ming chen began a professional practice on june 1toronto argonauts salary

Dividends Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 25,000 Paid electric bill, 915. b. 1.500 ces A:a)Indicate the effect of the given transactions. Recorded services provided on account for the period May 1-15; 9,180. d. The company completed work for a client and immediately collected the $2,500 cash earned. Purchased supplies on account, 735. 10,000 Bal. 58,500 Bal. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. To ensure my potential must visit my profile to check my ratings and uploaded samples. 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, A:An accounting equation refers to a mathematical representation of the transactions. Purchased supplies for cash, 1,750. 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 Budgeting issues at the movies: By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. No. During June, Ming Chen (the owner) completed these transactions. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. Instructions 1. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 2,500 The company paid $10,000 cash to settle the liability created in transaction c.  a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Received cash from clients on account, 9,520. 1006. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 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. The company paid $1,500 cash for rent of office space for the month. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 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. Bal. g. The company paid an assistant $\$3,000$ cash as wages for the month. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. Ming Chen (the owner) completed these transactions. a. Gervais deposited 25,000 in a bank account in the name of the business. Apr. The following transactions, A:Journal Entries: $ 2. Im very much interested to write for attendance systems. + There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. e. property. Good morning, teachers, I am honored to be informed to have this interview. Find step-by-step Accounting solutions and your answer to the following textbook question: Ming Chen began a professional practice on June $1$ and plans to prepare financial statements at the end of each month. g. The company paid an assistant $3,000 cash as wages for the month. Received cash from customers on account, 9,000. Six months rent was paid in advance, $4,500. Record the adjusting entries on Page 7 of the journal. Equipment 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. The company paid $1,500 cash for rent of office space for the month. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days).  e. Is it a budgeted or an actual cost in your report? 1. Instructions 1. 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. Determine the increase or decrease in owners equity for August. d. The company completed work for a client and immediately collected the $2,500 cash earned. b. 29.Paid miscellaneous expenses, 540. Connie Young, an architect, opened an office on October 1, 2019. I am highly qualified expert, working from 2008-9 in this industry. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. 3. 2. the firm are, A:Income statement and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. Hello. During the first month of Instructions 1. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. The following information is provided for the first month of operations for Legal Services Inc.: A. What if the client hasn't prepared them in advance? During June, Ming Chen (the owner) completed these transactions. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock. During June, Ming Chen (the owner) completed these transactions. You can message me to discuss the details. 2020 - 2024 www.quesba.com | All rights reserved. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 25,000 + %24, Carl Warren, James M. Reeve, Jonathan Duchac. b. 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. a. During June, Ming Chen (the owner) completed these transactions. 7,500 Determine the excess of revenues over expenses for November. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 8,000 13. Basic Accounting Systems: Cash Basis. Receivable 31.Received 3,000 for serving as a disc jockey for a party. Amount of total revenue recorded in the ledger. Graw Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. 1,500 d. Paid rent on office and equipment for the month, $5,000. 75,000 Hal Smith opened Smith's Repairs on March 1 of the current year. (Record as Miscellaneous Expense.) 1003. i. Interest of $5,000 was paid on the long-term loan. 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). If you want the answer, Q:Architects completed the following transactions: a. Explanations may be omitted. No. the. Determine the net income or net loss for April. February 20, 2023. Receivable 2,500 00. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! 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. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 1,500 Accounts 1000. c. Bought office supplies for cash, 375, Ck. During June, Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. No. Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The company paid $1,500 cash for rent of office space for the month. Paid rent for July, 1,750. + g. Paid interest on the note payable, $500. No. Post the journal to a ledger of four-column accounts, inserting appropriate posting references as each item is posted. Introduce yourself. The account headings are presented below. Simple Accounting equation is. 8.Paid for a newspaper advertisement, 200. 4.Prepare an unadjusted trial balance as of July 31, 2019. 29. d. The company completed work for a client and immediately collected the $2,500 cash earned. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. 23.Served as disc jockey for a party for 2,500. 501. e. Bought insurance for the truck for one year, 400, Ck. The policy covers a one-year period. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. Determine the net income or net loss for October. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 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). 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- 31. 28. Problem1-63B Income Statement, Retained Earnings Statement. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. b. The following transactions, A:Note: Paid for a newspaper advertisement, 200. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid cash for miscellaneous expenses, 375. j. Paid utilities expense, 4,500. Received 1,000 cash from customers on account. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 0. Determine the following: a. 25.000 5. ACCOUNTS RECEIVABLE Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Ken Jones, an architect, opened an office on April 1, 2019. A:Journal: %3D Withdrew cash for personal use, 7,500. Only credit card transaction fees are limited by law. Required 1. Write Balance in the Item column and place a check mark () in the Posting Reference column. The prepaid rent at the beginning of the year was used in 2019. Paid an attorney 900 for reviewing the July 3 contract with KXMD. 4. Movies are expensive to produce and market. 1PA, Your question is solved by a Subject Matter Expert. 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). Ming Chen (the owner) completed these transactions: c. Paid April rent for office and workroom, 3,150. d. Paid cash for supplies, 1,450. e. Purchased office and computer equipment on account, 6,500. f. Paid cash for annual insurance policies on automobile and equipment, 2,400. g. Received cash from a client for plans delivered, 12,000. h. Paid cash to creditors on account, 1,800. i. Payable During the first month of operations of her business (a, A:An income statement is a part of financial statement which contain the details of all incomes and, Q:July 1, Lula Plume created a new self-storage business, Safe Storage Co. a. 4. We will pay the $110 in thirty days. A Wages of $379,000 were paid in cash. The company paid $1,500 cash for rent of office space for the month. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Bal. During June, Ming Chen (the owner) completed these transactions: Ming Chen began a professional practice on June 1 and plans, Which of the following is true? 10,000 Instructions 1. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. Instructions 1. Liabilities 8.000 Required The actual work of dry cleaning is done by another company for a fee. He completed the following transactions during June: a. 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. Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. A:Hi student Enter the impact of each transaction on individual items of the accounting equation. In addition, $28,000 of computer rental costs were incurred and paid. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Journalize entries for transactions (a) through (i), using the following account titles: Cash; Supplies; Accounts Payable; Sharon Matthews, Capital; Sharon Matthews, Drawing; Fees Earned; Rent Expense; Office Salaries Expense; Automobile Expense; Supplies Expense; Miscellaneous Expense. During June, Ming Chen (the owner) completed these transactions. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 22. Prepare T accounts, using the account titles in (1). Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. b. . Issued common stock to Marjorie Knaus in, A:Step 1 SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Record these transactions directly in the following T accounts, without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Connie Young, Capital; Professional Fees; Salary Expense; Blueprint Expense; Rent Expense; Automobile Expense; Miscellaneous Expense. During June, Ming Chen (the owner) completed these transactions. 503. h. Sold catering services on account, 4,307. i. f. Paid office salaries, $6,500. 10.000 During June, Ming Chen (the owner) completed these transactions: a. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. During May, Kelly Consulting entered into the following transactions: May 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. 10,000 The transactions of Using the following, A:Impact on Equity - %24 10,000 31. Accounts No. 2. Bal. A. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. No. Ming Chen (the owner) completed these transactions. 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.

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