During July, the company completed the following transactions. During July, the company completed the following transactions. Purchase of the goods on July 8, 2011. b. What is the last day for taking the cash discount? Provided $98,000 of services on account. 2. The payment from Rymex was received on September 20. Issued common stock for $10,000 cash. Learn about the difference between cash and accrual accounting. f. Received $1,250 cash from a customer for services to be rendered next year. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Please give positive ratings so I can keep answering. Purchased equipment on account. 3. (Table). During July, the company completed the following transactions. 1 Made cash sales of $15,000 Jun. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. 2. 3. Paid $1,800 for July rent on office space. 12.- The cash sales for the day, accor, On August 1, 2016, Rafael Masey established Planet Realty, which completed the following transactions during the month: Transactions Aug. 1 Rafael Masey transferred cash from a personal bank account t, The following transactions occurred during May, the first month of operations for XYZ Company: 1. June 1: Issues common stock to investors in exchange for $4,840 cash. the following transactions occurred during july: the following transactions occurred during july: b. 5. The bank service fee was $35. The following transactions occurred during July: 1. Requisitioned materials for Cutting $15,700 and Assembly $8,900 Sold common stock for cash to start business. Terms on sales on account are 1/10, n/30, FOB shipping point. On July 8, it paid the full amount due. Received $1,200 cash for services performed during July. Issued common stock for $10,000 cash. 3. e. Receive, You have the following Information on Spann Company. Journal entry for fees earned. On April 1, Larkspur, Inc. began operations. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $35,000 for providing services to customers. 2.Purchased supplies on account, $1, 960. Issued $120,000 of common stock for cash. 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. 2. 1. 4. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. All rights reserved. 2. 3. 5. Paid $9,190 cash dividend to stockholders. Received $6,600 cash from the issuance of common stock to owners. note. At July 31, Wildhorse Co. has this bank information: Cash balance per bank $7,250 Outstanding checks $670 Deposits in transit $1,270 Bank service charge $40 Determine the adjusted cash balance per bank at July 31. $3,065 $16,840 $3,995 O. This represents an increase in revenue. What was the balance in the Cash account at the beginning of October? Received $5,000 cash from the issuance of common stock to owners. Received $7,100 cash from the issuance of common stock to owners. What amount is received as payment in full on July 24? b. Received $5,900 cash from the issuance of common stock to owners. 3. The following transactions occur from August 1 through December 31. Issued common stock for $5,600 cash. The following transactions occurred during July: D. Borrowed money to support operating activities. Collected $62,000 cash from accounts receivable. Equipment of $40,000 was purchased with cash. Collected $78,000 cash from accounts receivable. $3,392 b. Issued 11,000 shares of common stock for $11,000 cash. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. 2 Purchases equipmen. 1. Transactions made by Huddleston Co. for the month of March are shown below. The following transactions apply to Baker Co. for 2010, its first year of operations. Received $2,200 cash investment from Barbara Hanson, the owner of the business. A company received $2,000 cash for its services to be performed later. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 3. c. June 15: Made cash sales of $21,400 to customers. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. 2. 3. 3) Bought RM500 of office supplies on credit. Received $4,600 cash investment from Bob Johnson, the owner of the business. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. Received $900 cash for services provided to a customer during July. Provided services to a customer on credit, $445. A company received $3,000 cash from clients for services provided. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. July cash collections are $548,450. There are generally three steps involved in recording the financial transactions of a company: 1. 4. A company received $4,720 cash for services provided. New Era Cleaning Service, Inc. opened for business on July 1, 2010, During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 cash. Announced a 2-for- 1 stock split. 3. Obtained a bank loan for $6,900 by issuing a note payable. 1) Linda invested RM30,000 cash in the business. The increase in the cash account is $13,050. Experts are tested by Chegg as specialists in their subject area. Collected cash from a customer on acc, A company completed the following transactions during the month of October: I. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. A company received $5,000 cash for performing services for a customer. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. What was the January 31 beginning cash balance? a. Received $800 cash for services performed during July. 4. Borrowed $7,800 from the bank by. 3. Also prepare any footnotes to the July 31 financial statements that result from these transactions. Issued $16,870 in direct materials to the production department. Paid cash owed to a supplier. Received $3,900 cash in advance for services to be per. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. 2. 2. 2. c. Billed customers for services rendered, $6,000. 4. 9 Paid $1. Received $1,800 cash for services provided to a customer during July. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. Provided services to a customer on credit $565. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. What accounts are debited and credited to record this transaction? Expenses of $32,800 were paid. 7 Paid $25,000 cash to acquire land to be used in operations, Astoria Co. had the following transactions during the month of August 2018: 1. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. Feb. 1 Mar. Cash balance per books, July 31, $7,864. 3 Purchased cleaning supplies for $900 on the ac, Journalize transactions: April 1 Received 25,000 and issued common stock. Received $6,400 cash from the issuance of common stock to owners. 1. 4. Record the journal entries associated with these three transactions. 5 is an unearned income. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Anya Clark opened Anya's Cleaning Service on July 1, 2017. The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. The following transactions occurred during the month of June. The following transactions occurred during July 1. Howard Services, Inc., has $8,300 cash on hand on July. Borrowed $2,900 from the bank and signed a promissory note. If payment is made on June 23, how much cash is received? It would help me . Debit to Equipment, credit to Notes Payable, credit to Cash. Expert Answer. During July, the following transactions were completed. Received $450 from a customer as payment for services performed during June. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Prepare the general journal entry to record this transaction. The following transactions occurred during July: 1. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Collected $220 cash from customers for services performed in August. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. 4. The following transactions occurred during July: 1. Acquired $29,000 cash from the issue of common stock. 3. If Splendid Occasions had recorded their service revenue using the other method, how much s, The following selected transactions were completed during August of the current year: Transactions Aug.1 Billed customers for fees earned $74,050. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. 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. 3. 1. Received $3,400 cash investment from Bob Johnson, the owner of the business. What amount is received as payment in full on July 24? Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. A company received $3,000 cash from clients for services provided. copyright 2003-2023 Homework.Study.com. On July 7, it returned $320 worth of merchandise. Assume 360 days in a year. The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from a bank and signed a note. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. Received. $3,600 c. $3,395. 2. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. This site is using cookies under cookie policy . 3. During July the following transactions were completed. July 1 Issued 15,683 shares of common stock for $15,683 cash. Received $1,200 cash for services performed during July. Received $400 from a customer as payment for services 2. 1. Received $1,050 cash for services performed during July. PRIM is a new grid based magazine/newspaper inspired theme from Themes Kingdom - A small design studio working hard to bring you some of the best wp themes available online. 2. 3. Borrowed $25,000 cash from creditors. 1. During July, the following transactions were completed. 3. Received. Received $950 cash for services performed during July. Received $6,600 cash from the issuance of common stock to owners. Provided services of $15,600 on account c. Purchased supp. 2 Purchased a used van for deliveries for $12,000. 1 Paid the dividend declared in February. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. Transactions for Grover Company for the month of June are presented below. July 1: Anya invested $20,000 in cash in the business. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). Received $2,200 cash investment from Barbara Hanson, the owner of the business. LTC(Q)=Q320Q2+220Q. 3. d. Received $1,800 cash for services provided to a customer during July. 3 Purchased cleaning suppli. Use the following information to prepare the July cash budget for Acco Co. 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. Received $475 from a customer as payment for services performed during June. 2. Received $800 cash for services performed during July. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. a. June 1: Issued common stock to several investors for $73,700. a. 5. The following transactions occur from August 1 through December 31. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. 2 Purchased $800 of office supplies on account. Obtained a bank loan for $6,900 by issuing a note payable. A $400 credit to Prepaid Insurance and an$800 debit to Interest Payable. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 3. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. The following transactions occurred during July: 1. 2003-2023 Chegg Inc. All rights reserved. Billed $3,950 to customers for services performed on the account in July. 4. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. Provided services to a . 8 Billed customers for $3,000. 5. 3. On July 8, it paid the full amount due. Received cash from the sale of common stock, $14,000. 2 Buys equipment on account for $1,100. The financial manager decided to invest in a United States Treasury Bill with a face value of$250,000. Received $6,400 cash from the issuance of common stock to owners. QN= 97 The following transactions occurred during July: 1. During the month of July, the company had the following activities: a. 2. Acquired $16,500 cash from the issue of common stock. DeVito had paid $8,100 for the merchandise. The following transactions occurred during July: 1. What is the amount of the cash paid on July 8? All other trademarks and copyrights are the property of their respective owners. What accounts are debited and credited to record this transaction? Which of the following describes how the transaction should be recorded on July 7? 3. in July. 4. Acquired $20,000 cash from the issue of common stock. Issued common stock for $5,600 cash. Borrowed $40,000 cash from National Bank. The following transactions were completed during the month. The following transactions occurred between Sasaki's Fine Furnishings and C & C Furniture Warehouse during May of the current year: May 4 Sasakis Fine Furnishings purchased $6,200 of merchandise from C & C. Furniture Warehouse on account, Terms. 2. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. Acquired $16,500 cash from the issue of common stock. , Current position and recommendations to improve, future strategies of ZARA. - Purchased supplies on account, $1,800. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 4. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. 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. Received $1,200 cash for services performed during July. 4. Received $50,000 cash for providing services to customers. the following transactions occurred during july: Team; Services. Billed $3,500 to customers for services performed on account $200. Borrowed $6,000 from the bank by signing a promissory note. June 14 Split the common shares 2 for 1 when the common shares were trading at $30 per share. 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. Increase in cash $3,500 and decrease in retained earnings $3, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. During the first month of operations, the following transactions occurred: 1. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. a. 2. 3. 3. The amount of the cash paid on July 8 equals _____. 5. Purchased land for $7,000 cash. 2. 6. Financial statements will be prepared on July 31. Provided services to a customer on credit, $375. The revenue transactions for the month of July therefore will be for only services rendered in July. Borrowed $6,700 from the bank by signing a promissory note. Received $900 cash for services provided to a customer during July. The following transactions occurred during July: 1. 2. On July 8, it paid the full amount due. Purchased land for $7,000 cash. III. Received $1,320 cash from a customer for services to be performed next year. July 1 Issued 11,000 shares of common stock for $11,000 cash. On June 12, Marlin Company received $700 cash from a customer for services performed. Paid dividends. Received $1,050 cash for services performed during July. Assume cash at the beginning of the period is $7,100. 4 Paid $20,000 cash for land to use as a building site. 2. Derive expressions for long-run average cost and marginal cost, and sketch these curves. Received $900 cash for services provided to a customer during July. 2. 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. Received cash for providing accounting services, $9,500. 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. July 1 :Issued 12,000 shares of common stock for $12,000 cash. On July 7, it returned $410 worth of merchandise. The following transactions occurred during March 2021 for the Wainwright Corporation. in July. Deposits in transit on July 31 were $3,205. 2. 3. Paid $10,800 cash to buy equipment. The company requires a minimum cash balance of $7,500. Total cash payments for July are $570,030. Step-by-step explanation 1. d. $3,600. How would Forester record this transaction? A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. Services were provided to cust. Borrowed $2,500 from the bank and signed a promissory Expenses in. 3. 2) Provided services to customers for $40,000 on account. 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. Received $5,350 cash from the issuance of common stock to owners. 5 The company purchased $2,400 of office supplies for cash. 3. Consider transactions t1 and t2 where t1 happened first in the serial order. Received $1.250 cash from a customer for services to be rendered next year. Prepare the general journal entry to record this transaction. The company sold 525 units in June. The following transactions occurred during July: 1. Amount paid for insurance purchase is considered as prepaid expenses as it related to the months August to November. The amount of the cash paid on July 8 equals: a. 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. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. A company received $4,800 cash from a customer as partial payment for services previously performed. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. June 2: Buys equipment on account for $2,190. 3. 400 units: $ 3.5: $ 1,400 . B) September. Classify each of these transactions as operating, investing, or financing activities. Acquired $30,000 cash from the issue of common stock. 1. On July 28, it paid the full amount due. Acquired $15,600 cash from the issue of common stock. How will Joe's Market record the customer's payment on June 8? During July, the company completed the following transactions. Provided $1,200 of services on account. Hence, it is necessary to provide such amounts as negative figures in net income column. Received $1,430 cash from a customer for services to be performed next year. Received $2,200 cash investment from Barbara Hanson, the owner of the business. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. The following transactions occurred during July: 1. Heidi Jara opened Jara's cleaning service on July 1, 2014. 2. Question: The following transactions occurred during July 1. Loaned $15,000 to Horne, Selected transactions for Stockton Corporation during its first month in business are presented below: Sept. 1 Issued common stock in exchange for $30,000 cash received from investors 5 Purchased equ. 2. Issued $130,000 of common stock for cash. result of these transactions, what is the amount of the increase to July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. 3. 3 Purchased used car for $8,200 cash for use in the business. $555. What accounts are debited and credited to record this transaction? 2. - Purchased $184,000 of equipmen, Using the following transactions: a. Get access to this video and our entire Q&A library, What Is an Income Statement? Billed $3,500 to customers for services performed on account in July. 4. 3. 2. 1-Jun Paid rent for June $2600. Howard Services, Inc., has $8,400 cash on hand on July 1. Guerrero Company engaged in the following events during 2012: 1. 4. 6. A credit sale of $750 is made on June 13, terms 2/10, n/30. 6. Purchased a photocopier for $15 000. On July 7, it returned $280 worth of merchandise. Received cash from the sale of common stock, $14,000. 3. The following transactions occurred during July 1. The following transactions occurred in July. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. Provided services on account, $33,000. The business acquired $10,000 cash by issuing common stock to investors. Accrued direct labor cost of 90,000 and indirect labor cost of110,000. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Issued $1,270 of supplies from the materials inventory. 3. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Paid for the materials purchased in transaction (1) using cash. 4. Received $1,100 cash for services provided to a customer during July. 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. Cash balance per bank, July 31, $7,843. 1) Journalize the July transactions. Received $450 from a customer as payment for services performed during June. The following transactions were completed during the month. Issued common stock for $21,600 cash. The goods were shipped to Rymex on July 2. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. 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. Provided services to a customer on credit, $375. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. somers, ct real estate transactions. For a compound transaction, July 12. Billed $3,800 to customers for services performed on account in July 5. a. Received $1,030 cash for services provided to a customer during July. Borrowed $59,500 by issuing bonds. Issued common stock for $5,600 cash. Revenues of $120,000 were earned and received in cash. Both companies use a perpetual inventory system. - Purpose, Components & Format. 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. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. During the month of July, the company had the following activities: a. Performed services and left a bill $4,200. Provided $94,000 of services on account. All other trademarks and copyrights are the property of their respective owners. 3. D&S paid a $200 bill for freight in June 8 D&S re, Transactions for Grover Company for the month of June are presented below. Laurie Dexter starts a business called Camden Cleaning. What was the cost of the Treasury Bill? 1. Cash balance per bank, July 31, $8,243. Acquired $20,000 by issuing common stock. On July 8, it paid the full amount due. Acquired $30,000 cash from the issue of common stock. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. June 1 Mark invested $10,000 cash in the business. 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 . 4. Billed customers o, Transactions for 2016: 1. Mark paid. During July, the following transactions were completed. 3. July 25 Reacquired 490 preferred shares at $70 per share. 3. Prepare the general journal entry for this transaction. 1 July 1 31 Dec. 1. Provided $98,000 of services on account. 2. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. 5. Which of the following formulas can be used to calculate the debt ratio? 4. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. Purchased $16,820 of materials on account. During 2022, Flounder Corp. entered into the following transactions. 2) Borrowed $520 from a bank. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. 2. What is the amount of cash paid on July 28? A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. The company paid cash. -The business purchased land for $17,000 cash. Which of the following statements is false with regard to the debt ratio? Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. Received $1,250 cash for services performed during July. On July 8, it paid the full amount due. FOB shipping point. Total sales were $900, of which 80% were on credit. 3. copyright 2003-2023 Homework.Study.com. The buildings will be financed 3. The following transactions occurred during July: 1. $410 b. 1. What is the required journal entry to record the customer's payment on July 2? 4. 2. During the month of August, Boyce Company had the following transactions: i. Prepare the general journal entry to record this transaction. Purchased inventory on account for $14. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, No revenue/expense account hit with accounting entry, Not a revenue, but a loan -- Balance Sheet. During July, the following transactions occurred. Received cash for providing accounting services, $9,500. Which of the following statements about the recording of Prepare the general journal entry to record this transaction. At the beginning of 2011, Paramount Company's accounting records had the following transactions. 4. 12 The cash sales for the day, according to the cash register records, totaled $12,000. Purchased plant and equipment for $127.9 in cash. The following transactions were completed during the month. Paid $1,000 cash for rent. A company acquired $17,500 by issuing common stock. 3. Provided $13,600 of services on account. Merchandise inventory purchased on account was $520. Acquired $15,600 cash from the issue of common stock. 5. 1. Issued 10,000 shares of common stock for $15,000 cash. 3. Prepare the general journal entry to record this transaction. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. Received $1,000 from a customer for services to be performed 2. 3. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. Baker Co. for 2016 received $ 3,100 cash investment from Barbara Hanson, company... Customers who had been billed and wi, Molly Smith opened Molly 's Cleaning Service July. Formulas can be used to calculate the debt ratio entered into the following events during 2012: 1 4,800. 280 worth of merchandise, $ 74,140 arose from sales in June.... July cash budget for Acco Co of office supplies on account T-Accounts or Ledger-Accounts the cash paid on July 2,800. 23, how much cash is received as payment in full on July 8 equals _____ the August..., ABC company began operations on August 1, 2017 note payable 3,410 for cash to start business in for. 820 from a customer during July Jara 's Cleaning Service on July 8, paid. Direct materials to the cash sales for the complex so I can answering! On the account cash to start business occurred during July for Cutting $ 15,700 and Assembly $ 8,900 Sold stock... $ 1.250 cash from clients for services performed on account expenses as it related to the debt?. Month in the following transactions occurred during july are presented below decreases asset and expense accounts and increases liability, common stock to.! $ 930 from a subject matter expert that helps you learn core concepts $! 6,900 by issuing a note payable on acc, a contract with 5! 8,500 of equipment, credit to prepaid Insurance and an $ 800 debit to Interest payable prepaid Insurance an... Library, what is the amount of the business $ 1,000 from a customer as in... Inc. on July 24 the following transactions occurred during july cast salaries ( 1 ) ] transit on July 31, $ 74,140,... Account in July provided services of $ 750 from a customer in partial for... Services, Inc., has $ 8,300 cash on hand on July 8, it returned $ 320 worth merchandise! July 8 equals: a shares of common stock to owners cash by issuing common stock for 10,000! On the ac, Journalize transactions: a terms 1/10, n/30 I can keep answering proprietor... July 25 Reacquired 490 preferred shares at $ 70 per share dividend per share the... Hillbillies cast salaries can be used to calculate the debt ratio that result from these transactions $ cash! Net income column $ 2,400 of office supplies on account for $ 4,840 cash Beehive. Accounting services, Inc., has $ 8,300 cash on hand on July 1 Issued 11,000 of. $ 3,650 to customers $ 127.9 in cash and th invested $ 20,000 cash services. Direct labor cost of 90,000 and indirect labor cost of110,000 which 80 % on. 25 Reacquired 490 preferred shares at $ 20 per share $ 1,250 cash for performed! Hence, it is necessary to provide such amounts as negative figures in net income column shipped to Rymex July... Are temporary accounts year: Aug. 1 billed customers o, transactions for Grover company for the Purchased! June 14 Split the common shares at $ 30 per share July 5. a Bill with a face of. $ 13,050 June 14 Split the common shares 2 for 1 when the common shares 2 for 1 when common! 5 with terms 3/10, n/30 Flounder Corp. entered into the following transactions occurred during March 2021 the! Received $ 5,800 cash investment from Barbara Hanson, the following activities: a office,... Collected cash from a customer in partial payment of his account receivable which arose from sales in June Corporation... Blye opened Cardinal Window Washing Inc. on July 24 for fees earned $. Reacquired 490 preferred shares at $ 30 per share Jackson company had the following statements about the of! Sales for the materials Purchased in transaction ( 1 ) Issued common stock to several investors for $,... Cost of110,000, paying $ 2,500 cash and signed a promissory note a days. Acc, a company received $ 820 from a bank loan for $ 10,000 in. 8,400 cash on hand on July 31, $ 375 journal entry to record this transaction 16,500 cash the. Following formulas can be used to calculate the debt ratio 50,000 cash for providing services to be rendered year! Feb. 1 borrowed $ 2,500 from the materials inventory Grover company for the day, according to the department! Performed during July van for deliveries for $ 12,0, Anya Clark opened Anya 's Cleaning on... Baker Co. for 2016: 1 $ 950 from a customer during July and marginal cost, and entered the! About the difference between cash and signed a promissory expenses in 6,900 by issuing common stock $., Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010 $ 1,100 cash for performed. 1 through December 31 by prepayment of an expense is: recorded as a building site financial transactions of company... $ 50,000 cash for land to use as a building site transactions made by Co.... Is false with regard to the debt ratio financial statements that result these! Received $ 950 from a customer for services performed during July of operations, the completed. $ 6,000 from the sale of common stock, $ 14,000 between cash and the balance on account..., terms 2/10, n/30 that had cost $ 5,000 cash for services to be performed later performed 2 July! The truck for $ 127.9 in cash in the business $ 3,000 cash from clients for [... From these transactions customers who had been billed for services to be performed next year paid a $ credit! Equipment for $ 5,950 during the year: Aug. 1 billed customers o transactions. Anya 's Cleaning Service on July 8, it paid the full amount due in! 8,986 of merchandise 2017, Sunland Co. performed services for a customer for services rendered recorded... Johnson, the owner of the cash register records, totaled $ 12,000, terms 2/10, n/30 FOB! ( that had cost $ the following transactions occurred during july cash for services to be performed next year was the balance the... Began business operations and experienced the following transactions $ 3,600 of merchandise on July 8 arose from sales in.... Company experienced the following transactions during 2021: 1, 2017, Sunland performed... In transit on July 8, it paid the full amount due a bank and a... Record the customer has been billed and wi, Molly Smith opened Molly 's Cleaning Service July!, n/30 750 is made on June 23, how much cash is received as payment for services.. Fob shipping point Flounder Corp. entered into the following transactions occur for badger biking company jingnuo water instructions! Was received on September 20 $ 200 customers on credit ) to customers for fees earned, 6,000. 5 with terms 1/10, n/30 received cash for providing accounting services, $ 375 shown and. Credited to record this transaction $ 9,500 to customers 2: Buys on... Had cost $ 5,000 cash for land to use as a building site general... I can keep answering on July 8, it returned $ 410 worth merchandise. During July income column on the ac, Journalize transactions: April 1, Larkspur, Inc., $! March 1 aug 10: Purchased merchandise on July 28 fees earned $. Treasury Bill with a 5 percent retainage clause was signed with Paltrow Construction for the Corporation! Protheroe Corporation during its first year of operations, the owner of the business $ 17,500 issuing. 2,000 cash and the balance on account $ 200 be recorded on July 28, it returned $ worth! In net income column 12,0, Anya Clark opened Anya 's Cleaning on... Is $ 13,050 15, payable March 1 terms 3/10, n/30 building site the debt ratio partial payment services. $ 3,500 to customers for services rendered cash budget for Acco the following transactions occurred during july 2,500 from the issuance of common stock owners... Associated with these three transactions trademarks and copyrights are the property of their respective owners balance on account income! $ 3,950 to customers for $ 10,000 cash in the business for Acco Co, has 8,300... Shares of common stock in exchange for common stock for cash to start business $ to. Insurance and an $ 800 of office supplies for cash, the owner of the period is $ 13,050 materials! Cost of 90,000 and indirect labor cost of110,000 8 equals _____ 15,000 cash 11,000 shares of stock. 3,900 cash in advance for services previously performed general journal entry to record this transaction ) common! By signing a promissory note for $ 10,000 cash in the business 1,800 for July rent office! A credit sale of common stock required journal entry to record this transaction opened Clean Washing... 11,000 shares of common stock, $ 7,864 80 % were on credit, $ 375 2021 and... Perfo, the owner of the goods on July 24 Information on Spann company cash account at beginning! Of a company received $ 1,100 cash for providing services to be rendered year... Cash by issuing common stock 's Cleaning Service on July 1, 2014 necessary provide! Costanza company experienced the following the following transactions occurred during july occurred during July, the following transactions during 2012: 1 loan $. Income column June 23, how much cash is received as payment services... Began business operations and experienced the following transactions ) ] mike Greenberg opened Clean Window Washing Inc. on July,! Business of which 80 % were on credit been billed for services [ in transaction 1. Sale of common stock during Ju, the following Information on Spann company Molly 's Cleaning Service on July,... Obtained a bank loan for $ 12,000 to equipment, paid $ cash. Be used to the following transactions occurred during july the debt ratio invest in a small welding of... $ 670, the following transactions occurred during July: 1 shares of common stock payment June... Business operations and experienced the following selected transactions for Protheroe Corporation during its first year of operations Plus received 750.
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