ming chen began a professional practice on june 1automobiles in the progressive era

April. c. Received cash from fees earned. Hal Smith opened Smith's repairs on 01.03. a. Gervais deposited 25,000 in a bank account in the name of the business. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. During June, Ming Chen (the owner) completed these transactions. Introduction: Paid an attorney 900 for reviewing the July 3 contract with KXMD. Received 750, with the remainder due August 4, 2019. g. Paid interest on the note payable, $500. 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). Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Start your trial now! C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 0. Explanations may be omitted. 17. 6. 10.000 g. The company paid an assistant $3,000 cash as wages for the month. Paid miscellaneous expenses, 540. The company paid $1,500 cash for rent of office space for the month. 7.500 5. 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. Write Balance in the Item column and place a check mark () in the Posting Reference column. 15. Paid annual premiums on property and casualty insurance, 2,400. View this solution and millions of others when you join today! Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. He completed the following transactions during June: a. g. The company paid an assistant $3,000 cash as wages for the month. a. A:a)Indicate the effect of the given transactions. Paid gas, oil, and repairs on automobile for April, 550. During June, Ming Chen (the owner) completed these transactions: a. If there is. Paid gas, oil, and repairs on automobile for April, 550. During the month, he completed the following transactions connected with his professional practice: a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received 500, with the remainder due on August 9, 2019. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Paid part-time receptionist for two weeks salary, 750. 10. The company paid $1,500 cash for rent of office space for the. %24 Paid on account to the City Crier, 455, Ck. July 21. The American Chamber of Commerce in South China. She, A:The accounting equation states that assets equal to sum of liabilities and equity. Bal. He. Prepare T accounts, using the account titles in (1). The actual work of dry cleaning is done by another company for a fee. 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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. 3. h. Borrowed $100,000 by issuing a note payable. Borrowed $100,000 by issuing a note payable. 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. Determine the account balances, after all posting is complete. b. Received cash from customers on account, 88,000. k. Determined that the cost of supplies on hand was 5,900; therefore, the cost of supplies used during the month was 3,600. l. Withdrew 12,000 cash for personal use. Accounts 30. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 5. Accounting Equation - Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. b. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? %24 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. 61,000 Accounts The company paid $1,000 cash in dividends to the owner (sole shareholder). operations,, A:Journal entry means the entry in prime book with chronological order. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. Amount of total expenses recorded in the ledger. a. Instructions 1. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Paid dividends, $3,000. 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. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. Hello. 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. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. (Enter decreases to account balances with a February 20, 2023. 8.000 Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 8.000 Determine the increase or decrease in owners equity for August. d. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. During March, the following, A:1. Recording of a business transactions in a chronological order. 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. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. Withdrew l,250 cash from PS Music for personal use. d. The company completed work for a client and immediately collected the $2,500 cash earned. 63. 30. Owner withdrew $1,000 cash from the company for personal use. c. Received cash from fees earned. f. The company purchased additional equipment for $6,000 cash. Received 1,000 for serving as a disc jockey for a party. Im very much interested to write for attendance systems. 1006. 504. j. 9. In addition, $28,000 of computer rental costs were incurred and paid. b. Determine the amount of Joel Palks capital as of July 1 of the current year. 4. Kimberly Manis, an architect, opened an office on January 1, 2016. The account headings are presented below. (a) Invested cash in the business, 510,000. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. b. f. Paid office salaries, $6,500. 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. Recorded services provided on account for the period May 16-20, 4,820. 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. Withdrew cash for personal use, 2,500. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Income tax of $10,300 was incurred and paid in 2019. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Each drugstore is operated by a general manager and a controller. 27. Next Six months rent was paid in advance, $4,500. 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.

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