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e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Explanations may be omitted. Instructions 1. The company paid $1,500 cash for rent of office space for the month. 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 plansget 1 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. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. ok ht inces a. The company paid $1,500 cash for rent of office space for the month. During the month, he completed the, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. b. 1. 4. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. The company pald $2,100 cash for rent of office space for . Find answers to questions asked by students like you. 1.500 + i. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. During June, Ming Chen (the owner) completed these transactions. b. 2.Received 1,000 cash from customers on account. During the first month of operations of his, A:Solution: Cash How much did Junes transactions increase or decrease Chad Wilsons capital? 1006. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. %D During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 10,000 Paid dividends, 2,500. Received cash for job completed, 11,500. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. During the month, she completed the following transactions connected with her professional practice: a. First week only $4.99! c. Received cash from fees earned. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? She, A:The balance sheet is one of the financial statements of the business which represents the financial, Q:On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of, A:Accounting Equation: How much did Marchs transactions increase or decrease Amy Austins capital? The company paid $1,000 cash in dividends to the owner (sole shareholder). The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: %3D 7.500 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. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. 58,500 b. Post your journal entries to T-accounts, Add additional T-accounts when needed. 1.500 She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 75,000 Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. The following, A:Unadjusted Trial Balance - 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. During June, Ming Chen (the owner) completed these transactions. Paid dividends, $3,000. Supplies on hand on May 31 are 715. c. Depreciation of office equipment for May is 330. d. Accrued receptionist salary on May 31 is 325. e. Rent expired during May is 1,600. f. Unearned fees on May 31 are 3,210. 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. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 5. a. 25,000 2. During June, Ming Chen (the owner) completed these transactions. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Paid utilities expense, 4,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 1 of 1 12. 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. %3D Received an invoice for truck expenses, to be paid in November, 1,250. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Instructions 1. Ming Chen began a professional practice on June 1 and plans During June, Ming Chen (the owner) completed these transactions. d. The company completed work for a client and immediately collected the $2,500 cash earned. 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. No. (Do not insert the account numbers in the journal at this time.) Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. Paid cash to creditors on account, 3,000. j. Required Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. c. Received cash from fees earned. Determine account balances of the T accounts. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. No. 000 Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Accounting Equation - During June, Ming Chen (the owner) completed these transactions. Opened a business bank account with a deposit of 50,000 from personal funds. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 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 %24 1,500 Print Ming Chen began a professional practice on June 1 and plans - BRAINLY During June, Ming Chen (the owner) completed these transactions. A:Revenue means the income earned during a given period. Use a chart of accounts to order the ledger accounts. 5. July 21. 8.Paid for a newspaper advertisement, 200. 1000. c. Bought office supplies for cash, 375, Ck. Served as disc jockey for a party for 2,500. Paid dividends, $3,000. Common d. Paid rent on office and equipnwnt for the month, $5,000. Kimberly Manis, an architect, opened an office on January 1, 2016. O OO O Instructions 1. Instructions 1. No. 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 loan of $400,000 is taken out which requires an annual interest 6. Liabilities During June, 3. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 10,000 + Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Dividends I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Prepare an unadjusted trial balance as of July 31, 2019. g. Paid interest on the note payable, $500. 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. Payable E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. %3D Withdrew cash for personal use, 2,500. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Ming Chen started a business and had the following transactions in June. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Prepare the necessary journal entries to record these transactions. 2. d. Prepare an adjusted trial balance.  b. h. Borrowed $100,000 by issuing a note payable. During June, Ming Chen (the owner) completed these transactions: a. 3. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Bal. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. h. Purchased land as a future building site, paying cash of $120,000. Determine the increase or decrease in owners equity for January. Received 3,000 for serving as a disc jockey for a party. Graw (a) Invested cash in the business, 510,000. Next 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. Prepare T accounts, using the account titles in (1). a. 505. m. Paid the salary of the assistant, 1,150, Ck. During June. 9. Hal Smith opened Smith's Repairs on March 1 of the current year. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i.