b. Gutierrez Company, a publicly held corporation, operates a, Budgeting for a Single Product: a. The company paid $10,000 cash to settle the liability created in transaction c. j. 1,500 0. d. The company completed work for a client and immediately collected the $2,500 cash earned. During June, Ming Chen (the owner) completed these transactions. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 2. On June 1 of the current year, Chad Wilson established a business to manage rental property. 4. Solved Ming Chen began a professional practice on June 1 and | Chegg.com A loan of $400,000 is taken out which requires an annual interest During June, Ming Chen (the owner) completed these transactions: a. 25,000 Paid Office Station Co. for part of the debt incurred on April 5, 640. 1, A:Salary is the expense of a business. I. Hire Professional Writer And Get A+ Grades In Your Homework. 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. 3.Paid 250 to creditors on account. 60,000 Owner invested $62,000 cash in the company along with equipment that had a $23,000 market value in exchange for its common stock b. (g) Paid wages to part-time employee, 500. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. 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? Owner withdrew $1,000 cash from the company for personal use. Paid cash for miscellaneous expenses, 375. j. 10. 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. f. The company purchased additional equipment for $6,000 cash. 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Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. (Record as Miscellaneous Expense.) 25,000 Paid 620 to Upload Music for use of its current music demos in making various music sets. Determine account balances of the T accounts. 4. Instructions 1. Hello. College Accounting (Book Only): A Career Approach. %24 Accounts f. The company purchased additional equipment for $6,000 cash. 4. 2,500 7,500 c. Received cash from fees earned. During the month, Jones, A:T accounts: 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. 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. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. 1006. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. Bal. 23. During the month, Lexi completed the following transactions related to the business: Nov. 1. 2. Ming Chen began a professional practice on June 1 and plans - BRAINLY 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. For those boxes in, A:Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by, Q:on april 1 Jiro Nozomi created a new travel agency, adventure travel. Paid dividends, $3,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The actual work of dry cleaning is done by another company for a fee. Kimberly Manis, an architect, opened an office on January 1, 2016. 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). 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. The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Instuction Prepare an income staement and statement of stockholders equity for July. Determine the net income or net loss for April. 5. I have all relevant skills and expertise related to your project. b. $ 15,000 Cash 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; Kimberly Manis, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. Determine the amount of Joel Palks capital as of July 1 of the current year. Mulberry paid the interest payable of $8,000. Paid rent for July, 1,750. 0. Purchased supplies for cash, 1,750. d. The company completed work for a client and immediately collected the $2,500 cash earned. 24. 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). By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Inflation is 3.8% per year. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Required During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 10,000 Ming Chen began a professional practice on June $1$ and plan | Quizlet I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 8.Paid for a newspaper advertisement, 200. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Ming Chen began a professional practice on June 1 and plans to Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Received 500, with the remainder due on August 9, 2019. First week only $4.99! 1. Hi! $30000. The company paid $1,500 cash for rent of office space for the month. Instructions 1. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 10 000 Only debit card transaction fees. a. Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. The following, A:Unadjusted Trial Balance - Received cash for job completed, 11,500. c. Amount of net income for August. Recorded services provided on account for the period May 1-15; 9,180. 61,000 I am highly qualified expert, working from 2008-9 in this industry. 8. 4. In July of this year, M. Wallace established a business called Wallace Realty.
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