Determine the net income or net loss for April. Paid gas, oil, and repairs on automobile for April, 550. the. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. He. Recorded jobs completed on account and sent invoices to customers, 22,300. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. Dividends Issued common stock to Marjorie Knaus in, A:Step 1 During June, 23. Paid part-time receptionist for two weeks salary, 750. b. Accounts 6. If you want the answer, Q:Architects completed the following transactions: The company paid $1,500 cash for rent of office space for the month. During June, Ming Chen (the owner) completed these transactions.a. $4 Prepare an adjusted trial balance. Introduce your . Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. 1,500 61,000 10,000 + 16. View this solution and millions of others when you join today! 1. Expenses 8.000 CASH %24 (i) Paid electricity bill, 85. a. 30.Served as a disc jockey for a charity ball for 1,500. 25,000 Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. Received 1,000 for serving as a disc jockey for a party. The company paid $1,000 cash in dividends to the owner (sole shareholder). No. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Since there are multiple subparts, we will answer only first three subparts. Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. During June, Ming Chen (the owner) completed these transactions: a. Cash b. Dividends in the amount of $1,500 were distributed. i. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. 2. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. b. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. 1.500 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. She, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:SOLUTION- Accounts containing only a single entry do not need a balance. Withdrew cash for personal use, 2,000. a. Opened a business bank account with a deposit of 35,000 in exchange for common stock. 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. Journals: Prepare and post the closing entries. 4. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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Hi! 1,500 3. Purchased supplies on account, 4,000. c. Paid creditors on account, 2,300. d. Received cash from fees earned on insurance commissions, 13,800. e. Paid rent on office and equipment for the month, 5,000. f. Paid automobile expenses for the month, 1,150, and miscellaneous expenses, 300. g. Paid office salaries, 2,500. h. Determined that the cost of supplies on hand was 2,700; therefore, the cost of supplies used was 1,300. i. g. The company paid an , Ming chen began a professional practice on june 1, Lena holden began a professional practice, Relationship between professional practices and scholarly ethics, Dynamics in nursing art and science of professional practice. Simple Accounting equation is. $ h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Mc. Required 1. Determine the net income or net loss for April. b. 10.000 Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. b. Required: Withdrew l,250 cash from PS Music for personal use. h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. None of the paper was used by year-end. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. The following, A:Unadjusted Trial Balance - Record the following transactions on Page 6 of the journal: 20. Record the adjusting entries on Page 7 of the journal. J. Received 3,000 for serving as a disc jockey for a party. Is it a product or a period cost? 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). Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. The American Chamber of Commerce in South China. Start your trial now! Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. The company paid $2,000 cash for payment on a, A:Since you have asked multiple question, we will solve the first question for you. During June, Ming Chen (the owner) completed these transactions. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 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. Ming Chen (the owner) completed these transactions. 1,500 Paid rent for July, 1,750. No. A:a)Indicate the effect of the given transactions. Instructions 1. Prepare T accounts, using the account titles in (1). The transactions of Insurance expired during May is 275. b. Purchased office equipment on account from Office Mart, 7,500. d. The company completed work for a client and immediately collected the $2,500 cash earned. Determine the amount of Joel Palks capital as of July 1 of the current year. Q:Comprehensive Problem Set Next b. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. Received 2,000 for serving as a disc jockey for a wedding reception. What will be the value of interest payment at the end of fourth year in real dollars? Ming Chen (the owner) completed these transactions: A loan of $400,000 is taken out which requires an annual interest Accounts containing only a single entry do not need a balance. A:a)Indicate the effect of the given transactions. I. 4. 29.Paid miscellaneous expenses, 540. Record the transactions and the balance after each transaction. 1003. i. 17. The following transactions, A:Note: 7,500 Paid cash for miscellaneous expenses, 375. j. + Paid electricity bill for May, 810. 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. + (d) Received cash for services rendered, 900. The company pald $2,100 cash for rent of office space for . h. Borrowed $100,000 by issuing a note payable. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. No. Instuction Prepare an income staement and statement of stockholders equity for July. During June, Ming Chen (the owner) completed these transactions: a. 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. 7,500 30. d. The company completed work for a client and immediately collected the $2,500 cash earned. 3. Repairs and maintenance of $9,000 were incurred and paid. (f) Made payment on loan in transaction (c), 500. 00. Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Recorded services provided on account for the remainder of May, 2,650. On june 1, merando company borrows $90,000 from first bank on a 6-month, $90,000, 8% note. (Enter decreases to account balances with a Liabilities g. The company paid an assistant $3,000 cash as wages for the month. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Bal. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. During June, Determine the account balances, after all posting is complete. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Ken Jones, an architect, opened an office on April 1, 2016. 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. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Only debit card transaction fees. 506. Inflation is 3.8% per year. 31. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. (c) Purchased office equipment. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. g. Paid interest on the note payable, $500. 10,000 No. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. %24 ok ht inces a. 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? Liabilities Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 24 61. First let me introduce myself, my name is XX, 23 years old, and David is my English name. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Record the transactions and the balance after each transaction. %D During May, Kelly Consulting entered into the following transactions: May 3. 4. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. a. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. 0. Apr. b. %D a. Save & Exit Owner invested $60,000 cash in the company along with equipment. 4. Problem1-63B Income Statement, Retained Earnings Statement. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days.