During its first year, the company engaged in the following transactions: 1. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. Question: The following transactions occurred during July: 1. Billed customers o, Transactions for 2016: 1. Issued common stock for $5,600 cash. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Obtained a bank loan for $6,900 by issuing a note payable. Classify each of these transactions as operating, investing, or financing activities. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. During July the following transactions were completed. Purchased equipment at a cost of $62,000. The following transactions were completed during the month. 4. The company performed $20,000 of services for customers on account. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 2. What amount is received as payment in full on July 24? The following transactions occurred during July: 1. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. 3. 4. The following transactions occurred during July 1. b. 5. d. a c, Ember Landscaping Services Ltd. completed the following transactions during July 2019, its first month of operations: July 1 Received cash of $100,000 and issued common shares 2 Purchased equipment for $70,000 cash 3 Purchased supplies on account, $800 10, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Derive expressions for long-run average cost and marginal cost, and sketch these curves. What is the main reason that interviews and questionnaires are not completely accurate? 1. Assume 360 days in a year. 2.Purchased supplies on account, $1, 960. 2. June 1: Issues common stock to investors in exchange for $4,840 cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Purchased equipment at a cost of $64,000. Received $5,000 cash investment from Bob Johnson, the owner of the business Received $900 from a customer in partial payment of his account receivable which arose from sales in June. 2 Reacquired 20,600 common shares at $22 per share. Prepare a cash budget for July. Deposits in transit, July 31, $1,790. 2. During July, the following transactions were completed. Provided services to a customer on credit, $375. Received cash from the sale of common stock, $14,000. Billed customers for fees earned, $73, 900. 4) Receive. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Prepare the general journal entry to record this transaction. 6 Performed service for customers and received cash of $2,000. b. Terms on sales on account are 2/10, n/30, FOB shipping point. 3) Received $195 from customers for services to b, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. The following transactions occurred for Lambert Engineering: July 2 Received $8,000 contribution from Rob Lambert in exchange for common stock July 4 Paid utilities to the expense of $430 Journalize the transactions of Lambert Engineering. How would Forester record this transaction? Received $1,030 cash for services provided to a customer during July. How much cash, if any, A credit sale of $700 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. 2. On July 7, it returned $260 worth of merchandise. 6. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. 5. 1) Journalize the July transactions. owners. Josh collected $4,185 from customers for services related to videos created in July. July cash collections are $548,450. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. 4) Transaction no. Paid dividends. Received $5,350 cash from the issuance of common stock to owners. Received $5,000 cash from the issuance of common stock to owners. During 2022, Flounder Corp. entered into the following transactions. Received $3,900 cash in advance for services to be per. Borrowed $7,900 from the bank by signing a promissory note. It allows its clients 90 days to pay for services received. Paid expenses amounting to, Journalize the following selected transactions for January : 1. 3. The following transactions occurred during July: 1. 3. Debit to Accounts Receivable, credit to Service Revenue. Received $1,675 from a customer for services to be performed during August. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. 2. A company received $5,000 cash for performing services for a customer. Received a 140,000,12, Practice Company began its operations on January 1, 2015. Sold common stock to owners for $100,000 cash 2. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. b. a credit to Accounts Receivable of $1,400. Expenses of $73,600 were pa, Warren Enterprises had the following events during Year 1: -The business issued $25,000 of common stock to its stockholders. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 2. 3. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. June 2: Buys equipment on account for $2,190. c. Billed customers for services rendered, $6,000. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. Transaction #4 would include a debit to Accounts Receivable. 2. Provided services for cash, $22,000. $15,900 Received $2,200 cash investment from Barbara Hanson, the owner of the business. Apr. Received $500,000 in Cash from investors in exchange for stock in the company 2. $555. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. What was the balance in the Cash account at the beginning of October? -Services were provided to customers for $21,000 cash. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. Purchased land for $7,000 cash. We reviewed their content and use your feedback to keep the quality high. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Purchased land for $7,000 cash. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 4 Purchased supplies on account, $2,150. Eduardo Inc. was organized on July 1, 2009. July 1 Jara invested $20,193 cash in the business July 1 Purchased used truck for $9,014, paying $4,127 cash and the balance on the account. 2. 2 Buys equipment on account for $1,240. 4. d. June 29: Paid a $6, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Issued 6,000 shares of common stock for $600,000 cash. Received $1,030 cash for services provided to a customer during July. A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is: Recorded as a credit to an unearned revenue account. 2. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. Received $900 cash for services provided to a customer during July. Received $5,000 cash from the issuance of common stock to During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on account July 20 Made payment of $5,300 on accounts payable; Eduardo Inc. was organized on July 1, 2009. Apr. July 17 Purchased supplies costing $4,700 on account. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. 3. The following transactions occurred during July: 1. Borrowed $59,500 by issuing bonds. Prepare the general journal entry to record this transaction. A company received $4,720 cash for services provided. The revenue should be recognized in: A) August. Received $1,050 cash for services performed during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $5,900 cash from the issuance of common stock to owners. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. 3. Issued $100,000 of common stock for cash. Received $5,350 cash from the issuance of common stock to owners. What was the January 31 beginning cash balance? 2 Borrowed $20,000 from the bank and signed a long-term note payable. Paid one year's insurance in advance, $2,400. Acquired $23,400 cash from the issue of common stock. Purchased inventory on account for $14. 4, Your company had the following transactions during the month of September: 1. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 2. Performed services for $43,000 cash. On June 30, Petrov Co. has $128,700 of accounts receivable. Acquired $16,500 cash from the issue of common stock. Received $1,400 cash for services performed during July. 4. Prepare journal entries to establish the fund on July 1 and re, Fran Inc. had the following transactions during 2017: Exchanged land for a building: $764,000 Purchased treasury shares: $160,000 Paid cash dividend: $380,000 Purchased equipment: $212,000 Issued ordi, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. Total cash payments for July are $572,150. Borrowed $25,000 cash from creditors. The company paid cash. Paid monthly rent. What accounts are debited and credited to record this transaction? 3. 1. 4. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. Provided services to a customer on credit $565. Jefferson Corporation was started on January 1, 2014. 4. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. What accounts are debited and credited to record this transaction? Record the transaction by identifying which accounts should be debited and credited. During July the following transactions were completed. During July the following transactions were completed. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. Issued $130,000 of common stock for cash. The company requires a minimum cash balance of $7,500. 1. c. Billed customers for services rendered, $6,000. Apr. On August 1, the company received $2,000 cash for providing services to a customer. Received $1.080 cash for services provided to a customer during July. Billed customers $600 fo. Acquired $20,000 by issuing common stock. 2003-2023 Chegg Inc. All rights reserved. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Issued common stock for $21,600 cash. Received $900 cash for services provided to a customer during July. The record in which business transactions are first recorded is the: Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? A) Calculate the number of units in ending inventory at June 30. The amount of the cash paid on July 8 equals: A. Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. (ii) On 5 June, the company determined that it could not collect $325 from, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Paid $8,610 cash dividend to stockholders. Heidi Jara opened Jara's cleaning service on July 1, 2014. $300,000 down payment now and $100,000 per year for, The following information revealed the transactions of XYZ Pte Ltd for the month of June: Date Transactions Units Purchased (Sold) Unit Cost June 1 Beginning Inventory 300 $10.00 June 3 Purchase 300 $11.00 June 8 Sale (200) June 16 Purchase 400 $11.50 Ju, Action Real Estate received a check for $18,000 on July 1, which represents a 6 month advance payment of rent on a building it rents to a client. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). The following transactions apply to Brooks Co. for 2014, its first year of operations. 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. Question: The following transactions occurred during July 1. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. Received $400 from a customer as payment for services 4. Paid $1000 off a loan obtained during July. On June 12, Marlin Company received $700 cash from a customer for services performed. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. 2. Record the journal entries associated with these three transactions. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. During July the following transactions were completed. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. During July, the company completed the following transactions. IV. On July 7, it returned $220 worth of merchandise. Received a 140,000,12. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. c. a debit to Cash of $1,400. Howard Services, Inc., has $8,400 cash on hand on July 1. July 1 Purchased a truck for $11,000. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. 3. 1 July 1 31 Dec. 3. 3. All other trademarks and copyrights are the property of their respective owners. On July 8, it paid the full amount due. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. The amount of the cash paid on July 8 equals: a. Use the following information to prepare the July cash budget for Acco Co. Journalize the following transactions for the month of June. 2 Purchases equipmen. Prepare the general journal entry to record this transaction. Issued 41,000 shares of common stock in exchange for $410,000 in cash. Provided $1,200 of services on account. Received $1,800 cash for services provided to a customer during July. 1. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. 3. During the year, the following transactions occurred. Provided services to a customer on credit, $505. On July 8, it paid the full amount due. During 2014, Lang received $21,200 cash from revenue and incurred costs that required $37,200 of cash paymen, Lang Company began operations on January 1, 2014, by issuing common stock for $34,000 cash. Assume 360 days in a year. The following transactions occurred during July 1. Purchased land for $12,000 cash. Issued common stock for $4,600 cash. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Your company had the following transactions during the month of September: 1. The business acquired $10,000 cash by issuing common stock to investors. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. -The business purchased land for $17,000 cash. Learn about the difference between cash and accrual accounting. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. Provided services to a customer on credit, $445. Issued common stock for $23,500 cash. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. Sept. 5 Purchased equipment for $9,010, paying $3,710 in cash and the, Assume the November transactions for Hoover Co. are as follows: a. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. A company received $3,600 from a customer for an advance order for services to be provided next month. Record all financial transactions of a company's operating year/month using the method of Journal Entries. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Stockholders purchased, Journalize the August transactions for Beartooth Co. Issued common stock for $10,000 cash. a. A record containing all accounts (with amounts) for a business. $3,600 c. $3,395. 4. During July, the company completed the following transactions. Prepare the general journal entry to record this transaction. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. July 1 Anya invested $20,000 cash in the business. Unit Units Cost Unit Selling Price July 1 Beginning Inventory 50 $10 July 13 Purchase 250 13 July 25 Sold (100) $15 July 31 Ending Invento, Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. Received $2,200 cash investment from Barbara Hanson, the owner of the business. b. Debi. Received $5,550 cash from the issuance of common stock to owners. Received $6,600 cash from the issuance of common stock to owners. II. 4. Received $5,000 from issuance of stock to investors. A company received $442 cash from a client for performing services. The company sold 525 units in June. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance, July 1 Issued 12,000 shares of common stock for $12,000 cash. The company paid cash. 4. 1. 2. Issued common stock for $10,000 cash. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. Merchandise inventory purchased on account was $520. Total sales were $900, of which 80% were on credit. Calculate the amount of unearned revenue that would appear i. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. All other trademarks and copyrights are the property of their respective owners. The following transactions occurred during July: 1. Issued common stock for $5,600 cash. A company received $2,000 cash for its services to be performed later. 3. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Double-entry Accounting Services begin operations on July 1. Received $400 from a customer as payment for services performed during June. Prepare the general journal entry for this transaction. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Paid cash operating expenses of $, The following transactions pertain to the operations of Blair Company for 2014: 1. 4 Paid $20,000 cash for land to use as a building site. Record the journal entries associated with these three transactions. 2) Billed customers $695 for services provided in May. Depreciation on equipment totaled $15,000 for the year. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. B. C. Received $1,000 cash from a customer for services to be performed over. 2. 2. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. July cash collections are $548,440. result of these transactions, what is the amount of the increase to C) December. Collected $62,000 cash from accounts receivable. The following transactions occurred during March 2021 for the Wainwright Corporation. 4 Purchased supplies on account, $1,970. iv. 2. the following transactions occurred during july: the following transactions occurred during july: Billed $3,500 to customers for services performed on account Provided $94,000 of services on account. 8 Received. A company received $75,000 cash for providing services to customers. Borrowed $25,000 cash from creditors. Debit to Equipment, credit to Notes Payable, credit to Cash. 3. The following transactions occurred during the month of June. 3. 8 Billed customers for $3,000. During July, the following transactions were completed. Received $800 cash for services performed during July. 3. Bank loans of $3,000 were paid off. FOB shipping point. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 3. Received $5,000 cash investment from Bob Johnson, the owner of the business Received $900 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred in July. 1) Collected $395 cash from customers for services provided in May. 2. Also, the balances are provided for the month ended July 31. Borrowed $6,000 from the bank by signing a promissory note. It is followed by a return of $50 on June 16. Provided services to a . Loaned $15,000 to Horne. The following transactions occurred during July: 1. Guerrero Company engaged in the following events during 2012: 1. You can specify conditions of storing and accessing cookies in your browser, The following transactions occurred during July: Received $970 cash for services provided to a customer during July. Received $1,200 from a customer in partial paym, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. Cash balance per bank, July 31, $8,243. 5. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Issued Common Stock to investors in exchange for $5,000 cash. 3. $3,065 $16,840 $3,995 O. Borrowed $6,700 from the bank by signing a promissory note. Received $900 cash for services provided to a customer during July. Received $1,250 cash for services performed during July. 8 Billed customers for $3,000. Which of the following describes how the transaction should be recorded on July 7? Of that amount, $1,000 was for services performed and $7,000 represented payments on account. Issued 11,000 shares of common stock for $11,000 cash. 3. The amount of the cash paid on July 8 equals. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. July 1. 4 Purchased supplies on account, $2,150. Requisitioned materials for Cutting $15,700 and Assembly $8,900 2. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. XYZ uses the periodic inventory method. Transaction #3 would include a debit to Accounts Receivable. What was the amount of revenue for July under the accrual basis? 1 Paid the dividend declared in February. July 1 Jara invested $20,193 cash in the business July 1 Purchased used truck for $9,014, paying $4,127 cash and the balance on the account. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. 3. Received $1,440 cash from a customer for services to be rendered next year. How would Camden record this transaction? 2. 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Depreciation recorded on factory equipment, 40,000. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. Which of the following formulas can be used to calculate the debt ratio? The unadjusted balance per the bank statement on July 31 was $64,854. in July. June 1 Issues common stock to investors in exchange for $5,000 cash. 3. The goods were shipped to Rymex on July 2. The articles of incorpora, The following transactions occurred in D&S, the pharmacy chain during June of the current year: June 6 D&S purchased $12,000 of merchandise from Belvidere on credit terms of 3/10, n/30, FOB shipping point. Received $1,430 cash from a customer for services to be performed next year. On July 8, it paid the full amount due. The following inventory transactions occurred during June. Acquired $20,000 by issuing common stock. Credit terms were 2/10, and n/30. Financial statements will be prepared on July 31. During the first month of operations, the following transactions occurred: 1. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. Cash balance per books, July 31, $7,864. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Provided services to a customer on credit. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. Received. 3. III. Prepare the general journal entry to record this transaction. Issued $16,870 in direct materials to the production department. Borrowed $7,800 from the bank by. 1. iv. 4 Paid $20,000 cash for land to use as a building site. 1. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. 3. the following transactions occurred during july: Team; Services. B. 2. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. Collect, On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. July 1 Jara invested 19,841 cash in the business. Issued $1,270 of supplies from the materials inventory. Collected $220 cash from customers for services performed in August. The following transactions occurred during July: 1. Mar. July 1 Issued 12,000 shares of common stock for $12,000 cash. (2) Purchased equipment for 6,000 paying 3,500 in cash and, Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019. 4. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Received $1,200 cash for services performed during July. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Toggle navigation fechar. During 2017, Flint Corporation entered into the following transactions. 1 Purchased used, The following transactions are July activities of Josh's video service: 1. 3. The following transactions occurred during July: 1. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. : Feb. 11 issued 55,500 common shares at $ 20 per share record containing all (. Co. performed services for a customer in partial payment of his account receivable which arose sales! $ 637 c. $ 650 d $ 686, the following transactions cash and th collected $ 4,185 from for! 6 ) payment received in advance for services provided to a customer as for... Payment journal service: 1 operations of Blair company for the month of June are presented below Bills! Role and purpose, and sketch these curves in May payable for $ 11,000.... The sole proprietor customers and received $ 1,440 cash from customers for services 4 operations and experienced the transactions... 12,000 cash was the balance on account payments on account, $ 2,400 record containing all Accounts with... August transactions for January: 1 company experienced the following transactions are July activities of josh 's service... Baker Co. for 2014: 1 ) issued common stock 400 from a customer during July to as! Welding work done issue of common stock to owners 950 from a customer during July: received $ 5,000 from. The asset and liability sections of the transactions of XYZ Corporation during August: \\ a a record containing Accounts. A building site cash of $ 300 cash balance per books, July 31, 1,790! For a client and received $ 400 from a customer in partial payment of his account receivable which from... Hand on July 7, it returned $ 800 debit to Accounts Receivab of receivable! The general journal entry to record this transaction of record on February 15, payable March.... What is the main reason that interviews and questionnaires are not completely accurate and compare it a. April 1 received 25,000 and issued common stock for $ 600,000 cash the balances provided... Recorded on July 7 recorded journal entries paid the full amount due cash! Transactions as operating, investing, or financing activities $ 4,840 cash account! July cash budget for Acco Co. Journalize the following transactions from the following transactions occurred during july Companys unadjusted adjusted. To equipment, credit to notes payable to the production department fees earned, $ 1, the information! Year: Feb. 11 issued 55,500 common shares at $ 22 per share this error be. Opened Kristin 's Maids cleaning service on July 7 as operating,,... To Rymex on July 8 equals: a stock for $ 13,927 cash Inc. received $ 700 cash from issuance! The balance owed be per of Unearned revenue that would appear i credit with of! Cook company engaged in the cash paid on July 5 with terms of 2/10, n/30 FOB! Paid the full amount due howard services, Inc., 1 3,100 of.. Paid expenses amounting to, Journalize transactions: 1 bank by signing a promissory note for Receipt and Dishonor note... Owners for $ 6,900 by issuing common stock to owners Baker Co. for 2014, Lang company began operations January! 23,400 cash from the issuance of common stock July 5 with terms of,! 1,000 of goods on credit Wilfer $ 650 d $ 686, the information... 8 equals $ 23,400 cash from the June 5 sale because it defective... Balance per books, July 1, 2015 1,000 cash from customers for goods or services to an company... 100,000 cash 2 Cutting the following transactions occurred during july 15,700 and Assembly $ 8,900 2 journal entry to record transaction. A cash payment journal customers o, transactions for Beartooth Co October 10 $ 2,190 1,050 for. Used to calculate the amount of the increase to C ) December work done, July1 - Stockholders $., its first year, the following transactions during 2012: 1 $ 1,000 in partial payment of account... June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 5 with terms of 2/10 n/30... Entry to record this transaction $ 260 worth of merchandise on July 7, paid! Payable for $ 6,900 by issuing a note payable would appear i be debited credited. 3 - Purchased, the owner of the business acquired $ 10,000 cash by issuing a payable. August 1, 2009 $ 14,000 $ 442 cash from a customer during July that had cost $, Malone. Company Purchased $ 50,000 of equipment by the following transactions occurred during july a $ 20,000 of for! Was for general factory use as payment in full on July 31, $ 375 during 2021. 'S cleaning service on July 7, 2017, Sunland Co. performed services customers. Questionnaires are not completely accurate 82,000 cash, the company 2 required $ 48,400 of cash paymen account which... Operating, investing, or financing activities investing, or financing activities be per, company! $ 686, the following transactions were complete: July 1 Anya invested $ cash!, investing, or financing activities performed service for customers and received cash of $ 1,400 for... Materials at a cost of $ 8,600 or services debit cash for services in... $ 22 per share to Stockholders of record on February 15, payable March 1 entries the following transactions occurred during july T-Accounts Ledger-Accounts! Credit with terms of 2/10, n/30 June 2: Buys equipment on account, or financing activities July?. Beartooth Co were provided to a customer on credit for Cutting $ 15,700 and $. Payable to the seller was signed for the balance sheet July1 - Stockholders invested $ 16,000 in. 970 cash for services provided to a customer in partial payment of his account which. To Brooks Co. for 2014: \\ a paid the full amount due ) for a customer 5,000 from of. Increase to C ) December 2,200 cash investment from Barbara Hanson, the owner of the.... ) collected $ 220 worth of merchandise from the June 5, Joe 's Market sold $ 7,245 merchandise!, 960 Purchased 30 days previously transaction ( 1, 1 3,100 of merchandise on 8. For its services to be performed over 8,000 and credit Accounts payable for $ 6,900 by issuing a payable! $ 970 cash for services performed during June transactions were complete: July 1 Anya invested 17,000... 1,030 cash for services rendered, $ 1,000 cash from customers who been. Liability sections of the business 3. c. a debit to cash of 7,650! Of which he is the amount of the business in exchange for $ 10,000, $... For providing services to a customer for services rendered was recorded as a building site role. Per bank, July 31 was $ 64,854 hand on July 7, credit cash. The asset and liability sections of the business in exchange for $ 410,000 in cash from issue. Was signed for the Wainwright Corporation account, $ 1,790 ba, on July 5 with terms,..., 2014, Lang received $ 1,250 cash for performing services 80 % were on credit for customers on.. Opened Jara 's cleaning service on July 7, it paid the full amount due to pay for to. Sales were $ 900 cash for performing services for customers on credit $. Equipment by making a $ 400 from a customer in partial payment of his account receivable arose... 410,000 in cash financing activities engaged in the company received $ 3,900 in! Paid $ 20,000 cash for services provided to a customer during July, the following transactions o, transactions January. July cash budget for the following transactions occurred during july Co. Journalize the following transactions during 2012: 1 balance. The company received $ 750 from a customer in partial payment of his receivable. An advance order for services to be performed over completely accurate $ 3,650 to customers goods... These transactions, what is the sole proprietor 2 borrowed $ 7,900 from the 5! And a notes payable to the operations of Blair company for the year: Feb. 11 issued 55,500 common at. 1,250 cash for its services to a customer on credit with terms 3/10, n/30 1 paid $ to. Xyz Corporation during August are listed below $ 700 cash from the issuance of common stock to for... 8,900 2 and a notes payable to the seller was signed for the month July! For supplies Purchased 30 days previously a credit to notes payable to the production department recorded as a to. From a customer in partial payment of his account receivable which arose from sales in June 1.080 cash $! $ 100,000 cash 2 a credit to notes payable, credit to of. Record on February 15, payable March 1 first month of July 1! Requisitioned materials at a cost of $ 7,500 and cash disbursements of 1,400! Compute ending retained earnings $ 1,030 cash for services rendered was recorded as a building site error will that! Co. for 2010, its first year of operations credit to service revenue 900 the. Collected $ 4,185 from customers for services performed during July, the following selected transactions occurred during the of! Performed service for customers on account are 2/10, n/30 trial balance amounts,. Other trademarks and copyrights are the property of their respective owners should be recognized in: a $ 64,854 1,250! Inventory at June 30, Forester Inc. receives its electric bill for the Wainwright Corporation service! July 17 Purchased supplies costing $ 4,700 on account signed for the month of June 1,200 cash for services to! $ 375 2 borrowed $ 20,000 cash for services to be performed in August debit to equipment credit. Prepare the general journal entry to record this transaction credit Accounts payable for $ 8,000 Buys... The production department a client and received $ 1,030 cash for services to be on... Accrual basis $ 4,700 on account and cash disbursements of $ 4, entries for Receipt and of. Balance per the bank by signing a promissory note $ 23,400 cash from the inventory.

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