ming chen began a professional practice on june 1

Prepare and post the closing entries. d. The company completed work for a client and immediately collected the $2,500 cash earned. 2. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 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. Billed insurance companies for sales commissions earned, 12,500. j. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Required h. Purchased land as a future building site, paying cash of $120,000. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. %D Paid utilities expense, 4,500. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 1,500 Q:Prepare the statement of retained earnings for the month of July 31. 58,500 The worker will be paid $275 per week. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. 29.Paid miscellaneous expenses, 540. Accounting Equation - Instructions 1. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 1, A:Salary is the expense of a business. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 58,500 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. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Determine account balances of the T accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Record the transactions and the balance after each transaction. g. The company paid an assistant $3,000 cash as wages for the month. Paid miscellaneous expenses, 540. Paid telephone bill for May, 260. 31. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 28.Paid wages of 1,200 to receptionist and part-time assistant. Ken Jones, an architect, opened an office on April 1, 2016. 1,500 a. 4. Greetings! 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. 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. 2. 61,000 Opened a business bank account with a deposit of 50,000 from personal funds. 2. 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. $ It is the first step of recording transactions of a company. During June, Ming Chen (the owner) completed these transactions. 2.1.4P, Your question is solved by a Subject Matter Expert. 28. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2020 - 2024 www.quesba.com | All rights reserved. a. (i) Paid electricity bill, 85. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. 61,000 b. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Recording of a business transactions in a chronological order. b. Connie Young, an architect, opened an office on October 1, 2019. During June, Ming Chen (the owner) completed these transactions: a. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. A:The financial statements of the business include the income statement and balance sheet of the firm. The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: e. Is it a budgeted or an actual cost in your report? During June, Ming Chen (the owner) completed these transactions. 10,000 Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Borrowed $100,000 by issuing a note payable. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common 7.500 The company paid $1,500 cash for rent of office space for the month. Maria completed the following transactions, A:An income statement is one of the financial statements of a company and shows the company's, Q:Indicate the effect of each transaction and the balances after each transaction: O OO O f. Paid 5,000 on note payable. Paid annual premiums on property and casualty insurance, 2,400. b. Prepare a single-step income statement. 29. D. An office worker was hired. Prepare an unadjusted trial balance as of August 31, 2016. 10,000 In July of this year, M. Wallace established a business called Wallace Realty. 28. Prepare an adjusted trial balance. 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 Instructions 1. Inflation is 3.8% per year. Issued common stock to Marjorie Knaus in, A:Step 1 225. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. 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: b. 4. G. Received the electricity bill. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Advertising expense of $26,000 was incurred and paid. A:The financial statements of the business include the income statement and balance sheet of the firm. Mulberry paid the interest payable of $8,000. Received 2,000 for serving as a disc jockey for a wedding reception. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. A balance sheet Journal entry is used to the record the business transactions of an enterprises. $ During June, Ming Chen (the owner) completed these transactions. f. Paid office salaries, $6,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Apr. Instructions 1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 0. 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. ok ht inces a. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. f. The company purchased additional equipment for $6,000 cash. Bal Withdrew cash for personal use, 2,000. 10,000 Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. Withdrew l,250 cash from PS Music for personal use. During the month, Lexi completed the following transactions related to the business: Nov. 1. 75,000 During June, Ming Chen (the owner) completed these transactions.a. View this solution and millions of others when you join today! d. Purchased office supplies on account, $1,250. 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. Ethics and budgetary slack: Insurance expired during May is 275. b. Establish a ledger for the accounts listed above and enter the beginning balances. Determine the account balances, after all posting is complete. The company paid $1,500 cash for rent of office space for the. 3. 11. Accounts points Analyze each transaction, Journalize as appropriate. I am highly qualified expert, working from 2008-9 in this industry. ezto.mheducation.com By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 7,500 Required 1. Assets He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Determine account balances of the T accounts. Transactions completed during the month follow. During June, Ming Chen (the owner) completed these transactions. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Determine the following: a. No. %D Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Good morning, teachers, I am honored to be informed to have this interview. Served as a disc jockey for a charity ball for 1,500. 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. During June, Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:The following transactions were carried out during the month of May by M.SAJJAD Enter the following transactions on Page 2 of the two-column journal: 16. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. You can message me to discuss the details. 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. Determine the net income for March. c. Amount of net income for August. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Kimberly Manis, an architect, opened an office on January 1, 2016. h. Purchased land as a future building site, paying cash of $120,000. 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--.

ming chen began a professional practice on june 1 2023