ming chen began a professional practice on june 1

During the month, he completed the following transactions connected with his professional practice: a. A building and equipment are currently being rented, pending expansion to new facilities. c. Received cash from fees earned. If there is. No. Paid rent for July, 1,750. 2020 - 2024 www.quesba.com | All rights reserved. d. Purchased office and computer equipment on account, 9,000. e. Paid cash for supplies, 2,150. f. Paid cash for annual insurance policies, 4,000. g. Received cash from client for plans delivered, 12,200. h. Paid cash for miscellaneous expenses, 815. i. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Issued common stock to Marjorie Knaus in, A:Step 1 8.000 Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. 10. Received cash from clients on account, 2,450. Advanced practice nurse professional development plan, Mcgraw hill practice operations module 1 answers, 1.1 10 practice written assignment spanish 1 semester 2, Pre lab assignment 1 osmosis and tonicity practice problems, 1.1 10 practice complete your assignment english 12 sem 1, Safe practices for motor vehicle operations ansi asse z15 1, Kelly pitney began her consulting business kelly consulting on april 1 2016, Exercise and osteoporosis journal article, Critiquing floral arrangements crossword answers, Which of the following best describes ethics, Communicating in groups applications and skills 10th edition, Secure software development concepts support protecting applications, Cradle of filth your mother should ve swallowed shirt, The economy in the 1980s worksheet answers, Sharper image ultimate fat freezer reviews, Centripetal force and uniform circular motion lab report, What are the 6 stages of the family life cycle, The danger of a single story ted talk summary, Marshall rosenberg book nonviolent communication, Desert states employers & ufcw pension plan, Strengths and weaknesses of ethical egoism, Updater process ended with error 255 moto g4 plus, Section 6.4 traits genes and alleles section quiz answers. h. Borrowed $100,000 by issuing a note payable. If you still cannot find the error, re-analyze each transaction. c. Received cash from fees earned. b. The company paid $1,000 cash in dividends to the owner (sole shareholder). Paid wages of 1,200 to receptionist and part-time assistant. With secure payments and hundereds of professional writers to choose from, TutorsOnSpot.Com is the simplest and safest way to get your homework done online. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. 8. a. 1,500 5. h. Purchased land as a future building site, paying cash of $120,000. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 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. After, A:Net income: e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. $30000. Instructions 1. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Received cash from customers on account, 9,000. Bal 30. Solved Exercise 1-13 Identifying effects of transactions - Chegg i. As per the golden rule of accounting, the expense is debited., A:"Since you have asked multiple sub part question we will solve the first three sub part question for, Q:On June 1 of the current year, Chris Bates established a business to manage rental property. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Paid Office Station Co. for part of the debt incurred on April 5, 640. A statement of changes in Equity i. (h) Received cash for services rendered, 800. Determine the increase or decrease in owners equity for January. (1,500) + During June, Ming Chen (the owner) completed these transactions. 501. e. Bought insurance for the truck for one year, 400, Ck. She, A:An accounting Equation is an Equation that shows assets are always equal of the liabilities of a, Q:Jared Hawk established an insurance agency on July 1 of the current year and completed the following, A:Note: Since we only answer up to 3 sub-parts, well answer the first 3. 8,000 Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. A Wages of $379,000 were paid in cash. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common Only debit card transaction fees. e. %D The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Owner invested 10 000 Movies are expensive to produce and market. %D Help 4. Hi, Hope you are doing well. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. On March 1 of this year, B. Gervais established Gervais Catering Service. Next The following transactions occurred during January of the current year. I can help you with creating a presentation of one slide for The Word of William Hunter. Equipment Each drugstore is operated by a general manager and a controller. Accounts 2023 White PaPer. Liabilities 12. Amount of total expenses recorded in the ledger. Required In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Received an invoice for truck expenses, to be paid in November, 1,250. 1.500 4. 2. 27. Received 500, with the remainder due on August 9, 2019. 1. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Income tax of $10,300 was incurred and paid in 2019. Six months rent was paid in advance, $4,500. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. (Note: Ignore the date because these events are aggregations of individual events.) 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. Simple Accounting equation is. 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. A balance sheet She helped me in last minute in a very reasonable price. Amount of total expenses recorded in the ledger. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. 0. 4. + To ensure my potential must visit my profile to check my ratings and uploaded samples. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. f. The company purchased additional equipment for $6,000 cash. 7,500 Show new balances after each transaction. h. Purchased land as a future building site, paying cash of $120,000. a. c. Both credit card and debit card transaction fees are limited by law. Ming Chen began a professional practice on June 1 and plans 1002. h. Received and paid the bill for utilities, 340, Ck. 2. During June, Ming Chen (the owner) completed these transactions. 61,000 Paid gas, oil, and repairs on automobile for April, 550. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Received 750, with the remainder due August 4, 2019. Correct answers: 1 question: A loan of $400,000 is taken out which requires an annual interest payment of 4.4% of the borrowed amount of money (in market dollars). 5. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 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. Ming Chen began a professional practice on June 1 and plans to prepare Stock Record the closing entries on Page 8 of the journal. 30. She, A:As you have posted multiple questions, the solution to the first question is being provided. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 63. Determine the net income for June. Determine the account balances, after all posting is complete. Good morning, teachers, I am honored to be informed to have this interview. 5. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. The following transactions, A:Note: 0. 3. 10. d. The company completed work for a client and immediately collected the $2,500 cash earned. July 21. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Enter the impact of each transaction on individual items of the accounting equation. 0. 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. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. Determine the net income for March. 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--. 75,000 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. b. b. b. I am highly qualified expert, working from 2008-9 in this industry. Paid annual premiums on property and casualty insurance, 2,400. No. 4. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck.