Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. 7,500 a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. 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. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. h. Purchased land as a future building site, paying cash of $120,000. 1003. i. No. %D 11.Received 1,000 for serving as a disc jockey for a party. Determine account balances of the T accounts. Prepare an unadjusted trial balance for Connie Young, Architect, as of October 31, 2019. 8,000 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. Issued common stock to Marjorie Knaus in, A:Step 1 Determine the net income or net loss for April. During June, Ming Chen (the owner) completed these transactions: a. 31. eBook The company paid $1,500 cash for rent of office space for the month. Prav A:Prepare a trial balance for Randy Guttery, Landscape Consultant. Im very much interested to write for attendance systems. Chapter 1 Exercises i Journal entry should have, Q:On June 1 of the current year, Chad Wilson established a business to manage rental property. Determine account balances of the T accounts. 9. 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. Ask your question! Transferred cash from a personal bank account to an account to be used for the business, 36,000. b. 7,500 Instructions 1. Required b. Explanations may be omitted. 3. During the month, she completed the following transactions connected with her professional practice: a. Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Paid electric bill, 915. 10. a. Received 750, with the remainder due August 4, 2019. 1.500 Ethics and budgetary slack: 24. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Accounting Equation - 1.500 Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 2023 White PaPer. Received cash from customers on account, 9,000. 6. %24 2. Rainey enterprises loaned $20,000 to small co. on june 1, 2018, for one year at 6 percent interest. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. Withdrew cash for personal use, 3,900. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. Paid dividends, 10,500. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. 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. 2. Owner invested $62,000 cash in the company along with equipment that had a $23,000 market value in exchange for its common stock b. Paid rent for period of November 1 to end of month, 4,000. Received an invoice for truck expenses, to be paid in November, 1,250. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. 503. h. Sold catering services on account, 4,307. i. b.  a. Instructions 1. 25.000 2. Greco resort opened for business on june 1. I have all relevant skills and expertise related to your project. b. Paid dividends, $3,000. Paid utilities expense, 4,500. 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. b. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 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. %24 Journalize each transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts in selecting the accounts to be debited and credited. Q:Duerr Engineering completed the following transactions in the month of June. 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. points 7,500 g. Paid interest on the note payable, $500. %3D 31. 29.Paid miscellaneous expenses, 540. The account headings are presented below. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 11. Ken Jones, an architect, opened an office on April 1, 2019. a. Wallace deposited 24,000 in a bank account in the name of the business. 23. 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. 1. 25,000 Owner withdrew $1,000 cash from the company for personal use. 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. During June, Ming Chen (the owner) completed these transactions.  d. Does the activity add value to Latchey’s provision of insurance services? Prepare an income statement for August, a statement of stockholders equity for August, and a balance sheet as of August 31. f. The company purchased additional equipment for $6,000 cash. 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). Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. Basic Accounting Systems: Cash Basis. 7.500 Prepare an unadjusted trial balance as of July 31, 2019. (Record as Miscellaneous Expense.) Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Paid annual premiums on property and casualty insurance, 2,400. 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. 9. Select a product that you could purchase in large quantities (at a Sam's Club or other warehouse retail.. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 5. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. There is no prepaid rent or rent payable at year-end. 3. Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. A:Introduction: Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. 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. 25,000 1,500 During June, 4. Budgeting issues at the movies: During March, the following, A:1. f. Paid office salaries, $6,500. 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. . 1000. c. Bought office supplies for cash, 375, Ck. %3D c. Received cash from fees earned. 0. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. 30. a. 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. Equipment Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The transaction analysis is done with the help of the accounting equation. a. 1004. j. 17. 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. Instructions 1. 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. 60,000 Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. (Continued) Required: 1. Write Balance in the Item column and place a check mark () in the Posting Reference column. If there is, Q:Business transactions completed by Hannah Venedict during the month of September are as follows. Cash Determine the account balances, after all posting is complete. Determine the following: a. Recorded jobs completed on account and sent invoices to customers, 22,300. 1. b. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. On june 1, 2019, herbal co. received $18,900 for the rent of land for 12 months. %3D Prepare an income statement, a retained earnings statement, and a balance sheet. 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 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.