ming chen began a professional practice on june 1

eBook No. a. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Prepare T accounts, using the account titles in (1). Pleaseresubmitthequestion, Q:Amy Austin established an insurance agency on March 1 of the current year and completed Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. Start your trial now! Saved Record the following transactions on Page 6 of the journal: 20. Ask your question! Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Graw Paid electricity bill for May, 810. Cash If the two totals are not equal, check the addition and subtraction. Received cash for job completed, 11,500. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Carter also purchased treasury stock, equipment, and a patent for $21 million, $25 million, and $12 million, respectively. Paid gas, oil, and repairs on automobile for April, 550. 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 No. 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. f. Paid office salaries, $6,500. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. After, A:Net income: h. The company collected $5,000 cash as a partial payment for the amount owed by the client in transaction e. i. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 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. 0. 24. Journal Entries - Journal Entries are the recording of transactions of the organization. 1,500 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: Good morning, teachers, I am honored to be informed to have this interview. 7. 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. Opened a business bank account with a deposit of 35,000 in exchange for common stock. (Do not insert the account numbers in the journal at this time.) Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. Received 3,000 for serving as a disc jockey for a party. 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. The following transactions occurred during January of the current year. Hi, Hope you are doing well. 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. 1.500 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. Accounting Equation is calculated using following equation - 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. 11. completed the following, A:"Since you have posted a question with multiple sub-parts, we will solve only first three sub-parts, Q:Comprehensive Problem Set During June, Ming Chen (the owner) completed these transactions. 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). 0. 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. 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: Using the following, A:Journal entries shows the recording of the transactions during an accounting year and every, 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. 61. d. The company completed work for a client and immediately collected the $2,500 cash earned. g. The company paid an assistant $3,000 cash as wages for the month. The company paid $10,000 cash to settle the liability created in transaction c. Im very much interested to write for attendance systems. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. On August 1, 2016, Bill Hudson established Heritage Realty, which completed the following transactions during the month: a. I can do this easily because I have several experiences to write articles on different web sites, creative content for several blogs & also SEO writing. In this activity, you will be creating. c. Both credit card and debit card transaction fees are limited by law. April. Cash Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. $15,000 Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 30. b. 5. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. 29. b. The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. 0. 63. $ 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. 75,000 0. Required 1. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. First let me introduce myself, my name is XX, 23 years old, and David is my English name. 23. Assignments: ACCTG-4A-80575-2021SP Paid electric bill, 915. a. A. I have all relevant skills and expertise related to your project. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. The company paid $1,500 cash for rent of office space for the. ASSETS The following, A:Unadjusted Trial Balance - On March 1 of this year, B. Gervais established Gervais Catering Service. Withdrew l,250 cash from PS Music for personal use. Ken Jones, an architect, opened an office on April 1, 2016. Paid dividends, $3,000. d. The entire assets of an organization are equal to the sum of its liabilities, A:Income Statement - 1, A:Salary is the expense of a business. During June, Ming Chen (the owner) completed these transactions. 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. The American Chamber of Commerce in South China. Instructions 1. a. Wallace deposited 24,000 in a bank account in the name of the business. Bal 2020 - 2024 www.quesba.com | All rights reserved. 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. A Wages of $379,000 were paid in cash. The, A:An accounting equation refers to a mathematical representation of the transactions. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. No. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Instuction Indicate the effect of each transaction and the balances after each transaction, using the integrated financial statement framework. 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, Jones, A:T accounts: 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. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 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. 8.000 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 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. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. Kindly, Q:Ms. Kelly established an enterprise to be known as L.A Designs, on June of the current year. Amount of total expenses recorded in the ledger. First week only $4.99! Even I have written many kindle ebooks, Being a creative writer, I think I am the most eligible person for your Ghostwriting project. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. Mulberry purchased computer paper for $13,000 cash in late December. Ming Chen began a professional practice on June 1 1 and plans to prepare financial statements at the end of each month. Home., A:Since you have asked multiple questions under a single question. i. %3D 15,000 b. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. During June, Ming Chen (the owner) completed these transactions. Received cash from customers on account, 88,000. k. Determined that the cost of supplies on hand was 5,900; therefore, the cost of supplies used during the month was 3,600. l. Withdrew 12,000 cash for personal use. 29.Paid miscellaneous expenses, 540. February 20, 2023. a. 4. 0. 10,000 Ming Chen began a professional practice on June 1 and. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 4. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Ken Jones, an architect, opened an office on April 1, 2019. Establish a ledger for the accounts listed above and enter the beginning balances. During the month, Lexi completed the following transactions related to the business: Nov. 1. 27. A:Introduction: Purchased supplies on account, 735. 14.Paid wages of 1,200 to receptionist and part-time assistant. The prepaid rent at the beginning of the year was used in 2019. d. The company completed work for a client and immediately collected the $2,500 cash earned. During June, Ming Chen (the owner) completed these transactions. $30000. a. Gervais deposited 25,000 in a bank account in the name of the business. 28.Paid wages of 1,200 to receptionist and part-time assistant. Greetings! 8.000 4, 1004. j. 4. 15. a. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Borrowed $100,000 by issuing a note payable. Kindly, A:Accounting equation states the relationship among the assets, liabilities and equity of the firm. Does that time investment p Concept of Cost Behavior  Dapper Hat Makers is in the business of designing and producing specialty hats. I will provide you super quality work according to your given requirements and deadline with ZERO plagiarism. Paid cash to creditors on account, 3,000. j. I am highly qualified expert, working from 2008-9 in this industry. Ethics and budgetary slack: A balance sheet Received 2,000 for serving as a disc jockey for a wedding reception. Apr. %24 11.Received 1,000 for serving as a disc jockey for a party. (d) Received cash for services rendered, 900. 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. Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. g. Paid interest on the note payable, $500. (j) Withdrew cash for personal use, 100. The company pald $2,100 cash for rent of office space for . Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Start your trial now! Recorded jobs completed on account and sent invoices to customers, 22,300. Briefly explain why the owners investment and revenues increased owners equity, while withdrawals and expenses decreased owners equity. Do you need an answer to a question different from the above? Then use additions and subtractions to show the dollar effects of the transactions on individual items of the accounting equation. 2. Paid gas, oil, and repairs on automobile for April, 550. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. Instructions 1. Q:Duerr Engineering completed the following transactions in the month of June. d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Determine the amount of Joel Palks capital as of July 1 of the current year. To ensure my potential must visit my profile to check my ratings and uploaded samples. 2. 3. b. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. Equipment To the left of each amount entered in the accounts, place the appropriate letter to identify the transaction. College Accounting (Book Only): A Career Approach. Dividends Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. On June 1 of the current year, Chad Wilson established a business to manage rental property. 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. d. a retained earnings statement and a classified balance sheet for the year ended December 31, 2019. 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. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. d. Purchased office and computer equipment on account, 4,500. e. Paid cash for supplies, 1,875. f. Paid cash for annual insurance policies, 3,600. g. Received cash from client for plans delivered, 13,650. h. Paid cash for miscellaneous expenses, 2,600. i. 2. M Question 8 - Chapter 1 Exercises Connect e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. DLite Dry Cleaners is owned and operated by Joel Palk. Determine the net income or net loss for April. 1. 7.500 Enter the impact of each transaction on individual items of the accounting equation. 5. Purchased a truck for 38,500 paying 5,000 cash and giving a note payable for the remainder. 27.Paid electric bill, 915. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. b. h. Borrowed $100,000 by issuing a note payable. No. A:Trial balance is the record of all the balances of all the ledgers accounts with the final debit and, Q:Aracel Engineering completed the following transactions in the month of June. 1. Accounts containing only a single entry do not need a balance. 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. Prav The accounting equation indicates that a company's total assets are equal to, Q:On April 1, 20Y8, Maria Adams established Custom Realty. 1, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. The, Q:Amy Austin established an insurance agency on March 1 of the current year and completed the, A:Accounting Equation: First step in, Q:Gabi Gram started The Gram Company, a new business that began operations on May 1. No. e. Received 500, with the remainder due on August 9, 2019. Received cash from clients on account, 9,520. 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. Liabilities She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up! Ming Chen began a professional practice on June 1 1 1 and plans to prepare financial statements at the end of each month. Movies are expensive to produce and market. Paid cash for miscellaneous expenses, 375. j. Assets =, A:Note: As you have posted multiple questions, the solution to the first question is provided. 503. h. Sold catering services on account, 4,307. i. H. Paid the worker hired in D for one weeks work. %24 Paid creditor a portion of the amount owed for equipment purchased on November 6, 3,000. g. The company paid an assistant $3,000 cash as wages for the month. 4. Only credit 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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. Paid for a newspaper advertisement, 200. Receivable 2. Common %24 Expenses Hello. Paid miscellaneous expenses, 1,000. a. 1,500 Prepare a post-closing trial balance. (Record as Miscellaneous Expense.) A:Requirement 1: Indicate the effect of the given transactions. LIABILITY a. Expenses 1.500 Comprehensive problem 1 Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2016. Classify each transaction as an operating, an investing, or a financing activity. 0. Recorded services provided on account for the remainder of May, 2,650. No principal payments are made, only interest is paid. Analyze and use these data to complete parts (5) and (6). During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Ming Chen started a business and had the following transactions in June. Determine the following: a. Brooke completed the following transactions during the month of August: a. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. 3. During June, Ming Chen (the owner) completed these transactions.a. If there is. Accounts the firm are, A:Income statement e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. 3. Received 1,000 cash from customers on account. Dividends in the amount of $1,500 were distributed. the following transactions, A:Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and, Q:On September 1 of the current year, Joy Tucker established a business to manage rental property. Opened a business bank account with a deposit of 30,000 from personal funds. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 501. e. Bought insurance for the truck for one year, 400, Ck. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Determine the increase or decrease in owners equity for August. j. Paid dividends, $3,000. During June, Ming Chen (the owner) completed these transactions. Paid installment due on note payable, 950. k. Received invoice for blueprint service, due in February, 3,750. l. Recorded fees earned on plans delivered, payment to be received in February, 21,900. m. Paid salary of assistants, 4,100. n. Paid gas, oil, and repairs on automobile for January, 1,300. The following transactions, A:Journal Entries - Journal Entries are the recording of transactions of the organization. 2. 4. I am open-minded, easy to adapt, compatible with my friends, and willing to help others. f. The company purchased additional equipment for $6,000 cash. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value in exchange for its common stock. 25.000 7.500 Received 500, with the remainder due on August 9, 2019. Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. Received 750, with the remainder due August 4, 2019. b. 1.500 Find answers to questions asked by students like you. 8,000 Mc. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. Paid cash for a newspaper advertisement. A. Hal Smith opened Smith's repairs on 01.03. During June, Ming Chen (the owner) completed these transactions.Owner invested $61,000 cash in the company along with equipment that had a $22,000 market value in exchange for its common stock.The company paid $1,200 cash for rent of office space for the month.The company purchased $13,000 of additional equipment on credit (payment due within 30 During the first month of operations of his, A:Solution: 1PA, Your question is solved by a Subject Matter Expert. 23. 10,000 9. 7,500 Transferred cash from a personal bank account to an account to be used for the business, 18,000. b. 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). Received 1,000 for serving as a disc jockey for a party. b. Write Balance in the Item column and place a check mark () in the Posting Reference column. Q:On April 1, Anita Strods created a new travel agency, Strods Travel. During June, Ming Chen (the owner) completed these transactions. 4. 4. Post the journal to a ledger of four-column accounts. Paid 250 to creditors on account. Assets Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value.b. a. The company paid $1,500 cash for rent of office space for . Paid annual premiums on property and casualty insurance, 2,400. 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. 8.000 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 6. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Journal entry is used to the record the business transactions of an enterprises. 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. During the month, she completed the following transactions connected with her professional practice: a. 15. 17. 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. f. During June, Ming Chen (the owner) completed these transactions. EXHIBIT 1.9: Summary of Transactions Using the Accounting Equation. a. Instructions 1. 3. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. f. The company purchased additional equipment for $6,000 cash. Enter the impact of each transaction on individual items of the accounting equation. b. 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 following information is provided for the first month of operations for Legal Services Inc.: A. 2.Received 1,000 cash from customers on account. 2. 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. 23.Served as disc jockey for a party for 2,500. The worker will be paid $275 per week. During June, Ming Chen (the owner) completed these transactions: a. d. Paid rent on office and equipnwnt for the month, $5,000. Only debit card transaction fees. Q:Prepare the statement of retained earnings for the month of July 31. The 'T Account' is a graphic visual representation of any individual accounts in the, Q:During the first month of operations, the following transactions occurred for Blossom Inc.: Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam. 225. II Prepare the necessary journal entries to record these transactions. Hire Professional Writer And Get A+ Grades In Your Homework. 1,500 Q:Connie Young, an architect, opened an office on October 1, 2019. No. Explanations may be omitted. Hi! Owner Invested $68,000 cash in the company along with equipment that had a $29,000 market value. During the month, Knaus. 4.Prepare an unadjusted trial balance as of July 31, 2019. 0. He. During June, Ming Chen (the owner) completed these transactions. Determine the net income or net loss for January. 2. During June, Ming Chen (the owner) completed these transactions: a. Q:Comprehensive Problem Set 1,500 31. i. I am a Professional Writer with over 5 years of experience, therefore, I can easily do this job. No. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. Bal. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. b. Bal. During the month, she completed the following transactions connected with her professional practice: a. b. She helped me in last minute in a very reasonable price. The company paid $1,500 cash for rent of office space for the month. Check my 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. + The company paid $1,500 cash for rent of office space for the month. What will be the value of interest payment at the end of fourth year in real dollars? No. 15,000 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. Paid 1,500 cash and agreed to pay the balance of 2,000 in four monthly installments. 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: Since there are multiple subparts, we will answer only first three subparts. 5. Stock Thanks :--). 4. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. Bal. 58,500 b. Paid utilities expense, 4,500. (1,500) + Interest of $5,000 was paid on the long-term loan. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month.

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