Ming Chen started a business and had the following transactions in June.a. Owner invested $60,000 cash in the company along with $15,000 of equipment.b. The company paid $2,000 cash for rent of office space for the month.c. The company purchased $18,000 of additional equipment on credit (payment due within 30 days).d. The company completed work for a client and immediately collected $1,600 cash.e. The company completed work for a client and sent a bill for $7,300 to be received within 30 days.f. The company purchased additional equipment for $5,000 cash.g. The company paid an assistant $2,400 cash as wages for the month.h. The company collected $4,500 cash as a partial payment for the amount owed by the client in transaction e.i. The company paid $18,000 cash to settle the liability created in transaction c.j. The owner withdrew $1,500 cash from the company for personal use.

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Answered: Ming Chen started a business and had…

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter1: The Need For Payroll And Personnel Records

Section: Chapter Questions

Problem 4QD: The main office of a large bank has an annual turnover of 500 office workers. As an employment...

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Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…
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