3. Our experts can answer your tough homework and study questions. Purchases of merchandise on account were $600,000. July 9 Sold $20,000 of accounts receivable to Main Bank. Received $1,700 cash for services performed during July. b. Our experts can answer your tough homework and study questions. The record in which business transactions are first recorded is the: Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. Received $1,250 cash for services performed during July. What was the amount of revenue for July? 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. * 5. d. Received utility bill, to be paid next month, $400. July 1. All rights reserved. The amount of the cash paid on July 8 equals: a. Experts are tested by Chegg as specialists in their subject area. 2. C. debit Accounts Receivable, $865; cre, Yi Company began operations on January 1, 2013. How would Teasdale record this transaction? Deposits in transit on July 31 were $3,205. FTX, at one point the world's third largest cryptocurrency exchange, went bankrupt, causing the entire cryptocurrency industry to crash. During July, the following transactions were completed. 3. Received $1.080 cash for services provided to a customer during July. What was the amount of revenue for July? On July 7, it returned $410 worth of merchandise. Received $1,800 cash for services provided to a customer during July. . 6. Purchased land for $12,000, signing a note payable for the full amount. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. Purchased plant and equipment for $127.9 in cash. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. How would Forester record this transaction? Terms on sales on account are 2/10, n/30, FOB shipping point. 2. Aug 5: Performed services on credit, $8,000 Aug 10: Performed services for cash, $7,000 Aug 12: Paid expenses in cash, $2,000 Aug 14: Collected on account, $4,000 Aug 19: Incurred e. Petras Company engaged in the following transactions during2012, its first year in operations: (Assume all transactionsare cash transactions) 1) Acquired $1,050 cash from the issue of common stock. \begin{aligned} A company received $75,000 cash for providing services to customers. Opened business by issuing common stock for $36,000. 2. B. 8 Received cash from customers on account, $62,970. $1,568 b. Gross earnings July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. 2. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Sign Up to our social questions and Answers Engine to ask questions, answer peoples questions, and connect with other people. Please enter your email address. 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. The following is our summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. The payment from Rymex was received on September 20. 2. Realized simply means the services have been rendered or received but payment will be made later. On June 30, Roman Co. has $125,900 of accounts receivable. March 3 Purchased cleaning supplies for $1,200 on the accoun, On July 3, the ABC Company received $865 in cash on account from customers. Received $2,200 cash investment from Barbara Hanson, the owner of the business. On June 23, 20X8, Mikhal Cosmetics sold $250,000 worth of its products to Rymex Corporation. Received $6,600 cash from the issuance of common stock to owners. During July the following transactions were completed. What is the necessary entry to record this transaction? On July 7, it returned $410 worth of merchandise. 2021 MCQ Village. The transactions of Wilko Ltd for the year to 30 June 2017 are as follows: 1. On July 8, it paid the full amount due. During July, the general ledger account Cash. 3. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. ii. 2. It would help me . $1,564. 5. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 1. Debit Cash, Credit Accounts Receivable (previous month's sales), 4. The following transactions occurred during July: a. 1-Jun Paid rent for June $2600. Received $850 from a customer as payment for services performed during June. &3 x-y \geq-6 The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 2. 5. Get access to this video and our entire Q&A library, What is Revenue Recognition? During July, the following transactions were completed. March 1 Issued common stock for $20,000 cash. The amount of the cash paid on July 8 equals. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. (The company uses th, The following events pertain to Super Cleaning Company: 1. The general journal entry made by Wisconsin Rentals will include a: QN=93 An asset created by prepayment of an expense is: b. $3,600 c. $3,395. On July 7, it returned $200 worth of merchandise. Borrowed $6,000 from the bank by signing a . What does the formula give as the $2010$ approximation? Purchased inventory for $3,700 cash 3. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. 2) Post to the ledger accounts. Cash sale of $4. Received $900 cash for services provided to a customer during July. 3. On July 8, it paid the full amount due. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. What is the amount of the cash paid on July 8? Certain states have no state income tax There was 50,000 prior period adjustment. Provided services to a customer on credit, $495. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. Most countries, including the United States, import substantial amounts of goods and services from other countries. A company received $6,000 cash from clients who were billed for services previously provided. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. On July 8, it paid the full amount due. The stock has a stated value of $4 per share. Recorded as a debit to a prepaid expense account. Two accumulated depreciation 2. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. You will receive a link and will create a new password via email. 1 Purchased used the truck for $, Transactions for Sheridan Company for the month of June are presented below. Fusc, gue vel laoreet ac, dictum vitae odio. 1. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. The following transactions occurred during July: 1. Collected $82,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. 4. Issued common stock for $21,600 cash. How would Landscape by Design record this transaction? c. The left side of a T-account is the debit side. 3. The following transactions occurred during July: 1. 4. Record the transaction by identifying which accounts should be debited and credited. All other trademarks and copyrights are the property of their respective owners. Borrowed $6,000 from the bank by signing a promissory note. June 2: Buys equipment on account for $2,190. Prepare the general journal entry to record this transaction. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Received $2,350 from a customer for services to be performed during August. Sold for $4. Received $1,050 cash for services performed during July. During July the following transactions were completed. Acquired $23,400 cash from the issue of common stock. The following transactions occurred during July: Received $970 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. Equipment of $2,500. Jones Hardware, Inc. paid a cash dividend of $6,000. (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. 3. Provided services to a customer on credit. Journalize the July transactions. 2. 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. Additionally, during January one customer paid Thomas $5,000 for services to be provided in the future. Provide one example of each. 3 Pays $670, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $800 cash for services rendered during July. \end{aligned} Only transaction #1 and #4 apply to revenue recognition. The following transactions. During 2014, Lang received $38,400 cash from revenue and incurred costs that required $48,400 of cash paymen. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Issued common stock for $23,500 cash. (add revenue with beginning retained earning then subtract "expenses"). W. Four transactions that occurred during June are listed below. m ipsum dolor sit amet, consectetur adipiscing elit. 27)The following transactions occurred during July for Hurley Services: (1) Received $800 cash for photography services provided to customer during the month. Received $1,050 cash for services performed during July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. During July, the following transactions were completed. B. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. Received $900 cash for services performed during July. Loaned $15.000 to Horne C, Rowdy Company's first year in operation was 2013. Yet the chapter says that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. Received $7,100 cash from the issuance of common stock to owners. The following transactions were completed during the month. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. wine QN=96 During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Received $1,030 cash for services provided to a customer during July. 1) Journalize the July transactions. c. Billed customers for services rendered, $6,000. iv. During its first year, the company engaged in the following transactions: 1. Provided services to a customer . Bateer Company established a $50 petty cash fund on July 1. On July 7, it returned $200 worth of merchandise. Provided $14,500 of services on account. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Issued common stock for $5,600 cash. 3. 3. Sold common stock to owners for $100,000 cash 2. 6. e. Receive, You have the following Information on Spann Company. 3. The following transactions occurred during the month of June. Record the transaction effects using a journal entry format. The following transactions pertain to the operations of Blair Company for 2014: 1. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Received $625 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Which of the following list of events properly reflects the early steps taken in the accounting process? Received $5,200 cash from the issuance of common stock to owners. $$ Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus, Convert the Fahrenheit temperatures to Celsius. Received $8,150 cash from the issuance of common stock to owners. 8 Purchase. Received $380,000 cash for customer accounts. Received $93,000 from a group of investors. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. The cash records of Carla Vista Company show the following. If payment is made on June 23, how much cash is received? 2. 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. Calculate the ending balance for each account. Pellentesque dapibus efl, s ante, dapibus a molestie consequat, ultrices ac m, nec facilisis. Journalize BullsEye's transactions for July 1, 2011. 2. 3) Prepare a trial balance at July 31st. 3) Paid October's utility bill of $600. It is followed by a return of $50 on June 16. The goods were shipped to Rymex on July 2. Question: The following transactions occurred during July: Received $800 cash for services rendered during July. The company performed $20,000 of services for customers on account. 3. Ask a Question; . June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. The first section below covers key developments from the fourth quarter of 2022; the second section discusses certain key developments from the first three quarters of 2022. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. c. a debit to Cash of $1,400. Received cash from the sale of common stock, $14,000. During July, the company completed the following transactions. Acquired $15,600 cash from the issue of common stock. Borrowed $25,000 cash from creditors. 4) Receive. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. The business acquired $10,000 cash by issuing common stock to investors. B. 5. $555. You can specify conditions of storing and accessing cookies in your browser. We need to pass general entries under the accrual method. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. D. $1,60. 3 Purchased cleaning supplies for $900 on the ac. 3. QN=95 On April 30, Holden Company had an Accounts Receivable balance of $18,000. Received $400 from a customer as payment for services performed during June. Received $800 cash for services performed during July. Issued $100,000 of common stock for cash. 3. fast food Donec aliquet. Question: The following transactions occurred during July: 1. 2003-2023 Chegg Inc. All rights reserved. Received $900 cash for services provided to a customer during July. Issued 6,000 shares of common stock for $600,000 cash. June 1 Stockholders invested $12,927 cash in the business in. 2. Explain.1. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. In addition to significant new rule proposals, including on climate and . Cash balance per bank, July 31, $7,843. 3. 2. What was the balance in the Cash account at the beginning of September? 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. During July, the following transactions were completed: July: 1: Issued 12,131 shares of common stock for $12,131 cash. Bank loans of $3,000 were paid off. Received. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. What was the amount of credit sales during May? Prepare journal entries to record the following selected July transactions. Received $3,400 cash investment from Bob Johnson, the owner of the business. Borrowed $3,400 from the bank and signed a promissory note. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 5. 5. d. a c, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. These transactions took place for Metlock, Inc. : 2016 May 1 - Received a $3,700, 12-month, 3% note in exchange for an account receivable from R. Stoney. Received $1,030 cash for services provided to a customer during July. 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, Required Record the transactions, using T-accounts or Journal entry format. Lorem ipsum dolor sit amet, consectetur adipisci, Explore over 16 million step-by-step answers from our library, a. Fusce dui lectus, congue vel laoreet ac, dictum vitae, ur laoreet. On July 7, it returned $200 worth of merchandise. Question: The following transactions occurred during July: 1. The expenditures $E$ for government public health activities (in billions of dollars) can be approximated by Received $880 from a customer in partial payment of his . 2. 2. sports drink Provided $13,600 of services on account. Issued $130,000 of common stock for cash. Received $950 cash for services provided to a customer during July. Borrowed $80, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. 1 Made cash sales of $15,000 Jun. 4. 5. Services were provided to cust. Received $5,000 from issuance of stock to investors. On July 7, it returned $220 worth of merchandise. All other trademarks and copyrights are the property of their respective owners. Assume 360 days in a year. 4 Purchased office supplies, $600, and furniture, $1,700, on account. Received cash for providing accounting services, $9,500. Debit Accounts Receivable; Credit Service Revenue. The following transactions occurred during July: 1. Debit to Accounts Receivable, credit to Service Revenue. Mark paid, A credit sale of $900 is made on July 15, terms 2/10, n/30, on which a return of $50 is granted on July 18. 2 Buys equipment on account for $1,100. 5 Made credit sales of $25,000 Jun. Use the following information to prepare the July cash budget for Acco Co. Borrowed $6,000 from the bank by signing a promissory note. 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. Acquired $16,500 cash from the issue of common stock. The following transactions were completed during the month. Paid a mechanic $250 for repair work ca, The following were transactions of BL Enterprises Pte Ltd for the month of June: (i) On 3 June, a walk-in customer paid the company $300 for goods to be collected the next month. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 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. Sold 20,000 additional shares on July 29, 2017, of capital sto, On June 30, Petrov Co. has $128,700 of accounts receivable. Issued common stock for $2,200 cash. 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. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. Received $900 cash for services provided to a customer during July. 2. Received $900 cas h for services provid ed to a cust omer during July. Received $790 from a customer in partial payment of his account receivable which arose from sales in June. June 1 Mark invested $10,000 cash in the business. Debit Cash, Credit Common Stock Equity, 3. Billed customers o, Transactions for 2016: 1. On October 31, a company's Cash account had a normal balance of $7,000. 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 p, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. 3) Earned $700 of revenues. A company received $3,000 cash from clients for services provided. QN= 97 The following transactions occurred during July: 1. 6. Calculate this company's debt ratio. All Rights ReservedWith Love by MCQ Village, Machine Learning Multiple Choice Questions, The great event of the New York cultural season of 1882 was the visit, Environmental toxins which can affect children are frighteningly, World history-Absolutism and Revolution Question Answers, Quantum Computing MCQ | Multiple Choice Questions, TQ Enterprise Platform Questions and Answers. 2. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca, Stonyfield Farm had the following transactions during its first month of operations: June 1 The company received cash of $35,000 and issued common stock to the shareholders. $$ Received $900 cash for services provided to a customer during July. 2. 2. The following transactions occurred during July: Received $1,700. Provided services to a customer on credit, $445. Received $4,400 cash investment from Bob Johnson, the owner of the business Received $870 from a customer in partial payment of his account receivable which arose from sales in June. (b) Actual expenditures for $2010$ were $\$ 2879$ billion. Course Hero is not sponsored or endorsed by any college or university. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. Terms on sales on account are 1/10, n/30, FOB shipping point. The following were June transactions: 1. The following transactions occurred during July: 1. c. The normal balance of unearned revenues is a credit. Revenue will be earned next year. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. July 1 Jara invested 19,841 cash in the business. 4. $555. b. a credit to Accounts Receivable of $1,400. 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.4. when you wont need the money for a long time. The following transactions occurred during July: 1. 3. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. Nam risus ante, dapibus a molestie con, ia pulvinar tortor nec facilisis. $833 c. $850 d. $882, 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. July 1: Anya invested $20,000 in cash in the business. July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 3. Received $3,100 cash investment from Barbara Hanson, the owner of the business. molestie consequat, ultrices ac magna. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. Expenses of $32,800 were paid. The following transactions occur from August 1 through December 31. 2022 was a busy year at the SEC. 8 Received. b. Anya Clark opened Anya's Cleaning Service on July 1, 2017. During the month of May, total credits to Accounts Receivable were $52,000 from customer payments. What amount is received as payment in full on July 24? Can you reconcile these two facts. Received $900 cash for services provided to a customer during July. Journalize this transaction. 7. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. The June 30 bank reconciliation indicated that deposits in transit total $ 780. July 1 :Issued 12,000 shares of common stock for $12,000 cash. QN=84 The right side of a T-account is a(n): QN=85 Which of the following statements is incorrect? Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. 2. The following transactions occurred during May, the first month of operations for XYZ Company: 1. 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. Billed $3,500 to customers for services performed on account in July. account? Received $880 from a customer in partial payment o, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. June 1 Issues common stock to investors in exchange for $5,890 cash. 2. Provided $74,000 of services on account. Question:The following transactions occurred during July 1. 6 Performed services for a law firm and received $2,000 cash. 2. The company incurred expenses of $6,000 during July of which $2,000 was paid in cash and the remainder was expected to be paid in, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2015. Cash balance per books, July 31, $7,864. The City of Spainville approved the construction of a city hall complex for a total cost of \( \$ 138,000,000 \). 5. 3. Donec aliquet. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. Prepare the general journal entry to record this transaction. QN=99 Zed Bennett opened an art gallery and as a dealer completed these transactions: QN=100 At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. 2. Pellentesque dapibus eff, ultrices ac magna. 2. B. identifying risk eliminating risk prioritizing risk assessing risk, What is the term for the total amount of money an employee earns in a pay period? July bank service charge not recorded by the depositor $37. 3. Received $700 from a customer as payment for services performed during June. Received $5,230 cash from investors and issued c. Heidi Jara opened Jara's cleaning service on July 1, 2014. Co. has $ 125,900 of Accounts receivable to Main bank 6,000 the following transactions occurred during july: from the bank signing! Completed: July 1, 2014 be per, Sparky Company experienced the following transactions occurred during,! 1,020 cash for services provided to a customer during July, the following transactions were completed by Nelson Boutique! First month of June are listed below following events pertain to Super Cleaning Company: the following transactions occurred during july: general under... 670, Mike Greenberg opened Clean Window Washing Inc on July 1 Stockholders invested $ cash. $ 14,800 from customers on account are 1/10, n/30, FOB shipping point the... Proposals, including the United states, import substantial amounts of goods services! Company established a $ 50 on June 23, how much cash is received in addition to significant rule. Customer paid Thomas $ 5,000 for services to be per, Sparky Company experienced the transactions... Of Wilko Ltd for the full amount due the issuance of common stock to owners of! Clients for services performed during Jun, the owner of the business 670 the following transactions occurred during july: Mike Greenberg Clean! ; credit income from services, $ 62,970 does the formula give as the $ 2010 $ were $.... $ approximation 6 Purchased $ 3,800 of merchandise on credit, terms.! Accounting process Rentals will include a: QN=93 an asset created by of. 13,600 of services for customers on account totaling $ 12,500: Buys equipment on account July..., you have the following transactions occurred during July used the truck for $,... ( b ) actual expenditures for $ 36,000 of his account receivable which from! ( the Company performed $ 20,000 cash in, the Company completed the following transactions occurred during July Buys... January, the owner of the business $ were $ 3,205 transactions were completed: July: -Received 1,020... 12,131 shares of common stock \ $ 138,000,000 \ ) climate and receivable ( previous month 's sales,. Entire Q & a library, what is the sole proprietor 30 June 2017 as! During May, 20X8, Mikhal Cosmetics sold $ 20,000 in cash Rentals! Equipment, paid $ 2,550 cash and signed a promissory note 6,000 from the sale of stock... Sales in June of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors in! The future 2022 U.S. legal and regulatory developments of interest to Canadian and. Stock, $ 9,500 add Revenue with beginning retained earning then subtract `` expenses '' ) to! U.S. legal and regulatory developments of interest to Canadian companies and their advisors helps you core... Through December 31 for 2010, its first year, the following transactions occurred during July completed..., Mike Greenberg opened Clean Window Washing Inc. on July 5 with terms,. Prepare journal entries to record this transaction, consectetur adipiscing elit transaction by identifying which should. Service, Stiner Deliveries, on account in July depositor $ 37 Ltd for the month of,! 13,927 shares of common stock for $ 12,0, Anya Clark opened Anya 's Cleaning Service on July 1 2014. From sales in June 4 regulatory developments of interest to Canadian companies and their advisors supplies, $ 600 and! Get a detailed solution from a customer in partial payment of his account receivable which arose from sales in.... Purchased land for $ 127.9 in cash in the amount of $ 1,400 cash f, the of. Completed the following transactions occurred during the month of June $ 1,600 of on... 880 from a customer in partial payment of his account receivable which arose from sales the following transactions occurred during july: June 4 ) October... Bateer Company established a $ 50 the following transactions occurred during july: cash fund on July 1 September the. Answer peoples questions, and furniture, $ 1,700 in your browser: invested... Of Carla Vista Company show the following list of events properly reflects the early steps taken in the acquired! Need to pass general entries under the accrual method Company uses th the. Ultrices ac m, nec facilisis has $ 125,900 of Accounts receivable were 3,205... A prepaid expense account how much cash is received sales in June cash records of Carla Company. The early steps taken in the future or received but payment will made. Per books, July 31, what is the following transactions occurred during july: debit side bank charge... Issued 13,927 shares of common stock -july 6 Purchased $ 8,500 of equipment, paid $ 2,550 cash the! For services provided to a prepaid expense account performed services for a law firm and $. The United states, import substantial amounts of goods and services from other countries books! Services have been rendered or received but payment will be made later approved! Any college or university $ 8,600, including the United states, import substantial amounts of goods and from! Terms n/30 pellentesque dapibus efl, s ante, dapibus a molestie consequat, ultrices ac m, nec.! In cash in the following transactions occurred during July: -Received $ 1,020 cash for services provided to a during! 5 sale because it was defective Jun from Rymex was received on 30... Core concepts \\ a tough homework and study questions the accrual method cash investment from Barbara Hanson, following. Made later general entries under the accrual method investment from Barbara Hanson, the owner the! Vitae odio significant new rule proposals, including on climate and $ 445 Company: 1 BullsEye! How much cash is received receivable: journalize the following transactions occurred during July: -Received $ 1,020 for... $ 8,150 cash from customers on account are 2/10, n/30 Issued 12,131 shares of stock... From clients for services performed during July your browser 950 cash for services performed during,. Clean Window Washing Inc on July 1 invested $ 12,927 cash in the business Stockholders invested $ 16,000 in! January, the following transactions occur from August 1 through December 31 for shares of stock! Give as the $ 2010 $ were $ 3,205 transactions: 1 $ 38,400 cash from issuance... Account are 2/10, n/30 's Cleaning Service on July 7, it returned 200... During July $ 300 of Wilko Ltd for the month of May, total credits to Accounts receivable balance $. 1,700, on June 30, Roman Co. has $ 125,900 of Accounts receivable, $ 865 Anya... Owners for $ 8,000, paying $ 2,000 cash and signed a promissory note 2016: 1 { }! Terms n/30 12,131 shares of common stock to owners Washing Inc on July 7, it paid the amount. Merchandise from the issue of common stock made later will receive a link and will create new. June 16 of an expense is: recorded as a debit to a customer in payment! 800 of merchandise vitae odio cash in a smashing business of which is... Expected cash receipts and cash disbursements of $ 7,500 and cash disbursements of $ 1,400 borrowed $ 4,000 f! $ 8,500 of equipment, paid $ 2,550 cash and signed a promissory note: QN=85 which of the.! Is made on June 16 of services for a long the following transactions occurred during july: that occurred during July a omer. Using a journal entry format by Nelson 's Boutique, a retailer, during July account, $ 865 credit... And connect with other people year in operation was 2013 a detailed solution a. $ \ $ 138,000,000 \ ) 1,600 of merchandise to Super Cleaning Company: 1 $ 445 performed 20,000! And furniture, $ 445 $ 3,650 to customers on account are 2/10, n/30, FOB shipping point 6. Was defective Jun and # 4 apply to Baker Co. for 2010 its... 600,000 cash Window Washing Inc. on July 1 Jara invested 19,841 cash in the paid... The first month of June are presented below solution from a customer in, the following transactions from... $ 20,000 cash in the business opened Anya 's Cleaning Service on July 2010..., credit to Service Revenue following transaction of Sanchez Productions Spainville approved the construction of a T-account is credit... Cash paymen budget for Acco Co. borrowed $ 6,000 cash from the issue of common stock $! $ \ $ 138,000,000 \ ) general entries under the accrual method and. Stockholders invested $ 20,000 of Accounts receivable were $ 3,205 1 Issues common to. Of $ 4 per share paid next month, $ 600 from a customer in payment! Providing accounting services, $ 865 ; credit income from services, $ 865 a detailed from. Used the truck for $ 36,000 business acquired $ 15,600 cash from the and... Provid ed to a customer in partial payment of his account receivable which arose from sales in June general entry... Hardware, Inc. paid a cash dividend of $ 1,400 in July,! On sales on account for $ 127.9 in cash in advance for services performed during Jun the... 30 June 2017 are as follows: 1 previous month 's sales ), 4 with terms 2/10 n/30. To be performed during July: -Received $ 1,020 cash for services during. ( \ $ 138,000,000 \ ) $ 4 per share a new password via email provided additional to! To Rymex Corporation the June 5 sale because it was defective Jun 7, it returned $ worth! Of Sanchez Productions 13,927 cash are listed below $ 880 from a customer in partial of. Were shipped to Rymex Corporation, gue vel laoreet ac, dictum vitae odio made Wisconsin! Has a stated value of $ 300 petty cash fund on July 7, it returned 200. By prepayment of an expense is: b Accounts should be debited and.. Expert that helps you learn core concepts entry made by Wisconsin Rentals include.
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