0. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. During June, Ming Chen (the owner) completed these transactions. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? On June 1 of the current year, Chad Wilson established a business to manage rental property. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Determine the increase or decrease in owners equity for January. The company paid $1,500 cash for rent of office space for the month. operations,, A:Journal entry means the entry in prime book with chronological order. 5. Paid 250 to creditors on account. 10,000 Instructions 1. + Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. Find answers to questions asked by students like you. Mulberry paid the interest payable of $8,000. Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. You can message me to discuss the details. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Does that time investment p Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing specialty hats. Paid an attorney 900 for reviewing the July 3 contract with KXMD. During June, Ming Chen (the owner) completed these transactions. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. ol + Paid rent for July, 1,750. c. Received cash from fees earned. Prepare an unadjusted trial balance as of August 31, 2016. 25.000 1. 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. The company paid $1,500 cash for rent of office space for the month. A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her Amount of total expenses recorded in the ledger. I. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Accounts containing only a single entry do not need a balance. b. Recorded services provided on account for the remainder of May, 2,650. 7. (k) Paid wages to part-time employee, 500. Paid January rent for office and workroom, 1,950. c. Purchased used automobile for 28,500, paying 5,700 cash and giving a note payable for the remainder. 1, A:Salary is the expense of a business. Prepare an income statement, a retained earnings statement, and a balance sheet. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 8,000 1.500 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. Determine the net income or net loss for October. b. b. 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. A:Journal: Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 2,500 7,500 Paid telephone bill for May, 260. During June, Ming Chen (the owner) completed these transactions. 4. 2023. stock. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. How much did Marchs transactions increase or decrease Amy Austins capital? 6. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. %D During June, Ming Chen (the owner) completed these transactions.a. b. 8. h. Purchased land as a future building site, paying cash of $120,000. Instructions 1. Post the journal to a ledger of four-column accounts. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 10,000 O OO O f. Paid office salaries, $6,500. 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When the business transactions are recorded in the primary book of account, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Bal. 31.Received 3,000 for serving as a disc jockey for a party. Paid truck expenses, 435, Ck. In this activity, you will be creating. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 2. a. a. h. Borrowed $100,000 by issuing a note payable. 4.Prepare an unadjusted trial balance as of July 31, 2019. d. Paid rent on office and equipnwnt for the month, $5,000. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. %24 30. How much did Junes transactions increase or decrease Chad Wilsons capital? Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. 11. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. 3. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Apr. 15. (1,500) + h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e 10,000 Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Paid rent for period of November 1 to end of month, 4,000. Hill Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 1. c. Amount of net income for August. d. 15. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. b. Greco resort opened for business on june 1. She helped me in last minute in a very reasonable price. Use a chart of accounts to order the ledger accounts. Post your journal entries to T-accounts, Add additional T-accounts when needed. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. d. Does the activity add value to Latchey’s provision of insurance services? g. The company paid an assistant $3,000 cash as wages for the month. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 0. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. 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 300 on note payable. 5. %D If you still cannot find the error, re-analyze each transaction. A statement of changes in Equity Ask a new question. b. 0. 31. Paid 620 to Upload Music for use of its current music demos in making various music sets. 63. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Paid utilities expense, 4,500. If the two totals are not equal, check the addition and subtraction. 10,000 The following transactions were completed during July, the second month of the business's operations: July 1. 1PA, Your question is solved by a Subject Matter Expert. The equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. A:Net income is calculated after analysing the revenue and expenses of the organisation. g. The company paid an assistant $3,000 cash as wages for the month. b. h. Borrowed $100,000 by issuing a note payable. During the first month of operations of his, A:Solution: Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 3. Received and paid the heating bill, 248, Ck. 1.500 13. Expenses 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.: 1. 8.000 Hi! On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Enter the following transactions on Page 2 of the two-column journal: 29. (Do not insert the account numbers in the journal at this time.) A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Paid annual premiums on property and casualty insurance, 2,400. July 21. 7.500 Received 3,000 for serving as a disc jockey for a party. (a) Invested cash in the business, 510,000. Classify each transaction as an operating, an investing, or a financing activity. 21. 0. Instructions 1. 2. Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Equity 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. Introduce yourself. 4. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Common Recorded services provided on account for the period May 16-20, 4,820. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. %24, Carl Warren, James M. Reeve, Jonathan Duchac. c. Received cash from fees earned. During June, Ming Chen (the owner) completed these transactions: a. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. 2. 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. Is this a direct or an indirect cost? A statement of cash flows, Q:On September 1, 20X6, Michael Moe incorporated Moe's Mowing, Inc., a company that provides mowing, A:Since you have posted a question with multiple sub-parts, we will solve the first three subparts for, Q:Bob Jacobs opened an advertising agency. Determine the net income or net loss for January. Paid dividends, $3,000. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. 3. *Response times may vary by subject and question complexity. b. 10,000 %3D h. Determine the following: a. 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 504. j. 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. c. Both credit card and debit card transaction fees are limited by law. 22. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. 15,000 Ken Jones, an architect, opened an office on April 1, 2016. e. 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. The company paid $1,500 cash for rent of office space for the. A. 31. 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. b. Purchased supplies on account, 850. If the two totals are not equal, check the addition and subtraction. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. f. The company purchased additional equipment for $6,000 cash. Instructions 1. Cash g. Paid interest on the note payable, $500. 25.000 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. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. f. Paid office salaries, $6,500. points 13. Paid 700 to a local audio electronics store for rental of digital recording equipment. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. a. Received 750, with the remainder due August 4, 2019. Received 750, with the remainder due August 4, 2019. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. I am a Ph.D. writer with more than 9 years of working experience in Writing. 8. Received cash from clients on account, 9,520. Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. July 21. No. During June, Ming Chen (the owner) completed these transactions: a. 505. m. Paid the salary of the assistant, 1,150, Ck. The general manager is responsible for the day-to-day operati.. Budgeting for a Single Product:
In this activity, you will be creating budgets for a single product for each of the months in an upcoming quarter. Transactions completed during the month follow. Paid cash for a newspaper advertisement. Introduction: Paid 5,000 on note payable. a. 4, %24 %24 Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. d. The company completed work for a client and immediately collected the $2,500 cash earned. If you still cannot find the error, re-analyze each transaction. Only credit card transaction fees are limited by law. I am highly qualified expert, working from 2008-9 in this industry. a. Wallace deposited 24,000 in a bank account in the name of the business. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Assignments: ACCTG-4A-80575-2021SP Received 500, with the remainder due on August 9, 2019. 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. Since there are multiple subparts, we will answer only first three subparts.