Is it a product or a period cost? Assignments: ACCTG-4A-80575-2021SP 5. %24 How much did Junes transactions increase or decrease Chad Wilsons capital? Ken Jones, an architect, opened an office on April 1, 2019. 75,000 h. Purchased land as a future building site, paying cash of $120,000. (Income Summary is account 34 in the chart of accounts.) Paid the office rent for the current month, 650, Ck. 28. 0.33 Recorded services provided on account for the period May 1-15; 9,180. So lets make no longer delay & start chatting immediately. Paid dividends, 2,500. Explanations may be omitted. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Prepare the necessary journal entries to record these transactions. Received cash from clients on account, 2,450. If an entry is not required for any of these transactions, state this and explain why. View this solution and millions of others when you join today! c. Amount of net income for January. 3. Only debit card transaction fees are limited by law. Stock Ming Chen began a professional practice on June 1 and plans to prepare Enter the impact of each transaction on individual items of the accounting equation. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 11. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. 0. During June, Ming Chen (the owner) completed these transactions. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. 2020 - 2024 www.quesba.com | All rights reserved. A:a)Indicate the effect of the given transactions. I. Paid gas, oil, and repairs on automobile for April, 550. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. EQUITY If you want the answer, Q:Architects completed the following transactions: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. No. Equity Received 3,000 for serving as a disc jockey for a party. 501. e. Bought insurance for the truck for one year, 400, Ck. The company paid $10,000 cash to settle the liability created in transaction c. 75,000 Q:1. %24 j. b. Next With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. 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. Revenue 10,000 Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. %24 In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 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. a. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. $ 15,000 Im very much interested to write for attendance systems. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. g. Paid interest on the note payable, $500. (Do not insert the account numbers in the journal at this time.) The actual work of dry cleaning is done by another company for a fee. 28.Paid wages of 1,200 to receptionist and part-time assistant. Classify each transaction as an operating, an investing, or a financing activity. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Bal Find answers to questions asked by students like you. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Greco resort opened for business on june 1. A Wages of $379,000 were paid in cash. I will also provide you with TURNITIN PLAGIARISM REPORT. 4. 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. II The account headings are presented below.  e. Is it a budgeted or an actual cost in your report? The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: 31. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Received 2,000 for serving as a disc jockey for a wedding reception. 10,000 5. Dividends The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: %24 Paid cash for miscellaneous expenses, 375. j. The following information is provided for the first month of operations for Legal Services Inc.: A. 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. Q:Connie Young, an architect, opened an office on October 1, 2019. Accounts containing only a single entry do not need a balance. 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). 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. Each drugstore is operated by a general manager and a controller. Bal. The policy covers a one-year period. Create the following table similar to the one in Exhibit 1.9. 16. e. Determine the increase or decrease in owners equity for August. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Issued common stock to Marjorie Knaus in, A:Step 1 1,500 Required 1. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 7.500 11. H. Paid the worker hired in D for one weeks work. 2. 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). 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. During the month, Jones, A:T accounts: If you still cannot find the error, re-analyze each transaction. If there is. [Solved] Ming Chen began a professional practice o | SolutionInn 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. Payable A:Net income is calculated after analysing the revenue and expenses of the organisation. The following, A:Unadjusted Trial Balance - Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 23. 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. The general manager is responsible for the day-to-day operati.. Budgeting for a Single Product: In this activity, you will be creating budgets for a single product for each of the months in an upcoming quarter. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. b. 17. During June. 1,500 In July of this year, M. Wallace established a business called Wallace Realty. Paid Office Station Co. for part of the debt incurred on April 5, 640. (h) Received cash for services rendered, 800. Receivable 1. If Employee A makes 15 derbies in one week, what is the variable cost per derby, and what is this worker’s fixed cost per derby? Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (a) Invested cash in the business, 510,000. July 21. Determine the net income or net loss for April. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. a. J.  a. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Opened a business bank account with a deposit of 50,000 from personal funds. Home., A:Since you have asked multiple questions under a single question. f. The company purchased additional equipment for $6,000 cash. The American Chamber of Commerce in South China. 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. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 504. j. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). (i) Paid electricity bill, 85. 11.Received 1,000 for serving as a disc jockey for a party. Served as disc jockey for a party for 2,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 60,000 4. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. J. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Ming Chen began a professional practice on June $1$ and plan | Quizlet e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. During June, 2. Prepare an unadjusted trial balance as of August 31, 2016. minus sign.) Determine the increase or decrease in owners equity for January. July 21. 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. 4.Prepare an unadjusted trial balance as of July 31, 2019. Hi! on the Business environment in China. No. 63. During June, Ming Chen (the owner) completed these transactions: a. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. $30000. C. Provided services in the amount of $1,000. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Post your journal entries to T-accounts, Add additional T-accounts when needed. Introduction: Equipment Instuction Prepare an income staement and statement of stockholders equity for July. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. c. Received cash from fees earned. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 25,000 During the month, she completed the, A:Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts. . If the two totals are not equal, check the addition and subtraction. Accounts k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. + e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Prepare T accounts, using the account titles in (1). I am highly qualified expert, working from 2008-9 in this industry. A building and equipment are currently being rented, pending expansion to new facilities. Mc. Journalize and post the adjusting entries. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. At the end of May, the following adjustment data were assembled. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Since there are multiple subparts, we will answer only first three subparts. Determine the net income or net loss for January. During the first month of operations of his, A:Solution: Withdrew cash for personal use, 7,500. 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. 1000. c. Bought office supplies for cash, 375, Ck. Ming Chen began a professional practice on June $1$ and plan | Quizlet 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. During June, Ming Chen (the owner) completed these transactions. 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. 4. Enter the impact of each transaction on individual items of the accounting equation.

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