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Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. The account headings are presented below. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. %3D Transactions completed during the month follow. (1,500) + Enter the following transactions on Page 2 of the two-column journal: 29. ces h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Purchased supplies for cash, 1,750. . $4 25,000 e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. 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. 25.000 4.Prepare an unadjusted trial balance as of July 31, 2019. The company paid $1,500 cash for rent of office space for the month. 25.000 h. College Accounting (Book Only): A Career Approach. ASSETS Q:Comprehensive Problem Set On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. The transactions of 30. 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. 58,500 Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. Good morning, teachers, I am honored to be informed to have this interview. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 5. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. The company paid $10,000 cash to settle the liability created in transaction c. 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. + The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. %3D T Accounts, Debits And Credits, Trial Balance, And Financial Statements. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 9. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Paid rent for July, 1,750. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Paid 700 to a local audio electronics store for rental of digital recording equipment. If you want the answer, Q:Architects completed the following transactions: Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. 1.500 Determine account balances of the T accounts. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. 1,500 b. 25.000 Hello. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and i. %24 e. 30.Served as a disc jockey for a charity ball for 1,500. J. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 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. a. a. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Paid 620 to Upload Music for use of its current music demos in making various music sets. During the month, Knaus. $ Received cash from customers on account, 9,000. a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. 1003. i. 505. m. Paid the salary of the assistant, 1,150, Ck. A:Revenue means the income earned during a given period. 31. C. Provided services in the amount of $1,000. 3. Can you think of any reason why the amount determined in (4) might not be the net income for November? 7. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. During June, Ming Chen (the owner) completed these transactions. Instructions 1. View this solution and millions of others when you join today! $30000. 3. The company paid $1,500 cash for rent of office space for . (k) Paid wages to part-time employee, 500. (Enter decreases to account balances with a 1,500 (g) Paid wages to part-time employee, 500. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- Instructions 1. 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. Thanks :--). Required: 3.Paid 250 to creditors on account. b. 1. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Ken Jones, an architect, opened an office on April 1, 2016. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. Post the journal to a ledger of four-column accounts. 10 000 A:Prepare a trial balance for Randy Guttery, Landscape Consultant. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 23. Use the ending balances in the T-accounts to prepare a trial balance. Problem1-63B Income Statement, Retained Earnings Statement. 1PA, Your question is solved by a Subject Matter Expert.  d. Does the activity add value to Latchey’s provision of insurance services? The following transactions were completed during July, the second month of the business's operations: July 1. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 5. Paid wages of employees, 6,800. 75,000 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. Prepare an income statement, a retained earnings statement, and a balance sheet. %24 Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. Hire Professional Writer And Get A+ Grades In Your Homework. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received 1,000 cash from customers on account. 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. 30. Equity (a) Invested cash in the business, 510,000. 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. Paid electricity bill for May, 810. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. II During the month, Jones, A:T accounts: 27.  c. Is it a variable or a fixed cost? 28. minus sign.) Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. d. The company completed work for a client and immediately collected the $2,500 cash earned. 2.  e. Is it a budgeted or an actual cost in your report? Determine the net income or net loss for January. Instructions 1. a. 2. Determine account balances of the T accounts. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. The following, A:Unadjusted Trial Balance - %24 f. Paid office salaries, $6,500. Hi, Hope you are doing well. Required 1. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. No. Paid gas, oil, and repairs on automobile for April, 550. 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. Owner invested $60,000 cash in the company along with equipment. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Simple Accounting equation is. i. Borrowed $100,000 by issuing a note payable. 1004. j. 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. f. The company purchased additional equipment for $6,000 cash. The company paid $1,500 cash for rent of office space for the month. . Received 750, with the remainder due August 4, 2019. 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: No. d. The company completed work for a client and immediately collected the $2,500 cash earned. I will also provide you with TURNITIN PLAGIARISM REPORT. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. The company paid $1,500 cash for rent of office space for the month. Check my 2. 5. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid wages of 1,200 to receptionist and part-time assistant. On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On April 1, Jiro Nozomi created a new travel agency, Adventure Travel.