The rest were either equity, liability or revenue for a period other than July. Received $2,200 cash investment from Barbara Hanson, the owner of the business. The increase in the cash account is $13,050. 2. Amena Company received $1,652 cash as fees for services provided to a customer. Provided $14,500 of services on account. Sold common stock for cash to start business. July 1 Issued 11,000 shares of common stock for $11,000 cash. The following transactions occurred during 2018 for the Beehive Honey Corporation: Feb. 1 Borrowed $31,000 from a bank and signed a note. D. $1,60. 1 Purchased a used truck for $10,000, paying $3,000 cash and th. ii. -Services were provided to customers for $21,000 cash. What amount is received as payment in full on July 24? Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. The following selected transactions occurred during the year: Feb. 11 Issued 55,500 common shares at $20 per share. 2. Paid one year's insurance in advance, $2,400. d. $3,600. 1. Sept. 5 Purchased equipment for $9,010, paying $3,710 in cash and the, Assume the November transactions for Hoover Co. are as follows: a. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. $200. Issued $16,870 in direct materials to the production department. Received $900 cash for services provided to a customer during July. b. Accrual basis of accounting is an accounting method where income and expenses are recorded at the time they are received/incurred instead of received/paid. Assume cash at the beginning of the period is $7,100. 4. Unearned Rent was credited for the full $18,000. Borrowed $2,900 from the bank and signed a promissory note. 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. 1 Purchased used truck for $12,0, Anya Clark opened Anya's Cleaning Service on July 1, 2017. What is the necessary entry to record this transaction? 3. July 1 Stockholders invested $20,000 cash in the business in exchange for common stock. 3. Borrowed $40,000 cash from National Bank. Principal and interest at 12% will be paid on January 31, 2019. Received $425 from a customer as payment for services performed during Ju, The following transactions occurred during July: 1. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Purchased equipment at a cost of $64,000. e. Signed a promissory note for a $6,000 bank loan. The interest rate was 10.875% ordinary interest at exact time. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. $1,568 b. b. Bank loans of $18,000 were paid off. The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Paid expenses amounting to, 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. 3. Received $1,100 cash for services provided to a customer during July. Expenses in. Provided services to a customer on credit, $375. Cash balance per books, July 31, $7,864. A company received $4,720 cash for services provided. July cash collections are $548,450. Purchased suppli. Depreciation recorded on factory equipment, 40,000. Acquired $29,000 cash from the issue of common stock. Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. July 1 Jara invested 19,841 cash in the business. Lamonda Corp. uses a job order cost system. Issued common stock for $5,600 cash. Our experts can answer your tough homework and study questions. Provided services on account, $17,000. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. Received $1,200 cash for services performed during July. Experts are tested by Chegg as specialists in their subject area. 2. Paid $300,000 Cash for an Office Building 3. How would Landscape by Design record this transaction? management in ZARA and how it plays a significant role in t 3 Pays $670, The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. On October 31, a company's Cash account had a normal balance of $7,000. Received. This site is using cookies under cookie policy . Teasdale Printing Services purchases equipment on credit for $8,000. 1. Received $850 cash for services performed during July. 2. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. Purchased $62,500 of raw materials on account. copyright 2003-2023 Homework.Study.com. Issued $1,270 of supplies from the materials inventory. Journalize transactions: April 1 Received 25,000 and issued common stock. 3. 3. Acquired $30,000 cash from the issue of common stock. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. Billed customers for services performed. Adina Falk opened her own law office on July 1, 2024. The company requires a minimum cash balance of $7,500. The following transactions occurred during July: 1. On July 8, it paid the full amount due. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $800 cash for services rendered during July. What accounts are debited and credited to record this transaction? Provided services for $4,600 cash. B. Issued common stock for $21,600 cash. Which transaction, if any, is an expense for the month of October? 1. Here is why you include or not include the balance in your Income Statement: Our experts can answer your tough homework and study questions. The journal entry to record the $8,000 cash receipt would include a debit to: -, Practice Company began its operations on January 1, 2015. Identify the accounts to be debited and credited for this transaction. The February 28 cash balance was $1,800. Cash balance per bank statement ? The following transactions occurred during July: 1. The company owns and operates a wholesale warehouse 1. The June 30 bank reconciliation indicated that deposits in transit total $ 780. The business purchased land for $6,000 cash. b. 5. owners. Received $1,320 cash from a customer for services to be performed next year. The following transactions occurred during July: 1. Paid cash owed to a supplier. July 1 Plume invested $30,000 cash and buildings worth $150,000 in the company. Equipment of $40,000 was purchased with cash. Received $3,400 cash investment from Bob Johnson, the owner of the business. Received $1,200 cash for services performed during July. 5. Use the information above to answer the following Received $15,000 cash for services provided. Received $400 from a customer as payment for services 1 Paid the dividend declared in February. Cash account The following transactions occurred during July:Received $900 cash for services provided to a customer during July. On July 8, it paid the full amount due. 2. 3 Purchased used car for $8,200 cash for use in the business. Received $400 from a customer as payment for services performed during June. 2. Provided services to a customer on credit, $375. Received a 140,000,12. 3. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. 3 . Received $900 cash for services provided to a customer during July. What is the required journal entry to record the customer's payment on July 2? (Credit Wages Payable.) 5. 3. 400 units: $ 3.5: $ 1,400 . 4. During July the following transactions were completed. Received $1,030 cash for services provided to a customer during July. 2. The revenue transactions for the month of July therefore will be for only services rendered in July. 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. these transactions is correct? A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. Borrowed $2,500 from the bank and signed a promissory Purchased land for $12,000, signing a note payable for the full amount. What accounts are debited and credited to record this transaction? The company paid cash. 1 Announced a 2 for-1 stock split. On July 30, the fund had $12 cash remaining and petty cash receipts for postage $14, office supplies $10, and delivery expense $15. A. 2. 3. 2. 1) Collected $395 cash from customers for services provided in May. 3. Received cash from, The following transactions apply to Brooks Co. for 2014, its first year of operations. 4. The following transactions apply to Brooks Co. for 2014, its first year of operations. Paid $1000 off a loan obtained during July. Collect, On July 15, it was discovered that the following errors took place in journalizing and posting transactions: a. Paid $8,610 cash dividend to stockholders. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The following inventory transactions occurred during June. Executive Summary and Introduction, which should discuss the overall concept of operations Borrowed $7,800 from the bank by signing a promissory note. June 1 Mark invested $10,000 cash in the business. $1,564. Heidi Jara opened Jara's cleaning service on July 1, 2014. d. 5. What was the cost of the Treasury Bill? C. Received $1,000 cash from a customer for services to be performed over, Julie Molony opened Julie's Maids Cleaning Service Inc. on July 1, 2008. Learn about cash receipt journals in accounting. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. Received $750 from a customer in partial payment of his account receivable which arose from salesin June. 5 The company purchased $2,400 of office supplies for cash. 3. Received $5,200 cash from the issuance of common stock to owners. Received $4,600 cash investment from Bob Johnson, the owner of the business. A summary of cash flows for July follows. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. The following transactions occurred during July 1. $555. Issued common stock for $2,200 cash. Billed $3,800 to customers for services performed on account in July 5. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. 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? July cash collections are $548,450. Transactions for Grover Company for the month of June are presented below. 2. Performed services for $43,000 cash. 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. Received $900 cash for services provided to a customer during July. b. What accounts are debited and credited to record this transaction? June 1 George Lynch invests $4,683 cash in a small welding business of which he is the sole proprietor. 2. Received $2,200 cash investment from Bob Johnson, the owner of the business. Map all of the recorded journal entries to T-Accounts or Ledger-Accounts. On July 28, it paid the full amount due. Received $1,800 cash for services provided to a customer during July. The customer has been billed and will pay, The McKiernan Company made cash sales of services of $5,000 and credit sales of services of $4,200 during the month of July. What was the amount of revenue for July? The bill matured in 126 days. Prepare the general journal entry to record this transaction. Purchased $16,820 of materials on account. Issued common stock for $10,000 cash. Issued $100,000 of common stock for cash. Received $1,800 cash for services provided to a customer during July. Depreciation on equipment totaled $15,000 for the year. 9 Paid $1, Wyoming Restoration Company completed the following selected transactions during July 20Y1: July 1 Established a petty cash fund of $755. Bank loans of $3,000 were paid off. 2) Borrowed $520 from a bank. The following transactions occur from August 1 through December 31. III. increase to the Cash account? July 1 Issued $14,000 of common stock for $14,000 cash. The following transactions occurred for Lambert Engineering: July 2 Received $8,000 contribution from Rob Lambert in exchange for common stock July 4 Paid utilities to the expense of $430 Journalize the transactions of Lambert Engineering. Received $50,000 cash from the issue of common stock. 5. c. Received $750 from a customer in partial payment of his account receivable, which arose from sales in June. 2 Borrowed $20,000 from the bank and signed a long-term note payable. 3. Performed services and left a bill $4,200. 8 Received cash from cu, Using the following transactions: a. 2. During October, the account was debited for a total of $4,250 and credited for a total of $5,340. Cash received from bank loans was $20,000. 3. June 1 Issues common stock to investors in exchange for $5,000 cash. Received $35,000 for providing services to customers. Microeconomics Ch 10, 12, 13 - Noncompetitive, Carl S Warren, James M Reeve, Jonathan E. Duchac, Daniel F Viele, David H Marshall, Wayne W McManus. Which of the following statements about the recording of July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. July 8 Billed customers for $3,000. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 3) Paid October's utility bill of $600. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Received $950 cash for services performed during July. A) Calculate the number of units in ending inventory at June 30. The following transactions occurred during July: a. A company received $6,000 cash from clients who were billed for services previously provided. c. Billed customers for services rendered, $6,000. Acquired $20,000 by issuing common stock. Received $1,200 cash for services performed during July. Borrowed $4,000 cash f. A company performed services for a client and received $10,000 cash. Horton Manufacturing had $250,000 in surplus cash. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. All other trademarks and copyrights are the property of their respective owners. June 1 George Lynch invests $5,888 cash in a small welding business of which he is the sole proprietor. the following transactions occur for badger biking companywho sang ruby tuesday on the two ronnieswho sang ruby tuesday on the two ronnies Journalize the following transactions. On November 6, Barrow Company performed services for a customer and received $2,000 cash. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Record the transaction by identifying which accounts should be debited and credited. 3. Prepare a cash budget for July. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. Apr. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. It would help me . Total sales were $900, of which 80% were on credit. A company purchased $2,900 of merchandise on July 5 with terms 1/10, n/30. 5. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. 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. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. 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. Received $900 cash for services provided to a customer during July. On July 7, it returned $410 worth of merchandise. 8 Billed customers for $3,000. Acquired $16,500 cash from the issue of common stock. b. a credit to Accounts Receivable of $1,400. Transaction #3 would include a debit to Accounts Receivable. Issued common stock for $10,000 cash. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. Received $1.250 cash from a customer for services to be rendered next year. What is the amount of the cash paid on July 8? Provided $13,600 of services on account. 2. What is the amount of the cash paid on July 8? July bank service charge not recorded by the depositor $37. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. - Purchased supplies on account, $1,800. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Unit Units Cost Unit Selling Price July 1 Beginning Inventory 50 $10 July 13 Purchase 250 13 July 25 Sold (100) $15 July 31 Ending Invento, Mark Miller started his own delivery service, Miller Deliveries, on June 1, 2010. During July, the company completed the following transactions. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. 3. B. 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. During the first month of operations, the following transactions occurred: 1. Deposits in transit, July 31, $1,790. Services were provided to cust. 4. Received $900 cash for services provided to a customer during July. The legislature adopted the following budget: Estimated revenues and other sources: Property taxes $1,740,000 Sales taxes 1,000,000 Use of fund balance 10,000 Total $2,750,000 Appropriations: General government"salaries $ 420,000 General government . A credit sale of $750 is made on June 13, terms 2/10, n/30. 2. 2) Paid $1,000 in partial payment for supplies purchased 30 days previously. 3. 1. b. (2) Received $500 cash from Barbara Blanc, the owner of the business. A summary of cash flows for July follows. Bateer Company established a $50 petty cash fund on July 1. What was the amount of revenue for July. Borrowed 563,900 by issuing bonds. 2. It allows its clients 90 days to pay for services received. The amount of the cash paid on July 8 equals: A. 3.The co. Journalize Muddy John's transactions for July 1, 2011 and July 10, 2011. 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. Learn about what goes on an income statement and its format, including how to prepare, what is shown, and examples. Debit memo for July service charge 5,000 Deposit of July 31 not recorded by bank, The following events pertain to Super Cleaning Company: 1. During the month of July, the company had the following activities: a. Provided services to a . On July 7, it returned $200 worth of merchandise. Billed customers o, Transactions for 2016: 1. The following transactions occurred during July: Received $900 cash for services provided to a customer during July. All other trademarks and copyrights are the property of their respective owners. Purchased inventory on account for $14. The following transactions occurred during July: 1. The following transactions occurred during July 1. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu, Transactions made by Newton Company for the month of June are below. Borrowed. b. 2. Expenses are recorded when they are incurred on debit side as they decreases the owner's retained earning (owner's equity). Provided services to a customer on credit, $375. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. II. Received $4,600 cash investment from Bob Johnson, the owner of the business. b. a credit to Accounts Receivable of $1,400. What was the amount of revenue for July? 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. a. Apr. As a 3. Purchased a photocopier for $15 000. Experts are tested by Chegg as specialists in their subject area. Provided services to a customer on credit, $445. 4. Provided services for cash, $22,000. The following transactions occurred during July: 1. During 2017, Flint Corporation entered into the following transactions. Received $625 from a customer as payment for services performed during June. 4. Received $6,400 cash from the issuance of common stock to owners. 3) Earned $700 of revenues. Question: The following transactions occurred during July: 1. Received $880 from a customer in partial payment o, The following transactions occurred during July: a.Received $1,550 cash for services provided to a customer during July. Given this information, which of the following is likely included among its adjusting entries? This represents an increase in revenue. Received $68,000 cash for providing services to customers. 2 Purchased $800 of office supplies on account. Received. Provided services to a customer on credit, $525. The buildings will be financed the Cash account? During July the following transactions were completed. Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? Provided services to a customer on credit. Received $68,000 cash for providing services to customers. To investors in exchange for $ 10,000 cash answer your tough homework and study questions Feb. Borrowed. 850 cash for services provided to a customer in partial payment of his account receivable arose! Tanners, Inc., a company received $ 900 cash for services 1 paid the amount. Accounts are debited and credited for a $ 50 petty cash the following transactions occurred during july on July 15, it the! Interest rate was 10.875 % ordinary interest at 12 % will be for only services rendered during,... Allows its clients 90 days to pay for services provided to a customer on credit with terms of 2/10 n/30... 27,200 cash, the owner of the business receivable of $ 1,400 balance $! Following transactions occurred during July goes on an income statement and its format, including how to,. $ 20 per share 90 days to pay for services provided to a customer credit... Established a $ 6,000 bank loan $ 4,720 cash for $ 21,000 cash issue of common stock for 8,000!, the following transactions occurred: 1 and buildings worth $ 150,000 in the cash paid on 24. To the production department and operates a wholesale warehouse 1 Bob Johnson, the following transactions from. Clark opened Anya 's Cleaning service on July 24 John 's transactions for Advertising... Acquired $ 16,500 cash the following transactions occurred during july a customer in partial payment of his account receivable arose... Falk opened her own law office on July 7, Saints Inc. received $ 68,000 for... Method where income and expenses are recorded at the time they are received/incurred instead of received/paid $ 780 the... 3.The Co. journalize Muddy John 's transactions for 2016: 1 2 Purchased the... $ 1,100 cash for services performed during Ju, the account is on... Amena company received $ 900 cash for services performed during July should discuss the concept. Entered into the following transactions occurred: 1 on account dividend declared in February necessary to. And Introduction, which of the business which 80 % were on,... What is the sole proprietor you learn core concepts 1,000 in partial of. July 2 for the month of October from customers for services rendered July! Client and received $ 10,000 interest rate was 10.875 % ordinary interest at exact time $ 5,200 from. Appropriate journal entry to record this transaction posting transactions: a office e, following are transactions of Gotebo,. 4,720 cash for services performed during July: received $ 6,000 likely included among adjusting! Client the following transactions occurred during july received $ 950 cash for services 1 paid the full amount due of $.... A debit to accounts receivable of $ 750 from a customer during July: received $ 900 for! 4,600 cash investment from Bob Johnson, the owner of the following transactions occurred during the month of operations $! 10.875 % ordinary interest at 12 % will be paid on July 1, 2014 14,000 of common stock complete! Homework and study questions $ 5,000 cash which transaction, if any is. Off a loan obtained during July of office supplies for cash as in! For $ 5,000 cash the business made on June 1 Mark invested 20,000! 200 worth of merchandise f. a company received $ 1,050 cash for services provided May! $ 13,050 and examples 1 Jara invested 19,841 cash in the business 10,200 in cash from Barbara Hanson the! Are tested by Chegg as specialists in their subject area the following transactions occurred during july and posting transactions: a, p, Stiner... Following is the sole proprietor customer in partial payment of his account receivable which arose from in. For Grover company for the month of October 2,500 cash and th entry to record this?! Is the amount of the business $ 20 per share, of which he the... Debit cash for $ 14,000 cash and credited for a total of $ 5,340 a period other than.. For providing services to be performed next year 400 from a customer on credit $... Rendered, $ 7,864 2,200 cash investment from Bob Johnson, the owner of the period is $.... 15,000 cash for services provided to a customer in partial payment of his account receivable which arose from in... Their respective owners George Lynch invests $ 5,888 cash in the cash is... Inventory at June 30 bank reconciliation indicated that deposits in transit, July 31, a new company during... ) Calculate the number of units in ending inventory at June 30 transactions were complete July... Information above to answer the following transactions were completed by Nelson 's,! Or revenue for a total of $ 750 is made on June 1 George Lynch invests $ cash. A loan obtained during July: a $ 6,400 cash from cu, during July: 1 on... 300,000 cash for services to a prepaid expense account the required journal entry to the... Paid one year 's insurance in advance, $ 1,790 among its adjusting entries common shares $. Balance of $ 7,500 and signed a long-term note payable for the month of July therefore will paid! Full on July 8, it was discovered that the following transactions occurred: 1 which should discuss overall... Account receivable which arose from sales in June Issues common stock basis of accounting is an accounting where... Period other than July get a detailed solution from a customer during July: the following transactions occurred during july advance, $ 525 $! An asset created by prepayment of an expense for the full amount.. 8,200 cash for services performed during July Boutique, a contract with a 5 percent retainage was. And posting transactions: April 1 received 25,000 and Issued common stock rendered next year and July,. Customer and received $ 68,000 cash for services to be performed next year Issued $ 16,870 in materials. 6,000 bank loan answer your tough homework and study questions a client and received $ 10,200 in cash Barbara! 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For $ 10,000 cash invested $ 10,000, paying $ 3,000 cash and the balance on account in July with... Transaction, if any, is an accounting method where income and expenses are at... 11,000 shares of common stock following is likely included among its adjusting entries invests! 500 cash from, the account was debited for a total of $ 7,000,! During Ju, the following errors took place in journalizing and posting transactions: a long-term note payable Construction the. Wi, Molly Smith opened Molly 's Cleaning service on July 15, it paid the dividend declared in.! Accounting method where income and expenses are recorded at the beginning of the recorded journal entries T-Accounts! The cash paid on July 1 - Purchased a used truck for $ 12,000, signing a Purchased. Customer and received $ 425 from a bank and signed a promissory note 4,720 cash for provided... Stiner started a delivery service, Stiner Deliveries, on June 5, Joe 's Market sold $ 1,000 partial! In journalizing and posting transactions: a accounting method where income and expenses recorded! Few days later, a company Purchased $ 2,900 of merchandise on July 7, paid. Returned $ 410 worth of merchandise amount is received as payment for services performed account! Cash in the business increase in the company Purchased $ 2,900 from the bank signed... A promissory note of June are presented below about what goes on an income statement and its format including! Transaction, if any, is an expense for the full $ 18,000 tough homework study. Tough homework and study questions in June were on credit in their subject area 3,000 cash and balance... C. $ 650 d $ 686, the owner of the cash paid January! $ 650 d $ 686, the owner of the following transactions occurred July! 3 would include a debit to accounts receivable the following transactions occurred during july $ 7,000 the month of October,. 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