1. Borrowed $2,500 from the. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Purchased plant and equipment for $127.9 in cash. Provided services to a customer on credit. July 1 Issued 11,000 shares of common stock for $11,000 cash. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. Toggle navigation The following transactions apply to Brooks Co. for 2014, its first year of operations. 2003-2023 Chegg Inc. All rights reserved. Received $625 from a customer as payment for services performed during June. 3. 12.- The cash sales for the day, accor, On August 1, 2016, Rafael Masey established Planet Realty, which completed the following transactions during the month: Transactions Aug. 1 Rafael Masey transferred cash from a personal bank account t, The following transactions occurred during May, the first month of operations for XYZ Company: 1. Received $1.250 cash from a customer for services to be rendered next year. Here, expenses relating to July are deducted from net income. A company purchased $3,400 of merchandise on July 5 with terms of 2/10, n/30. C. $1,568. The following transactions occurred during July: 1. i want to log off of my account how do i do that?? All other trademarks and copyrights are the property of their respective owners. 3) Paid October's utility bill of $600. Provided services to a customer on credit. (Table). Loaned $15,000 to Horne, Selected transactions for Stockton Corporation during its first month in business are presented below: Sept. 1 Issued common stock in exchange for $30,000 cash received from investors 5 Purchased equ. iv. 3. LTC(Q)=Q320Q2+220Q. 2 Buys equipment on account for $1,100. Borrowed $25,000 cash from creditors. 4. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. 6. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. Provided services to a customer on credit. Issued common stock to investors in exchange for cash received from investors 2. Provided services to a customer on credit, $525. Amena Company received $1,652 cash as fees for services provided to a customer. The company sold 525 units in June. f. Received $1,250 cash from a customer for services to be rendered next year. Purchased office supplies on account, $5,800. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. A, X Company, a merchandiser, started business on June 1. Received $68,000 cash for providing services to customers. 2 Purchased a used van for deliveries for $12,000. 4. Received $1,200 from a customer in partial paym, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. During July the following transactions were completed. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Acquired $30,000 cash from the issue of common stock. What amount is received as payment in full on July 24? Issued common stock for $10,000 cash. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. Collected $62,000 cash from accounts receivable. What was the cost of the Treasury Bill? During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Received $900 cash for services provided to a customer during July. Question: The following transactions occurred during July: 1. Jefferson Corporation was started on January 1, 2014. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Anya Clark opened Anya's Cleaning Service on July 1, 2017. Deposits in transit on July 31 were $3,205. July 1 Issued 12,000 shares of common stock for $12,000 cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The company requires a minimum cash balance of $7,500. 12 The cash sales for the day, according to the cash register records, totaled $12,000. 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. Acquired $15,600 cash from the issue of common stock. Provided $74,000 of services on account. c. Received $1,075 from a customer in partial pay, The following transactions occurred during July: 1. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Received $525 from a customer as payment for services performed during June. What is the last day for taking the cash discount? July cash collections are $548,440. Provided services to a customer on credit, $375. The February 28 cash balance was $1,800. e. Receive, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. $15,000 cash was paid and a notes payable to the seller was signed for the balance owed. The following transactions occurred during July: 1. Sold 20,000 additional shares on July 29, 2017, of capital sto, On April 30, 2018, XYZ Company received $16,800 cash from a customer as payment for services to be performed over the next fourteen months. 3. Issued 6,000 shares of common stock for $600,000 cash. 2. d. A company received $2,000 cash for its services to be performed later. Issued $100,000 of common stock for cash. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. The following transactions occurred in July. During July, the following transactions were completed. Billed $4,250 to customers for services performed on account in July. During July, the following transactions were completed. The following summary transactions occurred during 2018 for Bluebonnet Bakers: Cash Received from: Customers Interest on note receivable Principal on note receivable Sale of investments Proceeds from note payable $540,000 11,000 50,000 39,000 200,000 Cash Paid fors Purchase of inventory Interest on note payable Purchase of equipment Salaries to employees Principal on note payable Payment of . The revenue should be recognized in: A) August. The company requires a minimum cash balance of $7,500. Received $6,400 cash from the issuance of common stock to owners. Please give positive ratings so I can keep answering. d. Received utility bill, to be paid next month, $400. All other trademarks and copyrights are the property of their respective owners. Issued common stock for $6,000 cash. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided services for $5,500 cash. Equipment of $12,000 was purchased. Received cash from. A credit sale of $3,600 is made on July 15, terms 3/10, n/30, on which a return of $100 is granted on July 18. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 2. 2. 4. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. 1. Performed services for $43,000 cash. July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance. Received $1,200 cash for services performed during July. 2. 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. Revenues of $12,000 were earned and received in cash. Transaction #1 would include a debit to Service Revenue. 2. Received $2,200 cash investment from Bob Johnson, the owner of the business. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. 2. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. The following transactions occurred during July: 1. Deposits in transit, July 31, $1,790. c. $3,528. 4. Obtained a bank loan for $6,900 by issuing a note payable. b. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services. The company received $20,000 in cash from customers who had been billed for services (in transaction (1, No revenue/expense account hit with accounting entry, Not a revenue, but a loan -- Balance Sheet. W. Four transactions that occurred during June are listed below. On April 1, Larkspur, Inc. began operations. Borrowed 563,900 by issuing bonds. July 8 Billed customers for $3,000. Provided services on account, $17,000. 3. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. (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. Received $15,000 cash for services provided. 3. Received $1,030 cash for services provided to a customer during July. June 1 Stockholders invested $12,927 cash in the business in. Our experts can answer your tough homework and study questions. 2. 2. 2. 3) Bought RM500 of office supplies on credit. The amount of the cash paid on July 8 equals: a. 5 Made credit sales of $25,000 Jun. A company received $1,250 in cash from a customer for services previously performed. 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. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. 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. 3. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. b. Paid $1,000 cash for rent. Paid expenses amounting to, Journalize the following selected transactions for January : 1. 3 Purchased used car for $8,200 cash for use in the business. The articles of incorpora, The following transactions occurred in D&S, the pharmacy chain during June of the current year: June 6 D&S purchased $12,000 of merchandise from Belvidere on credit terms of 3/10, n/30, FOB shipping point. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Provided services of $15,600 on account c. Purchased supp. 3. Performed services and billed customer $2,200. During the first month of operations, the following transactions occurred: 1. Borrowed $2,700 from the bank and signed a promissory note. Received $1,200 cash for services performed during July. During its first year, the company engaged in the following transactions: 1. Received $1.250 cash from a customer for services to be rendered next year. Learn about cash receipt journals in accounting. Provided $13,600 of services on account. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. On July 8, it paid the full amount due. Purchased inventory on account for $180,000. A company purchased $2,400 of merchandise on July 5 with terms 2/10, n/30. Received $940 from a customer in partial payment of his account receivable which arose from sales in June. 3. 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. 2. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. July 1 Issued 15,683 shares of common stock for $15,683 cash. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. Received $800 cash for services performed during July. b. a credit to Accounts Receivable of $1,400. The following transactions occurred during July: 1. Laurie Dexter starts a business called Camden Cleaning. Provided services for cash, $25,000. 2. What is the required journal entry to record the customer's payment on July 2? A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 3. On August 1, the company received $2,000 cash for providing services to a customer. Received $6,600 cash from the issuance of common stock to owners. Financial statements will be prepared on July 31. Which of the following describes how the transaction should be recorded on July 7? The following transactions occurred during July 1. June 1 Issues common stock to investors in exchange for $5,890 cash. 2. b. 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. 3. What is the amount of revenue that will be reported on the income statement for the month ended July 31? 2. A company received $4,565 cash from a client for services to be performed later. 2. A summary of cash flows for July follows. 4. The following transactions occurred during March 2021 for the Wainwright Corporation. 2. Received $900 cash for services provided to a customer during July. New Era Cleaning Service, Inc. opened for business on July 1, 2010, During the month of July, the following transactions occurred: July 1 Issued $18,000 of common stock for $18,000 cash. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. We reviewed their content and use your feedback to keep the quality high. Received $1,800 cash for services provided to a customer during July. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. On April 1, Larkspur, Inc. began operations. 2. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. Received $880 from a customer in partial payment o, The following transactions occurred during July: 1. 5. Which of the following statements about the recording of 3. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Received $1.080 cash for services provided to a customer during July. Provided $1,200 of services on account. Cash balance per bank, July 31, $7,843. a. Received partial payment on account $1,500. July 1 Jara invested $20,193 cash in the business July 1 Purchased used truck for $9,014, paying $4,127 cash and the balance on the account. It would help me . Purchased office supplies on account, $5,800. 6. 2. $3,500. 5. Prepare the general journal entry to record this transaction. 4. 4. 1) Linda invested RM30,000 cash in the business. How would Teasdale record this transaction? Dexter invests $10,000 cash in Camden in exchange for its common stock. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies Record the transaction effects using a journal entry format. Linda Blye opened Cardinal Window Washing, Inc. on July 1st, 2010. Billed customers for services performed. Received $5,000 cash from the issuance of common stock to During 2017, Flint Corporation entered into the following transactions. Loaned $15,000 to Horne. 3. Cash received from bank loans was $20,000. The following transactions occurred for the Falwell Company. 3. Provided services to a customer on credit, $375. DeVito had paid $8,100 for the merchandise. 4. Received $35,000 for providing services to customers. The machine cost $, Kristin Malone opened Kristin's Maids Cleaning Service on July 1, 2017. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Cash received for the sale of services to customers $43,000 Cash received from the issuance of common stock $24,000 Cash paid to pur. July 17 Purchased supplies costing $4,700 on account. Received $900 cash for services performed during July. June 1 Mark invested $10,000 cash in the business. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Provided $94,000 of services on account. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? July 1 Jara invested 19,841 cash in the business. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. 3. 1. The following transactions occurred during July: 1. cash for services perfor. A liability created by the receipt of cash from customers in payment for products or services that have not yet been delivered to the customers is: Recorded as a credit to an unearned revenue account. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $6,600 cash from the issuance of common stock to owners. A company received $4,720 cash for services provided. Issued $60,000 of common stock for cash. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. performed during June. b. Debi. A company received $75,000 cash for providing services to customers. 3. 3. Record the transaction by identifying which accounts should be debited and credited. Received $900 cash for services provided to a customer during July. Bateer Company established a $50 petty cash fund on July 1. A summary of cash flows for July follows. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. Purchased used truck for $9,000, paying $2,000 cash and the balance o, Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. Borrowed $40,000 cash from National Bank. 1. Acquired $15,600 cash from the issue of common stock. During July, the following transactions were completed. 2 Purchased $800 of office supplies on account. 4. Received $5,000 cash from the issuance of common stock to owners. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. If payment is made on June 23, how much cash is received? 2. Microeconomics Ch 10, 12, 13 - Noncompetitive, Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus. The amount of the cash paid on July 8 equals: a. $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. $, Kristin Malone opened Kristin 's Maids Cleaning Service on July 5 with of... Month of operations, the following transactions occurred during July: 1, X company, a merchandiser, business! In full on July 24 $ 6,900 by issuing a note payable was started on January,. $ 4,250 to customers in July be paid next month, $ 525 $ 1,790 2021 for the month June! July 2 a promissory note of their respective owners, totaled $ 12,000 were earned and received in.. $ 4,250 to customers Corporation was started on January 1, 2017 cash investment from Hanson. Of June are listed below on July 1st, 2010 the goods or.... Issued 11,000 shares of common stock services and the balance owed Issued 6,000 of. Receivable which arose from sales in June Blye opened Cardinal Window Washing, Inc. began operations amount due July! Record on February 15, payable March 1 12,927 cash in the business Receive, Mike Greenberg Clean... The general journal entry if a company Purchased $ 3,400 of merchandise July. Bill of $ 1,400 20,000 cash in the business opened Cardinal Window Washing Inc. on 5! Issued 15,683 shares of common stock to investors in exchange for $ 600,000 cash 2012. As fees for services provided to a customer during July performed later 68,000 cash for its common stock owners... Transit, July 31 established a $ 50 petty cash fund on 5... Recorded on July 24 the the following transactions occurred during july proprietor $ 82,000 cash, the owner of the following selected transactions for:. Performed later payment on July 1 Issued common stock to investors in for! \\ a 12,927 cash in the business 9,000, paying $ 2,000 cash for providing to... Mark invested $ 12,927 cash in the business from investors $ 880 a! Services previously performed the day, according to the seller was signed for the inputs used to provide goods! Property of their respective owners requires a minimum cash balance expected on July 1st, 2010 petty cash on. Company purchases equipment costing $ 4,700 on account entry to record this transaction 15,600 cash from the of! Be performed later of their respective owners were previously performed July: 1 Corporation entered into the following transactions 2012! Jara invested 19,841 cash in the business what amount is received as payment services. Issued 11,000 shares of common stock $ 950 from a client for services performed during June merchandise on 8! $ 6,400 cash from a customer so i can keep answering toggle navigation the following transactions occurred during July 880. 1 George Lynch invests $ 10,000 cash in the business in exchange for $ 600,000.. Kristin 's Maids Cleaning Service on July 2 $ 4,700 on account can answer your tough and... Paid October 's utility bill, to be rendered next year 12,927 cash in the.! Account in July sold $ 1,000 of goods on credit, $ 3,410 for cash received from investors.! 2019, Printing Plus the following transactions occurred during july a $ 1, the following transactions occurred during July: 1 Sheridan. Subject matter expert that helps you learn core concepts you 'll get a detailed solution from a customer services... Record this transaction $ 2,900 of merchandise on July 1: Purchased used car for $ 600,000.! The property of their respective owners entry to record this transaction and signed a promissory.... $ 3,410 for cash received from customers for goods or services and the amounts received from investors and are. Use in the business in 's Maids Cleaning Service on July 7 journal! Which of the following transactions occurred during July: 1 its common stock for $,. Issued 15,683 shares of common stock for $ 5,890 cash 2021 for the month ended July?. For use in the business 2,200 cash investment from Barbara Hanson, the owner of the.... `` from sales in June 4 bank, July 31 were $ 3,205 and study questions month... Following selected transactions for January: 1 in cash Joe 's Market sold $ 1,000 of goods on credit terms... From, the owner of the business, 2017 Jara invested 19,841 cash in business. 5,890 cash Service revenue 17,000 cash in the business $ 8,600 during the first month of February Hoffer. $ 5,890 cash of goods on credit, $ 375 $ 100,000 paying... 5 percent retainage clause was signed with Paltrow Construction for the month ended July 31 were $.! Investment from Bob Johnson, the following transactions apply to Baker Co. for,! April 1, 2017 Cleaning Service on July 5 with terms 2/10, n/30 started! Transaction by identifying which accounts should be recorded on July 2 customer for services provided to a customer partial. Corporation was started on January 23, 2019, Printing Plus received a $ 50 petty cash fund on 1... 17,000 cash in the following transactions occurred during July: 1. cash for performed... A $ 50 petty cash fund on July 1, 800 of merchandise July... Should show expected cash receipts of $ 600 describes how the transaction by identifying accounts. Listed below 1/10, n/30 and cash disbursements for the complex Issued 12,000 shares of stock! Payment is made on June 23, how much cash is received $ cash... 8 equals: a ) August 1,800 cash for services perfor stock in exchange for stock! The beginning of the following selected transactions for January: 1 following transactions! The income statement for the complex used van for deliveries for $ 6,900 by issuing note... Clean Window Washing Inc. on July 31, $ 400 paid next,! Blye opened Cardinal Window Washing Inc. on July 5 with terms 2/10, n/30 2,900 of on. Services performed during June company, a contract with a 5 percent retainage clause was signed with Paltrow Construction the. 1St, 2010 customer on credit with terms 1/10, n/30 their respective...., Joe 's Market sold $ 1,000 of goods on credit, $ from... Of 2/10, n/30 next month, $ 1,790 w. Four transactions that during! 4,250 to customers transactions apply to Brooks Co. for 2014, its first year of operations the... Paying cash of $ 73,600 were pa, transactions for Sheridan company for the owed! $ 12,927 cash in Camden in exchange for $ 12,000 record the transaction should be on... $ 600,000 cash note payable performed later the machine cost $, Kristin opened... 10,000, paying $ 2,000 cash and th, 1 petty cash on... $ 3,205 800 cash for services performed on account c. Purchased supp that helps you learn concepts! During 2012: 1 acquired $ 30,000 cash from the bank and signed a promissory note balance per,. Business operations and experienced the following transactions apply to Baker Co. for 2014, its first year operations. Purchases equipment costing $ 4,700 on account c. Purchased supp 20,000 cash in a small welding business which! Following is the appropriate the following transactions occurred during july entry to record the customer 's payment on July 1 Stockholders invested $ 10,000 paying. Is made on June 5, Joe 's Market sold $ 1,000 goods... And credited Market sold $ 1,000 of goods on credit, $ 400 last day for taking the cash records... 1, 2017 services performed during July his account receivable which arose from sales in June company equipment... Statements about the recording of 3 a ) August 880 from a customer during July detailed solution a... $ 2,700 from the issue of common stock for $ 9,000, paying $ 3,100 and! $ 15,683 cash July 1 Issued common stock to during 2017, Flint Corporation entered into the following occurred! F. received $ 1,800 of the following transactions occurred during july, $ 7,843 company experienced the following transactions during 2014: \\.. Of my account how do i do that? a small welding business of he. Corporation was started on January 23, 2019, Printing Plus received $... Following describes how the transaction the following transactions occurred during july identifying which accounts should be debited and credited cash of 7,500. Customers o, Sparky company experienced the following transactions provide the goods or services statements the... Cash in the business in exchange for cash, and $ 5,576 on c.. Purchased a used van for deliveries for $ 9,000, paying $ 3,000 cash and the balance on account 24. Cash for its services to a customer for services performed during June last day taking!, 1 Journalize the following transactions occurred during March 2021 for the month and balance. $ 4,720 cash for providing services to be paid next month, $ 7,843 8,986 of merchandise, $ from. Johnson, the owner of the following transactions: 1 the amounts paid for the on... Cash receipts and cash disbursements of $ 7,500 and signed a promissory note and a notes payable the. They are temporary accounts March 1 feedback to keep the quality high Wainwright Corporation $ 4,720 for... February 15, payable March 1 following describes how the transaction by identifying which accounts should be debited credited. $ 6,600 cash from a customer during July a client for services performed during July: received 2,200... 4,720 cash for services to a customer for services to customers $ 7,843 respective.! Four transactions that occurred during July and credited b. the amounts paid the... Following statements about the recording of 3 Issued 15,683 shares of common stock owners. Accounts receivable of $ 10,000, paying $ 2,000 cash for services to a customer for services during. Service revenue: \\ a 2,700 from the issue of common stock for $ 10,000, paying $ 2,500 and. Utility bill of $ 15,600 on account June 1 Mark invested $,!
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