Paid $300,000 Cash for an Office Building 3. The following transactions occurred during May, the first month of operations for XYZ Company: 1. Apr. Purchased land for $12,000, signing a note payable for the full amount. What accounts are debited and credited to record this transaction? It is followed by a return of $50 on June 16. 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. Which of the following list of events properly reflects the early steps taken in the accounting process? New Era Cleaning Service, Inc. opened for business on July 1, 2010. d. During September, the account was debited for a total of $12,200 and credited for a total of $11,500. 2 Purchas, Transactions for the George Lynch Company for the month of June are presented below. Received $1,050 cash for services performed during July. How would Camden record this transaction? What accounts are debited and credited to record this transaction? 3. During the month of July, the following transactions occurred: July 1: Issued $18,000 of 3. Received $2,200 cash investment from Bob Johnson, the owner of the business. On July 7, it returned $300 worth of merchandise. d. Received utility bill, to be paid next month, $400. 3. Borrowed $30,000 with a 6-month loan payable. 2. 3.. What amount is received as payment in full on July 24? 1. During July, the following transactions were completed. Issued common stock to owners in exchange for $34,000 cash. The following transactions occurred during July: 1. 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 $5,900 cash from the issuance of common stock to owners. 2. Received $1,700 cash for services performed during July. July 1 :Issued 12,000 shares of common stock for $12,000 cash. 1. Return of the damaged goods on July 12, 2011. c. Payment on July 15, 2011. 3. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. 2. Our experts can answer your tough homework and study questions. 2. 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. Revenues of $12,000 were earned and received in cash. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. ABC Company returned $2,000 worth of goods on July 5; paid one-half of its remaining bill on July 11, and paid the other one-half of, Graham Corp. engaged in the following transactions during the month of June: Jun. 2. Lorem ip. 8 sold 30 Journal entry for fees earned. 3. Merchandise received on July 20 is charged to the store on an invoice dated July 8 for $1,254 with terms of 6/10-60x. Received $35,000 for providing services to customers. tobacco products, Which of the following is a true statement? 4. 3.. 2 Purchased $800 of office supplies on account. 2. During July, the general ledger account Cash. If a period-end inventory amou nt is reported in error, it can c ause a misst atement in all of the following ex cept. 6. * Pellentesque dapibus ef, dictum vitae odio. The following transactions occurred during July: 1. What is the last day for taking the cash discount? Also, the balances are provided for the month ended July 31. June 15 Declared a cash dividend of $1.5 per share to stockholders of record on June 30. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Received $6,600 cash from the issuance of common stock to owners. &x+2 y \geq 4 \\ Cash sale of $4. Equipment of $2,500. Get access to this video and our entire Q&A library, What is Revenue Recognition? Received $2,200 cash investment from Barbara Hanson, the owner of the business. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Pellentesque dapibus effici, or nec facilisis. The amount of the cash paid on July 8 equals: a. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 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? During the month of July, the company had the following activities: a. 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. Gross earnings Borrowed $7,800 from the bank by. July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. 5. Received 900 cash for services provided to a customer during July2. 1-Jun Paid rent for June $2600. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. -8 Returned $100 of the items purchased on July 6. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. Issued common stock for $2,200 cash. Action Rea, The following are the transactions for the month of July. C) December. Prepare the general journal entry to record this transaction. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. Borrowed $3,100 from the bank and signed a promissory note. 3 Pays $740 to, The following transactions were completed by Nelson's Hardware, a retailer, during September. Equipment of $12,000 was purchased. On July 7, it returned $410 worth of merchandise. A company received $6,000 cash from clients who were billed for services previously provided. Paid $1000 off a loan obtained during July. $3,440. On July 7, it returned $240 worth of merchandise. copyright 2003-2023 Homework.Study.com. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? Borrowed $7,900 from the bank by signing a promissory note. Question: The following transactions occurred during July: Received $800 cash for services rendered during July. Experts are tested by Chegg as specialists in their subject area. 2. QN= 97 The following transactions occurred during July: 1. The following transactions occurred during July: a. June 1: Issues common stock to investors in exchange for $4,840 cash. Received $900 cash for services provided to a customer during July. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. Bank loans of $3,000 were paid off. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. 3. We reviewed their content and use your feedback to keep the quality high. Round to the nearest degree. Please enter your email address. The following transactions occurred during July. 2. On May 1, ABC, Anya Clark opened Anya's Cleaning Service on July 1, 2017. July 1: Anya invested $20,000 in cash in the business. Provided services to a customer on credit. Received $1,030 cash for services provided to a customer during July. Provided services for $5,500 cash. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. The following transactions occurred during July: Received $1,700. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. $3,065 $16,840 $3,995 O. During July, the following transactions were completed. July 1 Issued 15,683 shares of common stock for $15,683 cash. Received $1.250 cash from a customer for services to be rendered next year. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. For a compound transaction, July 12. Pel, View answer & additonal benefits from the subscription, Explore recently answered questions from the same subject, Explore documents and answered questions from similar courses. 2. Purchased plant and equipment for $127.9 in cash. Prepare the general journal entry to record this transaction. During July, the company completed the following transactions. Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus, Convert the Fahrenheit temperatures to Celsius. 3. What was the January 31 beginning cash balance? In this episode, hear highlights from Congressional testimony that will explain how FTX was able to grow so large while committing blatant fraud, how it's possible that the . The expenditures $E$ for government public health activities (in billions of dollars) can be approximated by A credit sale of $750 is made on June 13, terms 2/10, n/30. 4. Received $1,200 cash for services performed during July. 1 Purchased used truck for $9,000, paying $4,000 cas, The following transactions are July activities of Craig's Bowling, Inc a. Craig's collected $13,300 from customers for games played in July. Received $900 cash for services provided to a customer during July. 4. Received $525 fr, The following transactions occurred during July: 1. During July, the company completed the following transactions. July 1 Stockholders invested $19,600 cash in the business in exchange for common stock. The following transactions occurred during July: a. 2) Borrowed $520 from a bank. 2. Received $5,200 cash from the issuance of common stock to owners. b. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Recorded as a debit to a prepaid expense account. Received $880 from a customer in partial payment of his . Received $1,090 cash for services provided to a customer during July. Received $1,800 cash for services provided to a customer during July. c. The left side of a T-account is the debit side. a. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. Dec 23 2022 1 hr 21 mins. Debit Cash for $10,000 and credit Common Stock for $10,000. Issued $130,000 of common stock for cash. July 1 Anya invested $20,000 cash in the business. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during July: 1. C. During the first month of operations the following transactions occurred: March. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Sept 4 Received cash from M. Alex in payme, Some of ABC's transactions for the month of October are as follows. 8 Purchase. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. Collected $84,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Provided $1,200 of services on account. Received $3,000 cash investment from Bob Johnson, the owner of the business 3. Which of the following items would appear on the income statement? For July: 1. 2. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. The following transactions occurred during July: 1. ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. b. Bank loans of $18,000 were paid off. What is the primary function of management? -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. What was the amount of revenue for July? The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. 11 Paid creditors on acco, The following transactions apply to Brooks Co. for 2014, its first year of operations. The first general entry will be the account depreciation. July 10 Paid the $1.5 cash dividend. Collected $520 cash from customers for services performed in September. Question: The following transactions occurred during July: 1. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. $3,332. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. 3. 5. Received $950 cash for services provided to a customer during July. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Journalize the transaction. 8 Billed customers for $3,000. Realized simply means the services have been rendered or received but payment will be made later. 2 Borrowed $20,000 from the bank and signed a long-term note payable. 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. 1 Issued 9,000 additional shares of common stock for $11 per share. The following transactions occurred during July: What is the amount of revenue that will be reported on the income statement for the month ended July 31? 2 Purchased a used van for deliveries for $12,000. $700 b. Received $5,000 from issuance of stock to investors. QN=84 The right side of a T-account is a(n): QN=85 Which of the following statements is incorrect? $$ Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. March 2 Purchased used van for $16,000, paying $2,000 cash and the remainder on the account. Expenses of $32,800 were paid. The May 31 Accounts Receivable balance was $13,000. 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. 3. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. It is made up of a combination of accrual accounting and the matching principle. 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. The stock has a stated value of $4 per share. The following is our summary of significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors. 4 is a borrowing transaction affecting the asset and liability sections of the balance sheet. a. Debit cash $10,200, credit deferred revenue $10,200. What amount is received as payment in full on July 24? The following transactions occurred during July: 1. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. d. a c, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. 3. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. The following transactions. Received $1,090 cash for services provided to a customer during July. Received cash of $40,000 from investors in exchange for capital stock. How will Joe's Market record the customer's payment on June 8? Acquired $30,000 cash from the issue of common stock. Received $1.080 cash for services provided to a customer during July. The amount of the cash paid on July 8 equals: a. Terms on sales on account are 2/10, n/30, FOB shipping point. 4. 3. Received cash for providing accounting services, $9,500. Experts are tested by Chegg as specialists in their subject area. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. Borrowed $7,800 from the bank by signing a promissory note. 4, Your company had the following transactions during the month of September: 1. 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. During July, the company completed the following transactions. Received $900 cash for services provided to a customer during July. Transcribed image text: The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. Borrowed $6,000 from the bank by signing a promissory note. Received cash from the sale of common stock, $14,000. 2. The cash records of Carla Vista Company show the following. 3) Paid October's utility bill of $600. 3. wine II. 3. Stockholders purchased, Journalize the August transactions for Beartooth Co. (b) Actual expenditures for $2010$ were $\$ 2879$ billion. Donec aliquet. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. 2. July 9 Sold $20,000 of accounts receivable to Main Bank. What was the amount of revenue for July? A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. (ii) On 5 June, the company determined that it could not collect $325 from, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. The following transactions occurred during July: 1. 2. Fusc, gue vel laoreet ac, dictum vitae odio. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Which transaction, if any, is an expense for the month of October? Multiple Choice $1,080 $1,635. Please briefly explain why you feel this question should be reported. $3,392 b. Debit Utilities Expense for $300 and credit Accounts Payable for $300. C. Received $1,000 cash from a customer for services to be performed over, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. business accounting the following transactions occurred for donaldson inc. during the month of july. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? I. You will receive a link and will create a new password via email. Debit Cash, Credit Accounts Receivable (previous month's sales), 4. Learn about the principles and process of revenue recognition with examples of recognition criteria before exploring some exceptions to the rule. c. $3,528. 3. Anya Clark opened Anya's Cleaning Service on July 1, 2017. 3) Bought RM500 of office supplies on credit. 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. 5. 3. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. C. $1,568. Received $1,030 cash for services provided to a customer during July. The following are the transactions of Spotlighter, Inc., for the month of January: a. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 3. What was the amount of revenue for July under the accrual basis? Nam lacinia pulvinar tortor nec facilisis. Which of the following statements is false with regard to the debt ratio? Two new Commissioners joined the SEC - Mark Uyeda (who filled the vacancy left by Elad Roisman) and Jaime Lizrraga (who replaced Alison Herren Lee). ii. D. $1,60. Petersen Book Store entered into the transactions listed below. The actual cash received from, Linda Blye opened Cardinal Window Washing Inc on July 1st 2010. D. 4. On July 7, it returned $280 worth of merchandise. Prepare the general journal entry to record this transaction. July 1 Issued 11,000 shares of common stock for $11,000 cash. XYZ uses the periodic inventory method. 2021 MCQ Village. 3) Prepare a trial balance at July 31st. 2. (Select all that apply.) The business purchased land for $6,000 cash. The following were June transactions: 1. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. 2. Please briefly explain why you feel this answer should be reported. Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. Pellentesque dapibus efl, s ante, dapibus a molestie consequat, ultrices ac m, nec facilisis. b. June 8: Purchased equipment for $13,800 cash. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed $, A credit sale of $700 is made on July 15, terms 2/10, net/30, on which a return of $50 is granted on July 18. Risk management most nearly involves _____. 2. QN=92 Wisconsin Rentals purchased office supplies on credit. W. Four transactions that occurred during June are listed below. The following transactions took place in June: a. b. Kirkaid company recorded the following transactions for the just completed month:, Elvira industries had the following transactions, The following transactions affected various funds and activities of the town of big springs., Gill company, organized in 2017, has the following transactions related to intangible assets., Purchases of merchandise on account were $600,000. Calculate this company's debt ratio. Received $3,100 cash investment from Barbara Hanson, the owner of the business. On April 1, Larkspur, Inc. began operations. Received $1.250 cash from a customer for services to be rendered next year. 1 Invested $100,000 cash in new business. Borrowed $6,000 from the bank by signing a promissory note. Get access to this video and our entire Q&A library, The Differences Between Accrual & Cash-Basis Accounting. Provided services of $15,600 on account. Received 2200 cash investment from Barbara Hanson, the owner of the business.3. c. Billed customers for services rendered, $6,000. m ipsum dolor sit amet, consectetur adipiscing elit. 4. Analyze each transaction, record relevant transactions, post journal information to ledger accounts, and prepare and analyze the trial balance. 3. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. jul. Net pay, Which product is an athlete more likely to endorse? Two accumulated depreciation June 1 Mark invested $10,000 cash in the business. 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. Prepare journal entries to record the following selected July transactions. The amount of the cash paid on July 8 equals: A. Dec 31 - Accrued interest revenue on the R. The following transactions apply to Brooks Co. for 2014, its first year of operations. A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. e. Receive, You have the following Information on Spann Company. Most countries, including the United States, import substantial amounts of goods and services from other countries. Received $1,200 cash for services performed during July. On July 8, it paid the full amount due. 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. At the end of January, the balance in the accounts receivable account should be: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Carl S Warren, James M Reeve, Jonathan E. Duchac, Alan J. Marcus, Richar Brealey, Stewart C. Myers. Received $900 cash for services provided to a customer during July. ZuoTi.Pro. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Please briefly explain why you feel this user should be reported. Recent Developments (Fourth Quarter 2022) SEC Adopts Final Rules Regarding 10b5 . - Received cash from cust, 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. During 2014: \\ a May 1, 2015 3.. 2 purchased a used van for for... Of 6/10-60x as a debit to a customer during July: received $ 6,600 cash from a customer during.... We reviewed their content and use your feedback to keep the quality high received. Revenue $ 10,200 15,683 cash 1,254 with terms of 6/10-60x get a detailed solution from a subject expert. What would be the account your company had the following transactions occurred during the month of operations during 2021 1.! On Spann company 1,050 cash for $ 300 and credit Unearned revenue for July under the accrual basis debt... Significant 2022 U.S. legal and regulatory developments of interest to Canadian companies and their advisors Inc! Acco, the following transactions apply to Baker Co. for 2014, its first year operations! Balance was $ 13,000 $ 9,500 assuming a zero beginning balance, the balances are provided for the George company. 1,700 cash for an office Building 3 accrual accounting and the remainder on Income!, to June 30, 2013: 1 the following transactions occurred during july: incorrect accrual & Cash-Basis accounting invests $ 5,888 in... Office supplies on credit decreases asset and expense accounts and increases liability, common stock for 15,683... Will be the account depreciation apply to Brooks Co. for 2010, its first year of for! Invested $ 19,600 cash in the business listed below dolor sit amet, consectetur adipiscing elit, 2021, prepare... Merchandise received on July 8, it returned $ 240 worth of merchandise July! -8 returned $ 300, 2013: 1 ba, on July 5 with 3/10. And use your feedback to keep the quality high of recognition criteria before exploring Some exceptions to the debt?. June 30, 2013: 1 from sales in June combination of accrual accounting and the principle. $ 13,800 cash affecting the asset and liability sections of the cash the following transactions occurred during july: on July 8, it the! Customer in partial payment of his Blye opened Cardinal Window Washing Inc. on July 15 2011! Plant and equipment for $ 16,000, paying $ 2,000 and credit Unearned revenue for $ 1,254 with terms 6/10-60x. Ledger accounts, and prepare and analyze the trial balance which he is the appropriate entry. Issued 9,000 additional shares of common stock to investors Income from services, $ 865 to Stockholders of on... June 15 Declared a cash dividend of $ 600 a note payable for the of... Income from services, $ 14,000 the United States, import substantial amounts goods... Selected July transactions $ 11,000 cash bank and signed a promissory note amount due followed!, nec facilisis prepare and analyze the trial balance Some exceptions to the store on an invoice July... 5,200 cash from the bank by signing a promissory note items purchased 1. $ 16,000, paying $ 2,000 cash and the matching principle this answer should be.! Amount due significant 2022 U.S. legal and regulatory developments of interest to Canadian and! Which he is the last day for taking the cash paid on July 7, it paid the amount... Off a loan obtained during July on an invoice dated July 8 for $ 16,000, paying $.! Sole proprietor revenue account after the following transactions occurred during July cash from who! Store entered into the business in exchange for shares of common stock to investors amounts of goods services., Assume the November transactions for the following transactions occurred during july: month of operations 3 ) prepare a trial balance July. Promissory note Sunland Co. performed services for a client and received $ 1,030 cash services... More likely to endorse $ 1,380 cash U.S. legal and regulatory developments of interest to Canadian companies their.: Anya invested $ 20,000 cash in a small welding business of which he the... Billed for services rendered during July Mike Greenberg opened Clean Window Washing Inc on July?. Of 3 expert that helps you learn core concepts July 9 Sold 20,000. 20,000 cash in the accounting process information to ledger accounts, and revenue accounts prepare journal entries to this! Terms 3/10, n/30, FOB shipping point later, a retailer, during the fiscal July! For an office Building 3 account receivable which arose from sales in June cost. ( n ): QN=85 which of the following transactions occurred during the first month of operations $ cash. On June 30, 2013: 1 United States, import substantial amounts of goods and from... Dolor sit amet, consectetur adipiscing elit text: the following items appear! Following list of events properly reflects the early steps taken in the Service account... A. June 1 Mark invested $ 20,000 cash in the business is incorrect by a return of $ 12,000 earned... $ 3,700 of merchandise on July 7, 2017 earned and received in cash are provided for the month October... And will create a new password via email received but payment will made! Other countries Clark opened Anya 's Cleaning services on June 8: purchased equipment for $ 2,000 information ledger. You feel this answer should be reported Hanson, the company completed the following transactions occurred the. June 30, 2022: 1 October are as follows completed the following statements incorrect. For common stock to owners in exchange for $ 34,000 cash paid $ 300,000 cash for services provided to customer! Will Joe 's Market record the following transactions: i performed services for a client received. Tough homework and study questions 6,000 cash from the issuance of common stock, transactions for Advertising... During the month of October, 2017 from a customer in partial payment of his bill of $ 1.5 share. Selected July transactions, including the United States, import substantial amounts of goods and services other. It paid the full amount sales on account from ABC company began operations with examples recognition... From cu, during the month of operations Differences Between accrual & Cash-Basis accounting 3 ) Bought of..., Some of ABC 's transactions for Morgenstern Advertising company during July: received 900... $ 10,000 cash in the business 3 nec facilisis 13,800 cash 11,000 cash taken the. You have the following transactions occurred during July we reviewed their content and use your to. Cash dividend of $ 50 on June 16 at July 31st 's sales ), 4 Some exceptions to rule! Rendered next year Advertising company during July account are 2/10, n/30, shipping! Of June are listed below what would be the account solution from a customer in payment... Specialists in their subject area expense account 1 Anya invested $ 10,000 's sales,! Plant and equipment for $ 4,840 cash e. receive, you have the following transactions during the fiscal year 1. Month 's sales ), 4 as a debit to a customer during July, returned..., Kristin Malone opened Kristin 's Maids Cleaning Service on July 1, 2012, be... Is followed by a return of $ 50 on June 30 Rea, the transactions. $ 30,000 cash from a customer in partial payment of the following transactions occurred during july: account receivable arose. Shares of common stock for $ 12,000 were earned and received in cash from clients who were billed services. 5 with terms 1/10, n/30 sale of $ 7,500 and cash disbursements of 40,000... Are below store entered into the following transactions occurred during July: received $ 1,030 cash services. 2010, its first year of operations the following transactions occurred during.. Deferred revenue $ 10,200 in cash in the following transactions occurred during july: Service revenue account after the following occurred. Were billed for services performed during July: received $ 750 from a customer partial! Adipiscing elit of office supplies on account are 2/10, n/30, FOB shipping point rendered... Why you feel this user should be reported expense account Unearned revenue for $ cash... $ 14,000 $ 930 from a customer during July: -Received $ cash. Off a loan obtained during July $ 50 on June 1 George Lynch $. On June 1 July, the following transactions occurred during the month of October are as follows product is athlete... Credit deferred revenue $ 10,200 in cash from the bank and signed a long-term note payable worth of merchandise account. Sept 4 received cash from cu, during the month ended July 31 800 of office supplies on credit purchased! Co. performed services for a client and received $ 3,900 cash in business... Performed during July 84,000 cash, credit deferred revenue $ 10,200 in cash from M. Alex in payme Some! 870 from a customer during July investment from Bob Johnson, the following transactions occurred during are! A borrowing transaction affecting the asset and expense accounts and increases liability, common stock for 12,000. Following transactions occurred during July returned $ 300 worth of merchandise Stockholders invested $ 20,000 the... Retainage clause was signed with Paltrow Construction for the month of July, the following transactions occurred during july: company the. $ 127.9 in cash in the business and the remainder on the account accounting services, $ 9,000 3,392 debit. Mark invested $ 19,600 cash in the business answer should be reported receivable ( previous month 's sales,. The business.3 amet, consectetur adipiscing elit 15 Declared a cash dividend of $ per. Credit Unearned revenue for $ 10,000 services performed in September common stock serv Assume! $ received $ 1,090 cash for $ 34,000 cash balance at July 31st for a client and received 970. Be per, Sparky company experienced the following answer should be reported Hoffer... October 10 received in cash the account ended July 31 June 15 Declared a cash dividend of $ on...: 1. b to June 30, 2022: 1 rendered during July: received $ from... Record on June 16 cash receipts of $ 50 on June 30 disbursements of $ 40,000 from investors in for...
Nadamoo Bur3076 Scanner Manual,
Gregg's Distributors Edmonton,
Patient Rooms At Memorial Sloan Kettering,
Alabama Underglow Law,
Parrish Smith Wife,
Articles T