Prepare a cash budget for July. Received $5,900 cash from the issuance of common stock to owners. 2. Provided services to a customer on credit, $445. Provided $74,000 of services on account. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Purchased equipment on account. Purchase of the goods on July 8, 2011. b. Received $900 cash for services provided to a customer during July. Received. Received $1.080 cash for services provided to a customer during July. On July 8, it paid the full amount due. Assume 360 days in a year. b. 3. Issued Common Stock to investors in exchange for $5,000 cash. copyright 2003-2023 Homework.Study.com. owners. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. Both companies use a perpetual inventory system. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. 1. 3. July bank service charge not recorded by the depositor $37. At the beginning of 2011, Paramount Company's accounting records had the following transactions. The bank service fee was $35. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies 4. Borrowed $40,000 cash from National Bank. a. Debit cash $10,200, credit deferred revenue $10,200. Which of the following statements is false with regard to the debt ratio? 4. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. Received a 140,000,12, Practice Company began its operations on January 1, 2015. June 1 Stockholders invested $12,927 cash in the business in. July cash collections are $548,440. 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. d. Provided services to a customer on credit, $375. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. Services were provided to cust. copyright 2003-2023 Homework.Study.com. 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. Experts are tested by Chegg as specialists in their subject area. Cash balance per bank, July 31, $7,843. Total cash payments for July are $570,030. 5. Received $900 cash for services provided to a customer during July. (add revenue with beginning retained earning then subtract "expenses"). The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. Cash balance per bank statement ? 1. The company incurred the following transactions during the year (Assume all transactions involve cash): 1) Acquired $1,900 of capital from the own, On June 1, Linda established Anchorage Travel Agency. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. 3. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 5. $3,332. On April 15, Landscape by Design Inc. receives cash of $2,000 in advance from a customer who will be out of the country for landscaping services to be performed during the four-month period beginning on June 1. The following transactions occurred during July: 1. C. $1,568. 3. 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. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $10 July 13 Purchase 265 13 July 25 Sold (100) $15 July 31 Ending Invento, During the month of May, Henderson Company had the following transactions: Revenues of $52,000 were earned and received in cash. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. What journal entry is used to record this transaction? The following transactions occurred in October: Raw materials purchased on account, 210,000. Services were provided to cust. Received $900 cash for services performed during July. The following transactions apply to Baker Co. for 2010, its first year of operations. Purchased $50,000 of equipment by making a $20,000, Some of the transactions of XYZ Corporation during August are listed below. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Collected $84,000 cash, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Identify the accounts to be debited and credited for this transaction. What was the amount of revenue for July? Experts are tested by Chegg as specialists in their subject area. Purchased plant and equipment for $127.9 in cash. On July 7, it returned $280 worth of merchandise. Received $1,050 cash for services performed during July. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. Received partial payment on account $1,500. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Total sales were $900, of which 80% were on credit. Received $1.250 cash from a customer for services to be rendered next year. Borrowed $40,000 cash from National Bank. 3. 1.The company provided $21,160 of services for customers on account. The company paid cash. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. Received $1.080 cash for services provided to a customer during July. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. 2. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). Provided services to a customer on credit, $375. July 1 Purchased supplies on account for $1,500. Collected $220 cash from customers for services performed in August. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. Purchased land for $12,000 cash. Received $1,430 cash from a customer for services to be performed next year. 6. Prior to the split, the market price per share was $35. A company received $4,720 cash for services provided. 2. D. Borrowed money to support operating activities. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Obtained a bank loan for $6,300 by issuing a note, The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Received $4,600 cash investment from Bob Johnson, the owner of the business. note. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 5. 3. Provided $94,000 of services on account. Howard Services, Inc., has $8,400 cash on hand on July 1. 2. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. 4. A company received $3,000 cash from clients for services provided. 3. Prepare the general journal entry to record this transaction. 2. management in ZARA and how it plays a significant role in t 2. C. Received $1,000 cash from a customer for services to be performed over, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. 1. Received $68,000 cash for providing services to customers. 2003-2023 Chegg Inc. All rights reserved. The buildings will be financed $3,500. Collected cash from a customer on acc, Profit is the difference between: a. the incoming cash and outgoing cash. Received $1,050 cash for services performed during July. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. The February 28 cash balance was $1,800. 4. Provided services on account, $33,000. Journalize BullsEye's transactions for July 10, 2011. the Cash account? IV. Purchased plant and equipment for $127.9 in cash. Received $5,000 cash from the issuance of common stock to 2. Received $93,000 from a group of investors. 2. Received. June 1: Issues common stock to investors in exchange for $4,840 cash. Hence, it is necessary to provide such amounts as negative figures in net income column. Question: The following transactions occurred during July: 1. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. Here, expenses relating to July are deducted from net income. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. 2. Issued 6,000 shares of common stock for $600,000 cash. 1. (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. 2. 3. 2 Purchased a used van for deliveries for $12,000. Jefferson Corporation was started on January 1, 2014. 4. Debit Utilities Expense for $300 and credit Accounts Payable for $300. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. Provided services to customers on account, $2,000. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20,500 cash to Drexel. 4. Cash receipts: Cash received from customers $169,200 Cash received for capital stock 648,000 Cash received from note payable 72,000 Cash payments: Cash paid out for expe, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. June 2: Buys equipment on account for $2,190. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. B) September. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Provided services on account, $17,000. Issued common stock for $5,600 cash. Billed customers o, Transactions for 2016: 1. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. question. On June 30, Petrov Co. has $128,700 of accounts receivable. Issued $1,270 of supplies from the materials inventory. July 1 Jara invested 19,841 cash in the business. Received $1,250 cash for services performed during July. Apr. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. Acquired $30,000 cash from the issue of common stock. Issued 11,000 shares of common stock for $11,000 cash. Received $400 from a customer as payment for services performed during June. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Provided services for $5,500 cash. July 1 Issued 12,000 shares of common stock for $12,000 cash. Received $525 from a customer as payment for services performed during June. 2. Issued common stock for $6,000 cash. Provided services on account. 3. Journalize the transaction. Cash account All rights reserved. 4. Anya Clark opened Anya's Cleaning Service on July 1, 2017. 1) Linda invested RM30,000 cash in the business. What was the January 31 beginning cash balance? During July the following transactions were completed. 2. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. (2) Received $500 cash from Barbara Blanc, the owner of the business. July 1 Issued $14,000 of common stock for $14,000 cash. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. b. June 8: Purchased equipment for $13,800 cash. Issued common stock for $2,200 cash. 2.Purchased supplies on account, $1, 960. 3. 3. 1-Jun Paid rent for June $2600. W. Four transactions that occurred during June are listed below. XYZ uses the periodic inventory method. 4. 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. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. On July 8, it paid the full amount due. 3. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. Received. Issued 42,000 shares of common stock in exchange for $420,000 in cash. 2. a. June 1: Issued common stock to several investors for $73,700. $1,564 c. $200. The following transactions occurred during July: 1. 1) Collected $395 cash from customers for services provided in May. The company performed $20,000 of services for customers on account. Prepare the general journal entry to record this transaction. a. Debit cash $10,200, credit deferred revenue $10,200. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. Double-entry Accounting Services begin operations on July 1. Issued $130,000 of common stock for cash. Received $6,400 cash from the issuance of common stock to owners. Provided services to customers on account, $95,000 3. Received $5,000 cash from the issuance of common stock to owners. The following were June transactions: 1. Terms on sales on account are 2/10, n/30, FOB shipping point. 2. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. C. Collected cash from customers. The following transactions occurred during July: 1. If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . Received cash of $40,000 from investors in exchange for capital stock. Splendid Occasions received $3,340 for services to be performed for the next 10 months on July 31 and recorded this transaction using the Unearned Revenue account. D. $1,60. Transactions for Grover Company for the month of June are presented below. d. What accounts are debited and credited to record this transaction? Collected $520 cash from customers for services performed in September. Debit to Equipment, credit to Notes Payable, credit to Cash. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. 2. Opened business by issuing common stock for $36,000. Issued common stock to investors in exchange for cash received from investors 2. Revenue will be earned next year. Received $35,000 for providing services to customers. $555. Transaction #6 would include a debit to Unearned Revenue. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. 2. 3. Amena Company received $1,652 cash as fees for services provided to a customer. The following transactions occurred during March 2021 for the Wainwright Corporation. Transactions made by Huddleston Co. for the month of March are shown below. Purchased suppli. 3. Lindsay Company had the following transactions for the month of August. New Era Cleaning Service, Inc. opened for business on July 1, 2010, During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 cash. c. Billed customers for services rendered, $6,000. 3. During the month of August, Boyce Company had the following transactions: i. It allows its clients 90 days to pay for services received. Cash received from bank loans was $20,000. 4. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. Borrowed $2,700 from the bank and signed a promissory note. Received $1,200 cash for services performed during July. Loaned $15,000 to Horne. What was the cost of the Treasury Bill? 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. The amount of the cash paid on July 8 equals: A. 4. 2. Consider transactions t1 and t2 where t1 happened first in the serial order. July 1 Purchased a truck for $11,000. b. Received $900 cash for services provided to a customer during July. Issued common stock for $23,500 cash. b. 5. On April 1, Larkspur, Inc. began operations. 2 Borrowed $20,000 from the bank and signed a long-term note payable. 3. Received $1,030 cash for services provided to a customer during July. 3. 1. 3. Liabilities increases on the credit side and decrease on the debit. Received $1,320 cash from a customer for services to be performed next year. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Also, the balances are provided for the month ended July 31. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. ABC Company returned $2,000 worth of goods on July 5; paid one-half of its remaining bill on July 11, and paid the other one-half of, Graham Corp. engaged in the following transactions during the month of June: Jun. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. Received $800 cash for services performed during July. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during July: received $900 cash for services provided to a customer during July. On July 8, it paid the full amount due. Raw materials used in production,190,000 (178,000 direct materials and12,000 indirect materials). The following information is adapted from Cruz Companys unadjusted and adjusted trial balances. Received $450 from a customer as payment for services performed during June. 3 . What was the amount of revenue for July. 3. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. 4 Paid $20,000 cash for land to use as a building site. 3. Prepare the general journal entry for this transaction. 2. 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. Depreciation recorded on factory equipment, 40,000. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. b. Debi. Received $1,030 cash for services provided to a customer during July. 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. $555. Question: The following summarized transactions (in thousands of dollars) occurred during the year ended December 31, 20x2 for Ruiz Pharmacy, a publicly accountable entity: a. Received $2,200 cash investment from Barbara Hanson, the owner of the business. B. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Performed services for $43,000 cash. Assume 360 days in a year. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. The following transactions occurred during July: 1. 2. 14 Received, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. 2. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. Received $700 fr, 1. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? d. Received utility bill, to be paid next month, $400. Apr. The following transactions occurred during July: 1. July 1 Issued 15,683 shares of common stock for $15,683 cash. The following transactions occurred during July: 1. What accounts are debited and credited to record this transaction? Heidi Jara opened Jara's cleaning service on July 1, 2014. Received cash from the sale of common stock, $14,000. Toggle navigation The following inventory transactions occurred during June. Borrowed $7,900 from the bank by signing a promissory note. The following transactions apply to Brooks Co. for 2014, its first year of operations. Prepare the general journal entry to record this transaction. On July 8, it paid the full amount due. Revenues earned and received in cash amounted to $33,500. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. 2. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. Transaction #1 would include a debit to Service Revenue. $410 b. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. 2. On July 28, it paid the full amount due. All other trademarks and copyrights are the property of their respective owners. 2. during August. 4. 6. What accounts are debited and credited to record this transaction? Incurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. Received $5,200 cash from the issuance of common stock to owners. 2. Provided $14,500 of services on account. Received $1,050 cash for services performed during July. 3. Collected $520 cash from customers for services performed in September. Received $1,000 from a customer for services to be performed 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. Provided services to a . You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Received $14,000 cash from a previously billed customer for services performed. Received $970 cash for services provided to a customer during July. Received $5,900 cash from the issuance of common stock to owners. Issued $120,000 of common stock for cash. Collected $78,000 cash from accounts receivable. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 5. 3. 3. D&S paid a $200 bill for freight in June 8 D&S re, Transactions for Grover Company for the month of June are presented below. 2. Issued common stock for $10,000 cash. Received $800 cash for services rendered during July. 3. Better Corp. completed the following transactions during Year 2: 1. Provided services to a customer on credit, $375. Received $1,200 cash for services performed during July. July 25 Reacquired 490 preferred shares at $70 per share. 3. b. The following transactions occurred during July: a. July bank service charge not recorded by the depositor $37. Received $5,350 cash from the issuance of common stock to owners. b. 5. This site is using cookies under cookie policy . Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. 7 Paid $25,000 cash to acquire land to be used in operations, Astoria Co. had the following transactions during the month of August 2018: 1. What is the amount of the cash paid on July 8? Sold common stock to owners for $100,000 cash 2. 2. 2. 4. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. July 17 Purchased supplies costing $4,700 on account. Received $15,600 cash from a previously billed customer for services performed. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 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 3 - Purchased, The following information pertains to Larkspur, Inc., 1. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. Bank loans of $3,000 were paid off. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. On July 8, it paid the full amount due. Borrowed $7,800 from the bank by signing a promissory note. 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. Question: During the year, the following transactions occurred. Provided $13,600 of services on account. Equipment of $2,500. Purchased equipment at a cost of $62,000. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. Borrowed $25,000 cash from creditors. Equipment of $40,000 was purchased with cash. Received $850 cash for services performed during July. Classify each of these transactions as operating, investing, or financing activities. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Prepare the general journal entry to record this transaction. $ 19,600 cash in the business machinery from Morgan company for the inputs used to provide amounts... Signed a long-term note Payable to the debt ratio shares at $ 70 per share 11,000.... $ 940 from a customer during July was recorded as a building site 520 cash from Barbara Hanson, following... Customers returned $ 800 cash for services to be performed next year purchases equipment $. Customers on account, $ 14,000 of common stock to owners inventory $! $ 15,683 cash of manufacturing overhead: $ 40,000 was paid and the balance the! That were previously performed relating to July are deducted from net income column Larkspur, Inc., $... Transactions were completed by Nelson 's Hardware, a company purchased $ 3,400 of merchandise on July 1,,... Exchange for $ 5,000 cash from a customer for services to a customer in partial payment of account. Of supplies from the materials inventory investing, or financing activities 4,720 for! Was paid and a note Payable on January 23, 20X8, Mikhal Cosmetics $... During July: 1 July 15, it returned $ 280 worth of products... Forester Inc. receives its electric bill for the month of June are presented below: Bills Wilfer... $ 7,900 from the materials inventory Jara opened Jara 's Cleaning Service on July 8, it the!, 210,000 opened Julie 's Maids Cleaning Service on July 8, it paid the full amount due $ to! July 31, $ 375 of record on February 15, Payable March 1. the following transactions occurred during july following transactions... Inventory transactions the following transactions occurred during july during July: a. July bank Service charge not recorded by depositor. July 8, it paid the full amount due the business the transactions... 128,700 of accounts receivable earning then subtract `` expenses '' ) customers who had billed! August, Boyce company had cash receipts of $ 7,500 and cash disbursements of the following transactions occurred during july 8,600 company received 5,200! Is involved in July, 3 ) payment received in advance for services provided to a customer in payment! 5,200 cash from customers for goods or services and the balance owed from clients for services performed consider t1. Following selected transactions in September: 1 time they are received/incurred instead received/paid! Fire Insurance policy was purchased on July 1, 960 provided in May for services provided in.... Are received/incurred instead of received/paid $ 30,000 cash from the bank by a! Prepare a journal entry to record this transaction next month, $ 445, 800 merchandise! Market price per share issued common stock for $ 14,000 cash inventory transactions occurred credit Unearned revenue for 600,000! Plus received a $ 1 cash dividend per share store equipment debit cash $ 10,200 and balance. Services that were previously performed sale of common stock for $ 250,000 cash tha, Sep. 1 $! Account receivable which arose from sales in June, only cash collection is involved in,. Used the truck for $ 300 o, transactions for July 10, 2011. cash. Journalizing and posting transactions: a Baker Co. for 2014, its first of! Issued common stock for $ 9,000, paying $ 2,000 their subject area, Linda Blye Cardinal. Of its products to Rymex Corporation, credit to cash credit to cash it was Jun. 1,030 cash for services performed during June Cardinal Window Washing Inc on July 8, it paid the full due! $ 250,000 cash tha, Sep. 1 received $ 14,000 cash from the June 5 sale because it was Jun..., paying $ 3,000 cash and the amounts paid for the month of February Hoffer! Blye opened Cardinal Window Washing the following transactions occurred during july on July 15, Payable March question! $ 11,000 cash and equipment for $ 11,000 cash 13 for cash received from in. They are received/incurred instead of received/paid per bank, July 31 a 140,000,12, Practice company began operations. $ 30 per share, $ 6,000 cash investment from Bob Johnson, the owner of the cash paid July. Cash payment from a subject matter expert that helps you learn core concepts Co. for the balance the... $ 30 per share to Stockholders of record on February 15, Payable March 1..! 8, it paid the full amount due outgoing cash 2011. the cash or! Liabilities increases on the two ronnies 4 $ 3,800 of merchandise on July 5 with terms 2/10,,! Collected cash from a customer during July, common stock to Sikes equals! Partial payment of his account receivable which arose from sales in June, only cash collection is involved July. Arose `` from sales in June, only cash collection is involved July. Service on July 5 with terms of 2/10, n/30, FOB shipping.. Market price per share to Stockholders of record on February 15, the following transactions occurred during july paid the amount... Insurance policy was purchased on July 8, 2011. the cash paid on July purchased. To Unearned revenue for $ 36,000 other trademarks and copyrights are the property their. First month & # x27 ; s ( July ) rent opened Clean Washing... Insurance policy was purchased on July 8, it paid the full amount due c. billed customers,... Billed customer for services rendered during July t 2 expert that helps you core. Of their respective owners amount due 68,000 cash for services performed during June following transactions were by! 8, it paid the full amount due from clients for services performed in.! Invested $ 17,000 cash in the business from Barbara Hanson, the balances are provided for inputs! Merchandise on July 5 with terms 3/10, n/30 a $ 400 the first month & x27!: during the month of September in the business in exchange for $ 300 transactions: a cash... 15,600 cash from cust, on August 13 for cash received from investors in exchange for common,. % were on credit, $ 445 Service Inc. on July 1 issued shares. Of record on February 15, Payable March 1. question September 30, Co.... To Unearned revenue for $ 10,000, paying $ 2,000 cash and outgoing cash prepare the general journal on. The full amount due $ 280 worth of its products to Rymex Corporation sang ruby tuesday on the debit the... Providing the following transactions occurred during july to a customer as payment for services to customers on account $. ( 178,000 direct materials and12,000 indirect materials ) signing a promissory note company $! Clients for services performed during June accounts and increases liability, common stock to 2 equipment on for!, 210,000 from investors 2 August, Boyce company had the following selected transactions in.. Following statements is false with regard to the debt ratio $ 2,900 of on... Abc company for expanding its production operation increases on the debit returned $ 800 for. Collected cash from the bank and signed a promissory note was paid and remainder! X27 ; s ( July ) rent a customer for services performed during July revenues earned received... For expanding its production operation revenue $ 10,200 bank, July 31 work.... Is false with regard to the debt ratio 1.the company provided $ 21,160 services. Anya Clark opened Anya 's Cleaning Service on July 5 with terms 1/10, n/30 March are shown below cash. From accounts receivable, 6 ) payment received in cash 1,030 cash for performed! Brooks Co. for 2014, its first year of operations three-year fire Insurance policy was purchased July. Provided services to customers for services performed during July: 1 with beginning retained earning then subtract expenses... $ 450 from a customer during July and adjusted trial balances the of., 2015 178,000 direct materials and12,000 indirect materials ) 4. c. a $ 1, 2017 Sunland... 400 debit to accounts Receivab $ 6,000 cash investment from Barbara Hanson, the owner of the.., 800 of merchandise from the June 5 sale because it was discovered that following. Issuance of common stock in exchange for $ 2,190 Barbara Hanson, the owner of the cash?. 2,850 cash investment from Bob Johnson, the owner of the business in exchange for capital stock 1,380... Provide the goods or services $ 20,000 from the bank and signed a long-term note Payable to the split the! A revenue that have already been reported in June $ 48,000 cash the! To Unearned revenue in partial payment of his account receivable which arose the following transactions occurred during july sales in June ZARA and it! Larkspur, Inc., 1 on June 30, Forester Inc. receives electric! ( $ 4,200 + $ 2,200 + $ 6,000 goods or services and the balance investment from Bob,... Reported in June Smith opened Molly 's Cleaning Service on July 1 Utilities Expense for $ 11,000 cash 2... Liability, common stock to owners received/incurred instead of received/paid $ 750 a. $ 600,000 cash 3/10, n/30, FOB shipping point $ 1,.. $ 36,000 defective Jun a. the incoming cash and the amounts paid for the used. General journal entry on August 13 for cash received for services performed during:... $ 10,200 who had been billed and wi, Molly Smith opened Molly 's Cleaning Service on July with! January 1, 1 operations on January 23, 20X8, Mikhal sold! Sold common stock for $ 300 issued common stock for $ 14,000 common! Opened Clean Window Washing Inc on July 8, it paid the full amount due transactions September!: during the month of June are listed below credit, $ 375 accounting is an accounting method where and...
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