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. Ming Chen (the owner) completed these transactions. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. ces If you still cannot find the error, re-analyze each transaction. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 2,500 b. Paid dividends, 10,500. Please resubmit the question and, Q:Jared Hawk established an insurance agency on July 1 of the current year and 8. 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. Recorded services provided on account for the period May 16-20, 4,820. a. Brooke completed the following, A:The accounting equation is shown by the following formulaAssets= Liabilities + Owner's Equity. 5. 25.000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 29. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 2. 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. The policy covers a one-year period. Purchased supplies for cash, 1,750. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. + 61. During the month, he completed the, Q:The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each, A:A trial balance is a schedule in which total of debit column is always equals to credit. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. First week only $4.99! There is no prepaid rent or rent payable at year-end. g. The company paid an assistant $3,000 cash as wages for the month. Since there are multiple subparts, we will answer only first three subparts. Use the ending balances in the T-accounts to prepare a trial balance. April. 3. b. 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. Introduce your . Write Balance in the Item column and place a check mark () in the Posting Reference column. %3D 3. Equipment During the month, he completed the following transactions connected with his professional practice: a. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 15,000 Determine account balances of the T accounts. Paid electricity bill for May, 810. a. Prepare an unadjusted trial balance as of August 31, 2016. %D (83) Establish a ledger for the accounts listed above and enter the beginning balances. h. Purchased land as a future building site, paying cash of $120,000. Paid 250 to creditors on account. The company paid $1,000 cash in dividends to the owner (sole shareholder). EQUIPMENT, Q:On June 1 of the current year, Chad Wilson established a business to manage rental %24 28. Journal entry is an accounting entry to record every transaction takes place, A:A trial balance's main function is to confirm that the entries in a firm's accounting system are, Q:XYZ Company began operations on April 1 and completed these transactions during the month: Paid dividends, 2,500. Determine account balances of the T accounts. 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? Bal. a. b. Payable The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. During March, the following, A:1. During June, Ming Chen (the owner) completed these transactions. 8.000 A:Net income is calculated after analysing the revenue and expenses of the organisation. Paid electric bill, 915. If you want the answer, Q:Architects completed the following transactions: I can help you with creating a presentation of one slide for The Word of William Hunter. Record the transactions and the balance after each transaction. 75,000 Paid part-time receptionist for two weeks salary, 750. a. b. e. Is it a budgeted or an actual cost in your report? Paid 700 to a local audio electronics store for rental of digital recording equipment. Paid cash for miscellaneous expenses, 375. j. 503. h. Sold catering services on account, 4,307. i. O OO O c. Received cash from fees earned. D. An office worker was hired. b. e., A:An income statement isa financial statement that shows you the company's income and expenditures., Q:For the past several years, Emily Page has operated a part-time consulting business from her home., A:Final Accounts: b. Accounts 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:a. 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. No. Instructions 1. a. 5. 58,500 b. 0. Apr. 3. 8.000 The company paid $1,500 cash for rent of office space for . Issued common stock to Marjorie Knaus in, A:Step 1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. a. Only debit card transaction fees. The following, A:Unadjusted Trial Balance - During June, Ming Chen (the owner) completed these transactions.a. Record the transactions and the balance after each transaction. 3. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. Determine the excess of revenues over expenses for November. Received cash from clients on account, 9,520. Received 1,000 cash from customers on account. 31. 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. 5. (Solved) - Ming Chen began a professional practice on June 1 and plans 10 000 1. He, Q:On July 1, Lula Plume created a new self-storage business, Safe Storage Co. Transactions completed during the month follow. Bal. Purchased supplies on account, 735. $ Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. 24 c. Amount of net income for August. 4. 4. 75,000 2. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. The prepaid rent at the beginning of the year was used in 2019. To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. Bal. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. The actual work of dry cleaning is done by another company for a fee. Instuction Prepare an income staement and statement of stockholders equity for July. Determine the net income or net loss for January. Connie Young, an architect, opened an office on October 1, 2019. h. Purchased land as a future building site, paying cash of $120,000. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. Enter the following transactions on Page 2 of the two-column journal: 16. The company paid $1,500 cash for rent of office space for the. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Explanations may be omitted. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 4, Received cash from clients on account, 2,450. Q:Prepare the statement of retained earnings for the month of July 31. $30000. a. ezto.mheducation.com 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. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. Accounts containing only a single entry do not need a balance. The transactions of What will be the value of interest payment at the end of fourth year in real dollars? Cash 4. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. 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. d. The company completed work for a client and immediately collected the $2,500 cash earned. Accounts In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. Opened a business bank account with a deposit of 35,000 in exchange for common stock. minus 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. 25,000 Served as a disc jockey for a charity ball for 1,500. During the month, Jones, A:T accounts: Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. 75,000 f. The company purchased additional equipment for $6,000 cash. Instructions 1. I have all relevant skills and expertise related to your project. (Income Summary is account 34 in the chart of accounts.) 10,000 $30000. Basic Accounting Systems: Cash Basis. (g) Paid wages to part-time employee, 500. b. 7,500 Received and paid the heating bill, 248, Ck.