Simple Accounting equation is. Dividends in the amount of $1,500 were distributed. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? Paid gas, oil, and repairs on automobile for April, 550. First week only $4.99! During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Owner invested Determine the net income for March. 10,000 If you still cannot find the error, re-analyze each transaction. Equipment ASSETS Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month During June, Ming Chen (the owner) completed these transactions. Paid rent on office and equipment for the month, 6,000. c. Purchased supplies on account, 3,200. d. Paid creditor on account, 1,750. e. Earned fees, receiving cash, 18,250. f. Paid automobile expenses (including rental charge) for month, 1,880, and miscellaneous expenses, 420. g. Paid office salaries, 5,000. h. Determined that the cost of supplies used was 1,400. i. + %24 Prav d. The company completed work for a client and immediately collected the $2,500 cash earned. a. 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. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. 8.000 a. Gervais deposited 25,000 in a bank account in the name of the business. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. c. Both credit card and debit card transaction fees are limited by law. Instructions 1. A building and equipment are currently being rented, pending expansion to new facilities. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. (d) Received cash for services rendered, 900. 11. 2,500 8,000 7,500 +. 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. 1.500 a. II On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. d. 3. minus sign.) The following information is provided for the first month of operations for Legal Services Inc.: A. 30. 3. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. b. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Amount of total expenses recorded in the ledger. 0. H. Paid the worker hired in D for one weeks work.  b. h. Borrowed $100,000 by issuing a note payable. Received 2,000 for serving as a disc jockey for a wedding reception. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 15. Liabilities stock. 2. Prepare an unadjusted trial balance as of January 31, 2019. Basic Accounting Systems: Cash Basis. 31. d. Paid rent on office and equipment for the month, $5,000. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! A:Journal: Do you need an answer to a question different from the above? $ 15,000 (e) Paid phone bill, 65. Introduce yourself. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Assets Bal. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. How much did Marchs transactions increase or decrease Amy Austins capital? During June, Ming Chen (the owner) completed these transactions. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 3. 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. During June, Ming Chen (the owner) completed these transactions: a. %D Dividends 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. Connie Young, an architect, opened an office on October 1, 2019. 3. 2. Thanks :--). 2. 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. The business was started by selling $100,000 worth of common stock. It is the first step of recording transactions of a company. Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. k. Received invoice for blueprint service, due in November, 2,890. l. Recorded fees earned on plans delivered, payment to be received in November, 18,300. m. Paid salary of assistants, 6,450. n. Paid gas, oil, and repairs on automobile for October, 1,020. and company a firm. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. Introduce your . Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. g. Paid interest on the note payable, $500. Purchased office equipment on account from Office Mart, 7,500. Instrustions Prepare a balance sheet as of July 31, 20Y5. DLite Dry Cleaners is owned and operated by Joel Palk. During the first month of a. Saved 2. 30.  a. %3D (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) property. 10,000 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. Received and paid the heating bill, 248, Ck. Paid dividends, $3,000. 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 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 4. 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. 1003. i. Cash Received an invoice for truck expenses, to be paid in November, 1,250. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Owner invested S60,000 cash in the company along with equipment that had a $15,000 market value. 4. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. March transactions are as follows : 30. 3. Start your trial now! 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. 2. No. f. Paid office salaries, $6,500. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. $ 63. 3. The company paid $1,000 cash in dividends to the owner (sole shareholder). 28.Paid wages of 1,200 to receptionist and part-time assistant. 22. 0. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. On June 1 of the current year, Chad Wilson established a business to manage rental property. 225. Paid Office Station Co. for part of the debt incurred on April 5, 640. Equity Withdrew cash for personal use, 2,000. the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. If the two totals are not equal, check the addition and subtraction. No. 3. The company pald $2,100 cash for rent of office space for . 000 g. Paid interest on the note payable, $500. Received cash from clients on account, 2,450. 13. View this solution and millions of others when you join today! 1,500 II d. 25.000 Amount of total revenue recorded in the ledger. Accounts 18. 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. Six months rent was paid in advance, $4,500. *Response times may vary by subject and question complexity. During June, Ming Chen (the owner) completed these transactions: a. O OO O (Optional) Prepare a statement of cash flows for July. 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. The prepaid rent at the beginning of the year was used in 2019. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. Apr. Withdrew cash for personal use, 2,500. 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. Required The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: Journal entries and trial balance On November 1, 20Y9, Lexi Martin established an interior decorating business, Heritage Designs. (Record as Miscellaneous Expense.) a. The policy covers a one-year period. Prepare an unadjusted trial balance. No. 10. Prepare an income statement, a retained earnings statement, and a balance sheet. b. The following, A:Unadjusted Trial Balance - Prepare an unadjusted trial balance as of August 31, 2016. 31. The company paid $1,500 cash for rent of office space for the month. *Response times may vary by subject and question complexity. Determine the amount of Joel Palks capital as of July 1 of the current year. 25,000 A:a)Indicate the effect of the given transactions. The following transactions were completed during July, the second month of the business's operations: July 1. During the month, Jones, A:T accounts: 5. 25,000 58,500 503. h. Sold catering services on account, 4,307. i. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. 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). b. Transactions completed during the month follow. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). If you want the answer, Q:Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1., A:Financial statements: These refer to the formal or official records of the activities of the, A:As per accounting equation Assets = Liabilities, where liabilities comprises of liability and, Q:Architects completed the following transactions: 61,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. 58,500 Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. g. Paid interest on the note payable, $500. 0. Received 1,000 cash from customers on account. It is, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. 61,000 Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Equipment References Introduction: To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Purchased supplies on account, 735. Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. He. 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. i. Next February 20, 2023. Analyze and use these data to complete parts (5) and (6). Withdrew l,250 cash from PS Music for personal use. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 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.