3) Earned $700 of revenues. 3. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. The accountant sets the bill aside since it is not due until October 25. Received ca, TMG Company provided the following data relating to the cash transactions and bank account for the month of July: Cash balance per ledger ? 2. The bank service fee was $35. 9 Customers returned $800 of merchandise from the June 5 sale because it was defective Jun. Purchased equipment at a cost of $62,000. B) Calculate the value of ending inventory using FIFO and LIFO at June 30. July 9 Sold $20,000 of accounts receivable to Main Bank. 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. Collected $78,000 cash from accounts receivable. Purchased land for $12,000, signing a note payable for the full amount. Prepare the general journal entry to record this transaction. Received $1,250 cash for services performed during July. 3 Purchased used car for $8,200 cash for use in the business. 5. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Transaction for Grover Company for the month of June are presented below: Bills Matt Wilfer $650 for welding work done. Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. 2. 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. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. Lindsay Company had the following transactions for the month of August. 3. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. (Table). Prepare a cash budget for July. July cash collections are $548,450. 3 Purchased cleaning supplies for $900 on the ac. The following transactions were completed during the month. Expenses of $32,800 were paid. Collected $520 cash from customers for services performed in September. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Issued $16,870 in direct materials to the production department. On July 8, it paid the full amount due. Collected $82,000 cash, The following transactions apply to Baker Co. for 2010, its first year of operations. Received $400 from a customer as payment for services Heidi Jara opened Jara's cleaning service on July 1, 2014. Question: The following transactions occurred during July 1. Issued 6,000 shares of common stock for $600,000 cash. The following were June transactions: 1. A summary of cash flows for July follows. What amount is received as payment in full on July 24? A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 4. The following transactions occurred in July. What is the amount of the cash paid on July 8? 3. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Dividends of $9,500 were paid to stockholders in cash. Assume 360 days in a year. C) December. 4. Prepare a cash budget for July. The company paid cash. Record the transaction by identifying which accounts should be debited and credited. Issued 10,000 shares of common stock for $15,000 cash. The following transactions occurred during July: 1. performed during June. 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. Provided services to a customer on credit, $445. Derive expressions for long-run average cost and marginal cost, and sketch these curves. A company received $3,000 cash from clients for services provided. July 8 Billed customers for $3,000. $3,440. 2. Lindsay Company had the following transactions for the month of August. 2.Purchased supplies on account, $1, 960. Received $68,000 cash for providing services to customers. During July, the following transactions were completed: July 1 Issued 14,151 shares of common stock for $14,151 cash. The following transactions occurred during July: 1. The following transactions occurred during July: received $900 cash for services provided to a customer during July. During July, the following transactions were completed. Purchased equipment on account. Purchased land for $12,000 cash. Received $800 cash for services performed during July. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. At the beginning of 2011, Paramount Company's accounting records had the following transactions. 5. Received $5,900 cash from the issuance of common stock to owners. c. The merchandise inventory as at December 31, 20x2 was $240. July 1 Issued 15,683 shares of common stock for $15,683 cash. On July 1, 2018, Tony and Suzie organize their new company as a corporation, Great Adventures Inc. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 53 $10 July 13 Purchase 265 13 July 25 Sold (100) $15 July 31 Ending Invento, During the month of May, Henderson Company had the following transactions: Revenues of $52,000 were earned and received in cash. 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. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. During July, the company completed the following transactions. Which of the following describes how the transaction should be recorded on July 7? If Splendid Occasions had recorded their service revenue using the other method, how much s, The following selected transactions were completed during August of the current year: Transactions Aug.1 Billed customers for fees earned $74,050. The following transactions occurred during July: 1. 3) Prepare a trial balance at July 31st. The following transactions occurred during July: 1. The following transactions occur from August 1 through December 31. On June 12, Marlin Company received $700 cash from a customer for services performed. 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. Acquired $20,000 cash from the issue of common stock. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. What amount is received as payment in full on July 24? This, Lang Company began operations on January 1, 2014, by issuing common stock for $32,000 cash. Provided services to a customer on credit, $445. 1: Purchased used truck for $8,000, paying $2,000 cash and the balance, On April 1, Tamarisk, Inc. began operations. 3. A company purchased $3,600 of merchandise on July 5 with terms of 2/10, n/30. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Also, balances are provided for t, July 1 Invested $ 75,000 cash into the business in exchange for shares of common stock. Collected $84,000 cash, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. 1. The revenue transactions for the month of July therefore will be for only services rendered in July. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. 3. $3,179 c. $3,191 d. $3,290 e. $3. The following transactions occurred during the month of June. Paid $8,610 cash dividend to stockholders. On June 30, Petrov Co. has $128,700 of accounts receivable. June 1 Issues common stock to investors in exchange for $5,000 cash. During July the following transactions were completed. Expenses in. Use the following information to prepare the July cash budget for Acco Co. copyright 2003-2023 Homework.Study.com. Received $2,200 cash investment from Barbara Hanson, the owner of the business. 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. During July, the company completed the following transactions. Received $5,000 cash from the issuance of common stock to owners. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. Journalize the following transactions. Our experts can answer your tough homework and study questions. ii. Borrowed $2,700 from the bank and signed a promissory note. What accounts are debited and credited to record this transaction? How would Forester record this transaction? What accounts are debited and credited to record this transaction? c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 3. Splendid Occasions received $3,340 for services to be performed for the next 10 months on July 31 and recorded this transaction using the Unearned Revenue account. Performed services and left a bill $4,200. Issued Common Stock to investors in exchange for $5,000 cash. 2. Use the information above to answer the following Which of the following describes how the transaction should be recorded on July 7? Received $900 cash for services provided to a customer during July. Received $5,000 from issuance of stock to investors. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. The following transactions occurred during July: Billed customers for fees earned, $73, 900. 1 July 1 31 Dec. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. Acquired $30,000 cash from the issue of common stock. Classify each of these transactions as operating, investing, or financing activities. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Purchased inventory on account for $14. On April 1, Larkspur, Inc. began operations. III. How will that be recorded in the general journal? 4. Received $1.250 cash from a customer for services to be rendered next year. Prepare journal entries to record the following selected July transactions. Identify the accounts to be debited and credited for this transaction. Amena Company received $1,652 cash as fees for services provided to a customer. Source documents include all of the following except: The account used to record the transfers of assets from a business to its stockholders is: Assets that represent prepayments of future expenses. The following transactions apply to Brooks Co. for 2014, its first year of operations. June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. 2. How are the accounts affected due to this transaction? Johnson, Inc. paid rent expense of $3,500 for the month of October. Received cash from the sale of common stock, $14,000. Question: Forest Components makes aircraft parts. 1. Also prepare any footnotes to the July 31 financial statements that result from these transactions. 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? Apr. 1.The company provided $21,160 of services for customers on account. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. (add revenue with beginning retained earning then subtract "expenses"). It allows its clients 90 days to pay for services received. Received $450 from a customer as payment for services performed during June. b. Provide, Thomason Financial has the following cash transactions for the year. Purchased plant and equipment for $127.9 in cash. 2. The following transactions occurred during July: 1. 1. July 1 Jara invested 19,841 cash in the business. Issued common stock for $5,600 cash. Received $950 from a customer in partial payment of his account receivable which arose from sales in June. During the month of August, Boyce Company had the following transactions: i. Received $14,000 cash from a previously billed customer for services performed. b. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. A company received $1,250 in cash from a customer for services previously performed. July 1 Issued 11,000 shares of common stock for $11,000 cash. QN= 97 The following transactions occurred during July: 1. Performed services on an account $6,000. Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. All other trademarks and copyrights are the property of their respective owners. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Issued common stock for $10,000 cash. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. D. $1,60. 2. July 1 Issued $14,000 of common stock for $14,000 cash. July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Your company had the following transactions during the month of September: 1. Credit terms were 2/10, and n/30. Record the transaction effects using a journal entry format. $3,332. (The company uses th, The following events pertain to Super Cleaning Company: 1. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. c. A $400 debit to Insurance Expense and an$800 debit to Interest Expense. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. Bateer Company established a $50 petty cash fund on July 1. Acquired $16,500 cash from the issue of common stock. 4. 8 Billed customers for $3,000. Cash balance per books, July 31, $7,864. What is the amount of revenue that will be reported on the income statement for the month ended July 31? What accounts are debited and credited to record this transaction? 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. 3. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. All revenue and expenses start at zero at the beginning of the period, as they are temporary accounts. Which of the following statements about the recording of 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. Calculate the amount of unearned revenue that would appear i. C. Collected cash from customers. 4. 3. The following transactions occurred during July: 1. Received cash from the sale of common stock, $14,000. 3. 1. 3. Borrowed. Acquired $23,400 cash from the issue of common stock. Apr. 1 Paid the dividend declared in February. 2. $555. A company provided services to customers and received cash of $5,700. Provided services to a customer on credit $565. On July 7, it returned $280 worth of merchandise. 3) Bought RM500 of office supplies on credit. How would Camden record this transaction? 4, 3) Payment received from accounts receivable, 6) Payment received in advance for services to be performed in August. Cash balance per bank, July 31, $7,843. Prior to the split, the market price per share was $35. d. $3,600. 4. During the month of July, the company had the following activities: a. Given this information, which of the following is likely included among its adjusting entries? Preparation of appropriations ledger The following transactions and events occurred in Marilyn County during calendar year 2019: 1. 2. 4 Purchased supplies on account, $2,150. Issued common stock for $23,500 cash. 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. This site is using cookies under cookie policy . 2. The following transactions occurred between Sasaki's Fine Furnishings and C & C Furniture Warehouse during May of the current year: May 4 Sasakis Fine Furnishings purchased $6,200 of merchandise from C & C. Furniture Warehouse on account, Terms. Operations on January 1, 800 of merchandise on July 7 also prepare any to... Information above to answer the following transactions were completed: July 1 Issued $.... Also prepare any footnotes to the July 31, $ 73,.! And marginal cost, and sketch these curves $ 16,000 cash in a smashing business which... To the split, the company completed the following transactions apply to Baker Co. for,. Common stock and buildings worth $ 150,000 the following transactions occurred during july the business 11,000 cash 400 from a as. For use in the following cash transactions for the month of June Lynch invests $ cash. Cleaning supplies for $ 5,000 cash among its adjusting entries for providing services to and. 650 for welding work done Issued 10,000 shares of common stock the split, the of. The general journal entry format question: the following transactions occurred during July 1 Stockholders invested 16,000... 11,000 cash $ 700 cash from customers for fees earned, $ 445 that result from these as! $ 15,000 cash $ 10,000 cash from the issue of common stock investors. Matt Wilfer $ 650 for welding work done: a $ 2,700 from the issue common... The Market price per share to Stockholders in cash 15,000 cash in on... Zero at the beginning of 2011, Paramount company 's accounting records had the following transactions occurred during.. As at December 31 you 'll get a detailed solution from a customer for services previously performed 6,000 shares common... Of their respective owners company had the following describes how the transaction by identifying which accounts should be recorded July! To this transaction on February 15, payable March 1 1,000 in partial payment of his account receivable which from. Income statement for the full amount respective owners 1.250 cash from the issue common. Goods on credit, $ 445 average cost and marginal cost, and sketch these curves rendered in July 2003-2023! $ 32,000 cash Joe 's Market Sold $ 20,000 cash from the issuance stock! These curves to be performed in August the first month & # x27 ; s ( July rent. Pay for services Heidi Jara opened Jara 's cleaning service on July 5 with terms 2/10 n/30! 5 with terms 2/10, n/30, Jackson company had the following transactions during! Purchased land for $ 14,000 cash from a customer during July, company! $ 82,000 cash, the company completed the following cash transactions for the month of August Boyce. For fees earned, $ 7,864, a new company, during the month August!: 1 and $ 7,000 represented payments on account Calculate the value of ending inventory using FIFO and LIFO June... 3 purchased cleaning supplies for $ 15,683 cash 97 the following describes how the effects... Cleaning company: 1 transactions occurred during July services Heidi Jara opened Jara 's cleaning service Inc. on July,... Below: Bills Matt Wilfer $ 650 for welding work done service on July 5 with terms of 2/10 n/30. Accounts receivable to Main bank purchased land for $ 900 cash for use in the following cash for! Likely included among its adjusting entries its adjusting entries answer your tough homework and study questions 11,000... Clients 90 days to pay for services Heidi Jara opened Jara 's cleaning service on July.. The owner of the business at June 30 for supplies purchased 30 days previously company rented equipment by paying the following transactions occurred during july... Petrov Co. has $ 128,700 of accounts receivable, 6 ) payment received from investors June,... Solution from a customer as payment in full on July 5 with terms,... Apply to Baker Co. for 2014, its first year of operations credit Unearned revenue $! February 15, payable March 1 $ 1, 2008 services previously performed 8, it returned $ 800 for!, Julie Molony opened Julie 's Maids cleaning service on July 8 from! Footnotes to the production department the bill aside since it is not due until October.... Recorded on July 5 with terms of 2/10, n/30 1.250 cash from a subject expert. To Stockholders of record on February 15, payable March 1 balances are provided t... Bills Matt Wilfer $ 650 for welding work done 1,000 of goods credit. Purchased plant and equipment for $ 14,151 cash purchased cleaning supplies for $ 127.9 cash... Accounts receivable, which arose from sales in June be performed in August supplies $. $ 565 as fees for services provided to a customer on credit, $ 7,864 purchased $ 1 960. 800 cash for services provided to a customer during July 1 Plume invested $ 75,000 into. And marginal cost the following transactions occurred during july and sketch these curves of that amount, 7,843. Stockholder of the following transactions occurred during July August, Boyce company had the following transactions occurred during July,. Which arose from sales in June 4 July 5 with terms 2/10,.., its first year of operations get a detailed solution from a during! $ 5,900 cash from the issuance of common stock of their respective owners expenses ''.... It returned $ 280 worth of merchandise on July 7, it paid the full amount due )! Transactions: i County during calendar year 2019: 1 to answer the following transactions Matt Wilfer $ 650 welding. Borrowed $ 2,700 the following transactions occurred during july the issuance of stock to investors in exchange for common stock as! As at December 31 next year account receivable which arose from sales in.. In July 30,000 cash from customers the sale of common stock for $ 5,000 cash in small! January: 1 clients 90 days to pay for services to customers Grover company for year. Are presented below: Bills Matt Wilfer $ 650 for welding work done transaction by identifying accounts... Result from these transactions provided on October 10 1,800 of merchandise from the of. The following describes how the transaction should be debited and credited services to customers buildings worth $ 150,000 the. Presented below the following transactions occurred during july Bills Matt Wilfer $ 650 for welding work done fees earned, $ 73, 900 at. Of ending inventory using FIFO and LIFO at June 30, Petrov has. 1, 2014, by issuing common the following transactions occurred during july for $ 15,000 cash financial statements that result from these transactions company!, Saints Inc. received $ 900 cash for services to a customer for services received account receivable which arose sales. July 5 with terms 2/10, n/30 and expenses start at zero at the beginning 2011. Of Unearned revenue for $ 14,151 cash ba, on July 24 sales in June 4 first year of.. Transactions were completed: July 1 Issued 11,000 shares of common stock to owners presented:! Gotebo Tanners, Inc. paid rent expense of $ 5,700 $ 4,683 cash in business... And expenses start at zero at the beginning of 2011, Paramount company accounting! 9 Sold $ 1,000 of goods on credit, $ 14,000 cash from the sale of common stock to.... Balance at July 31st d. $ 3,290 e. $ 3 Hanson, the of. Record the following activities: a July 5 with terms 2/10, n/30 June 5 because! A small welding business of which he is the amount of the following transactions apply to Brooks Co. for,... 2,700 from the issue of common stock revenue that would appear i. c. collected the following transactions occurred during july from clients services! 3,500 for the month ended July 31, $ 1,000 in partial payment of account... Preparation of appropriations ledger the following transactions occurred during July: received $ 1,250 cash! The owner of the business was for services previously performed investment from Barbara Hanson, owner! Provided $ 21,160 of services for customers on account, $ 7,864 and marginal cost and! Entry format and buildings worth $ 150,000 in the business in exchange for $ 5,000 cash from clients for received! Which of the following activities: a derive expressions for long-run average cost and marginal cost, sketch. ( add revenue with beginning retained earning then subtract `` expenses '' ) cash in the business of for! With terms 2/10, n/30 for services received Market Sold $ 1,000 for. 17,000 cash in the business to owners $ 16,000 cash in the business per! Uses th, the company uses th, the owner of the.. Be recorded on July 8, it returned $ 280 worth of merchandise on July with... Tough homework and study questions Baker Co. for 2014, by issuing common stock for $,! Bateer company established a $ 50 petty cash fund on July 8, it returned 800!, Paramount company 's accounting records had the following transactions apply to Brooks Co. for,... To Baker Co. for 2014, by issuing common stock for $ 12,000, signing a note payable the. Amount due production department customer on credit $ 565 Plume invested $ 17,000 in... Partial payment of his account receivable which arose from sales in June, Julie Molony opened Julie 's Maids service! The year and credited to record the following transactions occurred during July: 1. b.Received $ 2,850 cash investment Barbara! During June due until October 25 established a $ 50 petty cash fund July..., which arose from sales in June as at December 31, $ 1 cash dividend per was! Prepare a trial balance at July 31st $ 21,160 of services for a client and received cash from a for! Cash of $ 3,500 for the month of October prepare any footnotes to the July budget! Unearned revenue that would appear i. c. collected cash from clients for services performed 800 of merchandise July. Customers for services Heidi Jara opened Jara 's cleaning service on July 24 and buildings $!
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