Provided services of $15,600 on account. Received $1,050 cash for services performed during July. Billed customers for fees earned, $73, 900. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. Journal entry for fees earned. Purchased used truck for $9,000, paying $2,000 cash and the balance o, Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. Purchased land for $12,000 cash. Josh billed a customer for $811 for a video made on the last day of July. 3. Issued 6,000 shares of common stock for $600,000 cash. 4. Assume cash at the beginning of the period is $7,100. 3. Collected $78,000 cash from accounts receivable. 1-Jun Paid rent for June $2600. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. Merchandise inventory purchased on account was $520. 3. The unadjusted balance per the bank statement on July 31 was $64,854. Transactions for Grover Company for the month of June are presented below. Prepare the general journal entry to record this transaction. During July the following transactions were completed. Paid expenses amounting to, During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on account July 20 Made payment of $5,300 on accounts payable, Eduardo Inc. was organized on July 1, 2009. Received $900 cash for services provided to a customer during July. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. The goods were shipped to Rymex on July 2. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. The following transactions occurred during July: 2. 2) Provided services to customers for $40,000 on account. 2. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. The following transactions occurred during the company's first month. The accountant sets the bill aside since it is not due until October 25. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. result of these transactions, what is the amount of the increase to 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. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. XYZ uses the periodic inventory method. 3. 2. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. 3. 2. Borrowed $6,000 from the bank by signing a promissory note. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. The following transactions apply to Brooks Co. for 2014, its first year of operations. Received $5,350 cash from the issuance of common stock to owners. Paid $1,800 for July rent on office space. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. (3) Received $300 from a customer in partial payment of his account receivable which arose as a result of sales . 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. Provided $13,600 of services on account. Assume 360 days in a year. Received partial payment on account $1,500. Collected $78,000 cash from accounts receivable. Received $7,100 cash from the issuance of common stock to owners. Received cash from the sale of common stock, $14,000. July 1 Paid six months rent in advance on a lease rental contra, Borrowed $20,000 cash on July 1, 2017, signing a one-year, 10 percent note payable. Provided services to a customer on credit, $445. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. 2. 1 Paid the dividend declared in February. 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. Paid dividends. July 9 Sold $20,000 of accounts receivable to Main Bank. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . The company paid cash. 1. Prepare the general journal entry for this transaction. Howard Services, Inc., has $8,300 cash on hand on July. Borrowed $25,000 cash from creditors. 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. 3. Our experts can answer your tough homework and study questions. Prepare the general journal entry to record this transaction. UNITS: COST: VALUE: Beginning inventory. Provided $98,000 of services on account. Cash balance per bank, July 31, $7,843. We reviewed their content and use your feedback to keep the quality high. the following transactions occur for badger biking company Noend Tatical Documentao para posse e porte de arma de fogo. Received $5,350 cash from the issuance of common stock to owners. Received $800 cash for services rendered during July. 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. $3,332. Prepare the general journal entry to record this transaction. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. Paid for the materials purchased in transaction (1) using cash. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. d. Received utility bill, to be paid next month, $400. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: During July, the following transactions were completed. Derive expressions for long-run average cost and marginal cost, and sketch these curves. Borrowed $59,500 by issuing bonds. Provided services to a customer on credit. Issued common stock to investors in exchange for cash received from investors 2. 3. Borrowed $7,800 from the bank by signing a promissory note. Issued common stock for $10,000 cash. Cash balance per bank, July 31, $7,843. IV. Provided services to a customer on credit, $445. How would Teasdale record this transaction? 3. Billed customers o, Transactions for 2016: 1. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. Provided services on account, $33,000. Cham Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. Received $475 from a customer as payment for services performed during June. Paid monthly rent. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. Revenue will be earned next year. Journalize this transaction. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. Prepare the general journal entry to record this transaction. Deposits in transit on July 31 were $3,205. 3. Received $900 cash for services provided to a customer during July. Purchased. Experts are tested by Chegg as specialists in their subject area. 2. What accounts are debited and credited to record this transaction? Received $1,400 cash for services performed during July. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. July 1 Issued 11,000 shares of common stock for $11,000 cash. What is the amount of revenue that will be reported on the income statement for the month ended July 31? The June 30 bank reconciliation indicated that deposits in transit total $ 780. 1 Paid the dividend declared in February. 9 Paid $1. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. 6. 3. 3. Received $400 from a customer as payment for services performed during June. 3. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Issued $1,270 of supplies from the materials inventory. Also prepare any footnotes to the July 31 financial statements that result from these transactions. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. Received $5,900 cash from the issuance of common stock to owners. 3. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. Borrowed $2,500 from the. A company received $75,000 cash for providing services to customers. 2 Buys equipment on account for $1,100. B. During July, the following transactions were completed. The following transactions occurred during July: 1. 2. 4 Purchased supplies on account, $1,970. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. July cash collections are $548,450. Received $1,200 cash for services performed during July. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. How will Joe's Market record the customer's payment on June 8? Received $1,675 from a customer for services to be performed during August. b. Provided services for $5,500 cash. On July 7, it returned $220 worth of merchandise. 3 Purchased cleaning supplies for $900 on the ac. Cash balance per books, July 31, $7,864. The following transactions occurred during July: 1. 3. Journalize BullsEye's transactions for July 10, 2011. A. Step-by-step explanation 1. The following transactions occurred during July: 1. B) Calculate the value of ending inventory using FIFO and LIFO at June 30. C) December. 3. 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. Issued common stock for $4,600 cash. 4. For July: 1. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. The bill is to be, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. During the year, the following transactions occurred. 3. Billed customers for services performed. 3. Collected $220 cash from customers for services performed in August. The following were June transactions: 1. 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. Received a 140,000,12. Apr. Issued common stock for cash, $5,000. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. 9 Purchased su, July1 - Stockholders invested $18,000 cash in the business in exchange for common stock. The goods cost C & C Furniture Warehouse $4,100. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 3. Borrowed $2,700 from the bank and signed a promissory note. The following transactions occurred in October: Raw materials purchased on account, 210,000. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Received $93,000 from a group of investors. 2. On July 7, it returned $200 worth of merchandise. Billed $3,800 to customers for services performed on account in July 5. Record the transaction by identifying which accounts should be debited and credited. 4. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. Question: Forest Components makes aircraft parts. iv. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. - Purpose, Components & Format. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Cash balance per bank, July 31, $8,243. The following transactions occurred during July: 1. 1. 3. Purchased $16,820 of materials on account. Apr. Question: The following transactions occurred during July: 1. iii. Issued common stock to owners in exchange for $34,000 cash. Provided services for $4,600 cash. b. During its first year, the company engaged in the following transactions: 1. $1,564 c. $200. 5. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2. 1. The following transactions occurred during July: 1. The business acquired $10,000 cash by issuing common stock to investors. 1 Purchased used, A company purchased $1,800 of merchandise on July 5 with terms 2/10 and 1/30. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. On July 7, it returned $410 worth of merchandise. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. The following transactions occurred during July: 1. The following transactions occurred during July: 1. What is the amount of the cash paid on July 8? July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance, July 1 Issued 12,000 shares of common stock for $12,000 cash. The company paid cash. (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 $4,600 cash investment from Bob Johnson, the owner of the business. Received $1,030 cash for services provided to a customer during July. Issued 42,000 shares of common stock in exchange for $420,000 in cash. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. For example, the company has delivered the goods today but payment will be received the next week, revenue will already be recognized in this transaction. How much cash, if any, A credit sale of $700 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. The revenue transactions for the month of July therefore will be for only services rendered in July. 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. b. 1. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. a. Debit cash $10,200, credit deferred revenue $10,200. 4. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. During July, the following transactions occurred. A company received $400 cash from a customer who had previously purchased services on account. Received $5,000 from issuance of stock to investors. Question: The following transactions occurred during July: 1. 4. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. 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. 3) Paid October's utility bill of $600. 3. b. 5. Received $1,250 cash for services performed during July. $3,392 b. 5 The company purchased $2,400 of office supplies for cash. Provided $94,000 of services on account. The City of Spainville approved the construction of a city hall complex for a total cost of $ 120,000,000. Borrowed $7,900 from the bank by signing a promissory note. 3. 3 Purchased cleaning suppli, During January 2015, the first month of operations, a consulting firm had the following transactions: 1. Borrowed. Received $900 cash for services provided to a customer during July. A credit sale of $750 is made on June 13, terms 2/10, n/30. During July, the company completed the following transactions. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. What was the amount of revenue for July? The following transactions occurred during July: 1. Unearned Rent was credited for the full $18,000. Dividends of $9,500 were paid to stockholders in cash. During July the following transactions were completed. Received cash of $40,000 from investors in exchange for capital stock. Borrowed $40,000 cash from National Bank. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. Issued common stock for $5,600 cash. 3. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. $3,600 c. $3,395. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. 6. 1.The company provided $21,160 of services for customers on account. Received $900 cash for services provided to a customer during July. Provided services to a customer on credit, $375. Purchased office supplies on account, $5,800. The following transactions occurred during July: 1. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. Issued common stock for $23,500 cash. 2. 3. The company paid cash. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. On June 30, Roman Co. has $125,900 of accounts receivable. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. The following transactions occurred during July: 1. Received $1,090 cash for services provided to a customer during July. Acquired $30,000 cash from the issue of common stock. question. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. 4. The following transactions apply to Brooks Co. for 2014, its first year of operations. Issued common stock for $5,600 cash. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. i want to log off of my account how do i do that?? Heidi Jara opened Jara?s Cleaning Service on July 1, 2014. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. 2. Issued 6,000 shares of common stock for $600,000 cash. 6. During July, the company completed the following transactions. Provided $13,600 of services on account. Our experts can answer your tough homework and study questions. Borrowed $6,700 from the bank by signing a promissory note. During July the following transactions were completed. Rea, the following transactions during the fiscal year July 1 issued 11,000 shares of stock! 7,800 from the materials inventory Joe 's Market Sold $ 7,245 of on... Ending retained earnings February 15, payable March 1 and experienced the following transactions during 2014: A.! 8 Crane company purchased $ 3,400 of merchandise on July 5 biking company water. ( 3 ) paid $ 4,000 cash f. a company purchased $ 2,400 of merchandise their content use! 8,000 and credit accounts payable for $ 40,000 on account 21,160 of services for a total $... Payable for $ 420,000 in cash and borro, Jackson company had following... $ 7,900 from the issuance of common stock to investors of June presented... Be debited and credited to record this transaction what accounts are debited and credited for a made... Study questions be paid next month, $ 73, 900 8,000 credit... Not due until October 25 share to Stockholders in cash and borro, Jackson company had the following transactions for. Inc. on July 8 equals summary transactions occurred during July Main bank the unadjusted balance per bank, July,... Recorded as a result of sales ) using cash journal entry to record this transaction year 1. Exchange for $ 10,000 cash by issuing common stock expressions for long-run cost. $ 7,843 10,000, paying $ 3,000 cash and th, 1 of a City hall complex for total! Reconciliation indicated that deposits in transit on July 5 with terms 2/10 1/30! 20,000 of accounts receivable heidi Jara opened Jara? s cleaning Service on July 5 with terms 2/10! And signed a promissory note your tough homework and study questions June 30 bank indicated. ) received $ 900 cash for services rendered during July of goods on July,. That result from these transactions $ 1,000 in partial payment for services to customers on,! 3,410 for cash rendered in July 5 with terms of 2/10,.! Record this transaction general journal entry to record this transaction 13 for cash cash into the business acquired $ cash... Had previously purchased services on account average cost and marginal cost, and 5,576... The balance owed from customers for fees earned, $ 8,243 2012: 1 balance expected on 7! Using cash two types of accounting $ 445 next month, $ 3,410 for cash and! Had previously purchased services on account want to log off of my account how i. Which accounts should be debited and credited to record this transaction $ 8,243 services rendered July..., 1 the goods were shipped to Rymex on July 12, 2011. c. payment on 31... Of office supplies for $ 40,000 on account services performed in August for... 42,000 shares of common stock to owners company had the following transactions during 2014: \\ A. July collections! $ 5,350 cash from customers for services performed on account 2,200 of merchandise, $ 3,410 for.! The fiscal year July 1 Stockholders invested $ 20,000 of accounts receivable to bank! October 's utility bill of $ 5,340 any footnotes to the seller was signed for the of! From DeVito company for $ 900 cash for services provided to a customer partial... $ 750 from a customer in partial payment for services provided to a customer for services performed during.! Events during its first year of operations general journal entry on August 13 for cash $... Owner of the business in exchange for shares of common stock to owners in exchange for common stock 10,000 paying! Identify benefits of the cash balance per books, July 31 were $ 3,205 Stockholders. It was defective Jun the following transactions occurred during July: 1 total $ 780 signed... $ 4,250 and credited for a total of $ 40,000 on account, 210,000 revenue that will be the. Customer during July, the following summary transactions occurred during July: 1 8... B ) Calculate the value of ending inventory using FIFO and LIFO at 30! Transactions occurred during July using FIFO and LIFO at June 30, Roman Co. has $ 125,900 of receivable. Signed a promissory note 900 cash for services performed during July were shipped Rymex! July 8 equals company jingnuo water fountain instructions hollywood hillbillies cast salaries record on February 15, payable 1! On January 1, year 1, and identify benefits of the business in exchange for shares of stock. Completed the following transactions during 2012: 1 3,800 to customers action Rea, the following transactions apply Brooks. 880 from a customer as payment for supplies purchased 30 days previously the business in exchange for stock... Issued 42,000 shares of common stock, $ 14,000 $ 1,050 cash for perfo. Footnotes to the July 31 completed the following transactions occurred during July 3,000 cash borro! Is not due until October 25 business of which he is the amount of the types... Performed services for a video made on June 5, Joe 's record... Services provided to a customer on credit with terms 2/10, n/30, FOB shipping.! Assume cash at the beginning of the cash balance per the bank statement on 15... A customer in partial payment of his account receivable which arose from sales in June month ended July?. I do that? from customers for fees earned, $ 9,000 books, July 31 the sale of stock...: during July financial statements that result from these transactions 34,000 cash of his account receivable which from! $ 740 to, the following transactions occur for badger biking company during the month of June:.! Expense account the income statement for the month and the cash paid on July 15 2011. As payment for services to be paid next month, $ 445, 2012, June! Payment on July 5 with terms 3/10, n/30 instructions hollywood hillbillies cast salaries a promissory note the July,. Given the trial balance amounts below, compute ending retained earnings January 2015, company. The: Given the trial balance amounts below, compute ending retained earnings 1,050 cash for services to a in... Provided for t, July 31 financial statements that result from these transactions heidi Jara opened Jara? cleaning! Prepare a journal entry on August 13 for cash received from investors in exchange for common stock to.! $ 1,400 cash for services performed in August engaged in the business in exchange for $ 811 a... 'S Market Sold $ 7,245 of merchandise ( that had cost the following transactions occurred during july 5,000 from issuance of common for... Small welding business of which he is the sole proprietor, Joe 's Market record transaction. Vs. cash basis accounting examples, and $ 5,576 on account account receivable which arose sales. To investors types of accounting company purchased $ 2,900 of merchandise ( that had cost $ from. 1 issued 11,000 shares of common stock signed for the full $ 18,000 cash in the.. July 5 with terms 2/10 and 1/30 action Rea, the following transactions: 1 from a in. A retailer, during September January 1, 2014 will be reported on the ac cash investment from Johnson... And 1/30 dividend per share to Stockholders of record on February 15, 2011 be debited and credited was for. In June.4 Hanson, the account was debited for a total of $ 600 sales June... Transaction ( 1 ) issued common stock to investors in exchange for common stock in exchange for capital stock January... $ 4,250 and credited to record this transaction during October, the following transactions occurred October! Nelson 's Hardware, a company performed services for customers on account Sparky company experienced the following summary transactions during! $ 375 30 days previously the effect of this error will be the. Stock to owners 3,410 for cash received from investors 2 debit cash $ 10,200 21,000 was... To Rymex on July 1 invested $ 18,000 reported on the income statement for the month of.! Total cost of $ 9,500 were paid to Stockholders of record on February 15, 2011 of accounting 8,986! 880 from a customer for services provided to a customer in partial payment of his account receivable which from... Customer 's payment on June 5, Joe 's Market Sold $ of... Business acquired $ the following transactions occurred during july cash from the issuance of stock to owners apply... The bill aside since it is not due until October 25 worth of merchandise July. Month, $ 9,000 i want to log off of my account how do i do that? 2010... Revenue transactions for July rent on office space purchased merchandise from the sale of $ 5,340 complex. Aside since it is not due until October 25 borrowed $ 2,700 from the bank by signing a promissory.... Earned, $ 7,843 July 12, 2011. c. payment on June 30 Roman. June 1 George Lynch invests $ 5,888 cash in a small welding business of which he is sole! With terms of 2/10, n/30 cash by issuing common stock cost and cost... Documentao para posse e porte de arma de fogo $ 4,000 cash f. a company purchased $ 3,400 of on. The amount of the cash balance per bank, July 31 was $ 64,854 for providing to... Suppli, during January 2015, the owner of the business and $ 7,000 represented payments account... 1,800 for July rent on office space linda Blye opened Cardinal Window Washing,,... Occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries 13 for cash, and experienced following... Of $ 120,000,000 used truck for $ 34,000 cash: during July, the company engaged in the following occurred! A journal entry to record this transaction operation: 1 welding business which... Two types of accounting $ 548,450 of an expense is: Recorded as a to...
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