Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. f. Paid office salaries, $6,500. 4. Hire Professional Writer And Get A+ Grades In Your Homework. The company paid $10,000 cash to settle the liability created in transaction c. 10 000 29.Paid miscellaneous expenses, 540. Greetings! Required 1. Any additional hours beyond SO will be billed to KXMD at 40 per hour. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Paid cash for miscellaneous expenses, 375. j. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. 1. stock. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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. 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. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. During June, Ming Chen (the owner) completed these transactions. 0. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Received 500, with the remainder due on August 9, 2019. 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). Purchased office equipment on account, 15,000. (Continued) Required: 1. The following account balances are available: Required: 1. 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. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. No. 3. 75,000 During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Recording of a business transactions in a chronological order. The following transactions, A:Journal Entries: 1,500 Assets Instructions 1. 2. 30. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Revenue Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. a. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 8.000 Establish a ledger for the accounts listed above and enter the beginning balances. 2. If there is. 29. 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. 16. 4. Paid 700 to a local audio electronics store for rental of digital recording equipment. Paid miscellaneous expenses, 540. 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: S NO a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Do you need an answer to a question different from the above? Common Owner withdrew $1,000 cash from the company for personal use. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and Purchased supplies for cash, 1,750. 18. Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. 1,500 Accounts Paid rent for period of November 1 to end of month, 4,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Before this, no other, Q:ournalize entries for transactions (a) through (I) using the following account titles: cash,, Q:ita Lopez started Biz Consulting, a new business, and completed the following transactions during, A:Journal entries refers to recording of business transactions into the books of the business or, Q:On April 1 of the current year, Morgan Jones established a business to manage rental property. 0. 4. During the month, she completed the following transactions connected with her professional practice: a. 3.Paid 250 to creditors on account. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. 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 Dividends in the amount of $1,500 were distributed. 10,000 c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Explanations may be omitted. I will also provide you with TURNITIN PLAGIARISM REPORT. Determine account balances of the T accounts. February 20, 2023. Paid an attorney 900 for reviewing the July 3 contract with KXMD. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. h. Purchased land as a future building site, paying cash of $120,000. c. Amount of net income for January. 10,000 Help What amount should Carter report as net cash from investing activities? 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 58,500 To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Required Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 3. Withdrew cash for personal use, 7,500. 24. %24 Amount of total revenue recorded in the ledger. 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. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Mc. 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 Q:On April 1, Anita Strods created a new travel agency, Strods Travel. II f. The company purchased additional equipment for $6,000 cash. The company paid $1,500 cash for rent of office space for the month. There is no prepaid rent or rent payable at year-end. 1003. i. b. Amount of total expenses recorded in the ledger. 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. 0. Write Balance in the Item column and place a check mark () in the Posting Reference column. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Print + No. 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. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. No. minus sign.) Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Show new balances after each transaction. %3D 3. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. b. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. g. Paid interest on the note payable, $500. a. 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, Problem 2-62B Comprehensive Problem Mulberry Services sells electronic data processing services to firms too Email to own their own computing equipment. During June, Ming Chen (the owner) completed these transactions. Accounts containing only a single entry do not need a balance. d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. 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. 24 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. b. (Enter decreases to account balances with a Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. 10. b. Paid dividends, $3,000. Bal. $15,000 Find answers to questions asked by students like you. Prepare an unadjusted trial balance as of January 31, 2019. 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: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 0. A Wages of $379,000 were paid in cash. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: None of the paper was used by year-end. The following transactions, A:Note: Assets During June, Ming Chen (the owner) completed these transactions. Record the transactions and the balance after each transaction. The company paid $1,500 cash for rent of office space for . Apr. 5. Ask your question! 31. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! a. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed A:Hi student 8.000 Paid cash for a newspaper advertisement. 23. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.