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ming chen began a professional practice on june 1

ming chen began a professional practice on june 1

Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. b. During the first month of operations of his, A:Solution: At the end of May, the following adjustment data were assembled. 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. The company paid $1,000 cash in dividends to the owner (sole shareholder). Paid October rent for office and workroom, 2,400. c. Purchased used automobile for 32,800, paying 7,800 cash and giving a note payable for the remainder. 58,500 9. Ming chen began a professional practice on june 1 In addition, $28,000 of computer rental costs were incurred and paid. 31.Received 3,000 for serving as a disc jockey for a party. Stock If the two totals are not equal, check the addition and subtraction. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 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? In July of this year, M. Wallace established a business called Wallace Realty. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Determine the account balances, after all posting is complete. Ming Chen began a professional practice on June 1 and plans to 2. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. Owner withdrew $1,000 cash from the company for personal use. 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 for a newspaper advertisement. a. The following information is provided for the first month of operations for Legal Services Inc.: A. (g) Paid wages to part-time employee, 500. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. A Wages of $379,000 were paid in cash. Prepare an unadjusted trial balance as of July 31, 2019. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 8. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. July 21. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. Prav Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 3. Which of the following is true? Equipment M Question 8 - Chapter 1 Exercises Connect 6. 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. 8.000 d. Paid rent on office and equipnwnt for the month, $5,000. Post the journal to a ledger of four-column accounts. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Received 1,000 cash from customers on account. Ming Chen began a professional practice on June 1 and plans to prepare 2. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. 2. 3. 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--. Greetings! Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Solved Ming Chen began a professional practice on June 1 and | Chegg.com Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. During June, Ming Chen (the owner) completed these transactions. b. . J. Received 1,000 for serving as a disc jockey for a party. During June, Ming Chen (the owner) completed these transactions: a. 4. The, A:An accounting equation refers to a mathematical representation of the transactions. 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. g. The company paid an assistant $3,000 cash as wages for the month. 2.1.4P, Your question is solved by a Subject Matter Expert. A:Requirement 1: Indicate the effect of the given transactions. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 28. $15,000 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. How much did Junes transactions increase or decrease Chad Wilsons capital? G. Received the electricity bill. Recorded services provided on account for the remainder of May, 2,650. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. 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. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. h. Purchased land as a future building site, paying cash of $120,000. 2023 White PaPer. A. 00. C. Revenues Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. There is no prepaid rent or rent payable at year-end. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. g. The company paid an assistant $3,000 cash as wages for the month. Establish a ledger for the accounts listed above and enter the beginning balances. Paid cash to creditors on account, 4,500. j. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The transaction analysis is done with the help of the accounting equation. 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. 10,000 0. (Solved) - Ming Chen began a professional practice on June 1 and plans + + Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Enter the impact of each transaction on individual items of the accounting equation. (Income Summary is account 34 in the chart of accounts.) D. An office worker was hired. $30000. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Kindly repost the question to get, A:Trial balance: It is the statement prepared at the end of the year to close all the accounts. 2. Movies are expensive to produce and market. The company pald $2,100 cash for rent of office space for . Use a chart of accounts to order the ledger accounts. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Bal. 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. The following account balances are available: Required: 1. Received and paid the heating bill, 248, Ck. 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. 10,000 LIABILITY d. Purchased office supplies on account, $1,250. 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. 7,500 The company paid $10,000 cash to settle the liability created in transaction c. j. 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. 9. No. Ming Chen began a professional practice on June 1 and plans i. 503. h. Sold catering services on account, 4,307. i. 25.000 I am a Ph.D. writer with more than 9 years of working experience in Writing. Received 500, with the remainder due on August 9, 2019. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Prepare and post the closing entries. 3. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Hi, Hope you are doing well. (Enter decreases to account balances with a 7,500 31. Received 750, with the remainder due August 4, 2019. Prepare an adjusted trial balance. C. Provided services in the amount of $1,000. Required: Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Q:1. + No. No principal payments are made, only interest is paid. e. 3. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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ming chen began a professional practice on june 1