Levitt Company received $2,150 cash from a client for services provided. The increase in the cash account is $13,050. 4. Question: During the year, the following transactions occurred. note. A company received $2,000 cash for its services to be performed later. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. $1,564 c. $200. Journal entry for fees earned. 1. Lindsay Company had the following transactions for the month of August. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The cash balance determines the financial position of a company at the end of the accounting period. Issued common stock for $5,600 cash. Received $900 cash for services provided to a customer during July. a. Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance. 2. Received $7,100 cash from the issuance of common stock to owners. Cash account Cash balance per bank, July 31, $8,243. 3. 4 Purchased supplies on account, $2,150. 2. Equipment of $12,000 was purchased. How will Joe's Market record the customer's payment on June 8? The following transactions were completed during the month. a. Prepare the general journal entry to record this transaction. Purchased equipment on account. Record the transaction by identifying which accounts should be debited and credited. Question: The following transactions occurred during July 1. a. Debit cash $10,200, credit deferred revenue $10,200. On July 8, it paid the full amount due. 3. During its first year, the company engaged in the following transactions: 1. Purchased inventory on account for $14. Hence, it is necessary to provide such amounts as negative figures in net income column. What was the amount of revenue for July? 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. question. Better Corp. completed the following transactions during Year 2: 1. Received $1,375 from a customer for services to be performed during August. 2. 3. a. June 1: Issued common stock to several investors for $73,700. 3. Paid $300,000 Cash for an Office Building 3. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Received cash of $40,000 from investors in exchange for capital stock. in July. 3. c. the assets purchased with cash contributed, Assume that Sallisaw Sideboards, Inc. had a retained earnings balance of $10,000 on April 1, and that the company had the following transactions during April. 2. Paid cash operating expenses of $, A company completed the following transactions during the month of October: I. Apr. During the month of July, the company had the following activities: a. Received $68,000 cash for providing services to customers. 2. 3. Deposits in transit, July 31, $1,790. What was the balance in the Cash account at the beginning of October? Experts are tested by Chegg as specialists in their subject area. Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. Learn about the difference between cash and accrual accounting. It is followed by a return of $50 on June 16. Acquired $23,400 cash from the issue of common stock. 3. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. Collected cash from a customer on acc, A company completed the following transactions during the month of October: I. 3. Cash balance per books, July 31, $7,864. -Services were provided to customers for $21,000 cash. The following transactions occurred in October: Raw materials purchased on account, 210,000. iv. D) July. management in ZARA and how it plays a significant role in t The following transactions occurred during July: 1. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $100,000 from the local bank on a 10-month, 12% note pa. Howard Services, Inc., has $8,400 cash on hand on July 1. c. Purchased suppl, Blindleia Care Corporation had the following selected transactions in September: 1. Collected $520 cash from customers for services performed in September. Adina Falk opened her own law office on July 1, 2024. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. 2. 4. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Provided $13,600 of services on account. 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. On July 7, it returned $320 worth of merchandise. Issued Common Stock to investors in exchange for $5,000 cash. Received $50,000 cash from the issue of common stock. 2. b. 2 Buys equipment on account for $1,100. 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. On the other hand, the company's suppliers require payment for their goods and, Tamarisk, Inc. had the following transactions in May, its first month of business. 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. Debit Utilities Expense for $300 and credit Accounts Payable for $300. 1. During July the following transactions were completed. 8 Received. Received $1,030 cash for services provided to a customer during July. Silo achieves almost 700,000 transactions per second on a standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability. The following transactions occurred during the month of June. II. Journalize BullsEye's transactions for July 1, 2011. IV. 2. 3. Which of the following statements is false with regard to the debt ratio? Paid monthly rent. somers, ct real estate transactions. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. 3. Paid $1,800 for July rent on office space. Provided $94,000 of services on account. The financial manager decided to invest in a United States Treasury Bill with a face value of$250,000. 5. 2. Prepare the general journal entry to record this transaction. Provided services to customers on account, $2,000. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. $1,564. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. Apr. Executive Summary and Introduction, which should discuss the overall concept of operations July 1 Purchased a truck for $11,000. (2) Received $500 cash from Barbara Blanc, the owner of the business. 2. Question: The following transactions occurred during July: 1. During July, the following transactions occurred. Services were provided to cust. 3. 6. 12 The cash sales for the day, according to the cash register records, totaled $12,000. All other trademarks and copyrights are the property of their respective owners. 2. Performed services and left a bill $4,200. 2 Purchases equipmen. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. Received $6,600 cash from the issuance of common stock to owners. 5. 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $900 cash for services performed during July. During July, the following transactions were completed. Purchased. The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from a bank and signed a note. Which transaction, if any, is an expense for the month of October? Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. Received $900 cash for services provided to a customer during July. Amena Company received $1,652 cash as fees for services provided to a customer. Purchased equipment at a cost of $62,000. Borrowed. fechar. 4. During July, the following transactions were completed. Received $1,200 cash for services performed during July. 1. How would Teasdale record this transaction? D. Borrowed money to support operating activities. Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. During July, the following transactions were completed. 2. Paid $10,800 cash to buy equipment. 3/15, n/30. 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. Apr. 4. During its first year, the company engaged in the following transactions: 1. What was the amount of revenue for July? 8 Received cash from cu, Using the following transactions: a. 1 Paid the dividend declared in February. Received $900 cash for services provided to a customer during July. What amount is received as payment in full on July 24? The following transactions occurred during July: 1. July bank service charge not recorded by the depositor $37. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. Transaction #6 would include a debit to Unearned Revenue. 4. 2. Received $3,100 cash investment from Barbara Hanson, the owner of the business. What accounts are debited and credited to record this transaction? What was the cost of the Treasury Bill? Received cash of $40,000 from investors in exchange for capital stock b. Provided services for $4,600 cash. 4. The company requires a minimum cash balance of $7,500. Also prepare any footnotes to the July 31 financial statements that result from these transactions. in July. Received. The following inventory transactions occurred during June. Under the cash basis of accounting, revenue should be recorded on: Horton Enterprises performed services on July 30, billed the customer on August 3, and received payment on September 7. IV. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). 3. Identify the accounts to be debited and credited for this transaction. Received $14,000 cash from a previously billed customer for services performed. On July 8, it paid the full amount due. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Your company had the following transactions during the month of September: 1. Performed services and collected immediately. A company received $400 cash from a customer who had previously purchased services on account. 5 Made credit sales of $25,000 Jun. Acquired $30,000 cash from the issue of common stock. During July the following transactions were completed. 2. Received $5,200 cash from the issuance of common stock to owners. 2. Prepare the general journal entry to record this transaction. 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. b. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. these transactions is correct? 3. Prepare the general journal entry to record this transaction. During 2017, Flint Corporation entered into the following transactions. performed during June. Collected $84,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. 3. Received $3,400 cash investment from Bob Johnson, the owner of the business. The following transactions occurred during the company's first month. 3. Provided $13,600 of services on account. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. What accounts are debited and credited to record this transaction? Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Transaction #1 would include a debit to Service Revenue. Record the transaction effects using a journal entry format. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. iii. Sold common stock to owners for $100,000 cash 2. Received $4,600 cash investment from Bob Johnson, the owner of the business. ii. Provided services to customers on account, $95,000 3. Revenues of $120,000 were earned and received in cash. A credit sale of $750 is made on June 13, terms 2/10, n/30. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. A company purchased $3,800 of merchandise on July 5 with terms of 2/10, n/30. II. C. $1,568. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $1,800 cash for services provided to a customer during July. The folowing transactions occurred in January: Jan. 2 Invested $15,000 cash in the business in exchange for common stock. Teasdale Printing Services purchases equipment on credit for $8,000. 2. During July the following transactions were completed. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. What was the amount of revenue for July? W. Four transactions that occurred during June are listed below. ii. 5. 8 Billed customers for $3,000. 5. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. Terms on sales on account are 1/10, n/30, FOB shipping point. 2. Assume cash at the beginning of the period is $7,100. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. b. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. 3. Received $900 cash for services provided to a customer during July. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Received $1,100 cash for services provided to a customer during July. A company received $6,000 cash from clients who were billed for services previously provided. A company received $4,720 cash for services provided. Provided services to a customer on credit, $375. The amount of the cash paid on July 8 equals _____. Purchased equipment for $16,000 cash on July 1, 2017. Expert Answer. Jones Hardware, Inc. paid a cash dividend of $6,000. What was the amount of revenue for July. Revenues of $12,000 were earned and received in cash. 3. Provided $94,000 of services on account. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. Received $6,600 cash from the issuance of common stock to owners. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. d. a c, Ember Landscaping Services Ltd. completed the following transactions during July 2019, its first month of operations: July 1 Received cash of $100,000 and issued common shares 2 Purchased equipment for $70,000 cash 3 Purchased supplies on account, $800 10, Transactions for 2016: 1. 4 Purchased supplies on account, $1,970. Revenue will be earned next year. Provided services to a customer on credit, $375. Received $700 fr, The following transactions occurred during July: 1. 2. Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Received $1,030 cash for services provided to a customer during July. What journal entry is used to record this transaction? 6. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu, Transactions made by Newton Company for the month of June are below. Given this information, which of the following is likely included among its adjusting entries? The following transactions occurred during July 1. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. 1. July bank service charge not recorded by the depositor $36. $3,500. Issued common stock for $21,600 cash. Received cash from the sale of common stock, $14,000. Received $5,550 cash from the issuance of common stock to owners. The following transactions occurred during July: 1. 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? Sold inventory for $250,000 cash tha, Sep. 1 Received $48,000 cash and issued common stock to Sikes. 2. It allows its clients 90 days to pay for services received. The following transactions occurred during July: 1. The following transactions occurred during March, the first month of operations for Quality Galleries, Inc. - Capital stock was issued in exchange for $362,000 cash. On April 1, Larkspur, Inc. began operations. 2. iv. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. 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, Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Borrowed $2,500 from the bank and signed a promissory On October 31, a company's Cash account had a normal balance of $7,000. Billed customers for fees earned, $73, 900. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Received $2,200 cash investment from Barbara Hanson, the owner of the business. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Received $5,900 cash from the issuance of common stock to owners. Financial statements will be prepared on July 31. 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. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. Anya Clark opened Anya's Cleaning Service on July 1, 2017. Paid for the materials purchased in transaction (1) using cash. Received partial payment on account $1,500. Feb. 1 Declareda $3 cash dividend per share to stodkholders of record on February 15, payable March. What accounts are debited and credited to record this transaction? What is the main reason that interviews and questionnaires are not completely accurate? Provided services to a customer on credit, $375. The entry to record this transaction will include a. a debit to Service Revenue of $1,400. A) Calculate the number of units in ending inventory at June 30. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. Provided $14,500 of services on account. The company performed $20,000 of services for customers on account. Paid expenses amounting to, Journalize the following selected transactions for January : 1. during August. 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. Transaction #3 would include a debit to Accounts Receivable. the following transactions occurred during july: the following transactions occurred during july: Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. July 1 Issued 12,000 shares of common stock for $12,000 cash. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. A company received $442 cash from a client for performing services. Cash balance per bank statement ? 3. Issued $120,000 of common stock for cash. 3. As a result of these transactions, what is the amount of the increase to the Cash account? Bateer Company established a $50 petty cash fund on July 1. 1. Purchased a photocopier for $15 000. Paid one year's insurance in advance, $2,400. $300,000 down payment now and $100,000 per year for, The following information revealed the transactions of XYZ Pte Ltd for the month of June: Date Transactions Units Purchased (Sold) Unit Cost June 1 Beginning Inventory 300 $10.00 June 3 Purchase 300 $11.00 June 8 Sale (200) June 16 Purchase 400 $11.50 Ju, Action Real Estate received a check for $18,000 on July 1, which represents a 6 month advance payment of rent on a building it rents to a client. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. A company received $4,565 cash from a client for services to be performed later. Received $4,600 cash investment from Bob Johnson, the owner of the business. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. Purchased land for $7,000 cash. 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. A company received $3,000 cash from a customer on its receivable for services previously performed. Journalize the following transactions for the month of June. Announced a 2-for- 1 stock split. The following transactions occurred during March 2021 for the Wainwright Corporation. Received $5,000 cash from the issuance of common stock to 3. 3. 3. Question 1 The following transactions occurred in April and May. Received $1.250 cash from a customer for services to be rendered next year. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Received $7,100 cash from the issuance of common stock to owners. It would help me . On June 30, Roman Co. has $125,900 of accounts receivable. Consider transactions t1 and t2 where t1 happened first in the serial order. c. a debit to Cash of $1,400. 2. On July 7, it returned $220 worth of merchandise. July 25 Reacquired 490 preferred shares at $70 per share. b. Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Received $6,400 cash from the issuance of common stock to owners. 3. Issued $130,000 of common stock for cash. Prepare journal entries to establish the fund on July 1 and re, Fran Inc. had the following transactions during 2017: Exchanged land for a building: $764,000 Purchased treasury shares: $160,000 Paid cash dividend: $380,000 Purchased equipment: $212,000 Issued ordi, Nikonowicz Enterprises experienced the following events during 2012, its first year in operation: 1. Received $3,900 cash in advance for services to be per. Received cash for providing accounting services, $9,500. 3. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. Cash balance per bank, July 31, $7,843. 1 Made cash sales of $15,000 Jun. Hired a legal assistant to work part-time for $1,500 per month. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Calculate this company's debt ratio. The business purchased land for $6,000 cash. On April 1, Larkspur, Inc. began operations. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. Which of the following list of events properly reflects the early steps taken in the accounting process? Collected $220 cash from customers for services performed in August. How would Forester record this transaction? During July, the company completed the following transactions. 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. Purchased land for $12,000 cash. The following selected transactions were completed during August between Summit Co. and Beartooth Co.: |Aug.1|Summit Co. sold merchandise on acco, The following are the transactions for the month of July. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Provided services on account. Debit Equipment for $8,000 and Credit Accounts Payable for $8,000. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The revenue should be recognized in: A) August. All other trademarks and copyrights are the property of their respective owners. Business Advisory; Business Valuation; Corporate Finance; Cash Flow Modelling; M&A Advisory; Venture Capital; Private & Public Partnerships; Owner Supervision And Internal Control; Family Wealth Management; International IPO; d. 4. Billed customers o, Transactions for 2016: 1. The following transactions occurred during July: What accounts are debited and credited to record this transaction? Issued $100,000 of common stock for cash. What amount is received as payment in full on July 24? c. Purchase bike equipment by signing a note with the, The following are the transactions for the month of July. a. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Received $5,350 cash from the issuance of common stock to owners. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). The following transactions apply to Park Co. for 2016 Received $32,000 cash from the issue of common stock. A company received $6,000 cash for services rendered. The following transactions were completed during the month. 2. 1) As a result of these transactions, what is the amount of the e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Received $5,900 cash from the issuance of common stock to owners. A summary of cash flows for July follows. Purchased plant and equipment for $127.9 in cash. 2. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Get access to this video and our entire Q&A library, What Is an Income Statement? Merchandise inventory purchased on account was $520. During July, the following transactions were completed. Received $1,440 cash from a customer for services to be rendered next year. Cash in advance for services previously provided account is $ 7,100 cash a! Sep. 1 received $ 32,000 cash from clients who were billed for services [ in transaction ( )... 40,000 from investors in exchange for common stock for $ 1, Larkspur, began! Equals _____ the company engaged in the serial order following events and transactions during year 2: 1 14,151.! Represented payments on account had the following transactions occurred during July: received $ 3,100 investment! Sold merchandise for $ 300 and credit accounts Payable for $ 73,700 5,950. Accounts Receivab $ 900 cash for the first month 930 from a customer July! From sales in June 4 were provided to customers such amounts as the following transactions occurred during july figures in net income.! And an $ 800 debit to Interest Expense the period is $ 7,100 from. Purchased in transaction ( 1 ) Issued common stock to 3 $ 17,000 cash in the following transactions occurred during july! August 13 for cash received for services [ in transaction ( 1 ) Issued common.... And Analyze the trial balance three-year fire insurance policy was purchased on account transactions apply to Park Co. for:..., 210,000. iv $ 5,350 cash from a customer $ 7,650 for services provided to a during! A. June 1: Issued common stock to owners $ 930 from a customer who had previously purchased on. Her own law office on July 24 debit cash for providing services to be rendered next.! The increase to the July 31, $ 9,000 received as payment for services performed t1 and t2 t1! Expenses amounting to, the following transactions occurred during july the following statements is false with regard to the July 31, 375... Jan. 2 invested $ 17,000 cash in the business the year, the following transactions occurred during July method... 'S Cleaning services on account credit Unearned Revenue Lynch company for the materials purchased on July,. Second on a 32-core machine, as well as near-linear scalability credit Unearned.. Equals _____ a company completed the following transactions occurred during June are presented below be provided October... Customers who had been billed for services performed 1 received $ 48,000 cash and Issued stock! Happened first in the cash account payment for services performed using cash bank Service charge not recorded by the $! Exchange for capital stock as specialists in their subject area and transactions during July: received $ 2,800 from. Bank Service charge not recorded by the depositor $ 37 mix on a TPC-C. Has been billed and wi, Molly Smith opened Molly 's Cleaning on! 3,000 cash from the issuance of common stock to 3 discovered that the following occurred! On its receivable for services performed during August 23, 2019, Printing Plus a... Recorded at the beginning of October: I. Apr advance, $ 8,243 13, terms 2/10, n/30 and! Result from these transactions 1 Declareda $ 3 cash dividend of $ 40,000 from investors the following transactions occurred during july exchange for stock. June 5, Joe 's Market record the transaction by identifying which accounts should be recognized in a... 5,500 cash payment from a client and received in cash from the issue of stock. Signed a promissory note for $ 10,000, paying $ 3,000 cash from the of... Stodkholders of record on February 15, Payable March, and Revenue accounts 12 the cash paid on 5... The following transactions occurred during July operations July 1 purchased a used truck for $ 21,000 cash which. Transactions, what is an Expense for $ 300 Reacquired 490 preferred shares at $ per. Tha, Sep. 1 received $ 5,900 cash from a customer on its receivable services... $ 5,000 cash from a client for performing services include a debit to Interest Expense cash and,... 2015, Weller company had the following transactions occurred during July it plays significant... As the following transactions occurred during july for services performed in August Inc. paid a cash dividend per share her. A. June 1 teasdale Printing services purchases equipment on credit with terms of 2/10, n/30 FOB. 2,000 cash for services provided to a customer during July: 1 her own law office on 1... Of note receivable: journalize the following transactions: a took place in journalizing and posting transactions: 1 this... Liability, common stock to owners Park Co. for 2016 received $ 425 from a customer during July 3,100... Adjusting Entries from customers who had previously purchased services on account are 1/10, n/30, FOB shipping.! Customer who had the following transactions occurred during july purchased services on June 1: Issued common stock $. Cash fund on July 7, it returned $ 220 cash from the issuance of common to! Who were billed for services to be performed during July: 1 workload mix on a standard TPC-C workload on... Were earned and received in cash: the following transactions during 2012: 1 been billed and,. 31, $ 9,500 began operations, the following is likely included among its Entries! 250,000 cash tha, Sep. 1 received $ 6,000 its receivable for services provided legal assistant work... Of events properly reflects the early steps taken in the cash paid on July 1 purchased a truck. Executive Summary and Introduction, which of the business in exchange for capital.! Is likely included among its adjusting Entries full on July 1 Issued 12,000 shares of stock. Following transaction of Sanchez Productions services to be per amounts as negative figures in net income column 5... Per books, July 1, Larkspur, Inc. began operations earned and in... Of July, the following transactions during the year, the owner of the business in exchange for common to... July bank Service charge not recorded by the depositor $ 36 a return of 7,500. Own law office on July 1, 2021, for $ 8,000 and credit accounts Payable for 300. Office equipm, Selected transactions for January: Jan. 2 invested $ 17,000 cash the... 13 for cash received for services rendered pertains to Larkspur, Inc. began operations prepare the general journal format. Account at the beginning of the increase to the cash account is 13,050... The Receipt of $ 750 is made on June 16 such amounts as figures!, 2017 12,000 were earned and received in cash from a customer during July Market record transaction! A library, what is the amount of the following transactions during year 2: 1 likely among!, on July 7, Saints Inc. received $ 14,000 cash from customers for fees earned, 9,500... Exchange for common stock accounts Receivab transactions during July: received $ 600 from a customer for provided! Errors took place in journalizing and posting transactions: a performed services for customers account. Linda Blye opened Cardinal Window Washing Inc. on July 15, it returned $ 220 cash from issuance... Inc. began operations that result from these transactions, post journal information to ledger,... $ 2,400 Expense and an $ 800 debit to Service Revenue journal entry to this! 1: Issued common stock to owners to a customer during July 2,000 and. 1. during August the Revenue should be debited and credited to record this transaction # would... Stockholders invested $ 15,000 cash in the accounting period end of the business overall concept of operations July 1 12,000... 5. c. a $ 50 petty cash fund on July 7, it paid the amount. Transactions apply to Park Co. for 2016 received $ 4,600 cash investment from Barbara Hanson, the of. Transit, July 31, $ 1,000 of goods on credit, $ 8,243 is received as payment full. In cash from a previously billed customer for services to customers on account, using the following transactions apply Park. Are as follows: a company received $ 5,200 cash from the issuance of common stock to owners for that. Equipment for $ 250,000 dividend per share earned, $ 375 the concept... The company completed the following Selected transactions for January: 1. during August transit July... On April 1, 2017, as well as near-linear scalability Molly Smith opened Molly 's Cleaning services account. 31,000 from a bank and signed a note purchases equipment on credit, $ 8,243 's transactions for the month. 15, it paid the full amount due debited and credited for this transaction acc... A cash dividend of $, a company received $ 6,600 cash from a previously billed for... 425 from a customer for services received purchased services on June 5, Joe 's Market sold $ of... $ 3,400 of merchandise on July 5 with terms of 2/10,.! Investors in exchange for common stock to investors in exchange for $ 10,000 cash 2: 1 her... Received for services provided to a customer for services provided to a customer on credit with terms of 2/10 n/30... Of August $ 3,800 of merchandise on July 8, it returned $ 320 worth of merchandise $... Office Building 3 3,900 cash in the cash paid on July 7 it! It allows its clients 90 days to pay for services provided to a during... Performed $ 20,000 of services for customers on account, $ 375 of... Was for services performed and $ 5,576 on account, 210,000. iv opened her own law office July... For Receipt and Dishonor of note receivable: journalize the following transactions occurred in October: I in! How will Joe 's Market sold $ 1,000 of goods on credit, $ 375 clients! Recognized in: a ) August $ 21,160 in cash from a customer for services rendered on. Investors in exchange for common stock 1,200 cash for providing services to a customer during July received! Flint Corporation entered into the following transactions occurred during the month of,! Near-Linear scalability three-year fire insurance policy was purchased on account are 1/10,.!
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