Homework Answers
| Assets | Liabilities | Equity | |||||||||||||
| = | + | ||||||||||||||
| Cash | + | Accounts Receivable | + | Equipment | = | Accounts Payable | + | Common Stock | + | Dividends | + | Revenues | - | Expenses | |
| a | 60000 | + | + | 15000 | = | + | 75000 | + | + | - | |||||
| b | -1500 | + | + | = | + | + | + | - | 1500 | ||||||
| Bal. | 58500 | + | + | 15000 | = | + | 75000 | + | + | - | 1500 | ||||
| c | + | + | 10000 | = | 10000 | + | + | + | - | ||||||
| Bal. | 58500 | + | + | 25000 | = | 10000 | + | 75000 | + | + | - | 1500 | |||
| d | 2500 | + | + | = | + | + | + | 2500 | - | ||||||
| Bal. | 61000 | + | + | 25000 | = | 10000 | + | 75000 | + | + | 2500 | - | 1500 | ||
| e | + | 8000 | + | = | + | + | + | 8000 | - | ||||||
| Bal. | 61000 | + | 8000 | + | 25000 | = | 10000 | + | 75000 | + | + | 10500 | - | 1500 | |
| f | -6000 | + | + | 6000 | = | + | + | + | - | ||||||
| Bal. | 55000 | + | 8000 | + | 31000 | = | 10000 | + | 75000 | + | + | 10500 | - | 1500 | |
| g | -3000 | + | + | = | + | + | + | - | 3000 | ||||||
| Bal. | 52000 | + | 8000 | + | 31000 | = | 10000 | + | 75000 | + | + | 10500 | - | 4500 | |
| h | 5000 | + | -5000 | + | = | + | + | + | - | ||||||
| Bal. | 57000 | + | 3000 | + | 31000 | = | 10000 | + | 75000 | + | + | 10500 | - | 4500 | |
| i | -10000 | + | + | = | -10000 | + | + | + | - | ||||||
| Bal. | 47000 | + | 3000 | + | 31000 | = | ---- | + | 75000 | + | + | 10500 | - | 4500 | |
| j | + | + | = | + | + | 1000 | + | - | 1000 | ||||||
| -1000 | + | + | = | + | + | -1000 | + | - | |||||||
| Bal. | 46000 | + | 3000 | + | 31000 | = | ---- | + | 75000 | + | ------ | + | 10500 | - | 5500 |
In transaction (j) i.e cash dividend paid to sole shareholder.
The journal entry will be
i) Retained earnings a/c .......(dr.)
To dividend payable a/c
ii) Dividend payable a/c ......(dr.)
To cash a/c
In the given table dividend payable column is not given. Hence I gave that effect to expense a/c.
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at...
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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). d. The company completed...
Ming chen began a professional practice on June 1 and plans to prepare financial statements at...
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) complete these transactions. a. Owner invested $ 60,000 cash in the company along with equipment that had a $ 15,000 market value. b. The company paid $1500 cash for office space for the month. c. The company purchased $10,000 of additional equipment on credit ( payment due within 30 days). d. The company...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at...
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.
Owner invested $59,000 cash in the company along with equipment
that had a $16,000 market value in exchange for its common
stock.
The company paid $2,500 cash for rent of office space for the
month.
The company purchased $17,000 of additional equipment on credit
(payment due within 30 days).
The...
Ming Chen began a professional practice on June 1 and plans toprepare financial statements at...
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.Owner invested $67,000 cash in the company along with
equipment that had a $17,000 market value in exchange for its
common stock.The company paid $1,500 cash for rent of office space for the
month.The company purchased $17,000 of additional equipment on
credit (payment due within 30 days).The company completed work for...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at...
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. Owner invested $63,000 cash in the company along with equipment that had a $11,000 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 $11,000 of additional equipment on credit (payment due within 30 days). The...
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a...
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Durin Ming Chen (the owner) completed these transactions. a Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During Ju Ming Chen (the owner) completed these transactions.
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During Ju Ming Chen (the owner) completed these transactions. a. Owner invested $62.000 cash in the company along with equipment that had a $23,000 market value in exchange for its comm stock b. The company paid $1.900 cash for rent of office space for the month c. The company purchased $15,000...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at...
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. Owner invested $59.000 cash in the company along with equipment that had a $14.000 market value in exchange for its common Stock b. The company paid $2,000 cash for rent of office space for the month C. The company purchased 511000 of additional equipment on credit (payment due within...
Saved Help Save & Exit Submit 2 Check my work Exercise 1-13 Identifying effects of transactions...
Saved Help Save & Exit Submit 2 Check my work Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 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 ok 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. b. The company paid...
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at...
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. Owner invested $68,000 cash in the company along with equipment that had a $29.000 market value in exchange for its common stock b. The company paid $2,100 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit payment due within...
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. Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). d. The company completed...
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.
Owner invested $59,000 cash in the company along with equipment
that had a $16,000 market value in exchange for its common
stock.
The company paid $2,500 cash for rent of office space for the
month.
The company purchased $17,000 of additional equipment on credit
(payment due within 30 days).
The...
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.Owner invested $67,000 cash in the company along with
equipment that had a $17,000 market value in exchange for its
common stock.The company paid $1,500 cash for rent of office space for the
month.The company purchased $17,000 of additional equipment on
credit (payment due within 30 days).The company completed work for...
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Durin Ming Chen (the owner) completed these transactions. a Owner invested $60,000 cash in the company along with equipment that had a $15,000 market value. b. The company paid $1,500 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment...
Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During Ju Ming Chen (the owner) completed these transactions. a. Owner invested $62.000 cash in the company along with equipment that had a $23,000 market value in exchange for its comm stock b. The company paid $1.900 cash for rent of office space for the month c. The company purchased $15,000...
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. Owner invested $59.000 cash in the company along with equipment that had a $14.000 market value in exchange for its common Stock b. The company paid $2,000 cash for rent of office space for the month C. The company purchased 511000 of additional equipment on credit (payment due within...
Saved Help Save & Exit Submit 2 Check my work Exercise 1-13 Identifying effects of transactions using the accounting equation LO P1 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 ok 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. b. The company paid...
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. Owner invested $68,000 cash in the company along with equipment that had a $29.000 market value in exchange for its common stock b. The company paid $2,100 cash for rent of office space for the month. c. The company purchased $10,000 of additional equipment on credit payment due within...
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