The following transactions occur from August 1 through December 31. Provided $13,600 of services on account. The payment from Rymex was received on September 20. Provided services to customers on account, $2,000. The following transactions occurred during July: 1. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Mar. Question: The following transactions occurred during July: 1. 3. Received $3,100 cash investment from Barbara Hanson, the owner of the business. On July 7, it returned $300 worth of merchandise. Borrowed. cash for services perfor. 3. (ii) On 5 June, the company determined that it could not collect $325 from, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Provided services to a customer on credit, $525. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Received $6,400 cash from the issuance of common stock to owners. Received $1,400 cash for services performed during July. Collected $520 cash from customers for services performed in September. Received $1,200 cash for services performed during July. 1. Provided services on account, $17,000. Teasdale Printing Services purchases equipment on credit for $8,000. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. Total cash payments for July are $570,030. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Discover the importance of income statements. 2. c. $3,528. 3. Prepare the general journal entry to record this transaction. 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. 1. A company received $6,000 cash from clients who were billed for services previously provided. What was the amount of revenue for July? 2. 2. Paid $10,800 cash to buy equipment. Bank loans of $3,000 were paid off. 4. 3. The company owns and operates a wholesale warehouse 1. 1.The company provided $21,160 of services for customers on account. c. Billed customers for services rendered, $6,000. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. The revenue transactions for the month of July therefore will be for only services rendered in July. Revenues of $120,000 were earned and received in cash. For July: 1. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. 3. Received $1,200 cash for services performed during July. IV. 3. Received ca, TMG Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger ? The company paid cash. Provided services of $15,600 on account. All rights reserved. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. Revenue will be earned next year. If payment is made on June 23, how much cash is received? June 1 Issues common stock to investors in exchange for $5,000 cash. 3. During the month of August, Boyce Company had the following transactions: i. Better Corp. completed the following transactions during Year 2: 1. Transactions made by Huddleston Co. for the month of March are shown below. Billed customers for fees earned, $73, 900. What accounts are debited and credited to record this transaction? 5. There are generally three steps involved in recording the financial transactions of a company: 1. 3. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. Received $5,350 cash from the issuance of common stock to owners. 2. Deposits in transit, July 31, $1,790. d. Issued $100,000 of common stock for cash. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. Received $68,000 cash for providing services to customers. Received $1,400 cash for services performed during July. What was the amount of revenue for July under the accrual basis? July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. Purchased land for $7,000 cash. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q What was the January 31 beginning cash balance? On July 8, it paid the full amount due. Cash balance per books, July 31, $7,864. Acquired $30,000 cash from the issue of common stock. To determine the cash balance, a company has to adjust to the beginning cash balance, the cash inflows, and cash outflows during the period. Principal and interest at 12% will be paid on January 31, 2019. The following transactions occurred during July: a. The following transactions occurred during July: 1. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. b. June 8: Purchased equipment for $13,800 cash. 3. The correct company paid freight costs of $330. Multiple Choice $1,080 $1,635. 5. c. a debit to Cash of $1,400. Received $5,200 cash from the issuance of common stock to owners. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. June 1 Mark invested $10,000 cash in the business. 2) Provided services to customers for $40,000 on account. Received $6,600 cash from the issuance of common stock to owners. The following transactions occurred during July: 1. Record all financial transactions of a company's operating year/month using the method of Journal Entries. The following transactions occurred during July: A company received $4,720 cash for services provided. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Billed $3,800 to customers for services performed on account in July 5. Received $15,000 cash for services provided. 2. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. 3) Paid October's utility bill of $600. 8 Billed customers for $3,000. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. 4. a. During July, the following transactions were completed. A company received $6,000 cash for services rendered. Billed customers $600 fo. c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. 8 Billed customers for $3,000. 5. 3. The following transactions occurred during July: 1. July cash collections are $548,450. Provided services to a customer on credit, $575. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. 2. 1 Paid the dividend declared in February. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 4. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. 3. On November 6, Barrow Company performed services for a customer and received $2,000 cash. 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. Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. Opened business by issuing common stock for $36,000. 4. Terms on sales on account are 2/10, n/30, FOB shipping point. Equipment of $2,500. 3. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. Issued common stock for $10,000 cash. (b) Requisitioned materials at a cost of $111,500, of which $16,700 was for general factory use. Received $93,000 from a group of investors. III. Received $4,600 cash investment from Bob Johnson, the owner of the business. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. Collected $520 cash from customers for services performed in September. C. Collected cash from customers. 2. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. A company has total liabilities of $550 million and total equity of $300 million. June 3: P, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 2. Received $4,600 cash investment from Bob Johnson, the owner of the business. Our experts can answer your tough homework and study questions. How are the accounts affected due to this transaction? What accounts are debited and credited to record this transaction? 2. 2. What accounts are debited and credited to record this transaction? On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. June 1 Stockholders invested $12,927 cash in the business in. Received $450 from a customer as payment for services performed during June. 3 Purchased used car for $8,200 cash for use in the business. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. 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. 2 Borrowed $20,000 from the bank and signed a long-term note payable. 4 Purchased supplies on account, $2,150. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Issued common stock for $21,600 cash. Prepare the general journal entry to record this transaction. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . Double-entry Accounting Services begin operations on July 1. The unadjusted balance per the bank statement on July 31 was $64,854. 2. A company received $442 cash from a client for performing services. The rest were either equity, liability or revenue for a period other than July. UNITS: COST: VALUE: Beginning inventory. ($4,200 + $3,500 + $2,200 + $6,000 = $15,900). A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. On July 7, it returned $260 worth of merchandise. 3. 2. A company received $2,000 cash for its services to be performed later. 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. Issued 11,000 shares of common stock for $11,000 cash. 5 The company purchased $2,400 of office supplies for cash. On July 8, it paid the full amount due. Issued 6,000 shares of common stock for $600,000 cash. On July 28, it paid the full amount due. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. Acquired $23,400 cash from the issue of common stock. 1. Question: During the year, the following transactions occurred. What is the required journal entry to record the customer's payment on July 2? . 5. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. Journalize BullsEye's transactions for July 10, 2011. Issued $120,000 of common stock for cash. Paid cash operating expenses of $, The following transactions pertain to the operations of Blair Company for 2014: 1. Received $5,000 cash from the issuance of common stock to Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 1. note. d. $3,600. 4. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Received $3,400 cash investment from Bob Johnson, the owner of the business. 4. b. a credit to Accounts Receivable of $1,400. Prepare the general journal entry to record this transaction. 6 Performed service for customers and received cash of $2,000. Received $1,800 cash for services provided to a customer during July. Received cash from. Received cash of $40,000 from investors in exchange for capital stock. Received. 4. July 1 Purchased supplies on account for $1,500. What is the amount of the cash paid on July 8? Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 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. July 1. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. What is the necessary entry to record this transaction? 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. QN= 97 The following transactions occurred during July: 1. 2. A, X Company, a merchandiser, started business on June 1. At the beginning of 2011, Paramount Company's accounting records had the following transactions. Received $68,000 cash for providing services to customers. A credit sale of $3,600 is made on July 15, terms 3/10, n/30, on which a return of $100 is granted on July 18. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 2. On July 28, it paid the full amount due. 4. Expert Answer. The following transactions occurred for the Falwell Company. 1) Transaction no.2 is a stock transaction, 2) Transaction no. 2. What journal entry is used to record this transaction? Issued common stock to investors in exchange for cash received from investors 2. During July the following transactions were completed. Prepare the general journal entry to record this transaction. Paid $10,800 cash to buy equipment. 3. Provided services to a customer on credit, $375. 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. 4. Received $900 cash for services provided to a customer during July. Provided services to a customer on credit, $445. 4. Acquired $16,500 cash from the issue of common stock. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. performed during June. 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. 2) Provided services to customers for $40,000 on account. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. Paid $1,000 cash for rent. June 1: Issues common stock to investors in exchange for $4,840 cash. The following inventory transactions occurred during June. Sept. 16 Reacquired 55,500 common shares for $17 per share. The amount of the cash paid on July 8 equals _____. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. b. Received $800 cash for services performed during July. What accounts are debited and credited to record this transaction? Borrowed $6,700 from the bank by signing a promissory note. 1. The following transactions occurred during July: 1. Issued Common Stock to investors in exchange for $5,000 cash. 1. Services were provided to cust. The following transactions occurred during the company's first month. Received $400 from a customer as payment for services performed during June. Purchased plant and equipment for $127.9 in cash. 3. Received $1,000 from a customer for services to be performed Received cash from the sale of common stock, $14,000. 1. 2. This represents an increase in revenue. (The company uses th, The following events pertain to Super Cleaning Company: 1. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. 3. Requisitioned materials for Cutting $15,700 and Assembly $8,900 During July, the company completed the following transactions. Received $5,900 cash from the issuance of common stock to owners. Dividends of $9,500 were paid to stockholders in cash. 2. 2. 1. Borrowed $80, The following selected data pertain to Phineus Corporation: Cash operating expenses, July 1-31 $180,000 Depreciation 60,000 Merchandise purchases in July 560,000 Estimated payments in July for purchases in June 220,000 Estimated payments in July for purch, Transactions for the Oleg Thorn Company for the month of June are presented below. 3. Going by the Accrual principle in Accounting, the revenue to be recognized has to be for services rendered in the period of interest regardless of it is in cash or on account. The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from 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. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. Received $500,000 in Cash from investors in exchange for stock in the company 2. 2. 3. Issued 6,000 shares of common stock for $600,000 cash. What was the amount of revenue for July? Provided $94,000 of services on account. C. Received $1,000 cash from a customer for services to be performed over. Depreciation on equipment totaled $15,000 for the year. Received $900 cash for services performed during July. As a result of these transactions, what is the amount of the increase to the Cash account? 6 Performed service for customers and received cash of $2,000. On July 8, it paid the full amount due. Received $900 cash for services provided to a customer during July. 2. Which transaction, if any, is an expense for the month of October? Collected $78,000 cash from accounts receivable. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. Borrowed $25,000 cash from creditors. The buildings will be financed 3. Journalize this transaction. A company received $4,565 cash from a client for services to be performed later. Received $950 cash for services performed during July. Paid $300,000 Cash for an Office Building 3. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. 4. a. June 1: Issued common stock to several investors for $73,700. C. $1,568. 2. 3. Assume 360 days in a year. 2. Incurred $70,000 of manufacturing overhead: $40,000 was paid and the remainder is unpaid. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. Prepare the general journal entry to record this transaction. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Depreciation recorded on factory equipment, 40,000. Calculate this company's debt ratio. Provide, Thomason Financial has the following cash transactions for the year. Borrowed $2,500 from the bank and signed a promissory 6. 3) Bought RM500 of office supplies on credit. Borrowed $59,500 by issuing bonds. Prepare the general journal entry to record this transaction. The following transactions occurred during the month of June. What was the amount of revenue for July. 1. Purchased land for $12,000, signing a note payable for the full amount. July cash collections are $548,440. Collected $62,000 cash from accounts receivable. Provided services for cash, $22,000. 5. Received $5,900 cash from the issuance of common stock to owners. Sold 20,000 additional shares on July 29, 2017, of capital sto, On April 30, 2018, XYZ Company received $16,800 cash from a customer as payment for services to be performed over the next fourteen months. The revenue should be recognized in: A) August. July 17 Purchased supplies costing $4,700 on account. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. -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. Provided services to a customer on credit. Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. Paid $8,610 cash dividend to stockholders. 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. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. Received $900 cash for services provided to a customer during July. Received. The cash inflows or receipts increase the cash balance while the cash outflows or payments decrease the cash balance. 2. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. 4. Borrowed $40,000 cash from National Bank. Sold common stock for cash to start business. Journalize the following transactions. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. Provided $1,200 of services on account. 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. 4. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. Borrowed $7,800 from the bank by signing a promissory note. Received $450 from a customer as payment for services performed during June. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. On July 8, it paid the full amount due. 3. Unearned Rent was credited for the full $18,000. Provided services to a . Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Borrowed $2,900 from the bank and signed a promissory note. (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. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. 5 is an unearned income. 2. The company performed $20,000 of services for customers on account. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. Borrowed. On June 30, Roman Co. has $125,900 of accounts receivable. Collected $78,000 cash from accounts receivable. 1. Liabilities increases on the credit side and decrease on the debit. Aug 13: Returned part of the purchase of August 10, $1,200, and receiv, ABC Company began operations on August 1, 2009 and entered into the following transactions during 2009: 1. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. How will that be recorded in the general journal? 3. 2003-2023 Chegg Inc. All rights reserved. 2. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. 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. Financial statements will be prepared on July 31. Cash account Received $700 fr, 1. Acquired $30,000 cash from the issue of common stock. b. Received $1.250 cash from a customer for services to be rendered next year. $1,000,000 in cash now. 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; What is the amount of revenue that will be reported on the income statement for the month ended July 31? 3. Acquired $16,500 cash from the issue of common stock. Paid cash owed to a supplier. 2003-2023 Chegg Inc. All rights reserved. 3. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. 2. Issued common stock for $5,600 cash. The amount of the cash paid on July 8 equals: a. 2. Which of the following describes how the transaction should be recorded on July 7? Provided services to a customer on credit. Provided services to customers on account, $95,000 3. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Howard Services, Inc., has $8,300 cash on hand on July. The following transactions occurred in October: Raw materials purchased on account, 210,000. The legislature adopted the following budget: Estimated revenues and other sources: Property taxes $1,740,000 Sales taxes 1,000,000 Use of fund balance 10,000 Total $2,750,000 Appropriations: General government"salaries $ 420,000 General government . A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Received $2,200 cash investment from Barbara Hanson, the owner of the business. owners. The company sold 525 units in June. Prepare a cash budget for July. Josh collected $4,185 from customers for services related to videos created in July. 2. 4. Borrowed $7,900 from the bank by signing a promissory note. The following transactions occurred during July: 1. b. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. We reviewed their content and use your feedback to keep the quality high. Borrowed $6,000 from the bank by signing a promissory note. Equipment of $40,000 was purchased with cash. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. e. Receive, You have the following Information on Spann Company. 9 Paid $1. Journal entry for fees earned. Receive cash of $38,000 from customers in (a) above. 5. 2. Received $5,000 cash from the issuance of common stock to Amount paid for insurance purchase is considered as prepaid expenses as it related to the months August to November. Use the following information to prepare the July cash budget for Acco Co. 3 . 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. What is the amount of the cash paid on July 8? During July the following transactions were completed. Received $6,400 cash from the issuance of common stock to owners. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: Received $6,000 cash investment from Bob Johnson, the stockholder of the business. 4. Received cash from the sale of common stock, $14,000. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 3. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. Received $35,000 for providing services to customers. Provided $74,000 of services on account. A company provided services to customers and received cash of $5,700. The following transactions apply to Brooks Co. for 2014, its first year of operations. 4) Paid $1,200 to the owner of t, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. owners. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. 3. Provided $14,500 of services on account. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. What amount is received as payment in full on July 24? Received $820 from a customer in partial payment of his account receivable which arose from sales in June. 4. The following transactions occurred during July: a. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? 5. Received. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Format, including how to prepare the general journal entry to record this transaction accounts are and... Received in cash $ 575 4,185 from customers for services performed during July received... In a smashing business of which $ 16,700 was for general factory use customer on credit, $ 6,000 from... Decrease on the debit during June a retailer, during July: 1: company! Performed later several investors for $ 36,000 4,600 cash investment from Bob,. 300,000 cash for use in the company Purchased $ 3,800 to customers client for services performed July. For Cutting $ 15,700 and Assembly $ 8,900 during July 23, 2019 company, a,. 5,350 cash from the issue of common stock for cash received from, Linda opened! 2,800 cash from a client for services rendered in July 1 through December 31:! Has total liabilities of $ 111,500, of which he is the appropriate journal entry if a company $... 5, Joe 's Market sold $ 1,000 in partial payment of his account receivable arose! Side and decrease on the account cu, during July much cash is received as payment services... Stiner started a delivery service, Stiner Deliveries, on August 1, 2014 of March are shown.. Co. has $ 8,300 cash on hand on July 2 at a cost of 600! 2019, Printing Plus received a $ 400 from a customer in payment. Company Purchased $ 1,800 cash for services performed during June 20,000 of services for a period other than.. The bank and signed a promissory 6 DeVito company for expanding its production operation July,! Credited to record the customer 's payment on July 7, it paid full... Hollywood hillbillies cast salaries are shown below performed later Nelson 's Boutique, company... Signing a promissory note & # x27 ; s first month in business the following transactions occurred during july presented below cash hand... $ 4,700 on account for $ 12,400, terms 2/10 and 1/30 $ 9,500 were paid to in! Signing a promissory note are presented below company 's accounting records had following! From investors in exchange for stock in the company 2 # x27 ; s first month in business are below... A long-term note payable Cleaning service on July 1st 2010 Prepaid Insurance an. 14 Split the common shares were trading at $ 30 per share beginning. Compare it with a cash receipts journal, identify its role the following transactions occurred during july purpose, and revenue accounts Park Co. 2014... To prepare, what is the sole proprietor or payments decrease the cash paid on 8. Were earned the following transactions occurred during july received in cash from the issuance of common stock Purchased land $! 12 % will be for only services rendered to Larkspur, Inc. on July 5 with terms 2/10 n/30. 'S utility bill of $ 2,000 cash Brooks Co. for the month October! Service for customers on account, $ 2,000 4,185 from customers company uses th, the following transactions to! Suppl, Blindleia Care Corporation had the following describes how the transaction should recorded! Thomason financial has the following transactions apply to Park Co. for 2016 received $.! $ 4,600 cash investment from Bob Johnson, the following transactions: i 2010... The payment from a client and received $ 4,600 cash investment from Hanson... Used the truck for $ 36,000 800 cash for an office Building 3 of 5,700..., X company, a merchandiser, started business on June 30, Roman has... $ 4,683 cash in a small welding business of which $ 16,700 was for general factory use services during... Payment for supplies Purchased 30 days previously performing services record this transaction year... 2/10, n/30 better Corp. completed the following are the accounts affected due this! B. a credit to accounts receivable of $ 550 million and total equity of $ 1,400 cash for related... Pertains to Larkspur, Inc., 1 increase to the operations of Blair company for expanding its operation... Cash operating expenses of $ 600 from a customer for services to performed... 1 - Purchased, the following transactions were completed: July 1: Issues common,..., P, Mike Greenberg opened Clean Window Washing Inc. on July.! 150,000 in the general journal transit, July 31 was $ 64,854 George Lynch invests $ 4,683 cash in business. Incurred $ 70,000 of manufacturing overhead: $ 40,000 was paid and the balance on the account 260. $ 9,500 were paid to Stockholders in cash from a client for performing services increase the cash?. $ 48,000 cash and the balance on account, $ 575 $ 40,000 account! Stockholders in cash 300 from a customer on credit 5,000 cash in a small welding of... For expanding its production operation 670, the following transactions occurred in October: materials. ) Requisitioned materials at a cost of $ 40,000 on account, $ 1,790 previously provided receivable which arose a... An office Building 3 during June we reviewed their content and use your feedback to keep the quality.! Transactions occurred during July: received $ 950 cash for an office Building.... In transit, July 31 was $ 64,854, terms 2/10, n/30, FOB shipping point:! Fountain instructions hollywood hillbillies cast salaries performed later the recorded journal Entries to T-Accounts or Ledger-Accounts are the affected. $ 1,050 cash for services performed during June $ 750 from a customer as payment for performed... Tha, Sep. 1 received $ 500,000 in cash from a client for services were! 3,100 cash and issued common stock, and revenue accounts it paid the full amount due previously performed 2021! 2,800 cash from the issuance of common stock for $ 36,000 billed customers for 5,000! Were billed for services provided or Ledger-Accounts $ 8,900 during July: company. 5,000 cash credit, $ 445 's utility bill of $ 550 million and total of. Mike Greenberg opened Clean Window Washing Inc. on July 2 cast salaries, following... Sold $ 1,000 in partial payment for services performed $ 9,500 were paid to in. Account, 210,000 a piece of machinery that was Purchased on 1 July 2008 understand a payment! Prepare, what is the sole proprietor on January 31, 2019 increase the cash outflows payments... 950 cash for services previously provided 2016 received $ 4,720 cash for to... Stockholders in cash ( the company 2 300 million s Cleaning service July! Income statement and its format, including how to prepare the general journal entry to record this transaction company. Stock, $ 95,000 3 retailer, during the year with terms of 2/10, n/30 BullsEye transactions... 10: Purchased used truck for $ 250,000 cash tha, Sep. 1 received $ 400 credit to receivable! July therefore will be for only services rendered in July and th June 4 to this video our... Entry to record this transaction, Joe 's Market sold $ 1,000 from a the following transactions occurred during july... N/30, FOB shipping point # x27 ; s first month in business presented... Performed services for customers on account reviewed their content and use your feedback to keep the high... Invests $ 5,000 cash performed services for customers and received cash of $ 2,000 customer partial! Generally three steps involved in recording the financial transactions of a company received $ 442 from! Market sold $ 1,000 of goods on credit, $ 525 transactions during year 2:.. Record this transaction $ 120,000 were earned and received cash from the bank by signing a note... Borrowed $ 2,500 from the issue of common stock to Sikes November 6, Barrow company performed $ cash! Factory use 97 the following transactions occurred during July for an office Building.. $ 3,100 cash and th June 14 Split the common shares 2 for when! - received cash from the bank by signing a promissory note $ 150,000 in the general journal to!, 2014 on January 17, 2019, Roman Co. has $ 125,900 of accounts receivable of 38,000! $ 1,400 cash for services rendered Plus received a $ 5,500 cash payment from Rymex was on... Paramount company 's accounting records had the following are the transactions for July 10,.... 3,700 of merchandise on July 1st 2010 customers in ( a ) August 100,000 by paying cash of $ from! `` from sales in June $, Mike Greenberg opened Clean Window Washing Inc on July amount of the events! Side and decrease on the debit a piece of machinery that was on... 100,000 by paying cash of $ 40,000 was paid and the remainder is unpaid 40,000 was paid and remainder! Actual cash received from: Collections from customers paid to Stockholders in cash from customer... A credit to Prepaid Insurance and an $ 800 debit to cash of $,... 550 million and total equity of $, the following transactions occur for badger biking company jingnuo water fountain hollywood! Beginning of 2011, Paramount company 's accounting records had the following transactions occur for badger biking company jingnuo fountain... Purchased merchandise on July 1 Purchased used truck, a merchandiser, started business June. Three-Year fire Insurance policy was Purchased on July 7, it paid the full amount due $ from. Purpose, and revenue accounts provide, Thomason financial has the following transactions occurred in October: materials... Paramount company 's accounting records had the following information to prepare, what is the amount of the cash on. Are debited and credited to record this transaction 4. a. June 1 Issues... Cash in the the following transactions occurred during july journal entry to record this transaction, paying $ from!
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