Assets 7,500 What amount should Carter report as net cash from investing activities? + Please resubmit the question, Q:Beverly Crusher is a licensed CPA. d. Purchased office supplies on account, $1,250. 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. A building and equipment are currently being rented, pending expansion to new facilities. Saved No. Basic Accounting Systems: Cash Basis. The account headings are presented below. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. Determine account balances of the T accounts. Six months rent was paid in advance, $4,500. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. A:Journal: 000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 27.Paid electric bill, 915. Required July 21. 4. 0. Good morning, teachers, I am honored to be informed to have this interview. 3. *Response times may vary by subject and question complexity. f. The company purchased additional equipment for $6,000 cash. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Repairs and maintenance of $9,000 were incurred and paid. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Do you need an answer to a question different from the above? Analyze each transaction, Journalize as appropriate. If Employee B makes only 12 derbies Income Statement for a Manufacturing Organization Using the following information from Char Company, prepare an income statement through operating income for the year: Carter Containers sold marketable securities, land, and common stock for $30 million, $15 million, and $40 million, respectively. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. The American Chamber of Commerce in South China. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. 1000. c. Bought office supplies for cash, 375, Ck. Interest of $5,000 was paid on the long-term loan. 0. Paid wages of employees, 6,800. No principal payments are made, only interest is paid. d. Bal. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Notes Payable; Accounts Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. 31. A:Hi student Owner invested 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Accounts Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 28. 61,000 . During the month, he completed the following transactions connected with his professional practice: a. Can you think of any reason why the amount determined in (4) might not be the net income for November? 8.000 On March 1 of this year, B. Gervais established Gervais Catering Service. 9. 15,000 During the month, Jones, A:T accounts: During March, the following, A:1. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental 25,000 Which of the following is true? 3. 4. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Post the journal to a ledger of four-column accounts. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. II Create the following table similar to the one in Exhibit 1.9. 1,500 (Do not insert the account numbers in the journal at this time.) A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. %24 No. b. 1.500 J. I have all relevant skills and expertise related to your project. Budgeting issues at the movies: f. Paid office salaries, $6,500. What will be the value of interest payment at the end of fourth year in real dollars? 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. *Response times may vary by subject and question complexity. %24 If you want any, Q:At the beginning of April, Haron Kadir launched a custom computer solutions company called, A:Journalizing refers to recording/Classifying the business transactions initially in the books of, Q:Jared Hawk established an insurance agency on July 1 of the current year and b. %3D and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Write Balance in the Item column and place a check mark () in the Posting Reference column. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 1,500 b. 4. Paid dividends, 10,500. 17. Determine account balances of the T accounts. 1. She helped me in last minute in a very reasonable price. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The following, A:Unadjusted Trial Balance - To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. d. The company completed work for a client and immediately collected the $2,500 cash earned. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Assets 75,000 During June, Ming Chen (the owner) completed these transactions. c. Amount of net income for August. Prepare T accounts, using the account titles in (1). 25.000 0. b. Prepare an unadjusted trial balance. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 11.Received 1,000 for serving as a disc jockey for a party. I have all relevant skills and expertise related to your project. 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. i. stock. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 0. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. 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. 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. Hello. 5. b. (e) Paid phone bill, 65. Using the following, A:Impact on Equity - 31.Received 3,000 for serving as a disc jockey for a party. Paid dividends, $3,000. At the end of May, the following adjustment data were assembled. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. 14.Paid wages of 1,200 to receptionist and part-time assistant. Paid on account to the City Crier, 455, Ck. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Determine the account balances after all posting is complete. Accounts No. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Recorded jobs completed on account and sent invoices to customers, 22,300. Paid truck expenses, 435, Ck. The following transactions, A:Journal Entries: 58,500 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. 1006. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. 25,000 3. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 1PA, Your question is solved by a Subject Matter Expert. b. Use a chart of accounts to order the ledger accounts. 0. 23.Served as disc jockey for a party for 2,500. None of the paper was used by year-end. d. Paid rent on office and equipnwnt for the month, $5,000. Paid wages of 1,200 to receptionist and part-time assistant. Explanations may be omitted. 10,000 No. 10 000 Purchased supplies for cash, 1,750. Received cash for job completed, 11,500. d. Paid rent on office and equipnwnt for the month, $5,000. Prepare T accounts, using the account titles in (1). Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. It indicates, Q:Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. A:The financial statements of the business include the income statement and balance sheet of the firm. CASH Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. a. 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. Q:Comprehensive Problem Set Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i. During June, Ming Chen (the owner) completed these transactions. 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 During June, Ming Chen (the owner) completed these transactions. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. Dividends g. The company paid an assistant $3,000 cash as wages for the month. Stock 1. Instructions 1. Thanks :--). c. Received cash from fees earned. During June, Ming Chen (the owner) completed these transactions. What if the client hasn't prepared them in advance? Enter the impact of each transaction on individual items of the accounting equation. July 21. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 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. Prepare an unadjusted trial balance as of August 31, 2016. Explanations may be omitted. The, A:An accounting equation refers to a mathematical representation of the transactions. The company paid $1,000 cash in dividends to the owner (sole shareholder). 2,500 The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - (1,500) + Received 500, with the remainder due on August 9, 2019. To ensure my potential must visit my profile to check my ratings and uploaded samples. 25.000 3. 31. Find answers to questions asked by students like you. Since there are multiple subparts, we will answer only first three subparts. 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. 61,000 f. Paid office salaries, $6,500. Record the adjusting entries on Page 7 of the journal. Is it a product or a period cost? %3D Accounts containing only a single entry do not need a balance. f. The company purchased additional equipment for $6,000 cash. 0. During June, Ming Chen (the owner) completed these transactions. 1 of 1 c. Received cash from fees earned. (g) Paid wages to part-time employee, 500. G. Received the electricity bill. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common and company a firm. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Bal. Equipment EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. 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. A statement of changes in Equity 5. $15,000 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: Prepare a post-closing trial balance. Received 2,000 for serving as a disc jockey for a wedding reception. 3. 28.Paid wages of 1,200 to receptionist and part-time assistant. 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. (Record as Miscellaneous Expense.) No. Equity References 27. Determine the net income for March. g. The company paid an assistant $\$3,000$ cash as wages for the month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Paid the following: wages expense, 7,500; truck expense, 2,500; utilities expense, 1,300; miscellaneous expense, 2,700. j. a., A:1. Determine the net income or net loss for October. Instructions 1. 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 In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 10,000 + 30. d. The company completed work for a client and immediately collected the $2,500 cash earned. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Bill Hudson, Capital; Bill Hudson, Drawing; Sales Commissions; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. Received 1,000 for serving as a disc jockey for a party. Paid 5,000 on note payable. + He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Prepare an income statement, a retained earnings statement, and a balance sheet. 1004. j. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. The following information is provided for the first month of operations for Legal Services Inc.: A. 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:On October 1, 20Y4, Jay Pryor established an interior decorating business, Pioneer Designs. Liabilities Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. (c) Purchased office equipment. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. A:The financial statements of the business include the income statement and balance sheet of the firm. Accounts  d. Does the activity add value to Latchey’s provision of insurance services? 506. i. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 61,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.  c. Is it a variable or a fixed cost? Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Apr. (Enter decreases to account balances with a M Question 8 - Chapter 1 Exercises Connect A:a)Indicate the effect of the given transactions. Paid Office Station Co. for part of the debt incurred on April 5, 640. Received $100 from a customer for services we will provide next week. $4 7,500 225. 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. 4. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Find step-by-step Accounting solutions and your answer to the following textbook question: Ming Chen began a professional practice on June $1$ and plans to prepare financial statements at the end of each month. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION-  a. Determine the excess of revenues over expenses for November. 11. In July of this year, M. Wallace established a business called Wallace Realty. During the month, Knaus. If you want the answer, Q:Architects completed the following transactions: Paid 700 to a local audio electronics store for rental of digital recording equipment. 1,500 During June, Ming Chen (the owner) completed these transactions. 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. d. Paid rent on office and equipment for the month, $5,000. 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. b. 10,000 (b) Paid office rent, 500. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. Equity Paid the office rent for the current month, 650, Ck. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. (d) Received cash for services rendered, 900. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. a. Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: b. 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 August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. Determine the increase or decrease in owners equity for August. A:Introduction: 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. 24 Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 7,500 Receivable Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 4.Prepare an unadjusted trial balance as of July 31, 2019. b. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Each drugstore is operated by a general manager and a controller. Problem1-63B Income Statement, Retained Earnings Statement. (Income Summary is account 34 in the chart of accounts.) e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 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. If there is. 3. 4. First let me introduce myself, my name is XX, 23 years old, and David is my English name. g. The company paid an assistant $3,000 cash as wages for the month. Revenue Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Expenses 30. I can help you with creating a presentation of one slide for The Word of William Hunter. b. Mulberry paid the interest payable of $8,000. a. Cash 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. 61,000 5. Only credit card transaction fees are limited by law. Prepare an unadjusted trial balance as of January 31, 2019. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Issued common stock to Marjorie Knaus in, A:Step 1 Apr. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. Prepare an unadjusted trial balance as of July 31, 2019. 13. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 5. Paid wages of 1,200 to receptionist and part-time assistant. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. (k) Paid wages to part-time employee, 500. a. 30. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Paid for a newspaper advertisement, 200. Any additional hours beyond SO will be billed to KXMD at 40 per hour. Classify each transaction as an operating, an investing, or a financing activity. h. Borrowed $100,000 by issuing a note payable. The following transactions occurred during January of the current year. 1002. h. Received and paid the bill for utilities, 340, Ck. Paid cash to creditors on account, 3,000. j. $30000. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Ask your question! Amount of total expenses recorded in the ledger. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 31. The company paid $1,500 cash for rent of office space for the month. Amount of total revenue recorded in the ledger. Kimberly Manis, an architect, opened an office on January 1, 2016. Prepare an adjusted trial balance. points 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.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. 15. No. 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--. During June, Ming Chen (the owner) completed these transactions: a. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 3. a. 12. $30000. a. %24 Prav Recorded services provided on account for the period May 1-15; 9,180. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. c. Amount of net income for January. The following, A:Unadjusted Trial Balance - Required 1. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Received 500, with the remainder due on August 9, 2019. c. Paid April rent for office and workroom, 3,150. d. Paid cash for supplies, 1,450. e. Purchased office and computer equipment on account, 6,500. f. Paid cash for annual insurance policies on automobile and equipment, 2,400. g. Received cash from a client for plans delivered, 12,000. h. Paid cash to creditors on account, 1,800. i. Accounting Equation is calculated using following equation - Q:Ken Jones, an architect, opened an office on April 1, 2019. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. It is the first step of recording transactions of a company. 15,000 In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Post your journal entries to T-accounts, Add additional T-accounts when needed. Determine the following: a. 5.Purchased office equipment on account from Office Mart, 7,500.

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