ming chen began a professional practice on june 1

Repairs and maintenance of $9,000 were incurred and paid. 3. 28. 503. h. Sold catering services on account, 4,307. i. 2. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. b. 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. b. ol + Print Since there are multiple subparts, we will answer only first three subparts. 8.000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. f. Paid office salaries, $6,500. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. 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. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. a. (Record as Miscellaneous Expense.) 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It is the first step of recording transactions of a company. g. The company paid an assistant $\$3,000$ cash as wages for the month. c. Received cash from fees earned. During the month, Jones, A:T accounts: Bal. 1.500 b. Determine the increase or decrease in owners equity for January. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. In this activity, you will be creating. During June, Ming Chen (the owner) completed these transactions. Enter the impact of each transaction on individual items of the accounting equation. 58,500 If an entry is not required for any of these transactions, state this and explain why. 4. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 25.000 Ming Chen began a professional practice on June 1 and. Enter the impact of each transaction on individual items of the accounting equation. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Paid utilities expense, 4,500. 61,000 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. 1006. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Mulberry purchased computer paper for $13,000 cash in late December. (1,500) + Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. College Accounting (Book Only): A Career Approach. 1003. i. 22. The company paid $1,500 cash for rent of office space for the month. During June, Ming Chen (the owner) completed these transactions. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Amount of total expenses recorded in the ledger. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 2. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. Paid for a newspaper advertisement, 200. II Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions: a. 24. The entire assets of an organization are equal to the sum of its liabilities, Q:Kristin Holden started her own consulting business in July, 20--. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. If there is. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Prav Dividends Record the transactions and the balance after each transaction. No. 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. ces (Note: Ignore the date because these events are aggregations of individual events.) Can you think of any reason why the amount determined in (4) might not be the net income for November? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. points 18. 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. A. 4. First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. + 31. h. Borrowed $100,000 by issuing a note payable. a. In addition, $28,000 of computer rental costs were incurred and paid. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Journals: Determine the net income or net loss for October. Is it a product or a period cost? C. Provided services in the amount of $1,000. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Bal 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. 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. 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. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. During the month, Knaus. Stock Opened a business bank account with a deposit of 30,000 from personal funds. Hi! CASH d. Purchased office and computer equipment on account, 9,000. e. Paid cash for supplies, 2,150. f. Paid cash for annual insurance policies, 4,000. g. Received cash from client for plans delivered, 12,200. h. Paid cash for miscellaneous expenses, 815. i. No. Paid dividends, $3,000. %24 Only debit card transaction fees are limited by law. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. on the Business environment in China. On June 1 of the current year, Chad Wilson established a business to manage rental property. Recorded services provided on account for the remainder of May, 2,650. $ 15,000 Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Brooke completed the following transactions during the month of August: a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The account headings are presented below. Determine the account balances after all posting is complete. Introduction: 25,000 d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. The account headings are presented below. Instructions 1. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. During June, Ming Chen (the owner) completed these transactions: a. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Withdrew cash for personal use, 7,500. Accounting Equation - 4. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. No. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. During June, Ming Chen (the owner) completed these transactions. Determine the net income or net loss for April. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: Ask your question! e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 10,000 Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 1,500 a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. The American Chamber of Commerce in South China. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 31. Any additional hours beyond SO will be billed to KXMD at 40 per hour. During May, Kelly Consulting entered into the following transactions: May 3. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Owner invested \$60,000 $60,000 cash in the company along with equipment that had a \$15,000 $15,000 market value. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. 29. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Inflation is 3.8% per year. Analyze and use these data to complete parts (5) and (6). 13. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. During the month, he completed the, 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. Received cash from clients on account, 2,450. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month During June, Ming Chen (the owner) completed these transactions. The company paid $1,500 cash for rent of office space for the month. D. An office worker was hired. 3. 30.Served as a disc jockey for a charity ball for 1,500. July 21. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Graw 3. 30. 29.Paid miscellaneous expenses, 540. Instructions 1. Start your trial now! i. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). A statement of changes in Equity f. The company purchased additional equipment for $6,000 cash. Hire Professional Writer And Get A+ Grades In Your Homework. a. %3D During the month, she completed the following transactions connected with her professional practice: a. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. (d) Received cash for services rendered, 900. b. 75,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 2. The customer will pay at a later date. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 15. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. (i) Paid electricity bill, 85. The company paid $1,500 cash for rent of office space for the month. Bal. I have all relevant skills and expertise related to your project. Introduce yourself. 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. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). The policy covers a one-year period. minus sign.) 30. 2,500 10,000 h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Instrustions Prepare a balance sheet as of July 31, 20Y5. First let me introduce myself, my name is XX, 23 years old, and David is my English name. So lets make no longer delay & start chatting immediately. 23.Served as disc jockey for a party for 2,500. Hello. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: g. The company paid an assistant $3,000 cash as wages for the month. 61,000 Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Paid annual premiums on property and casualty insurance, 2,400. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: If the two totals are not equal, check the addition and subtraction. 1,500 i. Determine account balances of the T accounts. Prepare a post-closing trial balance. 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. You can message me to discuss the details. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Journal entry is used to the record the business transactions of an enterprises. I am a Ph.D. writer with more than 9 years of working experience in Writing. EQUITY 1, A:Salary is the expense of a business. Record the transactions and the balance after each transaction. Bal. b. 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. 58,500 Paid rent for July, 1,750. 1.500 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2,500 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. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Borrowed $100,000 by issuing a note payable. Ming Chen (the owner) completed these transactions: PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. 61. 75,000 5. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. DLite Dry Cleaners is owned and operated by Joel Palk. Mulberry paid the interest payable of $8,000. 11. h. Purchased land as a future building site, paying cash of $120,000. Bal 1,500 H. Paid the worker hired in D for one weeks work. 2.1.4P, Your question is solved by a Subject Matter Expert. minus sign.) c. Received cash from fees earned. No. She, A:The accounting equation states that assets equal to sum of liabilities and equity. 10,000 Prepare an income statement, a retained earnings statement, and a balance sheet. Paid miscellaneous expenses, 540. a. 3. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 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. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.