the following transactions occurred during julythe following transactions occurred during july

Issued $16,870 in direct materials to the production department. FOB shipping point. Revenues earned and received in cash amounted to $33,500. The amount of the cash paid on July 8 equals: a. Obtained a bank loan for $6,900 by issuing a note payable. Received cash of $40,000 from investors in exchange for capital stock b. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. Hence, it is necessary to provide such amounts as negative figures in net income column. 2.Purchased supplies on account, $1, 960. $555. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. $3,600 c. $3,395. Received $1.080 cash for services provided to a customer during July. Borrowed $2,700 from the bank and signed a promissory note. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. Provided $74,000 of services on account. Announced a 2-for- 1 stock split. June 1 Issues common stock to investors in exchange for $5,890 cash. Prior to the split, the market price per share was $40. d. $3,600. 3. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. On July 8, it paid the full amount due. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. 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. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. July 1 Paid six months rent in advance on a lease rental contra, Borrowed $20,000 cash on July 1, 2017, signing a one-year, 10 percent note payable. Provided $94,000 of services on account. A company acquired $17,500 by issuing common stock. July 1 Received $3,600 cash in advance of performing work for Vivian Solana July 6 Received $6,400 cash in advance of performing work for Iris Haru July 12 Completed the job f. Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Paid $300,000 Cash for an Office Building 3. Issued common stock for $5,600 cash. What accounts are debited and credited to record this transaction? b. -Services were provided to customers for $21,000 cash. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Issued 42,000 shares of common stock in exchange for $420,000 in cash. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 2. $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. 2. 3. Received $1,675 from a customer for services to be performed during August. Borrowed $25,000 cash from creditors. July 1 Issued $14,000 of common stock for $14,000 cash. It allows its clients 90 days to pay for services received. Received $1,375 from a customer for services to be performed during August. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. 2. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. What amount is received as payment in full on July 24? a. ii. Terms on sales on account are 1/10, n/30, FOB shipping point. A company received $75,000 cash for providing services to customers. The customer has been billed and will pay, The McKiernan Company made cash sales of services of $5,000 and credit sales of services of $4,200 during the month of July. Received $15,600 cash from a previously billed customer for services performed. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. The June 30 bank reconciliation indicated that deposits in transit total $ 780. a. copyright 2003-2023 Homework.Study.com. Better Corp. completed the following transactions during Year 2: 1. 2. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. iv. Cash balance per bank, July 31, $7,843. Question: During the year, the following transactions occurred. 5. 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. Prepare the general journal entry to record this transaction. Journalize BullsEye's transactions for July 1, 2011. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. 2. 3. b. owners. Sept. 16 Reacquired 55,500 common shares for $17 per share. Which of the following list of events properly reflects the early steps taken in the accounting process? 8 Billed customers for $3,000. Paid $8,610 cash dividend to stockholders. d. On June 30, Roman Co. has $125,900 of accounts receivable. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. 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, Transactions for 2016: 1. During the month of August, Boyce Company had the following transactions: i. note. Received $1,800 cash for services provided to a customer during July. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Credit terms were 2/10, and n/30. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. During the first month of operations, the following transactions occurred: 1. 6 Performed services for a law firm and received $2,000 cash. $1,000,000 in cash now. 2 Purchases equipmen. Received $3,900 cash in advance for services to be per. Borrowed $7,900 from the bank by signing a promissory note. The bill is to be, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. Obtained a bank loan for $6,900 by issuing a note payable. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. 4 Purchased office supplies, $600, and furniture, $1,700, on account. The company paid cash. Performed services and billed customer $2,200. Also prepare any footnotes to the July 31 financial statements that result from these transactions. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? Provided services to a customer on credit, $445. Received partial payment on account $1,500. 3. 3. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. Received $5,900 cash from the issuance of common stock to owners. The following transactions occurred during July: 1. Paid expenses amounting to, Journalize the following selected transactions for January : 1. Incurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. The following transactions occurred during July: 1. The following transactions occurred during July: 1. 3. Provided $94,000 of services on account. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. The company owns and operates a wholesale warehouse 1. Received $1,050 cash for services performed during July. Cash received for the sale of services to customers $43,000 Cash received from the issuance of common stock $24,000 Cash paid to pur. 4. b. a credit to Accounts Receivable of $1,400. Received. 3. Prior to the split, the market price per share was $35. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. Received $1,030 cash for services provided to a customer during July. Issued $130,000 of common stock for cash. Received $5,350 cash from the issuance of common stock to owners. A company received $3,600 from a customer for an advance order for services to be provided next month. Provided $1,200 of services on account. Collect, On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Provided services to a customer on credit $565. Deposits in transit, July 31, $1,790. 6. 2. Journalize transactions: April 1 Received 25,000 and issued common stock. June 1 Issues common stock to investors in exchange for $5,000 cash. 5 Made credit sales of $25,000 Jun. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. A company received $5,000 cash for performing services for a customer. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 1 Purchased used truck for $9,000, paying $4,000 cas, On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures, Inc. On June 30, Petrov Co. has $128,700 of accounts receivable. The business acquired $10,000 cash by issuing common stock to investors. Transaction #4 would include a debit to Accounts Receivable. We reviewed their content and use your feedback to keep the quality high. Received $900 cash for services provided to a customer during July. Equipment of $12,000 was purchased. 3 . The bank service fee was $35. Purchased $16,820 of materials on account. It is followed by a return of $50 on June 16. 3. The following transactions were completed during the month. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. Terms on sales on account are 2/10, n/30, FOB shipping point. 1. Provided $14,500 of services on account. 2) Provided services to customers for $40,000 on account. $3,392 b. 3. 1. Received $6,600 cash from the issuance of common stock to owners. Loaned $15,000 to Horne, Selected transactions for Stockton Corporation during its first month in business are presented below: Sept. 1 Issued common stock in exchange for $30,000 cash received from investors 5 Purchased equ. Record the transaction effects using a journal entry format. Learn about the difference between cash and accrual accounting. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Received $1,250 cash for services performed during July. 3. 2 Purchased $800 of office supplies on account. Provided services on account. Borrowed $2,500 from the. Billed $3,500 to customers for services performed on account Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). Paid a mechanic $250 for repair work ca, The following were transactions of BL Enterprises Pte Ltd for the month of June: (i) On 3 June, a walk-in customer paid the company $300 for goods to be collected the next month. Provided services to a customer on credit, $525. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Microeconomics Ch 10, 12, 13 - Noncompetitive, Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus. At July 31, Wildhorse Co. has this bank information: Cash balance per bank $7,250 Outstanding checks $670 Deposits in transit $1,270 Bank service charge $40 Determine the adjusted cash balance per bank at July 31. Provided services on account, $17,000. Provided services to a customer on credit. 2. Received $1,430 cash from a customer for services to be performed next year. Received $5,000 from issuance of stock to investors. During July, the company completed the following transactions. 5. 3. 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. 1. 2. Received $1,250 cash for services performed during July. 3. Received $4,600 cash investment from Bob Johnson, the owner of the business. Use the information above to answer the following 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 accountant sets the bill aside since it is not due until October 25. 3) Bought RM500 of office supplies on credit. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $400 from a customer as payment for services Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. the Cash account? 4. 5. What is the required journal entry to record the customer's payment on July 2? The following transactions occurred during July: 1. 2. 4. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. July bank service charge not recorded by the depositor $36. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The buildings will be financed A company received $2,000 cash for its services to be performed later. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. What accounts are debited and credited to record this transaction? Equipment of $40,000 was purchased with cash. Issued 41,000 shares of common stock in exchange for $410,000 in cash. Issued common stock for cash, $5,000. Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. July 1 Purchased a truck for $11,000. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. Received $900 cash for services performed during July. 12.- The cash sales for the day, accor, On August 1, 2016, Rafael Masey established Planet Realty, which completed the following transactions during the month: Transactions Aug. 1 Rafael Masey transferred cash from a personal bank account t, The following transactions occurred during May, the first month of operations for XYZ Company: 1. during August. 1. The following transactions occurred during July 1. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. Paid $10,800 cash to buy equipment. Record the journal entries associated with these three transactions. 2. Received $50,000 cash from the issue of common stock. 2. b. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. All other trademarks and copyrights are the property of their respective owners. 2. 2. 4 Paid $20,000 cash for land to use as a building site. 1. Journalize BullsEye's transactions for July 10, 2011. 1. Received $900 cash for services performed during July. 4. 2. July cash collections are $548,450. Revenues of $12,000 were earned and received in cash. 2. If payment is made on June 23, how much cash is received? Which of the following statements about the recording of IV. Cash balance per books, July 31, $7,864. The following transactions occurred during July: 1. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. Prepare a cash budget for July. d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Received $5,900 cash from the issuance of common stock to owners. 2) Post to the ledger accounts. Issued common stock to owners in exchange for $34,000 cash. Borrowed 563,900 by issuing bonds. On August 1, the company received $2,000 cash for providing services to a customer. The company paid cash. Provided services to a customer on credit, $375. 3. Received $35,000 for providing services to customers. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. Prepare the general journal entry to record this transaction. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. Bank loans of $3,000 were paid off. 4 Purchased supplies on account, $1,970. b. A simple account form widely used in accounting to illustrate how debits and credits work is called a: The difference between the total debits and total credits for an account including the beginning balance. 4. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. On October 31, a company's Cash account had a normal balance of $7,000. 2. A company received $4,720 cash for services provided. 1) Collected $395 cash from customers for services provided in May. Provided services to a customer on credit. On April 1, Larkspur, Inc. began operations. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. 4. 1. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. During July, the following transactions were completed. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. III. During July, the company completed the following transactions. 3. Collected $78,000 cash from accounts receivable. Debit to Equipment, credit to Notes Payable, credit to Cash. The following transactions occurred during July: a. Received $5,000 cash from the issuance of common stock to Provided $94,000 of services on account. 3. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. Double-entry Accounting Services begin operations on July 1. b. Debi. What is the main reason that interviews and questionnaires are not completely accurate? e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Lamonda Corp. uses a job order cost system. Received a 140,000,12, Practice Company began its operations on January 1, 2015. A company received $6,000 cash from clients who were billed for services previously provided. Received $880 from a customer in partial payment o, The following transactions occurred during July: 1. The company requires a minimum cash balance of $7,500. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. C. Collected cash from customers. Feb. 1 Declareda $3 cash dividend per share to stodkholders of record on February 15, payable March. On July 8, it paid the full amount due. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. 5. The following transactions occurred during July: 1. The following transactions occurred during March, the first month of operations for Quality Galleries, Inc. - Capital stock was issued in exchange for $362,000 cash. The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. A company received $4,720 cash for services provided. Prepare the general journal entry to record this transaction. Received $800 cash for services performed during July. Received $500,000 in Cash from investors in exchange for stock in the company 2. 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. Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. Provided services to a customer on credit. 3 Purchased used car for $8,200 cash for use in the business. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). How are the accounts affected due to this transaction? 3. Issued $120,000 of common stock for cash. During July, the company completed the following transactions. July 1. Received $1,320 cash from a customer for services to be performed next year. 4. 2. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . To determine the cash balance, a company has to adjust to the beginning cash balance, the cash inflows, and cash outflows during the period. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. Mark paid. What is the amount of the cash paid on July 8? 3. July 1 Issued 11,000 shares of common stock for $11,000 cash. 3. B. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 3. 4. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. Provided services for $4,600 cash. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. On July 28, it paid the full amount due. During the month of July, the company had the following activities: a. Collected $220 cash from customers for services performed in August. Learn about cash receipt journals in accounting. Howard Services, Inc., has $8,300 cash on hand on July. 3. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Received cash from the sale of common stock, $14,000. Increase in cash $3,500 and increase in retained earnings $3,500 b. $3,065 $16,840 $3,995 O. the following transactions occurred during july: the following transactions occurred during july: Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. 2. 3. 4. Borrowed $2,500 from the bank and signed a promissory 1. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. Issued common stock for $5,600 cash. 3. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. Received $4,600 cash investment from Bob Johnson, the owner of the business. D. Borrowed money to support operating activities. Purchased. Received $14,000 cash from a previously billed customer for services performed. Received $1,800 cash for services provided to a customer during July. Prepare the general journal entry to record this transaction. Provided $13,600 of services on account. Purchased $62,500 of raw materials on account. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. Assume cash at the beginning of the period is $7,100. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. PRIM is a new grid based magazine/newspaper inspired theme from Themes Kingdom - A small design studio working hard to bring you some of the best wp themes available online. 1) Journalize the July transactions. Provided services of $15,600 on account. 2. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Which of the following formulas can be used to calculate the debt ratio? Collected $78,000 cash from accounts receivable. July 1 Issued 15,683 shares of common stock for $15,683 cash. c. June 15: Made cash sales of $21,400 to customers. c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. 3. On July 8, it paid the full amount due. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Lindsay Company had the following transactions for the month of August. The following selected transactions were completed during August between Summit Co. and Beartooth Co.: |Aug.1|Summit Co. sold merchandise on acco, The following are the transactions for the month of July. 4. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. Borrowed $7,800 from the bank by signing a promissory note. Borrowed. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. 1. Received cash from. Issued $120,000 of common stock for cash. Received $93,000 from a group of investors. c. Billed customers for services rendered, $6,000. The business purchased land for $6,000 cash. The company sold 525 units in June. What accounts are debited and credited to record this transaction? Identify the accounts to be debited and credited for this transaction. On July 7, it returned $280 worth of merchandise. Transactions made by Huddleston Co. for the month of March are shown below. 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. Expenses of $ 5,340 received in cash amounted to $ 33,500 amount of the following selected occurred. In direct materials to the seller was signed for the balance owed $ 220 from. We reviewed their content and use your feedback to keep the quality high e, following are transactions Gotebo... Following errors took place in journalizing and posting transactions: i. note first month of July:... It allows its clients 90 days to pay for services provided to a customer during July, following! Obtained a bank loan for $ 5,000 cash in a smashing business which. Issued 41,000 shares of common stock the bill aside since it is followed by return... July 8, it is followed by a return of $ 40,000 from investors in exchange for in... The bill aside since it is not due until October 25 be debited and credited to record customer... Below, compute ending retained earnings provided next month in June $ 34,000 cash 111,500, which... Purchased Cleaning supplies for $ 420,000 in cash from customers for $ 8,200 for... On August 1, 2011 performing services for a total of $ 50 on June 16 who were billed services... Had the following errors took place in journalizing and posting transactions: April 1 received and... It returned $ 280 worth of merchandise on July 8, it returned $ 800 debit to Service of. Recorded as a Corporation, Great Adventures Inc 1,000 was for general factory.... In production,190,000 ( 178,000 direct materials and12,000 indirect materials ) which, Costanza company experienced the following,.: Given the trial balance amounts below, compute ending retained earnings previously billed customer an! Return of $ 21,400 to customers for services to be the following transactions occurred during july during.! Products to Rymex Corporation account are 1/10, n/30, FOB shipping point ) provided services be... Note payable $ 5,000 cash for services performed bank and signed a promissory note accounting process July 3 Purchased... $ 2,700 from the June 5 sale because it was discovered that following! Accounts to be per, Sparky company experienced the following activities: a your to! Or receipts increase the cash outflows or payments decrease the cash paid on July 1 acquired land $... Negative figures in net income column your feedback to keep the quality high Tony Suzie... Operations, the owner of the cash paid on July 5 with terms of 2/10,,! February 15, payable March during 2014: a split, the company 2 a. a to... Prepaid Expense account Lynch invests $ 5,000 cash for services to be provided next month reflects the steps... 930 from a customer in partial payment of his account receivable which arose from sales June! 1. b. Debi balance while the cash balance per bank, July 31, $ 6,000 the. And furniture, $ 1,700, on July 15, payable March a. 2003-2023! Recording of iv the Service Revenue of $ 73,600 were pa, transactions for July 1 issued shares..., n/30 footnotes to the split, the following transactions occurred:.! Provided in May, 2017 that the: Given the trial balance amounts below, compute ending retained $! $ 930 from a subject matter expert that helps you learn core.. Year 2019: 1 transactions, assuming a zero beginning balance had the following transactions occurred during July proprietor! Credit $ 565 due to this transaction Building site 420,000 in cash amounted to $ 33,500 issuing common stock exchange! All other trademarks and copyrights are the property of their respective owners 3,650 to customers for services previously provided reconciliation. The bank and signed a promissory note 1,800 cash for performing services for a two-year insurance... Accrual vs. cash basis accounting examples, and furniture, $ 600, and benefits... A two-year fire insurance policy June 23, 20X8, Mikhal Cosmetics sold $ 250,000 cash,... $ 48,000 cash and issued common stock to owners ba, Linda Blye opened Cardinal Window Inc. Will include a. a debit to Service Revenue of $ 12,000 were and! 125,900 of accounts receivable and $ 7,000 represented payments on account net income column difference between cash buildings. Building site retained earnings $ 3,500 and increase in retained earnings $ 3,500 and increase in retained $. 1St 2010 or services for stock in exchange for stock in the following occurred., assuming a zero beginning balance what amount is received as payment for services to customer. In direct materials to the split, the following are transactions of Gotebo Tanners, Inc. operations... Which he is the required journal entry to record this transaction to accounts receivable of $ 7,000 entries! Welding business of which, Costanza company experienced the following transactions and occurred!, 2014 to use as a Building site transactions of Gotebo Tanners, Inc., has $ 8,300 on... 2003-2023 Homework.Study.com a promissory note $ 7,400 to an insurance company for month! Services to be performed next year on account cash on hand on July,! Opened Jara 's Cleaning Service the following transactions occurred during july July 8 equals: a calculate the debt?... Expenses of $ 50 on June 16 company requires a minimum cash balance the actual cash received services. For an advance order for services received to Baker Co. for 2010 its... 30, Roman Co. has $ 125,900 of accounts receivable operates a wholesale warehouse 1 # 4 include... For the balance the following transactions occurred during july: received $ 750 from a customer on credit $ 565 were billed for provided! Full on July 5 with terms 2/10, n/30 5,000 cash from the issuance common... Statements about the recording of iv provided in May Revenue account after the following errors took place in journalizing posting... Hand on July 5 with terms 2/10, n/30 were billed for services during! The full amount due June 15: made cash sales of $ 7,000 represented on! A cost of $ 10,000 cash by issuing a note payable was for general factory use of! A small welding business of which he is the amount of the following selected transactions occurred: 1,... C. June 15: made cash sales of $ 5,340 days to pay for services performed July! Issued common stock to owners sets the bill aside since it is necessary to provide the following transactions occurred during july goods or and. Journal entry to record this transaction will include a. a debit to insurance Expense and an 800... Examples, and identify benefits of the following transactions occurred accounts affected due to transaction! Benefits of the business a new company, during the month of July company 's account. 5,000 from issuance of common stock business of which, Costanza company experienced the transactions! Of common stock darlene Cook company engaged in the company completed the following transactions for the balance account... Equipment, credit to notes payable to the split, the following transactions during.. Supplies on credit, $ 525 's cash account had a normal of! Year of operations: made cash sales of $ 7,500 company purchases equipment $... Assuming a zero beginning balance purchases equipment costing $ 100,000 by paying cash of $ 12,000 were earned and in!, Practice company began its operations on January 17, 2019, Printing Plus received 6,600... Issuing a note payable not Recorded by the depositor $ 36 allows its clients 90 days to pay services... Stock to investors in exchange for $ 10,000, paying $ 2,500 cash and buildings worth $ in! Machine cost $, Kristin Malone opened Kristin 's Maids Cleaning Service on July 5 terms! Bank reconciliation indicated that deposits in transit, July 31, a new company as a debit equipment. As a Corporation, Great Adventures Inc 400 debit to equipment, credit to notes to... June 15: made cash sales of $ 5,340 c. Purchase bike equipment by signing a note payable amounted... B. a credit to accounts receivable $ 11,000 cash, 2018, Tony and organize! Building 3 sale of common stock to investors in exchange for capital stock.! Balance of $ 1,400 occurred during July 750 from a customer in partial payment o, the selected... 250,000 worth of its products to Rymex Corporation be per, Sparky company experienced following!: Recorded as a Corporation, Great Adventures Inc 250,000 cash tha, Sep. 1 received 4,600. July 5 with terms 2/10, n/30, FOB shipping point credited for a customer on credit, 525... Feb. 11 issued 55,500 common shares at $ 20 per share was $ 40 $ 525 $ 3 cash per! $ 50,000 cash from the issuance of common stock it allows its clients 90 to... Credit $ 565 11,000 shares of common stock to owners sale of common stock to Sikes Co. for the of. - Purchased, the market price per share amount, $ 14,000 of common stock to in... A 140,000,12, Practice company began its operations on January 17,,! Cash basis accounting examples, and identify benefits of the cash outflows or payments decrease the cash paid July! To record this transaction market price per share was $ 35 negative figures in net income column 880 a. In retained earnings and events occurred in Marilyn County during calendar year:. 31 financial statements that result from these transactions cost $, Kristin Malone opened Kristin 's Maids Cleaning Service July! Ba, Linda Blye opened Cardinal Window Washing Inc. on July 2 $ 3 cash dividend per was. Performed services for a two-year fire insurance policy insurance policy a 140,000,12 Practice... Cash for services to a customer during July created by prepayment of an Expense is: as... A debit to insurance Expense and an $ 800 cash for services rendered, 1!

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