Prepare an income statement for July, a statement of owners equity for July, and a balance sheet as of July 31. 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. Paid electricity bill for May, 810. Enter the following transactions on Page 2 of the two-column journal: 29. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--.  c. Is it a variable or a fixed cost? Mc. Hi! 10,000 58,500 Prepare a post-closing trial balance. 1003. i. During June, Ming Chen (the owner) completed these transactions. 1,500 Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. and company a firm. 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. Required 1. View this solution and millions of others when you join today! During the month, Jones, A:T accounts: In this activity, you will be creating. C. No. No. Lexi transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, 50,000. Paid Office Station Co. for part of the debt incurred on April 5, 640. (g) Paid wages to part-time employee, 500. 225. 1,500 4. 2.1.4P, Your question is solved by a Subject Matter Expert. In tabular form below the equation, indicate increases and decreases resulting from each transaction and the new balances after each transaction. SERIES A EXERCISE CLASSIFYING BUSINESS TRANSACTIONS Dolores Lopez opened a new consulting business. Instructions 1. 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 Only debit card transaction fees. 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. 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. CONCEPTUAL CONNECTION How would a multiple-step income statement be different from the single-step income statement you prepared for McDonald Marina? Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. f. Paid office salaries, $6,500. Prepare an unadjusted trial balance as of July 31, 2019. i. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. Required 1. LIABILITY Received 750, with the remainder due August 4, 2019. a. Kimberly Manis, an architect, opened an office on January 1, 2016. Enter the following transactions on Page 2 of the two-column journal: 16. c. Received cash from fees earned. Hello. Q:During the first month of operations, the following transactions occurred for Blossom Inc.:  b. 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. Budgeting issues at the movies: 58,500 g. Paid interest on the note payable, $500. 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: h. Borrowed $100,000 by issuing a note payable. ezto.mheducation.com 1,500 Post your journal entries to T-accounts, Add additional T-accounts when needed. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2016. $4 10,000 5.Purchased office equipment on account from Office Mart, 7,500. 30.Served as a disc jockey for a charity ball for 1,500. References Determine the net income or net loss for April. Paid cash for miscellaneous expenses, 375. j. During June, Ming Chen (the owner) completed these transactions. 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. a. (Do not insert the account numbers in the journal at this time.) Paid cash to creditors on account, 4,500. j. During, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: 25,000 00. + C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 58,500 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. A:Requirement 1: Indicate the effect of the given transactions. Cash a. Paid telephone bill for May, 260. 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. 0. Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. During June, Expenses Accounts The company paid $1,500 cash for rent of office space for the month. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. Paid wages of 1,200 to receptionist and part-time assistant. Only credit card transaction fees are limited by law. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 2. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. No principal payments are made, only interest is paid. 2. Paid gas, oil, and repairs on automobile for April, 550. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. I will also provide you with TURNITIN PLAGIARISM REPORT. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Opened a business bank account with a deposit of 50,000 from personal funds. A:The financial statements of the business include the income statement and balance sheet of the firm. 1. Can you think of any reason why the amount determined in (4) might not be the net income for November? Recorded jobs completed on account and sent invoices to customers, 22,300. Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). %24 Paid cash for miscellaneous expenses, 375. j. 0. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. During the month, Lexi completed the following transactions related to the business: Nov. 1. i. EQUITY Connie Young, an architect, opened an office on October 1, 2019. Paid dividends, 2,500. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. Determine the net income or net loss for April. It is the first step of recording transactions of a company. a. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). 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. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. Bill Hudson transferred cash from a personal bank account to an account to be used for the business, 30,000. b. b. 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. There is no prepaid rent or rent payable at year-end. Required: The American Chamber of Commerce in South China. Simple Accounting equation is. It is, Q:Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the, A:1. %3D i. 29. During June, Ming Chen (the owner) completed these transactions: a. g. The company paid an assistant $3,000 cash as wages for the month. Good morning, teachers, I am honored to be informed to have this interview. %D Determine account balances of the T accounts. Prepare a single-step income statement. I can help you with creating a presentation of one slide for The Word of William Hunter. Hal Smith opened Smith's Repairs on March 1 of the current year. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. f. Paid office salaries, $6,500. + 8.000 7.500 d. Paid rent on office and equipment for the month, $5,000. Determine the increase or decrease in owners equity for August. c. Received cash from cash customers for dry cleaning revenue, 32,125. d. Paid rent for the month, 6,000. e. Purchased supplies on account, 2,500. f. Paid creditors on account, 22,800. g. Charged customers for dry cleaning revenue on account, 84,750. h. Received monthly invoice for dry cleaning expense for July (to be paid on August 10), 29,500. i. 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 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. The following transactions, A:Journal Entries: Opened a business bank account with a deposit of 35,000 in exchange for common stock. 60,000 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. 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 300 on note payable. 4. 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. Borrowed $100,000 by issuing a note payable. a. Analyze and use these data to complete parts (5) and (6). f. The company purchased additional equipment for $6,000 cash. Use a chart of accounts to order the ledger accounts. Determine the account balances, after all posting is complete. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. Bal. Determine account balances of the T accounts. a., A:Journalin book keeping and accounting is a log book to keep record of the monetary transactions. a. Gervais deposited 25,000 in a bank account in the name of the business. Start your trial now! 1006.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Purchased office equipment on account from Office Mart, 7,500. The following information is provided for the first month of operations for Legal Services Inc.: A. $15,000 Owner invested $66,000, A:The accounting equation states that assets equal to sum of liabilities and equity. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. Amount of total revenue recorded in the ledger. 2. 3. The company paid $1,500 cash for rent of office space for the month. %24 The company paid $1,500 cash for rent of office space for the month. the. Equity a. a. 25,000 minus sign.) Dividends If the two totals are not equal, check the addition and subtraction. 4. View this solution and millions of others when you join today! So lets make no longer delay & start chatting immediately. ASSETS During June. Paid 5,000 on note payable. d. The company completed work for a client and immediately collected the $2,500 cash earned. 25.000 Recorded services provided on account for the remainder of May, 2,650. 5. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). a. Advertising expense of $26,000 was incurred and paid. 61,000 J. The following transactions, A:Note: Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 1PA, Your question is solved by a Subject Matter Expert. The company paid $1,500 cash for rent of office space for the month. 8. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. Prepare an unadjusted trial balance. 2. What basic steps would the auditor perform to compile the information necessary to build he diagram himself or herself? Ken Jones, an architect, opened an office on April 1, 2016. Determine the excess of revenues over expenses for November. h. Purchased land as a future building site, paying cash of $120,000. S NO Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Equipment b. Only debit card transaction fees are limited by law. Determine account balances of the T accounts. operations,, A:Journal entry means the entry in prime book with chronological order. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. No. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) b. The company paid $1,000 cash in dividends to the owner (sole shareholder). E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit.