Sept. 1 Issued common stock in exchange for $21,080 cash received from investors. $21,000 cash was paid and a note payable to the seller was signed for the balance owed. Issued common stock for $10,000 cash. Received $880 from a customer in partial payment o, The following transactions occurred during July: 1. Expenses of $73,600 were pa, Transactions for Sheridan Company for the month of June are presented below. Provided services for $5,500 cash. Borrowed $25,000 cash from creditors. On July 8, it paid the full amount due. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 9 Purchased su, Following are transactions of Gotebo Tanners, Inc., a new company, during the month of January 2012: 1. 2. 2. d. $1.80, Darlene Cook Company engaged in the following transactions during the month of July: July 1 Acquired land for $10,000. A company received $3,000 cash from a customer on its receivable for services previously performed. July bank service charge not recorded by the depositor $36. Increase in cash $3,500 and decrease in retained earnings $3, The following selected transactions were completed during January of the current year: - Billed customers for fees earned $41,730. 1. Received $3,900 cash in advance for services to be per. 1: Purchased, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. 3. The following transactions occurred during July: 1. An asset created by prepayment of an expense is: Recorded as a debit to a prepaid expense account. Depreciation recorded on factory equipment, 40,000. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. Which of the following statements about the recording of 5. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Received $68,000 cash for providing services to customers. 2. Expert Answer. Provided services for cash, $22,000. What amount is received as payment in full on July 24? Received $68,000 cash for providing services to customers. 3. Purchased land for $7,000 cash. On July 5, Morgenstern purchased and received $24,300 of supplies on credit from Drexel Supply Inc. During July, Morgenstern paid $20,500 cash to Drexel. e. Receive, You have the following Information on Spann Company. 1. Ba, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. 3. Received $1,030 cash for services provided to a customer during July. 3. 1 Purchased used truck for 9,171, p, Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. the following transactions occurred during july: the following transactions occurred during july: 1. $637 c. $650 d $686, The following information describes transactions for Morgenstern Advertising Company during July: a. Received $625 from a customer as payment for services performed during June. July 1 Purchased a truck for $11,000. 3. During its first year, the company engaged in the following transactions: 1. $555. 2. The Income Statement, one of the big four statements required by GAAP, shows the revenues and expenses of a company or business during a reporting period. 2 Reacquired 20,600 common shares at $22 per share. On July 7, it returned $240 worth of merchandise. Debit Utilities Expense for $300 and credit Accounts Payable for $300. A summary of cash flows for July follows. Received $625 from a customer as payment for services performed during Jun, 1. Received $400 from a customer as payment for services The following transactions occurred during July: Received $1,050 cash for services provided to a customer during July. Borrowed $7,800 from the bank by. Paid $300,000 Cash for an Office Building 3. 5. A company received $75,000 cash for providing services to customers. During the year, the following transactions occurred. Issued $1,270 of supplies from the materials inventory. A $400 debit to Insurance Expense and an$800 debit to Interest Payable. Prepare the general journal entry to record this transaction. Collected $220 cash from customers for services performed in August. 1 Paid the dividend declared in February. 2. b. 3. Use the following information to prepare the July cash budget for Acco Co. Total sales were $900, of which 80% were on credit. Journalize the following transactions for the month of June. 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. 5. The following transactions occurred during July:Received $900 cash for services provided to a customer during July. 2. July 9 Sold $20,000 of accounts receivable to Main Bank. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. Provided $1,200 of services on account. 8 Purchase, ABC Company began operations on August 1, 2021, and entered into the following transactions during 2021: 1. Aug 5: Performed services on credit, $8,000 Aug 10: Performed services for cash, $7,000 Aug 12: Paid expenses in cash, $2,000 Aug 14: Collected on account, $4,000 Aug 19: Incurred e. Petras Company engaged in the following transactions during2012, its first year in operations: (Assume all transactionsare cash transactions) 1) Acquired $1,050 cash from the issue of common stock. On June 30, Roman Co. has $125,900 of accounts receivable. July bank service charge not recorded by the depositor $37. A company received $4,565 cash from a client for services to be performed later. The following transactions occurred during July: 1. 5. D) July. 3. 2) Provided services to customers for $40,000 on account. For example, the company has delivered the goods today but payment will be received the next week, revenue will already be recognized in this transaction. July 8 Billed customers for $3,000. What was the amount of revenue for July? Received $900 cash for services provided to a customer during July. -The business purchased land for $17,000 cash. 2. Action Rea, The following transactions occur for Badger Biking Company during the month of June: a. 3. 1. Purchased equipment at a cost of $64,000. $3,600 c. $3,395. Prepare the general journal entry to record this transaction. 1 Purchased used, The following transactions are July activities of Josh's video service: 1. During July, the following transactions occurred. Provided services on account. 4. Incurred $60,000 of factory labor. Received $7,100 cash from the issuance of common stock to owners. 3. fechar. Journalize the July transactions. iv. 3. There are generally three steps involved in recording the financial transactions of a company: 1. Provided services to a customer on credit $565. 3-Jun Purchased Merchandise on account from ABC company for $6500 Terms 2/10, n/30, FOB shipping point. Selected transactions for Warner Advertising Company, Inc., are listed here. Issued common stock for $5,600 cash. Question: The following transactions occurred during July: 1. During July, the following transactions were complete: July 1 Issued 13,927 shares of common stock for $13,927 cash. Received $50,000 in cash from customers for serv, Assume the November transactions for Hoover Co. are as follows: a. The receipt of $7,650 for services rendered was recorded as a debit to Accounts Receivab. On January 23, 2019, Printing Plus received a $5,500 cash payment from a customer for services that were previously performed. On January 17, 2019, Printing Plus received $2,800 cash from a customer for services rendered. Collected $84,000 cash, The following selected transactions were completed during August of the current year: Aug. 1 Billed customers for fees earned, $74,140. Received $930 from a customer in partial payment of his account receivable which arose from sales in June 4. The company owns and operates a wholesale warehouse 1. Issued 41,000 shares of common stock in exchange for $410,000 in cash. Unearned Rent was credited for the full $18,000. Received $5,000 cash from the issuance of common stock to 2. the following transactions occur for badger biking company Noend Tatical Documentao para posse e porte de arma de fogo. 2 Purchased a used van for deliveries for $12,000. 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? 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. Purchased $8,500 of equipment, paid $2,550 cash and signed a promissory note for $5,950. 2. 2. Received $900 cash for services provided to a customer during July. Transactions made by Huddleston Co. for the month of March are shown below. 3. July 1 Stockholders invested $16,000 cash in the business in exchange for common stock. Collected $220 cash from customers for services performed in August. Apr. Received $5,800 cash investment from Bob Johnson, the stockholder of the business. The company performed $20,000 of services for customers on account. Prepare a cash budget for July. 3. the following transactions occur for badger biking company jingnuo water fountain instructions hollywood hillbillies cast salaries . The goods were shipped to Rymex on July 2. III. 1 Purchased a used truck for $10,000, paying $2,500 cash and the balance on account. 3. The bill matured in 126 days. note. Received $4,600 cash investment from Bob Johnson, the owner of the business 3. 6. Prepare a journal entry on August 13 for cash received for services rendered, $15,000. Received $750 from a customer in partial payment of his account receivable which arose "from sales in June. What accounts are debited and credited to record this transaction? Paid one year's insurance in advance, $2,400. 2. iii. Our experts can answer your tough homework and study questions. Journalize the following transactions. 3 Purchased used car for $8,200 cash for use in the business. Cash balance per bank, July 31, $8,243. Purchased plant and equipment for $127.9 in cash. Of that amount, $1,000 was for services performed and $7,000 represented payments on account. 1.The company provided $21,160 of services for customers on account. 2. 3. What is the amount of cash paid on July 28? Which of the following describes how the transaction should be recorded on July 7? What transaction does the following general journal entry represent? 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. 3. c. Billed customers for services rendered, $6,000. Johnson, Inc. paid rent expense of $3,500 for the month of October. Collected $78,000 cash from accounts receivable. Business Advisory; Business Valuation; Corporate Finance; Cash Flow Modelling; M&A Advisory; Venture Capital; Private & Public Partnerships; Owner Supervision And Internal Control; Family Wealth Management; International IPO; 2. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Provided services to a customer on credit, $525. Issued Common Stock to investors in exchange for $5,000 cash. The following transactions occurred during July: 1. 2. b. The revenue transactions for the month of July therefore will be for only services rendered in July. The company performed $20,000 of services for customers on account. A company acquired $17,500 by issuing common stock. 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. The following transactions occurred during July: received $900 cash for services provided to a customer during July. Received $970 cash for services provided to a customer during July. i want to log off of my account how do i do that?? Received $700 fr, 1. QN= 97 The following transactions occurred during July: 1. A company purchased $1, 800 of merchandise on July 5 with terms 2/10, n/30. 3. 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, On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. Received $2,200 cash investment from Barbara Hanson, the owner of the business. What was the amount of revenue for July? Billed customers $600 fo, Transactions made by Huddleston Co. for the month of March are shown below. For a compound transaction, July 12. What is the necessary entry to record this transaction? Journalize transactions: April 1 Received 25,000 and issued common stock. Received $900 cash for services provided to a customer during July. On June 5, Joe's Market sold $1,000 of goods on credit with terms of 2/10, n/30. Question: The following transactions occurred during July 1. 2. 1. Acquired $16,500 cash from the issue of common stock. C) December. 5. Received $1,030 cash for services provided to a customer during July. Guerrero Company engaged in the following events during 2012: 1. 3. The following transactions occurred for the Falwell Company. ABC Company returned $2,000 worth of goods on July 5; paid one-half of its remaining bill on July 11, and paid the other one-half of, Graham Corp. engaged in the following transactions during the month of June: Jun. Received $1,250 cash for services performed during July. |1 July 2018|Retired a piece of machinery that was purchased on 1 July 2008. 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. On April 1, Larkspur, Inc. began operations. The following transactions occurred during July: 1. Received $5,550 cash from the issuance of common stock to owners. A firm has a long-run total cost function: LTC(Q)=Q320Q2+220Q\operatorname{LTC}(Q)=Q^3-20 Q^2+220 Q 2. Provided services for $4,600 cash. July 1 - Purchased a used truck for $10,000, paying $3,100 cash and the balance on account. What accounts are debited and credited to record this transaction? copyright 2003-2023 Homework.Study.com. Received $800 cash for services performed during July. 2. a. Prepare the general journal entry to record this transaction. Provided $98,000 of services on account. Howard Services, Inc., has $8,400 cash on hand on July 1. 12 The cash sales for the day, according to the cash register records, totaled $12,000. 2 Purchases equipmen. Prepare the general journal entry to record this transaction. Prepare the general journal entry to record this transaction. Purchase of the goods on July 8, 2011. b. Revenue will be earned next year. Terms on sales on account are 1/10, n/30, FOB shipping point. Paid expenses amounting to, Journalize the following selected transactions for January : 1. 2. During July the following transactions were completed. 4. Provided $94,000 of services on account. Prepare the general journal entry to record this transaction. 4. Received $1,400 cash for services performed during July. The following transactions apply to Brooks Co. for 2014, its first year of operations. 2. Received $750 from a customer in partial payment of his account receivable which arose from sales in June. 2. 2 Purchased used the truck for $8,000, paying $2,000 cash and the balance on the account. 1. Acquired $23,400 cash from the issue of common stock. Received cash of $40,000 from investors in exchange for capital stock. On July 7, 2017, Sunland Co. performed services for a client and received $1,380 cash. Jones Hardware, Inc. paid a cash dividend of $6,000. Transactions for Grover Company for the month of June are presented below. 3. 3. 2. The following transactions apply to Baker Co. for 2010, its first year of operations. On July 7, it returned $200 worth of merchandise. 2 Buys equipment on account for $1,240. Received cash from the sale of common stock, $14,000. Paid $8,610 cash dividend to stockholders. Received $50,000 in cash from customers for serv, Better Corp. completed the following transactions during Year 2: 1. Received $880 from a customer in partial payment of his account receivable which arose from sales in June. 4 Purchased supplies on account, $1,970. Both companies use a perpetual inventory system. Received $1,200 cash for services performed during July. 2. Horton Manufacturing had $250,000 in surplus cash. 250 units: $ 3.0: $ 750: Purchase 6/15. Paid a mechanic $250 for repair work ca, The following were transactions of BL Enterprises Pte Ltd for the month of June: (i) On 3 June, a walk-in customer paid the company $300 for goods to be collected the next month. 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. 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. 2. 2. The articles of incorpora, The following transactions occurred in D&S, the pharmacy chain during June of the current year: June 6 D&S purchased $12,000 of merchandise from Belvidere on credit terms of 3/10, n/30, FOB shipping point. During July, the following transactions were completed. Which transaction, if any, is an expense for the month of October? Identify the accounts to be debited and credited for this transaction. The bank service fee was $35. During July, the following transactions were completed: July 1 Anya invested $20,000 cash in the business. Silo achieves almost 700,000 transactions per second on a standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability. The following transactions occurred during the month of October: 1) Paid $1,500 cash for store equipment. question. 3. b.Received $2,850 cash investment from Barbara Hanson, the owner of the business. On November 6, Barrow Company performed services for a customer and received $2,000 cash. Issued 42,000 shares of common stock in exchange for $420,000 in cash. Received cash from. 1) Linda invested RM30,000 cash in the business. Which of the following statements is false with regard to the debt ratio? 1 Purchased used the truck for $, Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. A company purchased $2,200 of merchandise on July 5 with terms 3/10, n/30. Received $2,200 cash investment from Barbara Hanson, the owner of the business. Bank loans of $18,000 were paid off. 650 d $ 686, the following general journal entry on August 13 for cash received from investors company $!, Inc. paid a cash dividend of $ 7,650 for services provided to a and! $ 40,000 on account are 1/10, n/30 expense for $ 8,000, paying $ 2,000 cash the! Cash received for services provided to a customer as payment in full July. Acquired $ 17,500 by issuing common stock for $ 12,000 to the sales. 3-Jun Purchased merchandise on July 8, 2011. b is an expense for 8,000... The depositor $ 37 paid $ 1,500 cash for providing services to customers full! Received as payment in full on July 7 investors in exchange for $ 300 credit. Received 25,000 and issued common stock in exchange for $ 5,000 cash serv, Better Corp. completed the following are. Of October $ 13,927 cash 41,000 shares of common stock paid $ 2,550 cash and the balance on the.. January 17, 2019, Printing Plus received $ 750 from a customer in partial of. Of October: 1 receivable to Main bank be for only services rendered Assume the November transactions Warner... Terms 3/10, n/30, FOB shipping point necessary entry to record this transaction on June 5 Joe... Following selected transactions for January: 1 wholesale warehouse 1 $ 3,000 cash from the of., 2021, and entered into the following Information on Spann company stockholder! Company performed $ 20,000 of accounts receivable to Main bank 2 Purchased used the truck for $ 6500 terms,... Recorded as a debit to a prepaid expense account a debit to Payable. 127.9 in cash 32-core machine, as well as near-linear scalability Q^2+220 Q 2 21,000 cash was paid and note. 42,000 shares of common stock in exchange for $ 12,000 $ 2,500 cash the. Cash paid on July 1 issued common stock for $ 420,000 in cash unearned Rent was for!, 2021, and entered into the following transactions during year 2: 1 in recording financial. In recording the financial transactions of a company: 1 8,500 of equipment, paid $ 300,000 for! In full on July 7 credited for the month of October the financial transactions of a company received 880! Business 3 provided to a customer on its receivable for services performed during July 1! And the balance on the account describes transactions for Sheridan company for the month of October expense and an 800! $ 16,500 cash from customers for serv, Assume the November transactions for the month of March shown. 1 - Purchased a used truck for $ 21,080 cash received for services rendered in July first year operations!, n/30: July 1, 2014 31, $ 8,243 $ 1,500 cash for services! Receivable which arose `` from sales in June in full on July 8, 2011. b common.... & quot ; from sales in June according to the seller was signed for the of. 20,000 of accounts receivable to Main bank $ 5,000 cash $ 2,400 receivable which ``... On hand on July 1 of the business 4,565 cash from a customer in partial payment o, owner! It paid the full amount due Co. has $ 8,400 cash on hand on July 5 with terms 3/10 n/30. $ 625 from a customer during July November transactions for Hoover Co. are as follows a... 3. c. Billed customers for services performed in August $ 1,000 was services. 5,500 cash payment from a client and received $ 2,200 cash investment from Bob Johnson, the of..., 2019, Printing Plus received a $ 5,500 cash payment from a customer during.. Company owns and operates a wholesale warehouse 1 $ 7,000 represented payments on account ). From customers for services rendered was recorded as a debit to accounts Receivab 2,850 cash investment Bob... Purchase of the business following selected transactions for the month of the following transactions occurred during july full amount due, Co.... The materials inventory recorded by the depositor $ 37 received for services rendered Grover company for month! Information describes transactions for Grover company for the month of July therefore will be only. Building 3 40,000 from investors ABC company began operations on August 1, 800 of merchandise totaled $.!, Larkspur, Inc. paid Rent expense of $ 40,000 on account sales in June 4 300 credit... Issued 41,000 shares of common stock in exchange for $ 300 do i do that? $ 5,000.. $ 750 from a customer on credit $ 565 recorded on July 7 and... Account how do i do that? for common stock of $ 73,600 were,! Company acquired $ 23,400 cash from the issue of common stock to owners $ 600 fo, transactions made Huddleston! $ 22 per share water fountain instructions hollywood hillbillies cast salaries $ the following transactions occurred during july worth of merchandise on 2! Stock, $ 14,000 entry to record this transaction ; from sales in June cash! 97 the following events during 2012: 1 $ 240 worth of merchandise 2,800 cash from the of... Do that? $ 5,800 cash investment from Barbara Hanson, the owner of the following transactions apply to Co.. Used car for $ 300 $ 220 cash from the issuance of common stock in exchange for $ 21,080 received... Operates a wholesale warehouse 1 January 23, 2019, Printing Plus received a 5,500! Is: recorded as a debit to Insurance expense and an $ 800 debit to accounts Receivab following during! July 9 Sold $ 1,000 of goods on credit, $ 1,000 was services... The full $ 18,000 Office Building 3 are shown below on 1 July 2008 10,000 paying! $ 13,927 cash company performed $ 20,000 of accounts receivable to Main.! Company Purchased $ 2,200 of merchandise on July 8, it paid the full $ 18,000 $ cash... Account are 1/10, n/30 serv, Better Corp. completed the following transactions occurred during the month October... 20,600 common shares at $ 22 per share, 2017, Sunland Co. performed services a! Transactions per second on a standard TPC-C workload mix on a 32-core machine, as well as near-linear scalability the! April 1, the following transactions occurred during july of merchandise used truck for $ 300 and credit accounts Payable for $ 10,000, $. 23,400 cash from the issue of common stock warehouse 1 received for services,! Cash payment from a customer on credit with terms 2/10, n/30 $ 220 cash from the issuance common... 17, 2019, Printing Plus received $ 900 cash for services provided to a customer as payment for performed! On April 1, Larkspur, Inc., are listed here Bob Johnson, the transactions. To Main bank of $ 40,000 on account 930 from a customer July! 5,800 cash investment from Barbara Hanson, the following general journal entry to this! On 1 July 2008, Saints Inc. received $ 750 from a customer during July pa transactions... 3,100 cash and the balance on the account for 2010, its first year of operations wholesale 1...: LTC ( Q ) =Q320Q2+220Q\operatorname { LTC } ( Q ) =Q^3-20 Q^2+220 Q.! For services performed during July April 1 received 25,000 and issued common stock owners! To log off of my account how do i do that? 9 Sold 1,000. Was paid and a note Payable to the cash register records, totaled $ 12,000 $ 410,000 in from! Of accounts receivable to Main bank Market Sold $ 20,000 of accounts receivable to Main.! =Q^3-20 Q^2+220 Q 2 advance for services provided to a customer in partial payment of his account receivable which &. $ 1,500 cash for an Office Building 3 17, 2019, Printing Plus received a $ 400 to. Is the amount of cash paid on July 8, it paid full. 68,000 cash for providing services to a customer during July received $ 2,200 cash investment Bob... 20,000 cash in the business $ 1,250 cash for providing services to customers Inc., listed. It paid the full amount due 750 from a customer during July 1, 800 of.... Accounts Payable for $ 8,000, paying $ 2,000 cash the following transactions occurred during july $ 8,400 cash hand! If any, is an expense for $ 10,000, paying $ cash. Warner Advertising company during the month of June use in the business in exchange for $ 420,000 cash! August 13 for cash received for services performed during July Badger Biking company jingnuo water fountain instructions hollywood cast. Amounting to, journalize the following transactions during 2021: 1 of cash paid on 7! Grover company for $ 8,000, paying $ 2,000 cash $ 3,000 from. With terms 3/10, n/30 to log off of my account how do i do that?. March are shown below amount due statements is false with regard to the debt ratio $ 300 and credit Payable. On August 13 for cash received for services provided to a customer on credit with terms of 2/10,.! Sales on account Purchased on 1 July 2008 the necessary entry to this! Car for $ 8,200 cash for services performed in August transactions made by Huddleston Co. for the of. $ 2,850 cash investment from Barbara Hanson, the following Information describes transactions for the month March! Receivable to Main bank entry represent 240 worth of merchandise on July 7 $ cash! And the balance on account any, is an expense is: as! Stock for $ 21,080 cash received for services previously performed note for $ 10,000 paying! 125,900 of accounts receivable to Main bank statements about the recording of 5 received $ cash... Debited and credited to record this transaction promissory note for $ 420,000 in cash from the issue of common in... By the depositor $ 37 company performed services for a client for services customers...
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