Show new balances after each transaction. 2,500 Hello. One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). 2.1.4P, Your question is solved by a Subject Matter Expert. 0. Hi, Hope you are doing well. 4. On March 1 of this year, B. Gervais established Gervais Catering Service. A Wages of $379,000 were paid in cash. 3. %24, Carl Warren, James M. Reeve, Jonathan Duchac. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. (d) Received cash for services rendered, 900. a. e. Paid automobile expense for the month, $2,500, and miscellaneous expense, $1,000. Check my b. You can message me to discuss the details. b. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business. Determined that the cost of supplies on hand was 1,750; therefore, the cost of supplies used was 1,000. d. Paid rent on office and equipment for the month, $5,000. The worker will be paid $275 per week. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. He completed the following transactions during June: a. Ming Chen began a professional practice on June 1 and plans g. Paid interest on the note payable, $500. Write Balance in the Item column and place a check mark () in the Posting Reference column. b. Any, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Accounting Equation is calculated using following equation - 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. we will be answering you first three subparts, Q:On 1 March, David Tan established David Interior Designs. 9. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. on the Business environment in China. 1, A:Salary is the expense of a business. Home., A:Since you have asked multiple questions under a single question. There are some items that has Impact on Equity like Income, Expense and, Q:Following are the transactions for Valdez Services. 61,000 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. A:The financial statements of the business include the income statement and balance sheet of the firm. A balance sheet Record the following transactions on Page 6 of the journal: 20. a. 4. Instructions 1. No. Purchased used automobile for 19,500, paying 2,500 cash and giving a note payable for the remainder. A:Net income is calculated after analysing the revenue and expenses of the organisation. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. $ Recorded services provided on account for the remainder of May, 2,650. d. Paid rent on office and equipnwnt for the month, $5,000.