0. Repairs and maintenance of $9,000 were incurred and paid. 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. After, A:Net income: Prepare an income statement, a retained earnings statement, and a balance sheet. 61,000 Determine the amount of Joel Palks capital as of July 1 of the current year. a. Gervais deposited 25,000 in a bank account in the name of the business. a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 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. 7,500 Paid wages of employees, 6,800. 504. j. f. a. I will also provide you with TURNITIN PLAGIARISM REPORT. 25. $30000. 25,000 Transactions; financial statements On August 1, 20Y9, Brooke Kline established Western Realty. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 31. Can you think of any reason why the amount determined in (4) might not be the net income for November? e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 5. The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. b. Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed 58,500 Record the following transactions on Page 6 of the journal: 20. d. Paid rent on office and equipnwnt for the month, $5,000. Received cash from clients on account, 2,450. b. She helped me in last minute in a very reasonable price. Post the journal to a ledger of four-column accounts. Purchased supplies on account, 850. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Amount of total expenses recorded in the ledger. During June, Ming Chen (the owner) completed these transactions. 1,500 Received $100 from a customer for services we will provide next week. Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Cash 2023 White PaPer. c. Both credit card and debit card transaction fees are limited by law. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. On July 1, Lula Plume created a new self-storage business, Safe Storage, A:Journal is the recording of financial transactions, which is considered as the first step in, Q:On August 1, 20Y7, Rafael Masey established Planet Realty, which completed the following, A:Since you have posted a question with multiple parts. The company paid $10,000 cash to settle the liability created in transaction c. During June. b. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Ask a new question. b. Assets 8,000 Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. 2. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Equity The equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. Since there are multiple subparts, we will answer only first three subparts. (Continued) Required: 1. 1,500 Paid cash to creditors on account, 3,000. j. c. Is it a variable or a fixed cost? The company paid $1,000 cash in dividends to the owner (sole shareholder). 2. 75,000 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. March transactions are as follows : The following transactions occurred during January of the current year. 15. Instructions 1. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 7.500 Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. 8,000 Kimberly Manis, an architect, opened an office on January 1, 2016. minus sign.) 1,500 July 21. Determine account balances of the T accounts. Income tax of $10,300 was incurred and paid in 2019. 2. 3. Opened a business bank account with a deposit of 50,000 from personal funds. 5. State the assets, liabilities, and owners equity as of July 1 in equation form similar to that shown in Exhibit 5. Only debit card transaction fees. Explanations may be omitted. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. The following transactions were completed during July, the second month of the business's operations: July 1. a. Amount of total revenue recorded in the ledger. 30. b. g. The company paid an assistant $\$3,000$ cash as wages for the month. Amount of total revenue recorded in the ledger. Maria completed the following transactions, A:An income statement is one of the financial statements of a company and shows the company's, Q:Indicate the effect of each transaction and the balances after each transaction: Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Accounts e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. a The company paid an assistant $3.000 cash as wages for the month, Century 21 Accounting Multicolumn Journal. 15. If the two totals are not equal, check the addition and subtraction. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. i. 58,500 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. Assets Liabilities Equity Cash Accounts Receivable Equipment Accounts Payable M.Chen, Capital M. Chen, Withdrawals Revenues Expenses a $ 60,000 $ 15,000 $ 75,000 b $ -1,500 $ -1,500 $ 58,500 $ - $ 15,000 $ - $ 75,000 $ - $ - $ -1,500 c $ 10,000 $ 10,000 $ 58,500 $ - $ Computer Graphics and Multimedia Applications, Investment Analysis and Portfolio Management, Supply Chain Management / Operations Management. Purchased office supplies on account, 1,800. c. Received cash from fees earned for managing rental property, 10,000. d. Paid rent on office and equipment for the month, 4,500. e. Paid creditors on account, 1,250. f. Billed customers for fees earned for managing rental property, 16,800. g. Paid automobile expenses (including rental charges) for the month, 750, and miscellaneous expenses, 980. h. Paid office salaries, 4,000. i. A:As the question has more than 3 sub-parts, the first 3 subparts are answered. During the first month of operations of his, A:Solution: 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. %3D 8.Paid for a newspaper advertisement, 200. d. The company completed work for a client and immediately collected the $2,500 cash earned. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Borrowed $100,000 by issuing a note payable. During June, Ming Chen (the owner) completed these transactions. Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. Owner invested $57,000 cash in the company along with equipment that had a $27,000 market value in exchange for its common stock. Find answers to questions asked by students like you. e. %D Use the ending balances in the T-accounts to prepare a trial balance. 61,000 Paid electric bill, 915. Owner Invested $59,000 cash in the company along with equipment that had a $16,000 market value in exchange for its common stock. 25.000 (1,500) + She, A:The balance sheet is one of the financial statements of the business which represents the financial, Q:On June 16, Ken's Maintenance Company paid $900 cash for an assistant's salary for the first half of, A:Accounting Equation: %D No. 1PA, Your question is solved by a Subject Matter Expert. 1. 2023. Record the closing entries on Page 8 of the journal. Instructions 1. Date the balances May 1, 2016, and place a check mark () in the Posting Reference column. During June, Ming Chen (the owner) completed these transactions.a. Journalize and post the adjusting entries. Introduction: Determine the net income for March. The policy covers a one-year period. The company paid $1,000 cash in dividends to the owner (sole shareholder). Recorded services provided on account for the period May 16-20, 4,820. Net income is the excess amount of revenue after deducting all the expenses of a, Q:On August 1, 2019, Rafael Masey established Planet Realty, which completed the following, A:Since we only answer up to 3 sub-parts, well answer the first 3. DLite Dry Cleaners is owned and operated by Joel Palk. operations,, A:Journal entry means the entry in prime book with chronological order. Im very much interested to write for attendance systems. Owner invested $60,000 cash in the company along with equipment that had a $26,000 market value in exchange for its common stock. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. 1.500 Instructions 1. Instructions 1. 7,500 Determine the net income or net loss for April. Before this, no other, Q:ournalize entries for transactions (a) through (I) using the following account titles: cash,, Q:ita Lopez started Biz Consulting, a new business, and completed the following transactions during, A:Journal entries refers to recording of business transactions into the books of the business or, Q:On April 1 of the current year, Morgan Jones established a business to manage rental property. 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.