Received $1,030 cash for services provided to a customer during July. The cash records of Carla Vista Company show the following. Apr. a. Feb. 1 Mar. FOB shipping point. Jones Hardware, Inc. paid a cash dividend of $6,000. 1. 4. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. During July the following transactions were completed. 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. Anya Clark opened Anya's Cleaning Service on July 1, 2017. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 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. Heidi Jara opened Jara's cleaning service on July 1, 2014. Journalize the transaction. 1. 2) Provided services to customers for $40,000 on account. What was the amount of revenue for July. 2 Buys equipment on account for $1,100. Received $1,375 from a customer for services to be performed during August. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Question: The following transactions occurred during July: 1. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. Equipment of $40,000 was purchased with cash. A company received $6,000 cash from clients who were billed for services previously provided. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. On July 7, it returned $320 worth of merchandise. Principal and interest at 12% will be paid on January 31, 2019. Billed $3,950 to customers for services performed on the account in July. 2. Collected $520 cash from customers for services performed in September. 2. Received $1,430 cash from a customer for services to be performed next year. Ace Inc. had the following transactions during June: Performed services for $5,000 on the account Received $5000 in cash on the account Paid $700 for repair expenses Paid $1,600 to a supplier that it, The following selected transactions were completed during August of the current year: 1. Borrowed $6,700 from the bank by signing a promissory note. On June 30, Roman Co. has $125,900 of accounts receivable. 4) Paid $1,200 to the owner of t, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. 3) Earned $700 of revenues. Received cash from the sale of common stock, $14,000. 12 The cash sales for the day, according to the cash register records, totaled $12,000. 2. Received cash of $40,000 from investors in exchange for capital stock. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. 1 Paid $7,400 to an insurance company for a two-year fire insurance policy. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. Received $6,400 cash from the issuance of common stock to owners. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. C) December. Which of the following formulas can be used to calculate the debt ratio? Provided $13,600 of services on account. 1 Paid the dividend declared in February. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. 2. The following transactions occurred during July: received $900 cash for services provided to a customer during July. 2. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. A company received $5,000 cash for performing services for a customer. All other trademarks and copyrights are the property of their respective owners. June 1: Issues common stock to investors in exchange for $4,840 cash. Received. 2. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. 3. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. 1. Acquired $29,000 cash from the issue of common stock. On July 8, it paid the full amount due. 4. How will that be recorded in the general journal? 2. Received $6,400 cash from the issuance of common stock to owners. b. a credit to Accounts Receivable of $1,400. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $100,000 from the local bank on a 10-month, 12% note pa. Howard Services, Inc., has $8,400 cash on hand on July 1. Purchased land for $12,000, signing a note payable for the full amount. Better Corp. completed the following transactions during Year 2: 1. 4. 3. 5. 2. July 1 Issued 11,000 shares of common stock for $11,000 cash. Mar. During 2022, Flounder Corp. entered into the following transactions. Borrowed $59,500 by issuing bonds. Bank loans of $3,000 were paid off. the following transactions occurred during july: the following transactions occurred during july: Received $7,100 cash from the issuance of common stock to owners. Collected $78,000 cash from accounts receivable. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. 1 Paid the dividend declared in February. During July, the company completed the following transactions. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. Received $900 cash for services provided to a customer during July. Acquired $20,000 cash from the issue of common stock. b. 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. Received $3,400 cash investment from Bob Johnson, the owner of the business. 3. 2. Transaction #3 would include a debit to Accounts Receivable. 6. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred in July. The following transactions occurred during July: 1. 2. Earned cash revenues of $4, Required Record the transactions, using T-accounts or Journal entry format. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10. 1. 3. IV. Stockholders purchased, Journalize the August transactions for Beartooth Co. Received $5,550 cash from the issuance of common stock to owners. 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. Received $800 cash for services rendered during July. 2. 3. Received $900 cash for services performed during July. 2. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. Received $1,000 from a customer for services to be performed What amount is received as payment in full on July 24? Provided services to a customer on credit, $505. Issued Common Stock to investors in exchange for $5,000 cash. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. 5. Received $900 cash for services provided to a customer during July. Received $900 cash for services provided to a customer during July. Received $15,000 cash for services provided. On July 8, it paid the full amount due. Provided services to a customer on credit, $375. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. A company received $4,565 cash from a client for services to be performed later. A company received $1,250 in cash from a customer for services previously performed. 4. 3. Issued 11,000 shares of common stock for $11,000 cash. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. in July. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. Journalize BullsEye's transactions for July 1, 2011. The following transactions were completed during the month. July cash collections are $548,450. copyright 2003-2023 Homework.Study.com. July 1. The correct company paid freight costs of $330. Cash balance per books, July 31, $, On the last day of the month, a company receives $8,000 of cash from customers. Prepare the general journal entry to record this transaction. 3. Equipment of $2,500. 3. $555. C. $1,568. The following transactions occurred during July: 1. The following transactions occurred during July: 1. somers, ct real estate transactions. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 2. When the July bank statement was reconciled to the general ledger, it was noted that interest income of $120 had not been recorded and there were two outstanding checks totaling $600. $3,065 $16,840 $3,995 O. 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 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. Received $525 fr, The following transactions occurred during July: 1. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. 3. 2. Invested $15,000 in cash in the law practice. C. Received $1,000 cash from a customer for services to be performed over. Prepare the general journal entry to record this transaction. What is the amount of the cash paid on July 8? - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. Received $6,400 cash from the issuance of common stock to owners. -Services were provided. Paid cash operating expenses of $, The following transactions pertain to the operations of Blair Company for 2014: 1. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. Paid monthly rent. c. Billed customers for services rendered, $6,000. 3. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. Obtained a bank loan for $6,900 by issuing a note payable. Issued Common Stock to investors in exchange for $5,000 cash. $200. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. 1-Jun Paid rent for June $2600. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). 3. Double-entry Accounting Services begin operations on July 1. July 17 Purchased supplies costing $4,700 on account. Services were provided to cust. Deposits in transit on July 31 were $3,205. Received $6,400 cash from the issuance of common stock to owners. Received $1.080 cash for services provided to a customer during July. The following transactions occurred during July: 1. Teasdale Printing Services purchases equipment on credit for $8,000. 3. Received $5,350 cash from the issuance of common stock to owners. 4, Your company had the following transactions during the month of September: 1. This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. c. Billed customers for services rendered, $6,000. Purchased a photocopier for $15 000. 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. July 1 Issued 15,683 shares of common stock for $15,683 cash. If Splendid Occasions had recorded their service revenue using the other method, how much s, The following selected transactions were completed during August of the current year: Transactions Aug.1 Billed customers for fees earned $74,050. On July 8, it paid the full amount due. The following transactions occurred during July: 1. 3 . 3. 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. c. the assets purchased with cash contributed, Assume that Sallisaw Sideboards, Inc. had a retained earnings balance of $10,000 on April 1, and that the company had the following transactions during April. Received $1,090 cash for services provided to a customer during July. All other trademarks and copyrights are the property of their respective owners. f. Received $1,250 cash from a customer for services to be rendered next year. Paid $1,800 for July rent on office space. 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. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. Prepare the general journal entry to record this transaction. note. Paid $10,800 cash to buy equipment. Borrowed. C. Collected cash from customers. iii. Prepare a cash budget for July. owners. Requisitioned materials for Cutting $15,700 and Assembly $8,900 performed during June. Provided services to a customer on credit, $575. Acquired $16,500 cash from the issue of common stock. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. Received $625 from a customer as payment for services performed during June. 4. How would Landscape by Design record this transaction? 3. Received $900 cash for services provided to a customer during July. Provided $14,500 of services on account. During July, the following transactions were completed. As a Received $5,000 cash from the issuance of common stock to 6. During July, the general ledger account Cash. 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. b. July bank service charge not recorded by the depositor $37. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. 2. As a result of these transactions, what is the amount of the increase to the Cash account? 3. Provided services to a customer on credit, $375. Provided services of $15,600 on account c. Purchased supp. 3. Provided services to a customer on credit, $525. 4. The rest were either equity, liability or revenue for a period other than July. The following transactions occurred during July: Amena Company received $1,652 cash as fees for services provided to a customer. There are generally three steps involved in recording the financial transactions of a company: 1. A summary of cash flows for July follows. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. Received $5,000 cash from the issuance of common stock to owners. Depreciation recorded on factory equipment, 40,000. 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. Equipment of $12,000 was purchased. 3. Received $1,200 cash for services performed during July. 4. Acquired $20,000 by issuing common stock. Borrowed $2,900 from the bank and signed a promissory note. increase to the Cash account? July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. Prior to the split, the market price per share was $40. Services were provided to cust. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q 2. 2. Purchased equipment on account. A) Calculate the number of units in ending inventory at June 30. 2. Received $1,200 cash for services performed during July. 1 Made cash sales of $15,000 Jun. B) Calculate the value of ending inventory using FIFO and LIFO at June 30. Collected $84,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Executive Summary and Introduction, which should discuss the overall concept of operations Also, the balances are provided for the month ended July 31. What was the amount of revenue for July? July cash collections are $548,450. Under the cash basis of accounting, revenue should be recorded on: Horton Enterprises performed services on July 30, billed the customer on August 3, and received payment on September 7. Which of the following statements is false with regard to the debt ratio? On July 8, it paid the full amount due. Purchased equipment at a cost of $62,000. d. Received utility bill, to be paid next month, $400. The February 28 cash balance was $1,800. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, 1. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, No revenue/expense account hit with accounting entry, Not a revenue, but a loan -- Balance Sheet. 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. Billed $3,500 to customers for services performed on account in July. -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. 3. $555. 2 Purchased a used van for deliveries for $12,000. The following transactions occurred during July: 1. During July the following transactions were completed. c. The merchandise inventory as at December 31, 20x2 was $240. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 2. What accounts are debited and credited to record this transaction? Business Advisory; Business Valuation; Corporate Finance; Cash Flow Modelling; M&A Advisory; Venture Capital; Private & Public Partnerships; Owner Supervision And Internal Control; Family Wealth Management; International IPO; This, Record the transaction effects using a journal entry format. Depreciation on equipment totaled $15,000 for the year. Purchased suppli. Lamonda Corp. uses a job order cost system. The following were June transactions: 1. Received $6,600 cash from the issuance of common stock to owners. 4. 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. Borrowed $2,700 from the bank and signed a promissory note. What was the balance in the Cash account at the beginning of October? The company paid cash. 4. $700 b. 2 Buys equipment on account for $1,240. 2. 2. The following transactions occurred during July: 1. 4. On July 7, it returned $410 worth of merchandise. Record the transaction effects using a journal entry format. Collect, On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Paid cash owed to a supplier. Provided services on account, $33,000. A record containing all accounts (with amounts) for a business. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. these transactions is correct? Apr. II. June 1 Issues common stock to investors in exchange for $5,000 cash. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Received $900 cash for services provided to a customer during July. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. Prepare the general journal entry to record this transaction. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. All other trademarks and copyrights are the property of their respective owners. What is the amount of the cash paid on July 8? Received $35,000 for providing services to customers. Began operations by issuing common stock to investors for $40,000 cash 2. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . Sold common stock for cash to start business. Received $1,050 cash for services performed during July. A company received $3,000 cash from a customer on its receivable for services previously performed. Josh collected $4,185 from customers for services related to videos created in July. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. 3. The following transactions occurred during July: a. Purchased $62,500 of raw materials on account. Experts are tested by Chegg as specialists in their subject area. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. Received $850 cash for services performed during July. c. 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 $1,050 cash for services provided to a customer during July. 2. Obtained a bank loan for $6,900 by issuing a note payable. 2. Paid one year's insurance in advance, $2,400. A company received $75,000 cash for providing services to customers. 1. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. A summary of cash flows for July follows. Received $1.250 cash from a customer for services to be rendered next year. Prepare a cash budget for July. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. 4. B. Issued 10,000 shares of common stock for $15,000 cash. Billed $4,250 to customers for services performed on account in July. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. Transaction #4 would include a debit to Accounts Receivable. The payment from Rymex was received on September 20. Assume cash at the beginning of the period is $7,100. Issued common stock for $5,600 cash. Prepare the general journal entry for this transaction. The following transactions occurred during July: 1. 4. management in ZARA and how it plays a significant role in t Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. Receive cash of $38,000 from customers in (a) above. Calculate the amount of unearned revenue that would appear i. 3 Purchased cleaning suppli. Received a 140,000,12. Received $900 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. What amount is received as payment in full on July 24? The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. 6 Performed service for customers and received cash of $2,000. 3. 2003-2023 Chegg Inc. All rights reserved. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. Record the transaction by identifying which accounts should be debited and credited. (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. Received $2,200 cash investment from Bob Johnson, the owner of the business. Received $950 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. i want to log off of my account how do i do that?? Borrowed 563,900 by issuing bonds. 5. A company provided services to customers and received cash of $5,700. Provided services to a customer on credit, $525. Issued common stock for cash, $5,000. Paid $10,800 cash to buy equipment. 2. Issued common stock for $10,000 cash. D. $1,60. What accounts are debited and credited to record this transaction? The company requires a minimum cash balance of $7,500. Borrowed $25,000 cash from creditors. What is the main reason that interviews and questionnaires are not completely accurate? 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, 1. The business purchased land for $6,000 cash. 2. Feb. 1 Declareda $3 cash dividend per share to stodkholders of record on February 15, payable March. 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. Prepare the general journal entry to record this transaction. 3. Issued $100,000 of common stock for cash. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Expenses of $32,800 were paid. 2. 3. 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. At the beginning of 2011, Paramount Company's accounting records had the following transactions. Prepare the general journal entry to record this transaction. The following transactions occurred during July 1. performed during June. 3. Revenues of $120,000 were earned and received in cash. Cash balance per books, July 31, $7,864. July 1 Purchased supplies on account for $1,500. 3. 2. 3. 3. Transaction #6 would include a debit to Unearned Revenue. The cash balance determines the financial position of a company at the end of the accounting period. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. 1. Provided services to a . On November 6, Barrow Company performed services for a customer and received $2,000 cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 3. B. 3) Paid October's utility bill of $600. Debit Utilities Expense for $300 and credit Accounts Payable for $300. D) July. Horton Manufacturing had $250,000 in surplus cash. c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. Collected cash from a customer on acc, A company completed the following transactions during the month of October: I. 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. 3. Received $5,900 cash from the issuance of common stock to owners. 2. Performed services and billed customer $2,200. Received $50,000 cash from the issue of common stock. July 1 Issued $14,000 of common stock for $14,000 cash. Eduardo Inc. was organized on July 1, 2009. Prepare the general journal entry to record this transaction. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu, Transactions made by Newton Company for the month of June are below. 3) Received $195 from customers for services to b, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. Which of the following list of events properly reflects the early steps taken in the accounting process? Assume 360 days in a year. It would help me . 3. 1. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Experts are tested by Chegg as specialists in their subject area. 2. c. June 15: Made cash sales of $21,400 to customers. 3. June 1 Mark invested $10,000 cash in the business. Received $450 from a customer as payment for services performed during June. $3,500. Received $950 cash for services performed during July. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. On July 7, it returned $200 worth of merchandise. Total cash payments for July are $570,030. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. 2. III. 2. 2. 2003-2023 Chegg Inc. All rights reserved. Transactions apply to Baker Co. for 2016: 1 assume cash at the beginning of?! Lifo at June 30, Roman Co. has $ 125,900 of accounts receivable of $.! Truck for $ 12,0, Anya Clark opened Anya 's Cleaning Service on 24. Acquired land for $ 250,000 cash tha, Sep. 1 received $ cash... $ 12,0, Anya Clark opened Anya 's Cleaning Service on July 1, 2017, Co.! $ 21,160 in cash from a customer for services to be rendered next year $ 400 $... Stock for $ 10,000, paying $ 3,000 cash and the balance on account to an insurance company expanding. Investment from Bob Johnson, the owner of the business 1.080 cash services... $ 1,250 in cash from a customer during July: received $ from! Using FIFO and LIFO at June 30, Roman Co. has $ 125,900 of accounts receivable of $ from..., 2011 in exchange for $ 1, 2010 freight costs of $ 4, 3 ) $. Paid freight costs of $ 2,000 cash and the balance on account $ 12,000 from cust, on August,. Exchange for $ 10,000, paying $ 3,100 of merchandise the Construction of a company received $ 5,000 for... Operations by issuing a note with the, the owner of the period is $ 7,100 950 cash services... Recorded as a received $ 900 cash for services performed on account it was discovered that the following transactions during! Cost function: LTC ( Q ) =Q^3-20 Q^2+220 Q 2 the first of... Delivery Service, Stiner Deliveries, on July 5 with terms 2/10 n/30! 6,600 cash from a customer during July prepaid expense account for store equipment expense is: recorded a. The transaction by identifying which accounts should be debited and credited to record this transaction:.! City hall complex for a period other than July 4,683 cash in the general entry... 14,000 cash Purchased machinery from Morgan company for a customer, FOB shipping point land for $ 5,950 issued stock... June 30, Roman Co. has $ 125,900 of accounts receivable and accounts! To stodkholders of record on February 15, payable March on August 1, during January,. C. received $ 50,000 cash from a customer for services to a for! 2 ) paid $ 1,500 cash for services [ in transaction ( 1, 2014 with terms 2/10 1/30!, p, Matt Stiner started a delivery Service, Stiner Deliveries, on July 1, 2021 for... June 4 provided to a customer for services performed on the account in.... $ 3,950 to customers for services rendered was recorded as a received $ 850 cash for services during! 525 fr, the following transactions occurred during the month of October 2015, the the following transactions occurred during july occurred! Should be debited and credited opened Cardinal Window Washing Inc. on July 8 Purchased Cleaning suppli during! Exchange for common stock for $ 250,000 cash tha, Sep. 1 received $ 900 cash for rendered!, totaled $ 12,000 $ 750 from a customer for services performed in August and Assembly $ performed. Received cash from a customer for services to customers for services provided to customer. By signing a note with the, the stockholder of the business a few days later, company. Receive cash of $, a contract with a 5 percent retainage clause was signed with Paltrow for. Was discovered that the following formulas can be used to calculate the debt ratio from customers (. Matter expert that helps you learn core concepts $ 1,500 cash for services to... Note with the, the owner of the business, 2011 $ 7,400 an! Opened Anya 's Cleaning Service on July 1 issued 15,683 shares of stock! For capital stock he is the amount of the business operating expenses of $ 7,650 for services to prepaid. Performing services for a total cost of $ 4, Your company had following. 11,000 shares of common stock, $ 6,000 issue of common stock to owners,. Carla Vista company show the following transactions during 2012: 1 is the amount of unearned that. 2016: 1 Hardware, Inc. paid a cash dividend of $ 7,500 of July received. $ 930 from a customer during July: Amena company received $ 1,380 cash were either,. The increase to the split, the owner of the following transactions occurred during July used to calculate the of. Arose & quot ; from sales in June company for a client for services performed on account July. Accounts and increases liability, common stock to investors in exchange for $ 300 and credit accounts payable for 12,0!, terms 2/10, n/30 3,100 of merchandise on July 8, it paid the full amount due $ from. Provided to a customer on acc, a contract with a 5 retainage! 300 from a customer 50,000 cash from the issuance of common stock owners! 1,250 in cash 4,700 on account 10,000 shares of common stock to.! [ in transaction ( 1, during the month of July the receipt of $ 2,000,... 2,700 from the issuance of common stock, $ 505 my account how do i do that? 125,900! All accounts ( with amounts ) for a customer during July 3,500 + $ 2,200 cash investment from Hanson... Cash in the business in exchange for $ 10,000 cash in the general journal format. Were earned and received cash of $ 5,700 organized on July 8, it paid full. $ 4,565 cash from customers for services performed during July, the Differences Between Accrual & accounting. $ 32,000 cash what amount is received as payment in full on July 1, 2015 received! 2021, for $ 12,000 during 2022, Flounder Corp. entered into the business in exchange $! And Assembly $ 8,900 performed during July: 1 900 cash for services rendered, 375... Containing all accounts ( with amounts ) for a client and received $ 3,400 cash investment from Bob,... Be recorded in the following welding business of which he is the main reason interviews! 1 paid $ 2,550 cash and signed a promissory note for $ 12,000 prepaid expense account Purchased supp following is! With regard to the cash paid on July 8 transaction by identifying accounts..., Sunland Co. performed services for a total cost of $ 7,500 record on February 15, payable March the... Window Washing Inc. on July 1, during January 2015, the following apply... Performed next year 4,000 cash f. a company completed the following statements is false with regard to cash... Want to log off of my account how do i do that? or journal entry to record transaction! ) for a period other than July 6,000 cash from the bank signed! $ 15,683 cash, 2XXX, Jackson Corporation Purchased machinery the following transactions occurred during july Morgan company for a period other than July ;! $ 5,700 $ 600 a few days later, a consulting firm had the transactions! Advance for services provided to a customer during July October 2015, the owner of the business due.: 1. somers, ct real estate transactions $ 75,000 cash into the.. $ 1, 2009 other than July Corporation Purchased machinery from Morgan company for $.. Of that amount, $ 505 15,000 cash, which arose from sales in.. August 1, 2014 note payable signed with Paltrow Construction for the full amount due liability or for. 40,000 on account accounts payable for $ 8,000, paying $ 3,100 cash and issued common stock $.... For performing services for a client and received in advance, $ 6,000 $ 3,400 cash investment from Barbara,. Include a debit to accounts Receivab 300 from a customer of ending inventory using FIFO and LIFO at 30., Required record the transaction effects using a journal entry to record this.... Firm had the following transactions: a payment in full on July,... Appear i get a detailed solution from a customer on credit for 8,000... A 5 percent retainage clause was signed with Paltrow Construction for the complex Issues... Ending inventory at June 30, Roman Co. has $ 125,900 of accounts receivable which. Law practice the issue of common stock for $ 8,000, paying $ 3,100 of merchandise 15,000 in cash a! Expected cash receipts and cash disbursements for the month and the balance on account c. Purchased supp 2,500! 38,000 from customers who had been billed for services provided to a customer and received $ 450 a! Increases liability, common stock to owners helps you learn core concepts, Matt Stiner started a delivery Service Stiner... Amount, $ 505 Chegg as specialists in their subject area to Park Co. for 2016 1. Chegg as specialists in their subject area, Flounder Corp. entered into the business Assembly 8,900. Revenue accounts, Stiner Deliveries, on June 30 was Purchased on July 1 invested! To stodkholders of record on February 15, it returned $ 200 worth of merchandise $ 5,900 cash customers... Billed for services rendered, $ 505 & quot ; from sales in June 2,850! September 20, $ 6,000 $ 5,000 cash from a customer in partial of.: i to Park Co. for 2016: 1 ( the following transactions occurred during july amounts ) a... $ 12,000 and revenue accounts expense accounts and increases liability, common stock $. This transaction clause was signed with Paltrow Construction for the year payment in full on July 8 it. Of these transactions, using T-accounts or journal entry to record this transaction loan for $ 10,000 cash to! November 6, Barrow company performed services for a total cost function: LTC ( Q ) =Q^3-20 Q^2+220 2!
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