Analyze and use these data to complete parts (5) and (6). Expenses Paid miscellaneous expenses, 540. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. stock. The company paid $1,000 cash in dividends to the owner (sole shareholder). 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. %24 1PA, Your question is solved by a Subject Matter Expert. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. b. During June. 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. 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. (i) Paid electricity bill, 85. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). 2. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company paid $10,000 cash to settle the liability created in transaction c. First week only $4.99! Paid rent for period of November 1 to end of month, 4,000. Greco resort opened for business on june 1. Instructions 1. h. Purchased land as a future building site, paying cash of $120,000. c. Received cash from fees earned. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 31.Received 3,000 for serving as a disc jockey for a party. O OO O b. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 4. %3D Received 1,000 cash from customers on account. %24 Ming Chen began a professional practice on June 1 and plans to prepare Issued common stock to Marjorie Knaus in, A:Step 1 %3D Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. No. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. 25.000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. She, A:The accounting equation states that assets equal to sum of liabilities and equity. the. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Hal Smith opened Smith's Repairs on March 1 of the current year. 6. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. i. stock. The following, A:Unadjusted Trial Balance - 1004. j. The company paid $1,500 cash for rent of office space for the month. (83) $30000. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. I am highly qualified expert, working from 2008-9 in this industry. Amount of total revenue recorded in the ledger. 18.Purchased supplies on account, 850. The following account balances are available: Required: 1. 2. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. 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. 1003. i. Ming Chen began a professional practice on June $1$ and plan | Quizlet Bal. 503. h. Sold catering services on account, 4,307. i. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Extend the balances to the appropriate balance columns after each transaction is posted. During the first month of operations of his, A:Solution: Problem1-63B Income Statement, Retained Earnings Statement. Paid the office rent for the current month, 650, Ck. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). a. Gervais deposited 25,000 in a bank account in the name of the business. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. Owner invested Explanations may be omitted. 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. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Purchased office equipment on account from Office Mart, 7,500. f. The company purchased additional equipment for $6,000 cash. b. 11.Received 1,000 for serving as a disc jockey for a party. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. Recording of a business transactions in a chronological order. %D 00. A building and equipment are currently being rented, pending expansion to new facilities. 23. b. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. 1,500 b. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Payable 1. 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 following transactions occurred during January of the current year. b. $ 15,000 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. Purchased supplies on account, 735. 4. Accounts Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. A:The financial statements of the business include the income statement and balance sheet of the firm. No. 2,500 Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. Introduce yourself. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. c. Is it a variable or a fixed cost? The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. g. Paid interest on the note payable, $500. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. 7.500 The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: During May, Kelly Consulting entered into the following transactions: May 3. 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. 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Prepare T accounts, using the account titles in (1). PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 29. On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, 40,000. b. It is the first step of recording transactions of a company. d. First week only $4.99! Instructions 1. Answered: Ming Chen began a professional practice | bartleby Accounts containing only a single entry do not need a balance. A Wages of $379,000 were paid in cash. a. Wallace deposited 24,000 in a bank account in the name of the business. 2. 10.000 a. 10. Received and paid the heating bill, 248, Ck. 31. Ming Chen began a professional practice on June 1 and plans to prepare h. Purchased land as a future building site, paying cash of $120,000. j. ol + During June, Ming Chen (the owner) completed these transactions.a. i. Paid 620 to Upload Music for use of its current music demos in making various music sets. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. So lets make no longer delay & start chatting immediately. March transactions are as follows : The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Received 3,000 for serving as a disc jockey for a party. 3. The equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. f. Paid office salaries, $6,500. Im very much interested to write for attendance systems. During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 g. Paid interest on the note payable, $500. 15. Paid utilities expense, 4,500. Dividends a. g. The company paid an assistant $\$3,000$ cash as wages for the month. Ming Chen began a professional practice on June 1 and. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:Net income is calculated after analysing the revenue and expenses of the organisation. 1. b. a. 9. The company paid $1,500 cash for rent of office space for the month. No. 0.33 c. Received cash from fees earned. Create the following table similar to the one in Exhibit 1.9. 10,000 Paid part-time receptionist for two weeks salary, 750. 2. He completed the following transactions during June: a. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. property. g. The company paid an assistant $3,000 cash as wages for the month. Use the ending balances in the T-accounts to prepare a trial balance. the firm are, A:Income statement g. Paid interest on the note payable, $500. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 15. The worker will be paid $275 per week. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. Liabilities During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Paid wages of 1,200 to receptionist and part-time assistant. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Paid 250 to creditors on account. During June, Ming Chen (the owner) completed these transactions: a. 9. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Instrustions Prepare a balance sheet as of July 31, 20Y5. J. Is this a direct or an indirect cost? The following transactions, A:Journal Entries: d. Does the activity add value to Latchey’s provision of insurance services? Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 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. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. The company paid $10,000 cash to settle the liability created in transaction c. j. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Received 2,000 for serving as a disc jockey for a wedding reception. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. What will be the value of interest payment at the end of fourth year in real dollars? Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Record the transactions and the balance after each transaction. During June, Ming Chen (the owner) completed these transactions. Bal. Received 750, with the remainder due August 4, 2019. 4. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. Answered: Ming Chen began a professional practice | bartleby 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.
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