ming chen began a professional practice on june 1

Ming Chen began a professional practice on June 1 and. 3. Dividends in the amount of $1,500 were distributed. Good morning, teachers, I am honored to be informed to have this interview. 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. (Optional) Prepare a statement of cash flows for July. A:Net income is calculated after analysing the revenue and expenses of the organisation. i. Recording of a business transactions in a chronological order. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. screenshot-2021-03-08-115558_4866312038864060041.jpg, Didn't find what you are looking for? (Do not insert the account numbers in the journal at this time.) 25.000 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. g. Paid interest on the note payable, $500. Explanations may be omitted. Repairs and maintenance of $9,000 were incurred and paid. $4 A:Retained Earning = Retained earning at the beginning+ Net Income-Dividends, Q:For the past several years, Emily Page has operated a part-time consulting business from her 8,000 a. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 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. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:On August 1, 2018, Brooke Kline established Western Realty. %D The company paid $1,500 cash for rent of office space for the month. 16. h. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Q:On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following, A:As the question has more than 3 sub-parts, the first 3 subparts are answered. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: 31. stock. 505. m. Paid the salary of the assistant, 1,150, Ck. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 9. minus sign.) Saved e. In addition, $28,000 of computer rental costs were incurred and paid. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. During the first month of operations of his, A:Solution: 000 The actual work of dry cleaning is done by another company for a fee. 2. The company pald $2,100 cash for rent of office space for . e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. b. If an entry is not required for any of these transactions, state this and explain why. Ming Chen (the owner) completed these transactions. I am a Ph.D. writer with more than 9 years of working experience in Writing. 7,500 Purchased office equipment on account from Office Mart, 7,500. a. Gervais deposited 25,000 in a bank account in the name of the business. Paid rent for July, 1,750. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. A:Hi student b. First let me introduce myself, my name is XX, 23 years old, and David is my English name. The American Chamber of Commerce in South China. 10,000 7. 4, Paid dividends, 2,500. 15. Purchased office equipment on account, 15,000. Ming Chen (the owner) completed these transactions. July 21. Is it a product or a period cost? II g. Paid interest on the note payable, $500. The company paid $1,500 cash for rent of office space for the month. 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. A building and equipment are currently being rented, pending expansion to new facilities. (Continued) Required: 1. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. (Note: Ignore the date because these events are aggregations of individual events.) Instuction Prepare an income staement and statement of stockholders equity for July. Prepare T accounts, using the account titles in (1). *Response times may vary by subject and question complexity. b. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. 13. g. The company paid an assistant $3,000 cash as wages for the month. 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. Please resubmit the question, Q:Beverly Crusher is a licensed CPA. Transactions completed during the month follow. Q:Duerr Engineering completed the following transactions in the month of June. The company paid $1,500 cash for rent of office space for the month. Mc. On June 1 of the current year, Chad Wilson established a business to manage rental property. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. 1,500 Hello.  a. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. $ He. Hal Smith opened Smith's repairs on 01.03. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. 28.Paid wages of 1,200 to receptionist and part-time assistant. Paid rent for July, 1,750. Paid for a newspaper advertisement, 200. 0. b. f. Paid office salaries, $6,500. A. Paid 700 to a local audio electronics store for rental of digital recording equipment. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ming Chen began a professional practice on June $1$ and plan | Quizlet 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. 4. 2,500 58,500 Bal. During the month, she completed the, A:Journal entries are made to record the business transactions into books of accounts initially. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. C. Provided services in the amount of $1,000. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. a. 22. 10,000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. 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 , 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. 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). During June, Ming Chen (the owner) completed these transactions: a. Since there are multiple subparts, we will answer only first three subparts. 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: 1. Determine the net income or net loss for October. 4. Equipment %3D Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Received cash from clients on account, 9,520. 7,500 Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. d. T Accounts, Debits And Credits, Trial Balance, And Financial Statements. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. Thanks :--). Instrustions Prepare a balance sheet as of July 31, 20Y5. The following transactions, A:Note: Simple Accounting equation is. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. No. Paid dividends, 10,500. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 8.Paid for a newspaper advertisement, 200. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. on the Business environment in China. 3. $30000. 4.Prepare an unadjusted trial balance as of July 31, 2019. 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. Mulberry had the following amounts and amount balances as of January 1, 2019: During 2019, the following transactions occurred (the events described below are aggregations of many individual events): During 2019, Mulberry sold $690,000 of computing services, all on credit. Paid 250 to creditors on account. There is no prepaid rent or rent payable at year-end. 1.500 Prepare an income statement, a retained earnings statement, and a balance sheet. During June. b. Recorded services provided on account for the remainder of May, 2,650. 5. Required: During March, the following, A:1. 4. Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Kimberly Manis, an architect, opened an office on January 1, 2016. A:Prepare a trial balance for Randy Guttery, Landscape Consultant. %24 1003. i. 1002. h. Received and paid the bill for utilities, 340, Ck. (Enter decreases to account balances with a Final accounts provide the profitability and financial position of an enterprises, Q:Beverly Crusher is a licensed CPA. Served as a disc jockey for a charity ball for 1,500. February 20, 2023. Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. h. Purchased land as a future building site, paying cash of $120,000. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3. Thank you for the question, As per the honor code, we are allowed to answer three, Q:Marjorie Knaus, an architect, organized Knaus Architects on January 1, 2018. 25.000 Paid the office rent for the current month, 650, Ck. We will pay the $110 in thirty days. 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. Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions. Accounts containing only a single entry do not need a balance. Analyze each transaction, Journalize as appropriate. %D If you want the answer, Q:Architects completed the following transactions: She, A:As you have posted multiple questions, the solution to the first question is being provided. A:The financial statements of the business include the income statement and balance sheet of the firm. The business was started by selling $100,000 worth of common stock. Receivable A:a)Indicate the effect of the given transactions. 503. h. Sold catering services on account, 4,307. i. Prepare T accounts, using the account titles in (1). 10,000 58,500 Movies are expensive to produce and market. and Balance Sheet McDonald Marina provides decking and cleaning services for pleasure boats at its marina in southern Florida. 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. Determine account balances of the T accounts. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. f. The company purchased additional equipment for $6,000 cash. the. g. The company paid an assistant $3,000 cash as wages for the month. 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. Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. If you still cannot find the error, re-analyze each transaction. C. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 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 following transactions connected with her professional practice: a. To the left of the amount entered in the accounts, place the appropriate letter to identify the transaction. So lets make no longer delay & start chatting immediately. 4. The Gram Company, A:Accounting Principal is based on the fundamental principle of accounting which is the sum of assets, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. %24 Classify each transaction as an operating, an investing, or a financing activity. Print B. c. Received cash from fees earned. Graw April. Instuction Briefly explain why the stockholders investments and revenues increased stockholders equity, while dividends and expenses decreased stockholders equity. 17. j. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Journal entry is used to the record the business transactions of an enterprises. Only credit card transaction fees are limited by law. On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month: a. Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, 40,000. b. Invested cash, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. b. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. Paid wages of employees, 6,800. According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack: Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. i. Income tax of $10,300 was incurred and paid in 2019. Accounts containing only a single entry do not need a balance. [Solved] Ming Chen began a professional practice o | SolutionInn

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