, 550. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Served as a disc jockey for a charity ball for 1,500. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: No. _Accounting 1 Assignment Part 1 - Ming Chen began a professional Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. h. Borrowed $100,000 by issuing a note payable. +. 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. 0. 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. If the two totals are not equal, check the addition and subtraction. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. $30000. h. (g) Paid wages to part-time employee, 500. A statement of cash flows, Q:On September 1, 20X6, Michael Moe incorporated Moe's Mowing, Inc., a company that provides mowing, A:Since you have posted a question with multiple sub-parts, we will solve the first three subparts for, Q:Bob Jacobs opened an advertising agency. b. The company paid $1,500 cash for rent of office space for the month. During June, Ming Chen (the owner) completed these transactions: a. A:Requirement 1: Indicate the effect of the given transactions. 60,000 During June, Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. O OO O Enter the following transactions on Page 2 of the two-column journal: 29. 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. 3. Bal. Each drugstore is operated by a general manager and a controller. 1,500  c. Is it a variable or a fixed cost? 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. He. The company pald $2,100 cash for rent of office space for . Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock.
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