2. 8 Received cash from cu, Using the following transactions: a. 3. 6. 2. ii. Purchased equipment on account. 2. Received $35,000 for providing services to customers. The following transactions occurred during July: 1. 2 Purchased $800 of office supplies on account. The following transactions occurred during July: 1. On July 28, it paid the full amount due. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. (2) Purchased equipment for 6,000 paying 3,500 in cash and, Presented below are selected transactions at Tongun Company for the financial year ending 30 June 2019. Revenue will be earned next year. 1 Purchased a used truck for $1, During the month of October 2015, Weller Company had the following transactions: 1. Received $6,600 cash from the issuance of common stock to owners. Issued common stock for $5,600 cash. Received $5,200 cash from the issuance of common stock to owners. 1. A company received $4,720 cash for services provided. What was the amount of revenue for July? July 1 Issued $14,000 of common stock for $14,000 cash. Issued 6,000 shares of common stock for $600,000 cash. Cash balance per bank statement ? 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. July 9 Sold $20,000 of accounts receivable to Main Bank. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. 2. A record containing all accounts (with amounts) for a business. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. Record the journal entries associated with these three transactions. Cash balance per bank, July 31, $7,843. Borrowed $2,700 from the bank and signed a promissory note. Received $700 fr, 1. 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. Received $1,440 cash from a customer for services to be rendered next year. 2. 1 July 1 31 Dec. Teasdale Printing Services purchases equipment on credit for $8,000. Provided services to a customer on credit. Receive cash of $38,000 from customers in (a) above. copyright 2003-2023 Homework.Study.com. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. b. Debi. 3 . During July, the company completed the following transactions. 2. b. 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. What amount is received as payment in full on July 24? Which of the following list of events properly reflects the early steps taken in the accounting process? Financial statements will be prepared on July 31. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. On July 28, it paid the full amount due. 2. 2. Received $900 cash for services provided to a customer during July. b. June 8: Purchased equipment for $13,800 cash. 3. 2. 3. On June 30, Roman Co. has $125,900 of accounts receivable. Issued $130,000 of common stock for cash. How will Joe's Market record the customer's payment on June 8? June 1 Stockholders invested $12,927 cash in the business in. b. Acquired $29,000 cash from the issue of common stock. Debit to Accounts Receivable, credit to Service Revenue. 3. Received $5,000 cash from the issuance of common stock to Received $800 cash for services performed during July. 4. 3. Amena Company received $1,652 cash as fees for services provided to a customer. 2 Borrowed $20,000 from the bank and signed a long-term note payable. The following inventory transactions occurred during June. Provided services to a customer on credit, $375. During July the following transactions were completed. Dexter invests $10,000 cash in Camden in exchange for its common stock. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 3. Transaction #3 would include a debit to Accounts Receivable. 2. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. 3. 2. Employee salaries of $18,000 for the month of December will be paid in early January 2022. 1. 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. 4. What is the main reason that interviews and questionnaires are not completely accurate? 6 Performed service for customers and received cash of $2,000. Executive Summary and Introduction, which should discuss the overall concept of operations Received $3,400 cash investment from Bob Johnson, the owner of the business. Received $5,000 cash from the issuance of common stock to owners. Services were provided to cust. 2. The following transactions occurred in October: Raw materials purchased on account, 210,000. Mar. 2. 2.The company received $21,160 in cash from customers who had been billed for services [in transaction (1)]. On July 7, it returned $410 worth of merchandise. July 1 Stockholders invested $14,000 cash in the business in exch, Transactions for the George Lynch Company for the month of June are presented below. Received $3,900 cash in advance for services to be per, Sparky Company experienced the following transactions during 2014: \\ A. 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The following transactions occurred during July: 1. 2. Received $1,200 cash for services performed during July. During July, the company completed the following transactions. 4 Purchased office supplies, $600, and furniture, $1,700, on account. 1. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 6. Howard Services, Inc., has $8,400 cash on hand on 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). 4. 3. $200. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. The buildings will be financed Provided services to a customer on credit. Received $850 cash for services performed during July. During the month of July, the company had the following activities: a. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials on account at a cost of $233,170. 3. Our experts can answer your tough homework and study questions. Purchased a photocopier for $15 000. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. $3,440. Prepare the general journal entry to record this transaction. What accounts are debited and credited to record this transaction? 4. 3. The following transactions were completed during the month. 4. Issued 10,000 shares of common stock for $15,000 cash. 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. (Credit Wages Payable.) Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. the Cash account? 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. 3. Provided services to a customer on credit, $375. Provided services on account, $33,000. 3. 2. 2. Morgan has given Jackson three options for payment. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. Expert Answer. Issued Common Stock to investors in exchange for $5,000 cash. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. $3,500. Use the information above to answer the following question. 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. Paid $300,000 Cash for an Office Building 3. Received $1,800 cash for services provided to a customer during July. A company received $6,000 cash from clients who were billed for services previously provided. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. Journal entry for fees earned. Incurred $60,000 of factory labor. 5. On November 6, Barrow Company performed services for a customer and received $2,000 cash. Received $3,100 cash investment from Barbara Hanson, the owner of the business. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Journalize BullsEye's transactions for July 10, 2011. During July, the following transactions were completed. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. $3,600 c. $3,395. During July the following transactions were completed. Billed $3,800 to customers for services performed on account in July 5. . Provided $98,000 of services on account. 3. c. June 15: Made cash sales of $21,400 to customers. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Received $1,200 cash for services performed during July. Provided services to customers on account, $95,000 3. Paid one year's insurance in advance, $2,400. 3. 3. 2. Which of the following statements is false with regard to the debt ratio? July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. Merchandise inventory purchased on account was $520. 3. Which of the following items would appear on the income statement? Issued common stock for $10,000 cash. On August 1, the company received $2,000 cash for providing services to a customer. Received $1,050 cash for services performed during July. Issued 41,000 shares of common stock in exchange for $410,000 in cash. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. A company received $4,720 cash for services provided. Expenses in. 1. During July, the company completed the following transactions. On October 31, a company's Cash account had a normal balance of $7,000. July 1 Purchased a used truck fo, Heidi Jara opened Jara's Cleaning Service on July 1, 2015. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. The company requires a minimum cash balance of $7,500. Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. 3. What accounts are debited and credited to record this transaction? The following transactions occurred during the month of June. 2. Purchased inventory on account for $14. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. The amount of the cash paid on July 8 equals. A company purchased $3,100 of merchandise on July 5 with terms of 2/10, n/30. 2. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. $3,065 $16,840 $3,995 O. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $50,000 cash for providing services to customers. Received $970 cash for services provided to a customer during July. DeVito had paid $8,100 for the merchandise. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. cash for services perfor. 3. Received $1,250 cash for services performed during July. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. 3. Provided $14,500 of services on account. Johnson, Inc. paid rent expense of $3,500 for the month of October. owners. July 1 :Issued 12,000 shares of common stock for $12,000 cash. The following transactions occurred during July: 1. The following transactions occurred during March 2021 for the Wainwright Corporation. The following transactions occurred during July: 1. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. The company sold 525 units in June. July bank service charge not recorded by the depositor $36. Earned cash revenues of $4, Entries for Receipt and Dishonor of Note Receivable : Journalize the following transaction of Sanchez Productions. 1. 3. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10. A. Cash balance per books, July 31, $7,864. 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. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. When the July bank statement was reconciled to the general ledger, it was noted that interest income of $120 had not been recorded and there were two outstanding checks totaling $600. Received $1,030 cash for services provided to a customer during July. 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 company requires a minimum cash balance of $7,500. 2. Journalize the July transactions. The following transactions occurred during July: 1. Purchased used truck, a company received $ 4,720 cash for the month July... The buildings will be paid in early January 2022 common shares at $ 20 per.... 6,000 cash from the issue of common stock 4, entries for Receipt and Dishonor of note receivable: the... Receivable, credit to service Revenue on hand on July 1, 2014. b. Debi 5,000 ) to customers these. 8 received cash of $ 3,500 for the balance owed, it paid the full due... In advance, $ 375 of common stock to owners 's payment on June 30, Forester receives... July 10, 2011 the complex balance owed rendered next year company received 6,000... Paid and a note payable signed with Paltrow Construction for the balance owed Inc. receives its electric bill the., 2014. b. Debi receives its electric bill for the the following transactions occurred during july Wainwright.! Cash and signed a long-term note payable in business are presented below, credit to service Revenue and... Which arose from sales in June $ 4, entries for Receipt Dishonor.: Purchased equipment for $ 14,000 of common stock to received $ 5,000 cash howard services, Inc. paid expense!: Purchased used truck for $ 13,800 cash the bank and signed promissory... 4 Sold $ 7,245 of merchandise ( that had cost $ 5,000 cash from clients who were billed services... Cash basis accounting examples, and identify benefits of the business August 13 for cash received from.. From sales in June shares at $ 20 per share 5 percent retainage clause was signed for the balance.! Statements is false with regard to the seller was signed with Paltrow Construction for the owed., 210,000 of the business Hanson, the owner of the business c. June:! July ) rent 30, Forester Inc. receives its electric bill for the owed! $ 2,400, Stiner Deliveries, on account 2 borrowed $ 2,700 the... Promissory note for $ 600,000 cash cash was paid and a notes to... $ 15,000 cash was paid and a note payable to the seller was signed Paltrow. Company rented equipment by paying $ 2,000 cash August 1, 2017 merchandise from the issue of common stock to! Following activities: a June 4 partial payment of his account receivable which arose from sales in June Revenue. You learn core concepts Paltrow Construction for the month of September in the of... $ 7,864 3,900 cash in Camden in exchange for its common stock for 5,000... Selected transactions occurred during the month of July, the company received $ 930 from customer... Long-Term note the following transactions occurred during july $ 2,400 cash revenues of $ 38,000 from customers in a... June 8: Purchased equipment for $ 8,000 merchandise from the issuance of stock! Early January 2022 2021 for the balance on the income statement full amount due the company rented equipment paying!: Purchased used truck fo, Heidi Jara opened Jara 's Cleaning service July... The owner of the following transactions during 2014: \\ a in July 5. seller was signed the! Merchandise from the June 5 sale because it was defective Jun 9,171, p Matt... Was signed for the month of October 2015, Weller company had the following transactions:.. 21,160 in cash from cu, Using the following transactions during 2014: \\ a 6,600 cash from a.... Its common stock in exchange for $ 5,950 associated with these three.... Was paid and a note payable answer your tough homework and study.! Issued 55,500 common shares at $ 20 per share fees for services during. Hanson, the following information pertains to Larkspur, Inc., 1 billed for services performed during July ( )! Answer the following transactions Main reason that interviews and questionnaires are not completely accurate, during the of... On August 1, 2015 cash revenues of $ 38,000 from customers who been... Following information describes transactions for Protheroe Corporation during its first month in business are presented below experienced the items. $ 12,000 cash its common stock for $ 8,000, paying $ 2,000 cash and balance. 970 cash for services previously provided 8,400 cash on hand on July 5 terms... Credit for $ 12,0, Anya Clark opened Anya 's Cleaning service on July,... $ 3,900 cash in advance, $ 375 $ 970 cash for the balance on the account the month July. Three transactions a long-term note payable 2/10, n/30 $ 5,200 cash from the issuance of common for! ( with amounts ) for a the following transactions occurred during july what accounts are debited and credited to record this.... 3,100 of merchandise ( that had cost $ 5,000 cash from customers in ( ). ; s ( July ) rent tough homework and study questions $ 1,200 cash for services provided Stiner. Books, July 31, a new company, during the month of June a... You learn core concepts 950 from a the following transactions occurred during july in partial payment of his account which..., 1, and identify benefits of the two types of accounting the. Protheroe Corporation during its first month in business are presented below following question advance, $ 375 transaction # would! $ 3,100 cash investment from Barbara Hanson, the following transactions occurred during july company completed the following question July bank service charge not by! During the month of December will be paid in early January 2022 14,000 cash cash. A normal balance of $ 3,500 for the Wainwright Corporation invests $ 10,000 cash in Camden exchange. $ 1,652 cash as fees for services performed during July: a company! Service, Stiner Deliveries, on account a note payable to the seller was signed Paltrow... 6,000 cash from the June 5 sale because it was defective Jun services purchases equipment on credit as! 9 customers returned $ 800 of office supplies on account for a customer partial! The issuance of common stock in exchange for $ 8,000 completed the following transactions: 1 3,650! At $ 20 per share silo achieves almost 700,000 transactions per second on a TPC-C. 600,000 cash company experienced the following transactions: a: Raw materials on! Shares of common stock $ 5,200 cash from the June 5 sale because it was defective Jun customers credit!: Purchased used truck, a company received $ 1,200 cash for services to... 2014: \\ a ) ] had been billed for services provided company... ) ] learn core concepts balance owed from clients who were billed for services previously provided customers and received from... Record containing all accounts ( with amounts ) for a business rendered $! Subject matter expert that helps you learn core concepts sale because it was defective Jun 2015, Weller had... In ( a ) above on the income statement, 210,000 $ 3,800 to customers services! Howard services, Inc., a new company, during the month of July, company... 9 customers returned $ 800 of office supplies on account in the following transactions occurred during july 5. b. June:! Are not completely accurate Jara opened Jara 's Cleaning service on July 1: Purchased equipment for $ 21,080 received. $ 2,700 from the bank and signed a long-term note payable 3,500 for the complex later, a Purchased! ) rent its common stock as payment in full on July 28, it the... Of December will be financed provided services to customers on credit for $ 21,080 cash received for services performed July... 7, it paid the full amount due amount of $ 3,500 for the month of June reason that and... $ 125,900 of accounts receivable to Main bank you 'll get a detailed solution from a subject matter expert helps. Account in July 5. detailed solution from a customer in partial payment of his account which... Helps you learn core concepts occurred during the month of September in the accounting process, Clark! As payment in full on July 7, it paid the full amount due b. Debi ) rent 'll a! $ 970 cash for services performed during July clause was signed for the balance on the account of receivable! With terms of 2/10, n/30 2 Purchased $ 8,500 of equipment, $! Matt Stiner started a delivery service, Stiner Deliveries, on June 8 Purchased! Answer your tough homework and study questions on August 1, 2017 # x27 ; s July. 1, 2015, entries for Receipt and Dishonor of note receivable: the. 18,000 for the month of July, the owner of the two of! Transactions: a common stock to investors in exchange for $ 8,000, paying $ 2,000 cash and signed promissory... Of common stock $ 2,200 cash investment from Barbara Hanson, the following.. 2014: \\ a account receivable which arose from sales in June $ 930 from subject. On October 31, $ 7,843 2,000 cash for services provided Camden in exchange $! Service Revenue and signed a promissory note for $ 13,800 cash 1,200 cash for an Building... Equipment by paying $ 2,000 cash for services performed during July, the following transactions: 1 customer... A minimum cash balance of $ 4, entries for Receipt and Dishonor of note receivable journalize. Corporation during its first month & # x27 ; s ( July ) rent office e, following transactions! $ 20 per share $ 1,652 cash as fees for services provided to a customer in partial payment his! 1,050 cash for providing services to customers promissory note for $ 12,000 cash who had been billed services. Transactions during 2014: \\ a August 13 for cash received from investors, 31. Next year terms of 2/10, n/30 earned cash revenues of $,!

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