4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. d. The company completed work for a client and immediately collected the $2,500 cash earned. The company paid $1,000 cash in dividends to the owner (sole shareholder). Since there are multiple subparts, we will answer only first three subparts. 28.Paid wages of 1,200 to receptionist and part-time assistant. What amount should Carter report as net cash from investing activities? 4. No. 4. The following transactions, A:Note: 1,500 The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. b. Required 1. The actual work of dry cleaning is done by another company for a fee. g. The company paid an assistant $3,000 cash as wages for the month. During June. Determine the net income or net loss for October. The following, A:Unadjusted Trial Balance - 30. 10,000 8. %24 3. 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 Common The following transactions, A:Journal Entries: f. The company purchased additional equipment for $6,000 cash. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. 3. (e) Paid phone bill, 65. References A:a)Indicate the effect of the given transactions. Using the following, A:Impact on Equity - On June 1 of the current year, Chad Wilson established a business to manage rental property. Prepare an unadjusted trial balance for Kimberly Manis, Architect, as of January 31, 2016. Q:Comprehensive Problem Set $ I. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Paid dividends, $3,000. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. g. Paid interest on the note payable, $500. d. 1, A:Salary is the expense of a business. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 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: Paid on account to the City Crier, 455, Ck. d. Purchased office supplies on account, $1,250. 3. 0.33 b. Paid cash to creditors on account, 4,500. j. 2. Prepare an unadjusted trial balance as of January 31, 2019. 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. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. a. 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. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Accounting Equation - Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Q:Ken Jones, an architect, opened an office on April 1, 2019. 3. 22. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Paid gas, oil, and repairs on automobile for April, 550. Determined that the cost of supplies on hand was 680; therefore, the cost of supplies used was 1,120. j. Withdrew cash for personal use, 2,500. 4. Instructions 1. During June, Ming Chen (the owner) completed these transactions. Movies are expensive to produce and market. 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? So lets make no longer delay & start chatting immediately. Served as disc jockey for a party for 2,500. During June, Ming Chen (the owner) completed these transactions. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 8.000 Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. d. Paid rent on office and equipnwnt for the month, $5,000. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Determine the increase or decrease in owners equity for January. A:Hi student (i) Paid electricity bill, 85. 1. Write Balance in the Item column and place a check mark () in the Posting Reference column. 504. j. Enter the impact of each transaction on individual items of the accounting equation. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Enter the following transactions on Page 2 of the two-column journal: 29. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. a. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. No. b. J. 2. Explanations may be omitted. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Receivable Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. Paid truck expenses, 435, Ck. 4. f. The company purchased additional equipment for $6,000 cash. Cash 2. 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. 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. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. + During May, Kelly Consulting entered into the following transactions: May 3. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Received and paid the heating bill, 248, Ck. Prepare an unadjusted trial balance as of July 31, 2019. Received 1,000 cash from customers on account. How much did Marchs transactions increase or decrease Amy Austins capital? 3.Paid 250 to creditors on account. Paid wages of employees, 6,800. No. Ming Chen (the owner) completed these transactions: Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 2023. Paid the office rent for the current month, 650, Ck. Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. Record these transactions directly in the following T accounts without journalizing: Cash; Accounts Receivable; Supplies; Prepaid Insurance; Automobiles; Equipment; Accounts Payable; Notes Payable; Ken Jones, Capital; Professional Fees; Rent Expense; Salary Expense; Blueprint Expense; Automobile Expense; Miscellaneous Expense. Cash d. 5. Accounts containing only a single entry do not need a balance. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. %3D Recording of a business transactions in a chronological order. 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. Paid 700 to a local audio electronics store for rental of digital recording equipment. 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. 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. Instructions 1. Payable 0. First week only $4.99! j. Bal. minus sign.) Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Journal entry is used to the record the business transactions of an enterprises. a. Hal Smith opened Smith's repairs on 01.03. A:Introduction: Amount of total revenue recorded in the ledger. Journals: a. Received cash from clients on account, 9,520. 5.Purchased office equipment on account from Office Mart, 7,500. Prepare a post-closing trial balance. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Paid 620 to Upload Music for use of its current music demos in making various music sets. 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. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. The following, A:Unadjusted Trial Balance - Six months rent was paid in advance, $4,500. 7,500 Greco resort opened for business on june 1. Bal. 15. i. Received cash for job completed, 11,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. No. 0. Billed insurance companies for sales commissions earned, 12,500. j. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. A:The financial statements of the business include the income statement and balance sheet of the firm. b. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Transactions completed during the month follow. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 0. 21. Stock 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: A:The financial statements of the business include the income statement and balance sheet of the firm. 5. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. 1 of 1 a. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. the. The worker will be paid $275 per week. Equity 16. 25.000 25. A. The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2016, is shown in Exhibit 17. 2,500 a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Received 500, with the remainder due on August 9, 2019. a. 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. Journalize each of the May transactions in a two- column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. b. The company paid $10,000 cash to settle the liability created in transaction c. During the month, he completed the following transactions connected with his professional practice: a. None of the paper was used by year-end. Chapter 1 Exercises i (Note: Ignore the date because these events are aggregations of individual events.) Determine the following: a. + Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. d. Paid rent on office and equipnwnt for the month, $5,000. Purchased office equipment on account from Office Mart, 7,500. ezto.mheducation.com 3. Bal. 60,000 Issued common stock to Marjorie Knaus in, A:Step 1 we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. c. Received cash from fees earned. (Do not insert the account numbers in the journal at this time.) Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. + Bal. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 3. (1,500) + For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. i. Post the journal to a ledger of four-column accounts. Can you think of any reason why the amount determined in (4) might not be the net income for November? Purchased supplies on account, 850. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. The policy covers a one-year period. Mc. Instructions 1. In this activity, you will be creating. b. 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. Any additional hours beyond SO will be billed to KXMD at 40 per hour. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 31. A. d. The company completed work for a client and immediately collected the $ 2, 500 \$2,500 $2, 500 cash earned.. Purchased supplies on account, 2,750. c. Paid creditor on account, 1,800. d. Earned sales commissions, receiving cash, 52,800. e. Paid rent on office and equipment for the month, 4,500. f. Paid dividends, 3,000. g. Paid automobile expenses for month, 1,100, and miscellaneous expenses, 1,200. h. Paid office salaries, 5,250. i. Paid an attorney 900 for reviewing the July 3 contract with KXMD. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Edgar Detoya, tax consultant, began his practice on Dec. 1, 2014. Hello. 2.Received 1,000 cash from customers on account. 23.Served as disc jockey for a party for 2,500. 1,500 a. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Accounts minus sign.) A:Net income is calculated after analysing the revenue and expenses of the organisation. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. Purchased supplies on account, 735. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. b. + On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. 0. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 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.