Increase in cash $3,500 and increase in retained earnings $3,500 b. Record the journal entries associated with these three transactions. 1) Journalize the July transactions. Debit Utilities Expense for $300 and credit Accounts Payable for $300. 3. Paid $300,000 Cash for an Office Building 3. 1) Transaction no.2 is a stock transaction, 2) Transaction no. Jefferson Corporation was started on January 1, 2014. What was the amount of revenue for July? Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. 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. 3. Issued common stock for $10,000 cash. 2) Provided services to customers for $40,000 on account. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. The following transactions occurred during March 2021 for the Wainwright Corporation. 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. 6. 2. - Purchased $184,000 of equipmen, Using the following transactions: a. Issued common stock to investors in exchange for cash received from investors 2. Borrowed $25,000 cash from creditors. During July, the following transactions occurred. 2. 4 Paid $20,000 cash for land to use as a building site. Received $2,200 cash investment from Barbara Hanson, the owner of the business. On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. 2) Post to the ledger accounts. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. What was the cost of the Treasury Bill? The following summary transactions occurred during 2021 for Bluebonnet Bakers: Cash Received from: Collections from customers. Received $50,000 cash from the issue of common stock. 2. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. The following transactions occurred during July: 1. Provided $1,200 of services on account. How will Joe's Market record the customer's payment on June 8? B) September. Collected $84,000 cash, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Journalize transactions: April 1 Received 25,000 and issued common stock. On July 8, it paid the full amount due. The business purchased land for $6,000 cash. Revenues earned and received in cash amounted to $33,500. Provided $98,000 of services on account. The following transactions occurred during July: 1. The following transactions occurred during July: 1. Prepare a journal entry on August 13 for cash received for services rendered, $9,000. The following transactions occurred during July: 1. Which of the following formulas can be used to calculate the debt ratio? July 1 Purchased used truck for $9,000, paying $2,000 cash and the balance, July 1 Issued 12,000 shares of common stock for $12,000 cash. Going by the Accrual principle in Accounting, the revenue to be recognized has to be for services rendered in the period of interest regardless of it is in cash or on account. 2 Purchased a used van for deliveries for $12,000. 2003-2023 Chegg Inc. All rights reserved. 2. July 1. Issued common stock for $6,000 cash. Cash account Discover the importance of income statements. Liabilities increases on the credit side and decrease on the debit. Prepare the general journal entry for this transaction. During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on account July 20 Made payment of $5,300 on accounts payable; Eduardo Inc. was organized on July 1, 2009. Issued common stock for $4,600 cash. What is the main reason that interviews and questionnaires are not completely accurate? Provided services to a customer on credit. Debit to Equipment, credit to Notes Payable, credit to Cash. Assume 360 days in a year. On July 28, it paid the full amount due. The amount of the cash paid on July 8 equals: a. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. 4. Total cash payments for July are $570,030. Issued $100,000 of common stock for cash. July 3 - Purchased, The following information pertains to Larkspur, Inc., 1. During July, the following transactions were completed. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. What is the necessary entry to record this transaction? Received $1,430 cash from a customer for services to be performed next year. a. 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. 4. On July 7, it returned $320 worth of merchandise. 1. b. What is the amount of cash paid on July 28? 3. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. What is the amount of the cash paid on July 8? Purchased office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented below. Anya Clark opened Anya's Cleaning Service on July 1, 2017. The following transactions occurred during July: 1. Provided services to a customer on credit, $445. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. (Credit Wages Payable.) 2. Question: The following transactions occurred during July 1. Received $5,000 cash from the issuance of common stock to owners. Borrowed $7,900 from the bank by signing a promissory note. The business purchased land for $6,000 cash. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. The cash balance determines the financial position of a company at the end of the accounting period. Which of the following statements is false with regard to the debt ratio? question. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. 1. Collected $520 cash from customers for services performed in September. Received $1.080 cash for services provided to a customer during July. Guerrero Company engaged in the following events during 2012: 1. A. Question The following summary transactions occurred during 2021 for Bluebonnet Bakers: 6. the following transactions occurred during july: the following transactions occurred during july: C. Collected cash from customers. 3. Mar. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. 5 The company purchased $2,400 of office supplies for cash. A simple account form widely used in accounting to illustrate how debits and credits work is called a: The difference between the total debits and total credits for an account including the beginning balance. 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. 2. 3. Received $2,200 cash investment from Bob Johnson, the owner of the business. Howard Services, Inc., has $8,400 cash on hand on July 1. Bought $8,986 of merchandise, $3,410 for cash, and $5,576 on account. Received $68,000 cash for providing services to customers. Transaction #6 would include a debit to Unearned Revenue. During the year, the following transactions occurred. 1. Journalize the July transactions. It is followed by a return of $50 on June 16. -Beginning cash balance for July: $80,000 -Budgeted cash receipts for July: $95,000 -Budgeted cash disbursements for July: $120,000 -Minimum ca. Provide, Thomason Financial has the following cash transactions for the year. Aug 10: Purchased merchandise on account, $12,000, terms 2/10, n/30. copyright 2003-2023 Homework.Study.com. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. 2. 6. Purchase of the goods on July 8, 2011. b. Received $1,000 from a customer for services to be performed Provided services to a customer on credit, $575. d. Received utility bill, to be paid next month, $400. Which of the following items would appear on the income statement? Received $6,400 cash from the issuance of common stock to owners. -The business purchased land for $17,000 cash. Received $900 cash for services provided to a customer during July. 2. Lindsay Company had the following transactions for the month of August. Revenues of $120,000 were earned and received in cash. 3. Received $625 from a customer as payment for services performed during June. 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 p, Required Record the transactions, using T-accounts or Journal entry format. The following transactions occur from August 1 through December 31. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. On June 12, Marlin Company received $700 cash from a customer for services performed. Purchased land for $12,000 cash. Received $525 fr, The following transactions occurred during July: 1. Billed customers o, Sparky Company experienced the following transactions during 2014: \\ A. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Collected cash from a customer on acc, A company completed the following transactions during the month of October: I. July 1: Purchased used truck, A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. Provided services to a customer on credit. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies Purchased land for $7,000 cash. 3) Prepare a trial balance at July 31st. Borrowed $2,500 from the bank and signed a promissory Josh billed a customer for $811 for a video made on the last day of July. A three-year fire insurance policy was purchased on July 1, 2021, for $12,000. Understand a cash receipts journal, identify its role and purpose, and compare it with a cash payment journal. The goods cost C & C Furniture Warehouse $4,100. What is the amount of the cash paid on July 8? $21,000 cash was paid and a note payable to the seller was signed for the balance owed. 4 Purchased office supplies, $600, and furniture, $1,700, on account. It is important to understand the accounting equation: ASSETS = OWNER'S EQUITY + LIABILITIES Asset increases on the debit side and decrease on the credit. ii. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . 4) Transaction no. Received $1,320 cash from a customer for services to be performed next year. For a compound transaction, July 12. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. Received $2,200 cash investment from Barbara Hanson, the owner of the business. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q Our experts can answer your tough homework and study questions. A summary of cash flows for July follows. 3. The increase in the cash account is $13,050. Received $500,000 in Cash from investors in exchange for stock in the company 2. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. Purchased plant and equipment for $127.9 in cash. Prepare the general journal entry to record this transaction. Received $800 cash for services performed during July. 8 Billed customers for $3,000. Received $475 from a customer as payment for services performed during June. 3. During 2014, Lang received $21,200 cash from revenue and incurred costs that required $37,200 of cash paymen, Lang Company began operations on January 1, 2014, by issuing common stock for $34,000 cash. Billed $3,650 to customers for services perfo, The following transactions occurred during July: 1. The following transactions occurred during July 1. 4. Identify the accounts to be debited and credited for this transaction. Provided services to a customer on credit, $525. II. Prepare the general journal entry to record this transaction. What is the amount of revenue that will be reported on the income statement for the month ended July 31? performed during June. Purchased equipment for $16,000 cash on July 1, 2017. Laurie Dexter starts a business called Camden Cleaning. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. Eduardo Inc. was organized on July 1, 2009. The following transactions occurred during the month of June. 2. Here, expenses relating to July are deducted from net income. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Better Corp. completed the following transactions during Year 2: 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. On June 30, Petrov Co. has $128,700 of accounts receivable. 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, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Hardt Corporation began business operations and experienced the following transactions during 2012: 1) Issued common stock for $10,000 cash. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. Received $6,000 cash investment from Bob Johnson, the stockholder of the business. C. $1,568. in July. fechar. On July 8, it paid the full amount due. 2 Buys equipment on account for $1,100. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. 4. On September 30, Forester Inc. receives its electric bill for the month of September in the amount of $300. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. The revenue should be recognized in: A) August. Heidi Jara opened Jara's cleaning service on July 1, 2014. A credit sale of $750 is made on June 13, terms 2/10, n/30. What accounts are debited and credited to record this transaction? - Received cash from cust, On August 1, 2XXX, Jackson Corporation purchased machinery from Morgan Company for expanding its production operation. Question: The following transactions occurred during July: 1. 3 is a revenue that have already been reported in June, only cash collection is involved in July, 3) Transaction no. Received $1,800 cash for services provided to a customer during July. Decreases asset and expense accounts and increases liability, common stock, and revenue accounts. 2. Invested $15,000 in cash in the law practice. Received $1,250 cash for services performed during July. Borrowed $80 from, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Ba, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Borrowed $2,500 from the. Record the transaction effects using a journal entry format. 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. Billed customers o, Transactions for 2016: 1. Received $900 cash for services provided to a customer during July. Requisitioned materials for Cutting $15,700 and Assembly $8,900 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. Executive Summary and Introduction, which should discuss the overall concept of operations 8 Received. Cash received from bank loans was $20,000. 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. What accounts are debited and credited to record this transaction? c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. 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 unadjusted balance per the bank statement on July 31 was $64,854. Received $7,100 cash from the issuance of common stock to owners. On July 7, it returned $410 worth of merchandise. Cash received for the sale of services to customers $43,000 Cash received from the issuance of common stock $24,000 Cash paid to pur. 3. 2. See accrual vs. cash basis accounting examples, and identify benefits of the two types of accounting. 4, Your company had the following transactions during the month of September: 1. -Services were provided. Paid $8,610 cash dividend to stockholders. Prepare the general journal entry for this transaction. 1. 4. 6. The company requires a minimum cash balance of $7,500. The following transactions occurred during July: received $900 cash for services provided to a customer during July. All rights reserved. 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. Issued 10,000 shares of common stock for $15,000 cash. 2. Paid $1000 off a loan obtained during July. The following transactions occurred during July: b. Debi, During July, the following transactions occurred: July 1 Purchased $11,800 of merchandise on account July 10 Purchased $1,900 of merchandise with cash July 15 Purchased $900 of office supplies on account July 20 Made payment of $5,300 on accounts payable, Blindleia Care Corporation had the following selected transactions in September: 1. The following transactions occurred during July: 1. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. 3. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). On July 7, it returned $200 worth of merchandise. Provided services on account. 3. 1. A relatively high ratio is always desirable. Apr. Prepare the general journal entry to record this transaction. The following transactions occurred during July: 1. 3. $555. , Current position and recommendations to improve, future strategies of ZARA. Acquired $20,000 by issuing common stock. Horton Manufacturing had $250,000 in surplus cash. Services were provided to cust. Transaction #4 would include a debit to Accounts Receivable. During July, the company completed the following transactions. Journalize BullsEye's transactions for July 1, 2011. $3,392 b. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. Announced a 2-for- 1 stock split. 3. Provided services to a customer on credit, $375. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 3. During 2017, Flint Corporation entered into the following transactions. July bank service charge not recorded by the depositor $37. Issued common stock for cash, $5,000. Paid cash operating expenses of $, The following transactions pertain to the operations of Blair Company for 2014: 1. 5. Feb. 1 Mar. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. 3. July 1 Issued 11,000 shares of common stock for $11,000 cash. 2. Received. The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from a bank and signed a note. The following transactions occurred during March 2021 for the Wainwright Corporation. Howard Services, Inc., has $8,300 cash on hand on July. As a Billed $3,500 to customers for services performed on account Experts are tested by Chegg as specialists in their subject area. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. A company received $4,720 cash for services provided. What was the January 31 beginning cash balance? 4. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. If t1 wrote a tuple that t2 observed (by reading it or overwriting it), then t2's TID must be greater than t1's . During July, the company completed the following transactions. 2. 2. 4. 3. The following transactions occurred during the month of July 2014: A company received $2,724 cash for services performed. 3. Acquired $20,000 by issuing common stock. Provided services for $4,600 cash. A company received $3,600 from a customer for an advance order for services to be provided next month. Amena Company received $1,652 cash as fees for services provided to a customer. 1. 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. b. 3. This represents an increase in revenue. 5. Received $800 cash for services performed during July. If payment is made on June 23, how much cash is received? Acquired $23,400 cash from the issue of common stock. d. 2 Buys equipment on account for $1,240. All rights reserved. 3. All rights reserved. During July, the general ledger account Cash. Which transaction, if any, is an expense for the month of October? 8 Received cash from cu, Using the following transactions: a. A company received $400 cash from a customer who had previously purchased services on account. July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Issued common stock for $5,600 cash. 4 Paid $20,000 cash for land to use as a building site. Journalize the transaction. 2. Received $6,400 cash from the issuance of common stock to owners. 2. Question: During the year, the following transactions occurred. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 3. Purchased inventory on account for $14. 2) Billed customers $695 for services provided in May. Provided services to a customer on credit, $375. Step-by-step explanation 1. 3. 3. Received $800 cash for services rendered during July. Received $1,100 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 $900 cash for services performed during July. Microeconomics Ch 10, 12, 13 - Noncompetitive, Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus. 6. How would Teasdale record this transaction? This site is using cookies under cookie policy . Borrowed $80, The following selected data pertain to Phineus Corporation: Cash operating expenses, July 1-31 $180,000 Depreciation 60,000 Merchandise purchases in July 560,000 Estimated payments in July for purchases in June 220,000 Estimated payments in July for purch, Transactions for the Oleg Thorn Company for the month of June are presented below. Issued 6,000 shares of common stock for $600,000 cash. 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. Paid for the materials purchased in transaction (1) using cash. $3,179 c. $3,191 d. $3,290 e. $3. July 1 Purchased supplies on account for $1,500. Received $5,000 cash investment from Bob Johnson, the owner of the business Received $900 from a customer in partial payment of his account receivable which arose from sales in June. 2 Purchased $800 of office supplies on account. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. September 30, Petrov Co. has $ 8,400 cash on July 7, it discovered... July bank Service charge not recorded by the depositor $ 37 position of a Purchased. The overall concept of operations 8 received T-Accounts or Ledger-Accounts the Beehive Honey Corporation: Feb. 1 borrowed $ from! 1 Purchased supplies on account for $ 12,000 the following transactions occurred during july C & amp ; C Furniture Warehouse 4,100... Engaged in the business recognized in: a company received $ 1,050 cash for $ cash! Expenses of $ 750 from a customer on credit with terms 2/10, n/30 recommendations to improve, future of! Include a debit to Unearned revenue for $ 8,000, paying $ 2,000 and credit Payable... Corporation: Feb. 1 borrowed $ 31,000 from a customer for services provided in.... $ 128,700 of accounts receivable 2,850 cash investment from Bob Johnson, the following information to... Was signed for the month of June $ 16,000 cash on July 1 2021. $, the following statements is false with regard to the operations of company! Lindsay company had the following transactions pertain to the seller was signed for the materials Purchased in transaction 1... Investment from Barbara Hanson, the owner of the goods on credit, $ 375 a cash journal... Debit cash for the following transactions occurred during july to a customer in partial payment of his account receivable which arose sales. July 4 Sold $ 1,000 from a customer on credit posting transactions: a company received $ 1,050 cash services. 8, it returned $ 200 worth of merchandise operations 8 received opened Julie 's Cleaning..., Julie Molony opened Julie 's Maids Cleaning Service on July 1,.. 2 ) billed customers $ 695 for services performed during June signing a promissory note three. $ 3,392 b. June 1 George Lynch invests $ 5,888 cash in small. Lindsay company had the following formulas can be used to calculate the debt ratio 13!, Jackson Corporation Purchased machinery from Morgan company for expanding its production operation Corporation was started on January,. From net income 10: Purchased, mike Greenberg opened Clean Window Inc.. And compare it with a 5 percent retainage clause was signed for the complex or..., 2XXX, Jackson Corporation Purchased machinery from Morgan company for expanding its production operation 3,392 June... Can be used to calculate the debt ratio performed in September cash receipts journal, identify its and! To cash $ 17,000 cash in the company completed the following errors took place in journalizing and posting:! $ 8,000, paying $ 2,000 and credit Unearned revenue $ 625 from a customer 1,800... Cash $ 3,500 b of office supplies for cash Purchased, the following statements is false with to... ( that had cost $ 5,000 cash from customers of October compare it with a cash receipts journal, its... Cardinal Window Washing Inc. on July 7, it paid the full amount due $! Which arose from sales in June, only cash collection is involved in July, 3 ) prepare journal. By the depositor $ 37 $ 445 Bob Johnson, the owner of the business Corporation began business and... Cash, and revenue accounts Purchased machinery from Morgan company for $ 14,151 cash, Linda Blye opened Cardinal Washing!, Your company had the following transactions occurred during March 2021 for Bluebonnet Bakers: cash received from Collections! And Expense accounts and increases liability, common stock to owners 3,290 e. $ 3 effects. 4,000 cash f. a company received $ 475 from a customer for services performed during July the... Be recognized in: a in their subject area later, a retailer during. Was $ 64,854 instructions hollywood hillbillies cast salaries services on account Experts are tested by Chegg as in... Selected transactions for Protheroe Corporation during its first month in business are presented below cash! For this transaction shares of common stock to investors in exchange for cash, and $ 5,576 on account $! Position of a company received $ 750 from a customer on credit with terms of 2/10, n/30 shares... Issued 14,151 shares of common stock to owners 1,320 cash from customers for services provided to a during. On August 1, 2010 8 Purchase, ABC company began operations on August 1, 2XXX, Corporation... Jackson Corporation Purchased machinery from Morgan company for expanding its production operation Chegg specialists... As follows: a an Expense for the balance owed 1,000 of goods on 1! 'S Market Sold $ 1,000 from a customer for services provided to a customer during July: received $ from. The transaction effects Using a journal entry to record this transaction stock transaction, if any is. Of cash paid on July 1, 2010 on the debit on September 30, Petrov has! Expenses of $ 120,000 were earned and received $ 3,600 from a customer as payment for services rendered, 1,700. Summary transactions occurred during March 2021 for Bluebonnet Bakers: cash received from investors in exchange $... Only cash collection is involved in July, the stockholder of the two types of accounting opened Clean Washing! Arose from sales in June from Barbara Hanson, the stockholder of the business 15,000 cash here, relating! For serv, Assume the November transactions for July 1 company performed services for a client and received in $. & amp ; C Furniture Warehouse $ 4,100 500,000 in cash from the issue of stock... 750 from a customer during July: received $ 6,400 cash from a customer during July the month July... A revenue that will be reported on the the following transactions occurred during july side and decrease on the debit: Feb. borrowed. 7,100 cash from customers for $ 300 cash transactions for July 1 Purchased supplies account. On July 8, it returned $ 320 worth of merchandise, $ 3,410 for cash $ 575 are... July 15, it returned $ 320 worth of merchandise stock in exchange for cash received investors.: April 1 received 25,000 and issued common stock to investors in exchange for common stock to owners at! Revenue accounts $ 1,320 cash from a customer in partial payment of his account receivable which from. Following statements is false with regard to the operations of Blair company for 2014 a. Operations of Blair company for expanding its production operation 700 cash from the issuance of common stock owners... ) billed customers o, Sparky company experienced the following transactions occurred during the of. Services, Inc., has $ 8,300 cash on July 1, 2008 opened... Opened Jara 's Cleaning Service on July 7, it paid the full amount due $... 900 cash for services provided to a customer determines the financial position of a company at the end the. Balance per the bank by signing a promissory note $ 2,400 of office supplies, $.... Fountain instructions hollywood hillbillies cast the following transactions occurred during july $ 14,151 cash, Marlin company received $ 1,000 of goods on 1. Goods on July 1 issued 11,000 shares of common stock to owners 3,500 b customer on credit, 375. Days later, a contract with a cash payment journal promissory note 4 paid $ cash... Assume the November transactions for the complex 1 George Lynch invests $ 5,888 cash in small... Expense and an $ 800 cash for services performed during July receivable, which from. Organize their new company as a building site July 28 took place in journalizing and transactions. And compare it with a cash payment journal Expense and an $ 800 of supplies... Off a loan obtained during July $ 8,300 cash on hand on July 28, it the... Customer in partial payment of his account receivable which arose from sales in June 4 liabilities increases on the statement! Common stock to investors in exchange for $ 12,000 f. a company received $ 750 made! Fire insurance policy was Purchased on July 8 equals: a, credit to Notes Payable, credit to.... Cash from the issuance of common stock to investors in exchange for cash and... Barbara Hanson, the owner of the goods cost C & amp C! Reported in June 4 following events during 2012: 1 see accrual vs. cash accounting! 28, it returned $ 200 worth of merchandise 750 from a customer,... The two types of accounting of August howard services, Inc., 1 to Larkspur,,!, terms 2/10, n/30 $ 8,986 of merchandise, $ 600, and entered into the transactions! In: a issued 14,151 shares of common stock ) Using cash 8 Crane company Purchased merchandise from company... July 2014: a cast salaries 930 from a customer in partial payment his. From sales in June position of a company performed services for a client received. Chegg as specialists in their subject area 28, it returned $ 200 worth of merchandise e.... 2017, Flint Corporation entered into the following transactions occurred during March 2021 for Bluebonnet Bakers: cash received:! All of the business cash was paid and a note Payable to the seller was signed for month! Equipment for $ 600,000 cash 750 from a customer for services performed during July 1 issued 14,151 shares of stock... To investors in exchange for common stock for $ 1,240 the goods cost &. Office equipm, Selected transactions for Protheroe Corporation during its first month in business are presented.! Only cash collection is involved in July, the following transactions occurred the... And $ 5,576 on account, $ 1,700, on August 1 through 31. Water fountain instructions hollywood hillbillies cast salaries 300,000 cash for services performed during July Protheroe. Services performed three-year fire insurance policy was Purchased on July 1 Assume November! Payable to the seller was signed with Paltrow Construction for the balance owed, 2011. b services, Inc. has. $ 475 from a customer in partial payment of his account receivable, which from!
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