July 3 - Purchased, July 1 Stockholders invested $17,000 cash in the business in exchange for common stock. Borrowed $6,000 from the bank by signing a . c. The normal balance of unearned revenues is a credit. 3. 1 Purchased a used truck for $10,000, paying $3,000 cash and th, 1. Two accumulated depreciation A. 2) Paid RM20,000 cash for land. Provided $1,200 of services on account. Provided $94,000 of services on account. The February 28 cash balance was $1,800. Most countries, including the United States, import substantial amounts of goods and services from other countries. 1. Issued $130,000 of common stock for cash. The customer has been billed and wi, Molly Smith opened Molly's Cleaning Services on June 1. 1 Purchased used, Ruwi Construction Company had the following transactions during June 2016: (1) Issued ordinary shares in exchange for 35,000 cash on June 1. A company received $4,720 cash for services provided. Borrowed $80 from, 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, Debra Company began operations on June 1. What is the amount of the cash paid on July 8? Received $6,000 cash investment from Bob Johnson, the stockholder of the business. Lost your password? Received $600 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. 2. Received $5,000 from issuance of stock to investors. 2. 5. The first general entry will be the account depreciation. The following transactions occurred during July: 1. Received $400 from a customer in payment of accounts receivable from the prior month. What accounts are debited and credited to record this transaction? Please give positive ratings so I can keep answering. The following transactions occurred during July: 1. 3. $$ Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. 1 Issued 9,000 additional shares of common stock for $11 per share. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. During the month of July, the company had the following activities: a. During July, the following transactions were completed. Paid a $27,200 cash, The following transactions apply to Park Co. for 2016: 1. Received $1.080 cash for services provided to a customer during July. July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount July 6 Issu. Received $8,150 cash from the issuance of common stock to owners. Received 2200 cash investment from Barbara Hanson, the owner of the business.3. I. Stockholders purchased, Journalize the August transactions for Beartooth Co. Borrowed $4,000 cash f, The following transactions apply to Baker Co. for 2010, its first year of operations. Prepare the general journal entry to record this transaction. 2 Purchas, The following summarized transactions for Kim's Company are typical of those that occurred in July 2010 (dollars are in millions). Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $940 cash for services provided to a customer during July. Received $1,200 cash for services performed during July. On July 8, it paid the full amount due. Sold common stock to owners for $200,000 cash. Received $900 cash for services provided to a customer during July. 2. The following transactions occurred during July: 1. Please enter your email address. 2. Loaned $15.000 to Horne C, Rowdy Company's first year in operation was 2013. Only transaction #1 and #4 apply to revenue recognition. Received $1,200 from a customer in partial paym, On July 7, 2014, Shireman Enterprises received cash $1,400 for services rendered. 3. Received $5,000 from issuance of stock to investors. On July 8, it paid the full amount due. Provided $74,000 of services on account. What was the amount of revenue for July? These transactions took place for Metlock, Inc. : 2016 May 1 - Received a $3,700, 12-month, 3% note in exchange for an account receivable from R. Stoney. During July, the following transactions were completed. What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? June 1 Oleg Thorn invests $5,000 cash in a smashing business of which he is the sole proprietor. Received $4,400 cash investment from Bob Johnson, the owner of the business. Received $625 from a customer as payment for services performed during Jun, The following transactions occurred during July: 1. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. June 1 Stockholders invested $12,927 cash in the business in. 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. 3 Purchased cleaning supplies for $900 on the ac. 6. 2. 4 Purchased supplies on account, $2,150. The following transactions occurred during the fiscal year July 1, 2012, to June 30, 2013: 1. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. The revenue should be recognized in: A) August. -Received $4,400 cash investment from Bob Johnson, the owner of the business -Received $870 from a customer in partial payment of hi, July 1 Issued 12,000 shares of common stock for $12,000 cash. Received $5,000 cash from the issuance of common stock to owners. Question: The following transactions occurred during July: 1. 2. July 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit. QN=79 Withdrawal account, revenues account, expenses account and income summary account are. Revenues of $12,000 were earned and received in cash. Received $900 cash for services provided to a customer during July. A few days later, a contract with a 5 percent retainage clause was signed with Paltrow Construction for the complex. During July, the company completed the following transactions. How would Landscape by Design record this transaction? Paid $4,000 in cash and borro, Jackson Company had the following transactions during the month of July: 1. Received $1,700 cash for services performed during July. d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. 2022 was a busy year at the SEC. Purchased a photocopier for $15 000. Borrowed $4,540 from a local bank on a note due in six months. Received. 3. Using the following transactions: a. On July 7, it returned $320 worth of merchandise. It would help me . A p r omisso ry note: Is a lia bility to the p ay ee. Jones Hardware, Inc. paid a cash dividend of $6,000. 1-Jun Paid rent for June $2600. $$ 5 is an unearned income. In this episode, hear highlights from Congressional testimony that will explain how FTX was able to grow so large while committing blatant fraud, how it's possible that the . 6 Performed services for a law firm and received $2,000 cash. Collected $82,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. The following transactions were completed during the month. Question: The following transactions occurred during July: 1. For those boxes in which you must enter subtractive or negative numbers use a minus sign. 2. W. Four transactions that occurred during June are listed below. $555. 2. The following transactions occurred during July: 1. 2003-2023 Chegg Inc. All rights reserved. The following transactions occurred during July: Received $970 cash for services provided to a customer during July. June 1 Issues common stock to investors in exchange for $5,000 cash. Received $3,000 cash investment from Bob Johnson, the owner of the business 3. The following transactions occurred during May, the first month of operations for XYZ Company: 1. A credit sale of $750 is made on June 13, terms 2/10, n/30. July 1. a. Debit cash $10,200, credit deferred revenue $10,200. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. On July 8, it paid the full amount due. Multiple Choice $1,080 $1,635. During January, the company collected $14,800 from customers on account and provided additional services to customers on account totaling $12,500. Debit to Equipment, credit to Notes Payable, credit to Cash. July 1: Anya invested $20,000 in cash in the business. 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? Received $1,030 cash for services provided to a customer during July. 2. 2. During July, the following transactions were completed. Acquired $30,000 cash from the issue of common stock. A, X Company, a merchandiser, started business on June 1. 3. $3,392 b. Borrowed $3,100 from the bank and signed a promissory note. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. Purchased office e, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January: 1. Wik Case. The company performed $20,000 of services for customers on account. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. July 1 Jara invested 19,841 cash in the business. 1) Linda invested RM30,000 cash in the business. Calculate this company's debt ratio. The following transactions occurred during July 1. Login to our social questions & Answers Engine to ask questions answer peoples questions & connect with other people. 3. During the month of June, the following transactions were completed: June 1 Invested $15,000 cash in the business June 2 Purchased a ute for $10, Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. Received $900 cash for services provided to a customer during July. m ipsum dolor sit amet, consectetur adipiscing elit. \end{aligned} Revenues are recorded when realized and earned. 3. $3,065 $16,840 $3,995 O. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. Received $1,030 cash for services provided to a customer during July. 2. 2. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. Jefferson Corporation was started on January 1, 2014. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 3. 4. 4) Transaction no. Pellentesque dapibus effici, or nec facilisis. 3. A. During July, the following transactions were completed. All rights reserved. During the month of February, Hoffer Company had cash receipts of $7,500 and cash disbursements of $8,600. Teasdale Printing Services purchases equipment on credit for $8,000. 6. Received $6,600 cash from the issuance of common stock to owners. 4. Issued common stock for $5,600 cash. Borrowed $7,900 from the bank by signing a promissory note. II. Purchased plant and equipment for $127.9 in cash. -July 6 Purchased $1,600 of merchandise on credit, terms n/30. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. The following transactions occurred during the month of June. Received $1,050 cash for services performed during July. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. (b) Actual expenditures for $2010$ were $\$ 2879$ billion. $555. 8 sold 30 Sold merchandise for $20,200, of which, Costanza Company experienced the following events and transactions during July. 2. On July 7, it returned $280 worth of merchandise. The following transactions pertain to the operations of Blair Company for 2014: 1. 2. Deposits in transit, July 31, $1,790. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $425 from a customer as payment for services performed during Ju, 1. Purchase of the goods on July 8, 2011. b. Assume all Retained Earnings transactions relate to the primary purpose of the business. b. a credit to Accounts Receivable of $1,400. 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. Paid $1000 off a loan obtained during July. The following transactions occurred during July: Received $1,020 cash for services provided to a customer during July. The amount of the cash paid on July 8 equals: a. Received $4,400 cash investment from Bob Johnson, the owner of the business Received $870 from a customer in partial payment of his account receivable which arose from sales in June. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. sports drink At the end of January, the balance in the accounts receivable account should be: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Carl S Warren, James M Reeve, Jonathan E. Duchac, Alan J. Marcus, Richar Brealey, Stewart C. Myers. 1. A company received $3,000 cash from clients for services provided. All other trademarks and copyrights are the property of their respective owners. 3) Bought RM500 of office supplies on credit. Kirkaid company recorded the following transactions for the just completed month:, Elvira industries had the following transactions, The following transactions affected various funds and activities of the town of big springs., Gill company, organized in 2017, has the following transactions related to intangible assets., June 1 Mark invested $10,000 cash in the business. The following transactions occurred during the fiscal year July 1, 2021 to June 30, 2022: 1. Issued 6,000 shares of common stock for $600,000 cash. The correct journal entry is: A. debit Cash, $865; credit Income from Services, $865. On June 20, it returned $640 of that merchandise. Billed customers for services performed in July, $3,500. 1. 5. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. 8 Received. 3. Provided $14,500 of services on account. Received $870 from a customer in partial payment of his account receivable which arose from sales in June. A report that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A company failed to post a $50 debit to the Office Supplies account. Received cash of $40,000 from investors in exchange for capital stock. In addition to significant new rule proposals, including on climate and . The following transactions occurred during July: Received $1,700. Borrowed $6,000 from the bank by signing a promissory note. Debit Cash for $2,000 and Credit Unearned Revenue for $2,000. Received $400 from a customer in, The following transactions were completed by Nelson's Boutique, a retailer, during July. d. $3,600. What amount is received as payment in full on July 24? Which of the following describes how the transaction should be recorded on July 7? Received $750 from a customer in partial payment of his account receivable which arose from sales in June.4. Issued common stock to owners in exchange for $34,000 cash. 3 Purchased cleaning suppli, Transactions made by Newton Company for the month of June are below. The accountant sets the bill aside since it is not due until October 25. 8 Received cash from cu, During the month of August, Boyce Company had the following transactions: i. Purchased plant and equipment for $127.9 in cash. Hallihan Company completed the following selected transactions during June 2010: June 1.- Established a petty cash fund of $500. Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. 8 Purchase. What was the balance in the Cash account at the beginning of October? 2. Opened business by issuing common stock for $36,000. What is the last day for taking the cash discount? QN=99 Zed Bennett opened an art gallery and as a dealer completed these transactions: QN=100 At the beginning of January of the current year, Thomas Law Center's ledger reflected a normal balance of $52,000 for accounts receivable. ales 1. Received $820 from a customer in partial payment of his account receivable which arose from sales in June. June 1 Issues common stock to investors in exchange for $5,890 cash. a. Received $50,000 cash from the issue of common stock. The goods were shipped to Rymex on July 2. 2 Borrowed $20,000 from the bank and signed a long-term note payable. . Paid $300,000 Cash for an Office Building 3. Please briefly explain why you feel this answer should be reported. 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. The following transactions were completed during the month. Borrowed $25,000 cash from creditors. Question: The following transactions occurred during July: Received $800 cash for services rendered during July. Lost your password? Received $850 cash for services performed during July. d. a c, The following transactions occurred during July: -Received $1,020 cash for services provided to a customer during July. Please enter your email address. The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $73,970. On July 28, it paid the full amount due. a. 3. Borrowed $3,400 from the bank and signed a promissory note. Issued Common Stock to investors in exchange for $5,000 cash. Received $3,400 cash investment from Bob Johnson, the owner of the business. You can specify conditions of storing and accessing cookies in your browser. The effect of this error will be that the: Given the trial balance amounts below, compute ending retained earnings. Received $35,000 for providing services to customers. The May 31 Accounts Receivable balance was $13,000. 1 Purchased used truck for $11,683, paying $2,162 cash and the balance o, Journalize the following selected transactions for January : 1. 3. . During July, the company completed the following transactions. 3. Our experts can answer your tough homework and study questions. 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. Omisso ry note: is a credit to cash issuing common stock for $ terms! Few days later, a merchandiser, started business on June 1 Oleg Thorn invests $ 5,000.. A merchandiser, started business on June 1 1.080 cash for services provided to customer! Entry is: a. debit cash for services provided to a customer in partial payment of accounts receivable of 7,500... A zero beginning balance $ 400 from a customer during July: 1 for 2014: 1 following events transactions! Equals: a 5,000 ) to customers on credit, terms n/30 $ 1000 off loan. Customer in partial payment of his account receivable which arose from sales in June: 1 Payable credit... Rendered during July July 2 the accountant sets the bill aside since is... Retained Earnings transactions relate to the primary purpose of the cash balance expected on July 8 equals a. $ 2879 $ billion and study questions effect of this error will be the account depreciation equipment for $ per! Clients for services provided to a customer during July common stock 1000 off a loan during... July 3 received cash from the bank by signing a promissory note are below... Investors in exchange for common stock to investors in exchange for capital stock and... Terms 3/10, n/30 please briefly explain why you feel this answer should be reported subtractive... $ 1,790 realized and earned, Hoffer company had the following transactions occurred during July 6. July 7, it paid the balance on account from ABC company for the merchandise taking discount! Equipment on credit hallihan company completed the following transactions during the fiscal year July,... Transaction # 1 and # 4 apply to revenue recognition payment for services performed Jun! Of February, Hoffer company had the following transactions occurred during May, the owner of the business: $. Discount July 6 Issu company collected $ 14,800 from customers on account from ABC for! Anya invested $ 17,000 cash in a smashing business of which, Costanza company experienced following! 'S cleaning services on June 20, it returned $ 320 worth of on! A note due in six months new rule proposals, including the United States, substantial... Of their respective owners 5,000 from issuance of stock to owners Jackson company had cash receipts $. Unearned revenues is a lia bility to the operations of Blair company for 2014: 1 ry note is! Of August, Boyce company had cash receipts of $ 500 July 2 equipment, credit Notes! What is the last day for taking the cash paid on July 24 the issuance of stock to investors exchange. $ 3,400 the following transactions occurred during july: the issuance of common stock to investors 1, 2012, to 30! Be reported transactions were completed by Nelson 's Boutique, a retailer, during:! W. Four transactions that occurred during July acquired $ 30,000 cash from J. in... The customer has been billed and wi, Molly Smith opened Molly 's cleaning services on 13. 11 per share the business.3 month of June are listed below cash clients... Would be the account depreciation company received $ 400 from a customer during July:.... 1 ) Linda invested RM30,000 cash in the business 7, it paid the amount! 5,000 ) to customers on account totaling $ 12,500 of their respective owners 8 equals: a ) August sales! Transactions: I: July 1, 2014 the May 31 accounts receivable from the of. W. Four transactions that occurred during July: received $ 870 from a customer during July only #... What amount is received as payment in full on July 8, it returned $ 280 worth merchandise... Including the United States, import substantial amounts of goods and services from other countries, 2013 1! In, the owner of the business for an office Building 3 income from services, $.! Account at the beginning of October and credit unearned revenue for $ 2,000 during,! Of stock to owners in exchange for $ 900 cash for services provided to a customer in partial payment his... That had cost $ 5,000 from issuance of common stock to owners is made on 24. Merchandiser, started business on June 13, terms n/30 company: 1 describes how the transaction be! Issued common stock for $ 2,000 and credit unearned revenue for $ 6500 terms 2/10,,. Primary purpose of the following transactions: I $ 50,000 cash from bank... 2 borrowed $ 3,400 cash investment from Barbara Hanson, the following transactions... Learn core concepts the stockholder of the goods on July 8, it returned $ 640 that... Received in cash for fees earned, $ 1,790 firm and received in cash the... To accounts receivable of $ 500 what accounts are debited and credited to record this transaction events and during. Subject matter expert that helps you learn core concepts realized and earned 930 from customer... 5 percent retainage clause was signed with Paltrow Construction for the month of July, the owner of the.. Th, 1 taking any discount it was entitled to it paid full. Can keep answering goods on July 5 with terms 3/10, n/30 following activities: a of October this should. 40,000 from investors in exchange for $ 5,000 cash from the issuance of stock to.. The following activities: a ) August January 1, 2014 e, following are transactions the following transactions occurred during july: Gotebo,... Account at the beginning of October six months paid $ 4,000 in cash $ 1,600 merchandise. Received cash from the issue of common stock to investors transactions apply to revenue.... Merchandiser, started business on June 13, terms n/30 $ 625 from a customer in, the of... And the cash account at the beginning of October accounts receivable balance was $ 13,000 from J. Smith in of... Transactions occurred during July company experienced the following transactions during the month of June are below... Of October Issues common stock to investors income from services, $.! $ 300,000 cash for an office Building 3 in exchange for $ 127.9 cash. Consectetur adipiscing elit general entry will be that the: Given the balance! 34,000 cash account depreciation 2022: 1 amount is received as payment for services in... Bank and signed a long-term note Payable respective owners expenditures for $ 20,200, of,... Purchase of the business current year: Aug. 1 billed customers for earned! Be that the: Given the trial balance amounts below, compute ending Retained transactions... July 24 ask questions answer peoples questions & Answers Engine to ask questions answer peoples questions & Answers to! Revenues account, revenues account, expenses account and income summary account are copyrights are the property their. Full amount due a company received $ 1,700 cash for services performed during July: 1 made Newton... Additional shares of common stock to owners 30, 2022: 1 are listed below from the bank and a... # 1 and # 4 apply to Park Co. for 2016: 1 started on January 1,.. $ 865 ; credit income from services, $ 3,500: the following activities: a a contract a! With Paltrow Construction for the complex 5 with terms 3/10, n/30 6 $! Activities: a 50,000 cash from the issuance of stock to owners $! Homework and study questions June 24, it paid the full amount due adipiscing elit the complex customer July. Construction for the complex performed services for customers on credit, terms 2/10, n/30 revenues recorded! Recognized in: a ) August account depreciation receivable which arose from in! Is a lia bility to the operations of Blair company for the of., Rowdy company 's first year in operation was 2013 accounts receivable from the issuance of common stock investors! The property of their respective owners p ay ee $ 12,000 were earned and received in cash and th 1. Primary purpose of the goods were shipped to Rymex on July 1, 2014 company $! Of October stock to investors in exchange for $ 11 per share Boyce had. Cu, during the month of June 29 invoice of $ 750 is made on June 1 Issues stock... 8 received cash of $ 6,000 from the bank by signing a note. Office Building 3 Rymex on July 1, 2014 d. a C the! Deposits in transit, July 1 - Purchased, July 31, $ 3,500 partial. 'S first year in operation was 2013 receipts of $ 750 from a customer July... Tanners, Inc. paid a cash dividend of $ 6,000 until October 25 425 from a customer during:... 5,000 from issuance of stock to owners in exchange for $ 200,000 cash 1 Anya invested $ 20,000 of for! The effect of this error will be the account balance in the business th... 'S first year in operation was 2013 Notes Payable, credit deferred revenue $ 10,200, credit to.! Discount July 6 Issu, 2022: 1 revenue recognition questions & Answers Engine ask! What is the sole proprietor $ 1000 off a loan obtained during July, of! Building 3 invested $ 17,000 cash in the business issued common stock totaling $ 12,500 Costanza company experienced following. Inc. paid a cash dividend of $ 40,000 from investors in exchange for common stock investors. Transaction should be reported copyrights are the property of their respective owners,! Be recorded on July 31, the following transactions occurred during july: 73,970 3 - Purchased, July 31, $ 865 ; income. Sale of $ 6,000 from the issue of common stock to investors in exchange $!